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May 23, 2022

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Column: Hedge funds more bullish on crude as sanctions loom

Reuters
LONDON, May 23 (Reuters) – Investors grew significantly more bullish on petroleum prices last week in response to an increasing likelihood that EU sanctions on Russia’s exports that will intensify global oil shortages. Hedge funds and other money managers purchased the equivalent of 56 million barrels in the six most......

Nine U.S. Gulf Coast refineries exceeded federal benzene levels -study

Reuters
HOUSTON, May 12 (Reuters) – Nine U.S. Gulf Coast refineries exceeded the federal regulatory action level between 2018 and 2020 for pollution from benzene, which causes cancer, according to a study by the Environmental Integrity Project (EIP) released on Thursday. The nine are among 56 U.S. refineries with high benzene......

Curfew imposed across Sri Lanka after clashes in commercial capital

Reuters
COLOMBO, May 9 (Reuters) – Supporters of Sri Lanka’s ruling party stormed a major protest site in the country’s commercial capital Colombo on Monday, attacking anti-government demonstrators and clashing with police who used tear gas and water cannon to drive them back. A curfew has been imposed across the island......

Union seeks renewed talks with Chevron in California refinery strike

Reuters
A Chevron gas station sign is pictured at one of their retain gas stations in Cardiff, California October 9, 2013. REUTERS/Mike Blake Register now for FREE unlimited access to Reuters.com Register HOUSTON, May 3 (Reuters) – The United Steelworkers union (USW) seeks this week to renew talks with Chevron Corp......

Exxon, Chevron post big revenues, but Wall Street shrugs

Reuters
April 29 (Reuters) – The two largest U.S. oil companies on Friday posted big revenues in the first quarter, but analysts said Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N)fell short of expectation during a period when oil prices surged to nearly $140 a barrel. Exxon and Chevron earned $5.5......

Lyondell CEO says Houston refinery needs ‘significant’ capital investment after 2023

Reuters
A general view of the Lyondell-Basell refinery in Houston, Texas February 1, 2015. REUTERS/Richard Carson/File Photo Register now for FREE unlimited access to Reuters.com Register HOUSTON, April 29 (Reuters) – Lyondell Basell Industries (LYB.N) interim Chief Executive Kenneth Lane said on Friday that operating the chemical producer’s 263,776 barrel-per-day (bpd)......

Column: After near miss last winter, policymakers must pay more attention to energy supplies: Kemp

Reuters
LONDON, April 28 (Reuters) – Near misses can make systems safer and more reliable if they reveal previously hidden weaknesses and operators and regulators draw the right lessons from a narrowly avoided disaster. But they can also breed complacency if operators and regulators conclude there is no need to worry......

Column: Oil prices paralysed between Russia sanctions and China lockdowns: Kemp

Reuters
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant Register now for FREE unlimited access to Reuters.com Register LONDON, April 25 (Reuters) – Portfolio investors purchased petroleum last week for the first time in four......

Higher gasoline prices flatter U.S. retail sales; consumers remain resilient

Reuters
Shoppers look for deals at the Pentagon City Mall in Arlington, Virginia, U.S., November 29, 2019. REUTERS/Loren Elliott/File Photo Register now for FREE unlimited access to Reuters.com Register Retail sales increase 0.5% in March Gasoline accounts for bulk of rise in sales Core retail sales dip 0.1%; online sales drop......

Biden to tap ethanol to lower fuel prices as consumer prices continue to surge

Reuters
U.S. President Joe Biden returns a salute as he steps from Marine One upon arrival at the White House in Washington, U.S., April 11, 2022. REUTERS/Kevin Lamarque Register now for FREE unlimited access to Reuters.com Register WASHINGTON, April 12 (Reuters) – U.S. President Joe Biden will unveil plans on Tuesday......

India’s March fuel demand hits 3-yr high, petrol sales at all-time peak

Reuters
A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas Register now for FREE unlimited access to Reuters.com Register Petrol sales jump 6.2% from a year earlier Russian oil keeping Indian economic recovery on track – analyst......

Column: Hedge funds struggle with triple uncertainties on oil: Kemp

Reuters
A maze of crude oil pipe and equipment is seen with the American and Texas flags flying in the background during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File Photo Register now for FREE unlimited access to......

China expects sharp drop in holiday travel due to COVID outbreaks

Reuters
Airline staff wear personal protective equipment (PPE) to protect against coronavirus disease (COVID-19) disease as they work at Beijing Capital International airport in Beijing, China March 13, 2022. REUTERS/Soe Zeya Tun Register now for FREE unlimited access to Reuters.com Register BEIJING, April 3 (Reuters) – China’s transport ministry expects a......

Biden spurs record emergency oil release in ‘moment of peril’ for world

Reuters
The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif Register now for FREE unlimited access to Reuters.com Register WASHINGTON, March 31 (Reuters) – President Joe Biden on Thursday launched the largest release ever from......

Biden administration weighs largest ever draw from emergency oil reserve- sources

Reuters
A U.S. postal worker puts his seatbelt on after filing up his vehicle at a gas station in Garden Grove, California, U.S., March 29, 2022. REUTERS/Mike Blake Register now for FREE unlimited access to Reuters.com Register WASHINGTON, March 30 (Reuters) – The Biden administration is considering releasing up to 180......

Biden menu of options to lower gasoline prices is not appetizing

Reuters
U.S. President Joe Biden discusses the United States’ response to Russian invasion of Ukraine and warns CEOs about potential cyber attacks from Russia at Business Roundtable’s CEO Quarterly Meeting in Washington, DC, U.S., March 21, 2022. REUTERS/Leah Millis Register now for FREE unlimited access to Reuters.com Register WASHINGTON, March 23......

Column: Hedge funds cut oil positions as volatility surges: Kemp

Reuters
A brand new oil production facility owned by Oasis Petroleum in the Permian Basin oil and natural gas production area near Wink, Texas U.S. August 22, 2018. REUTERS/Nick Oxford Register now for FREE unlimited access to Reuters.com Register LONDON, March 21 (Reuters) – Investors trimmed bullish petroleum positions for the......

Chevron California refinery workers strike; fuel prices seen unaffected

Reuters
March 21 (Reuters) – Picketers marching at the gates of a large Chevron Corp (CVX.N) oil refinery outside of San Francisco said on Monday they could endure a lengthy walkout to press claims for a new labor contract. But the plant was continuing to operate normally and fuel supply and......

Union workers at Chevron refinery prepare for strike on Monday

Reuters
Chevron Corp’s refinery is shown in Richmond, California August 7, 2012. REUTERS/Robert Galbraith Register now for FREE unlimited access to Reuters.com Register March 20 (Reuters) – The union representing workers at a Chevron oil refinery in Richmond, California, has told its members to prepare for a strike shortly after 12......

Bolsonaro says Petrobras profit ‘absurd’ but won’t interfere with pricing

Reuters
A worker uses a petrol pump at a Brazilian oil company Petrobras gas station in Brasilia, Brazil March 7, 2022. REUTERS/Adriano Machado Register now for FREE unlimited access to Reuters.com Register BRASILIA, March 12 (Reuters) – Brazilian President Jair Bolsonaro criticized stiff price hikes for gasoline and diesel by state-controlled......

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