Huge stockbuilds to keep oil product profit margins under pressure: IEA

Massive build-ups in stocks in recent months are set to keep profit margins for refining crude into petroleum products like road and aviation fuels subdued, the International Energy Agency said on Tuesday. “Large implied product stock builds set the stage for a subdued margin environment for the near future,” the IEA warned.The new coronavirus outbreak…

Driller charged over contamination in ‘Gasland’ town

Driller charged over contamination in ‘Gasland’ townNew Delhi: An energy company faces felony charges for polluting residential water wells in a Pennsylvania community that has long been a battleground in the national debate over natural gas drilling and fracking. Houston-based Cabot Oil & Gas Corp. was charged Monday following a grand jury investigation that found…

HPCL to invest ₹12000 crore in capital expansion this fiscal

MUMBAI : State-run Hindustan Petroleum Corporation Ltd (HPCL) will invest ₹12000 crore in capital expansion during the current fiscal. The refiner said it has not revised its capex downward despite the covid-19 impact on the company. “We are would be spending ₹12000 crore towards capital expenditure. For new projects, we will be prioritizing or phasing…

Refining capacity to double to 500 mt by 2030, says Dharmendra Pradhan

India aims to double its refining capacity to 450-500 million tonnes (mt) in the next 10 years, said Union petroleum and steel minister Dharmendra Pradhan on Tuesday. The country has already planned the world’s largest refinery in the western coast, on which work will start soon, said Pradhan. The $44-billion west coast refinery project, with…

Hedge funds wait for signs of cyclical recovery in oil: Kemp

LONDON, Hedge fund managers show little directional conviction on petroleum prices after crude futures doubled between late April and early June, suggesting most now see upside and downside risks as finely balanced. For the second week running, fund managers made no significant changes in their positioning in any of the six most import futures and…

Russian oil Urals causes in Asian countries increased interest

Refiners in the Asia-Pacific region (APR) are showing increased interest in Russian oil Urals in the face of declining offers moderate alternative raw materials from the Middle East due to the OPEC agreement, according to the Agency Argus.Given the limited oil requirements of European companies that are major buyers in the Urals, the APR becomes…