Oil prices fell in early trade on Friday, retreating further from 11-month highs hit last week, on worries new pandemic restrictions in China will curb fuel demand in the world's biggest oil importer. U.S. West Texas Intermediate crude futures dropped 47 cents, or 0.9%, to $52.66 a barrel at 0148 GMT, after slipping 18 cents on Thursday.
Magellan Midstream (MMP) and Enterprise
Products (EPD) plan to jointly develop a futures contract for the physical delivery of crude oil in the Houston area, the companies said on Thursday. The midstream infrastructure companies said the project is in response to market interest for a Houston-based index with greater scale and price transparency.
Magellan Midstream Partners LP (MMP): * MAGELLAN AND ENTERPRISE TO DEVELOP JOINT HOUSTON CRUDE OIL FUTURES CONTRACT. * MAGELLAN MIDSTREAM (MMP) - AFFILIATES OF CO, ENTERPRISE PRODUCTS TO JOINTLY DEVELOP FUTURES CONTRACT FOR PHYSICAL DELIVERY OF CRUDE OIL IN HOUSTON AREA Source text for Eikon: Further company coverage:
Front Month Nymex Crude for March delivery lost 18 cents per barrel, or 0.34% to $53.13 today. --Snaps a two session winning streak. --Off 4.43% from its 52- week high of $55.59 hit Thursday, Jan. 23, 2020.
Oil prices steadied on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices. Brent crude futures rose 2 cents to settle at $56.10 a barrel. Both benchmarks rose over the past two days on expectations of massive COVID-19 relief spending under new U.S. President Joe Biden.
Front Month Nymex Crude for Feb. delivery gained 26 cents per barrel, or 0.49% to $53.24 today. --Up for two consecutive sessions. --Up 88.00 cents or 1.68% over the last two sessions.
* Biden set to rejoin Paris climate accord. * 'Act big' now to save economy, Yellen says. * U.S. weekly crude inventories expected to fall. * Beijing steps up COVID-19 measures. By Laila Kearney.
Two of the world's biggest fertilizer producers, CF Industries Holdings Inc (CF) and Yara International Asa (YRAIF), are seeking to cash in on the green energy transition by reconfiguring ammonia plants in the United States and Norway to produce clean energy to power ships.
Fujairah Oil Industry Zone on Wednesday published the
following weekly inventory data for oil products for the week ended Jan. 18, according to
industry information service S&P Global Platts.
Front Month Nymex Crude for Feb. delivery gained 62 cents per barrel, or 1.18% to $52.98 today. --Up 13 of the past 17 sessions. --Off 9.19% from its 52- week high of $58.34 hit Tuesday, Jan. 21, 2020.
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