Kuwait is expected to surge its crude exports to China by 36 percent this year to 8 million tonnes, as the Gulf oil exporter works hard to land a major refinery deal with top Asian refiner Sinopec Corp. For full story, click here
Crude oil continued to trade low for the second consecutive day, thereby causing oil and gas stocks slip into red on the Bombay Stock Exchange today. For full story, click here
Nexen Inc., the Canadian oil company that operates fields in the U.K. North Sea and Yemen, declared that its first-quarter profit dipped 79 percent after energy prices tumbled. For full story, click here
The state-run Abu Dhabi National Oil Company reported that it will cut crude oil supplies for June by as much as 18 percent as the OPEC member state complies with the group’s last round of output reductions. For full story, click here
Crude oil futures dipped on weak global cues amid fears that an outbreak of swine flu globally would hurt oil demand. For full story, click here
Crude oil futures dipped this Friday in Asia as traders opted to take profit ahead of the weekend, with regional share markets largely directionless and fundamentals staying weak. David Moore, commodity strategist at Commonwealth Bank of Australia, stated: Oil consumption is likely to remain weak, a consequence of the global recession, limiting the upside to [...]
Oil prices vaulted 9 per cent in NY Thursday, in tandem with a powerful stocks rally, as investors cheered G20 agreements to combat the global downturn and an easing of US accounting rules. On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.
Mangalore Refinery and Petrochemicals Ltd announced its plans to regularly float crude purchase tenders in the year beginning April, after negligible spot purchases in 2008/09. For full story, click here
Crude inventories surged to highest since 1993 and was up for 22nd in 26 weeks. Crude inventories gained 3.3 million barrels, to 356.6 million barrels; it was up by 13% on a 5-year average. For full story, click here
The market in Toronto jumped significantly, in part due to the merger announcement between Suncorp (TSE:SU) and Petro-Canada (TSE:PCA). Petro-Canada was up 20 per cent at the end of the day and many of the other Canadian oil patch companies rose along with it. EnCana (TSE:ECA), Canadian Natural Resources (TSE:CNQ) and Talisman Energy (TSE:TLM) all closed up significantly.
Get our independent commentary on oil trends and companies delivered to your inbox.
