Brent oil futures on Tuesday closed at their highest since early March on hopes the United States is making progress on a new economic stimulus package, as well as curbing the coronavirus spread. Brent rose 28 cents, or 0.6%, to settle at $44.43 a barrel, its highest close since March 6. U.S. West Texas Intermediate crude rose 69 cents, or 1.7%, to $41.70, its highest finish since July 21.
U.S. shale producer Continental Resources Inc on Monday posted a bigger-than-expected second-quarter loss as the coronavirus crisis and related lockdowns pummeled demand for fuel and hammered oil prices.
OIL LOGISTICS COMPANY CLH: * OIL PRODUCT DELIVERIES TO THE SPANISH MARKET FROM CLH TERMINALS DECREASED BY 24.1% IN JULY YEAR ON YEAR DUE TO THE COVID-19 CRISIS Source text: https://bit.ly/2PkeniO.
Oil prices were up more than 1% on Monday on positive economic data from the United States, Europe and Asia, but investors remained concerned about rising COVID-19 cases globally and oversupply as OPEC begins to lift supply cuts. Brent crude settled at $44.15 a barrel, rising 63 cents, or 1.5%. U.S. West Texas Intermediate crude rose 74 cents, or 1.8%, to end at $41.01 a barrel.
Stephanie Kelly, Koustav Samanta, Bozorgmehr Sharafedin. For a faint moment, energy traders had an inkling that demand for jet fuel, the worst-hit product in fuel markets due to the coronavirus pandemic, might stage a bit of a rebound. The number of flights increased in the United States in early July, making some traders optimistic.
Marathon Petroleum (MPC) plans to permanently close two small U.S. oil refineries in Martinez, California, and Gallup, New Mexico, the company said, eliminating 800 jobs in response to lower fuels demand. The largest U.S. refiner by volume had earlier idled the two facilities following weak demand due to COVID-19 outbreaks in the United States.
Millions of barrels of oil refinery capacity might permanently close across the global energy complex after being lost when demand crashed during the coronavirus pandemic, U.S. refiners said on Friday.
Brazilian state-run oil firm Petroleo Brasileiro SA expects to conclude negotiations on the sale of its RLAM refinery in northeastern Brazil in the near future and is pushing ahead with the IPO of a gas pipeline unit, executives said on Friday.
Depressed demand for jet fuel could cap refinery utilization rates across the entire industry, according to executives at PBF Energy (PBF), the fourth-largest U.S. oil refiner by capacity. Demand for gasoline and distillates has recovered by 80% to 90% since the worst of the coronavirus pandemic, but jet fuel demand has only rebounded 30%, according to the Energy Information Administration.
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