Downstream

This post was originally published on this siteNEW YORK, May 6 (Reuters) – U.S. fuel prices have surged faster than crude oil prices in the last month, as the United States has shipped more refined products abroad to supply European markets following Russia’s invasion of Ukraine. Traders say the world’s stockpiles of fuel are not […]

This post was originally published on this siteMay 6 (Reuters) – U.S. natural gas prices are surging, with the benchmark futures contract rising to a 13-year high of $8.74 per million British thermal units, at a time when that fuel’s price tends to dip due to lack of demand in the spring. But analysts say

This post was originally published on this siteBy John Kemp LONDON, May 5 (Reuters) – U.S. distillate fuel oil inventories have fallen to a 14-year low as refiners prove unable to satisfy strong demand from freight hauliers and manufacturers, sending diesel prices surging and pulling crude prices higher in their wake. Stocks have fallen in

This post was originally published on this siteSummary EU offers Hungary, Slovakia, Czech Rep more time to adapt Oil shipping ban postponed in bid to persuade Greece Talks complex, but diplomats hoping for compromise BRUSSELS, May 6 (Reuters) – The European Commission has proposed changes to its planned embargo on Russian oil to give Hungary,

This post was originally published on this siteMay 5, 2022 (Bloomberg) Inflation in the oil sector is worsening and industry executives see no reason to expect cost pressures on everything from steel pipe to frack sand to ease any time soon. The price spiral has been so swift and dramatic that oil CEOs are being forced

This post was originally published on this siteMay 5, 2022 (Bloomberg) The Biden administration announced a plan Thursday to begin purchasing oil to refill the nation’s emergency reserve. The Energy Department will start the buyback process with a call for bids for 60 million barrels this fall, though the actual deliveries won’t take place until sometime

This post was originally published on this siteMay 5, 202 (Bloomberg) The White House is concerned about legislation gaining momentum that would allow the U.S. to sue the Organization of the Petroleum Exporting Countries for manipulating energy markets. “The potential implications and unintended consequences of this legislation require further study and deliberation, particularly during this dynamic

This post was originally published on this siteMay 6, 2022 (Bloomberg) Oil headed for its first back-to-back weekly gain since early March on signs the market is tightening as the European Union moved toward banning Russian crude and the U.S. said it would refill its strategic reserves. West Texas Intermediate rose toward $110 a barrel, up

This post was originally published on this siteMay 6, 2022 (Bloomberg) Boris Johnson urged the oil majors BP Plc and Shell Plc to invest “massively” in renewables to shore up the U.K.’s energy security, as soaring prices squeeze household budgets. The prime minister told Sky News on Friday he’d spoken to both companies this week after

This post was originally published on this siteBy Irina Slav More from Irina Slav It’s not often that I am rendered speechless by news and events but this week has been exceptional in this respect. Almost every day has brought news that instead of the usual resigned grunt draw a different reaction involving raised eyebrows,