The Fujairah Oil Industry Zone on Wednesday published the
following weekly inventory data for oil products for the week ended April 12, according to
industry information service S&P Global Platts.
South Africa's Sasol on Wednesday said it would partner chemicals company Linde (LIN), German renewables player Enertrag AG and development company Navitas Holdings to bid for production of sustainable aviation fuel under the German Federal Government's H2Global auction platform.
Oil prices surged almost 5% on Wednesday, after a report from the International Energy Agency, followed by U.S. inventory data boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption. Brent crude futures rose $2.91, or 4.6%, to settle at $66.58 a barrel.
Some of the world's wealthiest nations are grappling with stubborn coronavirus rates, but a brightening outlook and historic stimulus packages will boost economic activity and oil demand this year, the Organization of the Petroleum Exporting Countries said Tuesday. In its closely watched monthly market report, OPEC increased its 2021 global oil demand forecast by 100,000 barrels a day and raised its forecast for global economic growth by 0.3 percentage points to 5.4%.
Front Month Nymex Crude for May delivery gained 48 cents per barrel, or 0.80% to $60.18 today. --Largest one day dollar and percentage gain since Tuesday, April 6, 2021. --Up for two consecutive sessions.
Some of the world's wealthiest nations are grappling with stubborn coronavirus rates, but a brightening outlook and historic stimulus packages will boost economic activity and oil demand this year, the Organization of the Petroleum Exporting Countries said Tuesday. In its closely-watched monthly market report, OPEC increased its 2021 global oil demand forecast by 100,000 barrels a day and raised its forecast for global economic growth by 0.3 percentage points to 5.4%.
Oil prices settled higher Tuesday on strong Chinese import data, but the rally was capped by concerns that pauses on the Johnson & Johnson vaccine could delay economic recovery and limit oil demand growth. Brent crude oil futures settled up 39 cents, or 0.6%, at $63.67 a barrel, while U.S. crude oil futures gained 48 cents, or 0.8%, to $60.18 a barrel.
DiamondBack Energy Inc (FANG) on Monday raised its full-year production outlook as the shale oil and gas producer accounted for its acquisition of rival QEP Resources and benefited from a recovery in crude prices.
Brazil's Petroleo Brasileiro SA reduced crude exports to China in the first quarter of 2021 as local refining margins improved, Roberto Castello Branco told Reuters in his last interview before stepping down as chief executive officer.
Front Month Nymex Crude for May delivery gained 38 cents per barrel, or 0.64% to $59.70 today. --Snaps a two session losing streak. --Off 9.67% from its 52- week high of $66.09 hit Friday, March 5, 2021.
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