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  Reuters

  U.S. to sell 32 million bbls of mostly sour crude from 4 SPR sites (Nov 25)

  (Reuters) -The United States has launched an auction for 32 million barrels of crude from four strategic petroleum reserves (SPR) sites to be delivered between late-December and April 2022, the Department of Energy (DOE) said. The sale of SPR oil, which is mainly blended sour crude, is expected to depress the value of U.S. sour crude Mars and benefit buyers in Asia which processes mainly high-sulphur oil.

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• Business

  Reuters

  CORRECTED-U.S. to sell 32 mln bbls of mostly sour crude from 4 SPR sites (Nov 25)

  The United States has launched an auction for 32 million barrels of crude from four strategic petroleum reserves (SPR) sites to be delivered between late-December and April 2022, the Department of Energy (DOE) said. The sale of SPR oil, which is mainly blended sour crude, is expected to depress the value of U.S. sour crude Mars and benefit buyers in Asia which processes mainly high-sulphur oil.

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• Business

  Reuters

  Pandemic's "great reset" makes energy firms invest more in renewables - execs

  The economic trauma caused by the coronavirus pandemic persuaded energy companies to step-up investments in renewables, hydrogen and other low carbon alternatives, but fossil fuels will remain dominant for the foreseeable future, industry executives said. "Everyone's talking about this great reset ... What do we need to do to survive this?" Arif Mahmood, Petronas' executive vice president and CEO of downstream, said at the virtual Platts APPEC 2020.

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  Business

  Reuters

  Exclusive: CIMB alleges 'suspicious' Hontop Energy oil deals with BP - affidavit

  Singapore's High Court has appointed an independent supervisor to oversee the restructuring of trader Hontop Energy. The move came after Malaysian lender CIMB, its biggest creditor, raised concerns about what it described as 'suspicious' deals involving oil major BP <BP.L>, according to an affidavit filed with the court this week and reviewed by Reuters. Hontop, the trading arm of Chinese independent refiner China Wanda Holding Group Co Ltd, is one of four commodity trading firms in Singapore

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• Business

  Reuters

  Oil traders rent South Korean storage after virus hits China demand

  LONDON/SINGAPORE (Reuters) - Top oil traders have rented millions of barrels of crude storage in South Korea this month to hold excess supplies, betting on a demand spike after China recovers from the effects of the coronavirus outbreak, trading sources said. Supplies in the region are piling up after refineries in China, the world's largest crude importer, cut output by about 1.5 million barrels per day (bpd) over just two weeks. Trading firms Trafigura, Glencore and Mercuria as well as the t

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• Business

  Reuters

  Asia oil refiners mull run cuts after margins hit lowest for season since 2003 - sources, data

  Asia's oil refiners are considering reducing output after margins slumped to their lowest for the season since 2003, according to industry sources and Refinitiv data. Companies that planned to trim output include SK Energy, a unit of SK Innovation, the Singapore Refinery Company (SRC), owned by PetroChina and Chevron Corp, four people familiar with the matter said. In China, independent refiners known as 'teapots', which account for about a fifth of the country's crude imports, operated at bel

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• Business

  Reuters

  Exclusive: Exxon adds veteran traders to bulk up oil trading - sources

  In a break from its past, Exxon has been building a global cadre of experienced traders and beefing up risk management systems to lift profit. Exxon, the largest U.S. oil company by market capitalization, has historically stood apart from rivals by limiting trading activity out of concerns it would be accused of market manipulation. The oil major has lagged behind rivals BP Plc, Chevron Corp and Royal Dutch Shell Plc, which have created trading units that occasionally generate more profit than

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  Reuters

  GRAPHIC-Sanctions, OPEC cuts push Asia's heavy crude oil prices above Brent

  Middle East oil benchmarks Dubai and DME Oman have nudged above prices for Brent crude, an unusual move as U.S. sanctions on Venezuela and Iran along with output cuts by OPEC tighten supply of medium to heavy oil, traders and analysts said. Heavier grades, mainly produced in the Middle East, Canada and Latin America, typically have a high sulphur content and are usually cheaper than Brent, the benchmark for lighter oil in the Atlantic Basin.

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  Reuters

  GRAPHIC-Sanctions, OPEC cuts push Asia's sour crude oil prices above Brent

  Middle East oil benchmarks Dubai and DME Oman have nudged above prices for Brent crude, an unusual move as U.S. sanctions on Venezuela and Iran along with output cuts by OPEC tighten supply of medium to heavy sour oil, traders and analysts said. Sour crudes, mainly produced in the Middle East, Canada and Latin America, have a high sulphur content and are usually cheaper than Brent, the benchmark for low-sulphur oil in the Atlantic Basin.

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• Business

  Reuters

  Petronas-Saudi RAPID refinery starts trial runs at crude oil unit - sources

  SINGAPORE, Jan 7 (Reuters) - Malaysian state oil company Petronas has started trial runs at the crude distillation unit (CDU) at a joint-venture refinery with Saudi Aramco in Malaysia, two sources with ...

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