A large built-in gasoline inventory that offset a modest draw of crude oil inventories cooled Cool Bulls sentiment in markets Tuesday afternoon The U.S. Petroleum Institute (API) reported Tuesday a 4.264 million-tonne inventory of crude inventory for the week ending August 14 – a near mirror of last week’s sign …
Read More »Are oil prices about to show a correction?
Oil trade has been on the decline these past few weeks as conflict data pulls prices in different directions. But, according to some, a correction may be underway. Reuters’ John Kemp noted in its weekly column on fund trading that market movers last week were relatively indifferent to oil futures, …
Read More »Chevron is looking to Iraq for next major oil investment
By Julianne Geiger – 17 Aug 2020, 17:00 CDT US oil giant Chevron Corp (NYSE: CVX) is on the hunt for a new oil investment, and it is looking into the potentially lucrative and unstable area of Iraq. Chevron is mulling over a memorandum of understanding with the Iraqi government …
Read More »Oil prices plummeted as U.S. inventories plummeted
Traders continue to worry about the growing number of COVID-19 cases in many parts of the world, including the United States, India and Brazil. The rise in infections in August still has a negative impact on global oil demand. Last week, India reported its fifth consecutive y / y decline …
Read More »Oil substitutes are forced to adjust or die
The International Energy Agency this week revised its forecast for gasoline and jet fuel for the rest of the year. In seemingly unrelated news, Philips 66 said it is turns a San Francisco refinery in a biodiversity plant. In separate news, Shell said it will permanently shake up a refinery …
Read More »