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1. BP files notices of possible worker layoffs in Chicago area
MOSCOW
(MRC) -- BP Plc notified officials in Chicago and the state of Illinois of
possible layoffs affecting more than 250 salaried employees at the company�s
offices, reported Reuters with reference to BP"s statement. BP is also reviewing
the organizational structure at its Whiting, Indiana, oil refinery 28 miles (45
km) southeast of Chicago. BP�s US Pipelines and Logistics office is located in
Chicago and the company has a technology campus in the nearby suburb of
Naperville, Illinois.
http://www.mrcplast.com/news-news_open-379530.html
2.
Crude settles higher on COVID-19 vaccine progress, OPEC+ talks
MOSCOW
(MRC) -- Oil futures settled higher Nov. 16 as supply and demand outlooks grew
more bullish on COVID-19 vaccine progress and signs that OPEC+ was moving closer
to extending output cuts into 2021, reported S&P Global.
NYMEX December
WTI settled up USD1.21 at USD41.34/b and ICE January Brent was USD1.04 higher at
USD43.82/b. Oil futures stepped higher overnight following reports of a second
COVID-19 vaccine developed by US company Moderna that is nearly 95% effective,
according to data from the company Nov. 16. The news comes on the heels of a
Nov. 9 announcement from pharmaceutical companies Pfizer and BioNTech that their
coronavirus vaccine had shown itself to be more than 90% effective in a phase 3
trial.
http://www.mrcplast.com/news-news_open-379550.html
3.
Global liquid fuels production outages have increased in 2020
MOSCOW
(MRC) -- Disruptions to crude oil and condensate production from members of the
Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries
have risen considerably since last year, said Hydrocarbonprocessing. These
outages have contributed to reduced liquid fuel supply and, along with crude oil
production declines agreed to among OPEC and partner countries (OPEC+), have
contributed to global liquid fuels inventory draws since June. So far in 2020,
monthly oil supply disruptions have averaged 4.6 MM barrels per day (bpd) and
reached 5.2 MM bpd in June, the highest monthly levels since at least 2011, when
the U.S. Energy Information Administration (EIA) began tracking monthly liquids
production outages. Global oil supply disruptions averaged 3.1 MM bpd in 2019,
and rising outages in Iran have been the main drivers of the year-on-year
increase. EIA does not include field closures for economic reasons or oil demand
declines in its accounting of supply disruptions.
http://www.mrcplast.com/news-news_open-377708.html
4.
Phillips 66 posts smaller-than-feared loss on retail improvement
MOSOCW
(MRC) - U.S. refiner Phillips 66 PSX.N reported a smaller-than-expected
quarterly loss on Friday, as its marketing and specialties unit, which retails
refined products, benefited from people returning to gas stations, said Reuters.
The unit buys refined products wholesale to resell at over 9,100 outlets the
company operates through a joint venture, and has seen demand recover as
coronavirus-related lockdowns ease and travel gradually picks up. On a
sequential basis, marketing fuel margins improved 27.4% in the third quarter to
USD2.23 per barrel in the United States and up 24% to USD6.28 per barrel
internationally.
http://www.mrcplast.com/news-news_open-378685.html
5.China
October refinery output hits record high on firm holiday gasoline
demand
MOSCOW (MRC) -- China�s crude oil throughput rose 2.6% in October
from a year earlier to its highest-ever level as fuel demand firmed on strong
holiday travel, reporte Reuters. The country processed 59.82 million tons of
crude oil last month, equivalent to 14.09 MMbpd, according to data from the
National Bureau of Statistics (NBS). That compared with 13.96 MMbpd in
September, topping the previous daily record set in June at 14.08 MMbpd. Total
throughput during the first 10 months of 2020 was 555.18 million tons, or 13.29
MMbpd, up 2.9% from the same period in 2019. Gasoline demand was firm as more
motorists hit the road for long-distance driving during a holiday period in
early October. Domestic aviation fuel consumption rebounded to near pre-COVID
levels in September and was expected to firm up more in October, thanks to a
fast recovery in passenger travel and cargo freight, although demand from
international flights remained weak.
http://www.mrcplast.com/news-news_open-379465.html
6.
Saudi Aramco plans to raise billions by issuing international bonds, as low oil
prices and a grim demand outlook loom over its finances
MOSCOW (MRC) --
Saudi Aramco, the world"s biggest oil company, will issue a multi-tranche
international bond, reported Business Insider with reference to a filing with
the national stock exchange. The company has hired Citi, Goldman Sachs
International, HSBC, JP Morgan, Morgan Stanley and NCB Capital to underwrite the
sale. Aramco did not specify how large the dollar-denominated issuance would be,
but it is expected to run into the billions, as the company struggles with a
historic hit to oil demand.
http://www.mrcplast.com/news-news_open-379453.html
7.
Coronavirus to leave behind shuttered refineries and increased Asian reliance on
Mid East crude
MOSCOW (MRC) -- A post-pandemic world will look very
different, and the oil industry will be as much a testament to that as all the
others that COVID-19 has run rampage over, reported S&P Global. Just when we
may have thought that the worst is behind us, a re-emergence of the virus in
several parts of Europe and the US, and the ensuing lockdowns, have sent oil
demand forecasters scrambling back to adjust numbers. S&P Global Platts
Analytics has further downgraded its demand outlook by 200,000 b/d and now
expects global oil demand to contract by 8.5 million b/d in 2020.
http://www.mrcplast.com/news-news_open-379429.html
8.
Chemtrade reports loss on lower volumes, pricing
MOSCOW (MRC) --
Chemtrade Logistics Income Fund (Toronto, Ontario, Canada) says volumes during
the third quarter were down year-over-year (YOY) in all segments except water
products, and pricing dropped in electrochemicals, according to Chemweek. Net
income came to a loss of CD48.3 million, down YOY from a loss of CD0.2 million
in the year-ago quarter. Revenue totaled D346 million, down 13% from CD396
million. Earnings per share came to CD0.52, down YOY from breakeven and short of
the average analyst estimate of a CD0.06 loss as compiled by Refinitiv (New
York). �The COVID-19 pandemic continued to adversely affect the demand for some,
but not all of our products,� says Mark Davis, president and CEO. �Demand for
our water business was unaffected, resulting in another strong quarterly
performance. Once the economic effect of the pandemic eases we expect to see
demand for the adversely affected products increase.�
http://www.mrcplast.com/news-news_open-379418.html |
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