Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly gain on lower supply and wider signs of economic recovery. The United States reported more than 55,000 new coronavirus cases on Thursday, a new daily global record for the pandemic.
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a ninth week in a row although the reductions have slowed as higher oil prices prompt some producers to start drilling again.
Intercontinental Exchange Inc (ICE): * Intercontinental Exchange Inc (ICE) - REACHED OPEN INTEREST IN TOTAL ENERGY FUTURES OF 32.5 MILLION CONTRACTS ON JUNE 25, 2020. * Intercontinental Exchange Inc (ICE) - JUNE TOTAL NATURAL GAS FUTURES HIT OPEN INTEREST RECORD OF 18.9 MILLION CONTRACTS.
* 1.4 million bpd European capacity rationalisation threat-WoodMac. * Asia, Middle East global leaders in future capacity growth. By Ahmad Ghaddar and Laura Sanicola. The collapse in oil demand from the COVID-19 pandemic is hastening the reckoning for those refiners already struggling as new capacity overtakes demand, posing an existential threat to many, particularly Europe's ageing plants.
OPEC cut oil exports in June by 1.84 million barrels per day from May levels as it works to implement an output reduction agreement with Russia and other allies, according to estimates from Kpler, which tracks oil shipments. OPEC's crude exports averaged 17.2 million bpd last month, Kpler said in an emailed report.
A fire that broke out at Astron Energy's 100,000 barrel per day refinery in Cape Town in the early hours of Thursday morning has been contained but production has stopped, the company said in a statement. The fire started at South Africa's third-biggest crude oil refinery started around 4 a.m. said Astron Energy, which is majority owned by commodities trader Glencore.
Oil futures gained more than 2% on Thursday, supported by a drop in U.S. unemployment and a drawdown in crude inventories, but a resurgence in U.S. coronavirus infections fanned concerns that economic activity will weaken in coming weeks. New COVID-19 cases in the United States rose by nearly 50,000 on Wednesday, the biggest one-day increase since the start of the pandemic.
CVR Refining and HollyFrontier
Corp (HFC) have cut their workforces in recent weeks, according to three sources, as demand falls due to the ongoing coronavirus pandemic. In recent weeks CVR Refining has laid off approximately 50 salaried employees and HollyFrontier (HFC) has cut at least 12 jobs, the sources said. CVR and HollyFrontier (HFC) both declined to comment.
Crude exports from the Louisiana Offshore Oil Port are hitting a record high even as U.S. crude exports have fallen as the coronavirus pandemic has chopped worldwide fuel demand. Oil majors Royal Dutch Shell Plc (RDS/A) and BP Plc (BP) are the main winners from rising LOOP exports, because they pump most of the mid-sour crude exported from the terminal.
Some 10,000 employees of Brazil's Petrobras, or 22% of its workforce, have accepted voluntary buyouts, Chief Executive Roberto Castello Branco said on Wednesday, as the state-run oil company intensifies its quest to slim down and refocus on core businesses.
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