August 7, 2020 - Petroleumbazaar

Crude oil futures down 0.35%, WTI trades below $42 a barrel

CRUDE OIL NEWSBy admin August 7, 2020 Leave a comment

Crude oil futures declined to Rs 3,150 per barrel on August 6 as participants increased their short positions. Prices retreated marginally after rising for the fourth straight day on demand concerns despite a weaker dollar and bigger drawdown in US crude inventories. The US Energy Information Agency (EIA) reported that US crude inventories declined by…

Oil prices pull back from five-month highs as rising product stocks weigh

CRUDE OIL NEWSBy admin August 7, 2020 Leave a comment

London: Oil prices slipped off five-month highs on Thursday as bearish sentiment about fuel demand undermined support from a weak dollar and falling U.S. crude inventories. Brent crude fell 23 cents to $44.94 a barrel by 1100 GMT, while U.S. crude was down 48 cents at USD 41.71, breaking a four-day streak of gains. The…

Argentina Scrambles To Salvage Its Shale Boom

INTERNATIONAL NEWSBy admin August 7, 2020 Leave a comment

Only two years ago analysts were hailing Argentina’s emerging shale oil boom, which many believed would be the next major petroleum frontier in Latin America. The vast Vaca Muerta, or Dead Cow in English, shale formation, which skirts Argentina’s semi-arid Patagonian steppe, is compared to the smaller prolific Permian shale. The EIA estimates that the…

US sends first shipment of crude to Saudi Arabia in over a decade

INTERNATIONAL NEWSBy admin August 7, 2020 Leave a comment

The United States sent a shipment of crude to Saudi Arabia in June, data from the US Census Bureau showed on Wednesday, in what appears to be the first such delivery since the US ban on crude exports ended in 2015. The United States shipped about 550,000 barrels, or 18,300 barrels per day (bpd), of…

Opec output up as deal’s first phase ends

INTERNATIONAL NEWSBy admin August 7, 2020 Leave a comment

Opec members produced 23.25mn b/d in July — up by 970,000 b/d from a 28-year-low in June, when Saudi Arabia, Kuwait and the UAE all delivered cuts in excess of their commitments under the Opec+ output restraint deal. The end of those voluntary reductions drove last month’s increase. July marked the first month-on-month rise in…

Iraq says will make additional oil cuts in August

INTERNATIONAL NEWSBy admin August 7, 2020 Leave a comment

DUBAI: Iraq said on Thursday it would make an additional cut in its oil production of about 400,000 barrels per day in August to compensate for its overproduction over the past period under the OPEC+ supply reduction pact. Iraq says the oil output cut in August will be over and above the agreed cut for…

US oil, gas rig count slides 3 to 285 as Permian operators shed rigs- Enverus

CRUDE OIL NEWSBy admin August 7, 2020 Leave a comment

New York — The US oil and gas rig count edged down 3 to 285 in the week ended Aug. 5, rig data provider Enverus said, as Permian counts fell back to early July lows. The number of oil-focused rigs fell four to 198, falling below 200 for the first time since early July, but…

After nearly 20 years, India’s oil demand seen slipping into the red

NATIONAL NEWSBy admin August 7, 2020 Leave a comment

Singapore — Hopes that India’s oil demand will recover in the second half of the year is fading fast as some provinces implement partial lockdowns to battle the COVID-19 pandemic, prompting refiners to start planning for lower crude runs in order to prevent a problem of plenty at home. India, one of the fastest growing…

After Beirut blast, Chennai jittery over 690 tonnes of ammonium nitrate seized by Customs

NATIONAL NEWSBy admin August 7, 2020 Leave a comment

CHENNAI: After unsafely stored ammonium nitrate killed at least 135 people and injured thousands in Beirut, concerns have been raised over 690 metric tonnes of the chemical that have remained in storage for years under the custody of the Customs Department here. According to Customs Department sources, 740 tonnes of ammonium nitrate (prill type) in…

HPCL net zooms 157 pc in Q1 on better performance

NATIONAL NEWSBy admin August 7, 2020 Leave a comment

Hindustan Petroleum Corp Ltd (HPCL) on Thursday reported a 157 per cent jump in its June quarter net profit on the back of inventory gains and better than industry performance. Consolidated profit of Rs 2,252.65 crore, or Rs 14.78 per share, was 156.7 per cent higher than Rs 877.48 crore, or Rs 5.76 a share,…

Daily Archives: August 7, 2020