Edition:
United Kingdom

Devika Krishna Kumar

Oil companies start to take back crude from U.S. emergency reserve

10 Aug 2020

Energy companies have begun taking back millions of barrels of oil from the U.S. government's emergency stockpile after renting storage in the facility to help manage a glut of crude this spring after energy demand collapsed during COVID-19 lockdowns, a Department of Energy website showed on Monday.

Oil prices hit 5-month high as U.S. crude stockpiles, dollar fall

05 Aug 2020

NEW YORK Oil prices rose to their highest since early March on Wednesday after U.S. crude inventories fell sharply and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook.

Dakota Access oil pipeline users downplay need for line to investors

05 Aug 2020

NEW YORK The largest oil pipeline out of the Bakken shale formation in North Dakota could be forced to shut this week, and the companies that use it are telling investors they can survive without it. But in legal filings, they have made its closure seem dire.

MPLX sees about $100 mln earnings hit if two Bakken oil pipelines shut

03 Aug 2020

NEW YORK, Aug 3 MPLX LP said on Monday that any closures of the Dakota Access Pipeline (DAPL) and the Tesoro High Plains Pipeline in North Dakota could potentially reduce its pre-tax earnings by about $100 million annually.

Mexico switches up fuel import contracts as it clamps down on costs

31 Jul 2020

NEW YORK/MEXICO CITY Pemex's trading arm is overhauling its fuel importing practices, five sources close to the matter said, which includes shifting to swapping crude oil with major partners in exchange for gasoline and other fuels to save cash.

Exclusive: Mexico moves to launch world's largest oil hedge - sources

24 Jul 2020

NEW YORK/MEXICO CITY Mexico has asked top Wall Street banks to submit quotes for its giant oil hedging program, sources familiar with the matter said on Friday, while trading in crude oil options has increased this week ahead of the megadeal.

EXCLUSIVE-Mexico moves to launch world's largest oil hedge -sources

24 Jul 2020

NEW YORK/MEXICO CITY, July 24 Mexico has asked top Wall Street banks to submit quotes for its giant oil hedging program, sources familiar with the matter said on Friday, while trading in crude oil options has increased this week ahead of the megadeal.

Bounceback in U.S. shale oil output is unlikely to last the summer

23 Jul 2020

HOUSTON/NEW YORK A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return at least a third of the 2 million barrels per day (bpd) curtailed since April.

Bounceback in U.S. shale oil output is unlikely to last the summer

23 Jul 2020

HOUSTON/NEW YORK A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return at least a third of the 2 million barrels per day (bpd) curtailed since April.

Oil steady as virus infections rise but hopes for vaccine lends support

20 Jul 2020

NEW YORK Oil prices were little changed on Monday as coronavirus cases increased in many countries, though a flurry of announcements about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses.Brent crude settled up 14 cents, or 0.3%, at $43.28 per barrel, while U.S. West Texas Intermediate (WTI) rose 22 cents, 0.5%, to $40.81.

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