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COVID-19 - News digest as of 14.07.2021

July 14/2021

1. Crude oil futures steady in Asia amid softening demand due to resurgence of COVID-19 cases across the globe

MOSCOW (MRC) -- Crude oil futures were steady during mid-morning trade in Asia July 13, with market sentiment bogged down by a resurgence of COVID-19 cases across the globe that could slow economic recovery, while the OPEC+ alliance remained unable to reach a consensus on reducing production cuts for August and beyond, reported S&P Global. At 10:24 am Singapore time (0224 GMT), the ICE September Brent futures contract was up 16 cents/b (0.21%) from the previous close to USD75.32/b, while the NYMEX August light sweet crude contract was up 17 cents/b (0.23%) at USD74.27/b. "Oil looks like it is stuck between opposing forces -- on one hand, there is the slowing down of recovery, particularly in Asia, and on the other hand, there are expectations that OPEC+ will come up with a (production) deal to maintain prices," Jeffery Halley, senior market analyst at OANDA, told S&P Global Platts July 13.

2. Chalmette refining announces potential USD550 MM renewable diesel project

MOSCOW (MRC) -- Gov. John Bel Edwards and PBF Chalmette Refinery Manager Steven Krynski announced the company is studying the possible conversion of an idled refinery unit into a renewable diesel production complex, said Hydrocarbonprocessing. The refinerys parent company, PBF Energy, would make a USD550 million capital investment to retrofit a hydrocracker unit out of operation since 2010 with new technology to accommodate renewable diesel production. The project also would include construction of a pretreatment unit that will allow Chalmette Refining to create non-fossil feedstocks from soybean oil, corn oil

3. Processing volumes in the world will continue to grow due to the increase in the number of vaccinations in July, August

MOSCOW (MRC) -- Global refining runs are expected to continue rising in July and August due to increasing vaccination rates and easing social distancing measures around the world, the International Energy Agency (IEA) said, said Hydrocarbonprocessing. The Paris-based agency, however, expected the trend will lose momentum in winter due to seasonal maintenance of refineries. Refiners around the world significantly reduced their operations in 2020 as they faced an unprecedented fall in fuel demand brought about by the coronavirus pandemic and mobility restrictions. The lockdowns at their peak destroyed over 20% of global oil demand.

4. Shell faces more North Sea COVID-19 disruption as industry urges rules easing

MOSCOW (MRC) -- Shell continues to experience COVID-19 disruption at one of its main North Sea development projects, the revamp of the Shearwater gas and condensate hub, with evacuation plans underway for 20 people tested positive and a further 98 close contacts, reported S&P Global with reference to a source close to the situation. Separately, industry group Oil & Gas UK said it was seeking a relaxation of rules on self-isolation for offshore workers deemed to have been in close contact with those tested positive for COVID-19, in order to ensure the efficiency of operations, while continuing to prioritize health and safety.
Author:Margaret Volkova
Tags:Asia, Europe, crude and gaz condensate, medicine, petrochemistry, Shell, COVID-19, USA.
Category:General News
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