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COVID-19 - News digest as of 01.09.2021

September 01/2021

1. Phillips 66 refinery sale offers test of investors views on pace of transition to electric vehicles

MOSCOW (MRC) -- US refiner Phillips 66"s decision to market a Louisiana oil processing plant offers a key test of investors" views on the pace of the transition to electric vehicles, reported Reuters with reference to refinery industry experts. Phillips 66, the fourth largest US refiner, on Tuesday said it has put its 255,600 barrel per day (bpd) Alliance plant on the market, citing "the evolving energy landscape." The 50-year-old plant makes gasoline, diesel and jet fuel for US and Latin American markets. Reuters on Tuesday reported Phillips 66 is in talks with a potential buyer. A spokesman declined to comment, calling any talks confidential. Analysts said potential buyers may be willing to make a contrarian bet on motor fuel demand, pointing to private equity firms and rival Gulf Coast refiners Motiva Enterprises, Valero Energy Corp and PBF Energy.

2. Crude oil futures rise on tight US inventories and bullish demand sentiment in China

MOSCOW (MRC) -- Crude oil futures were higher in mid-morning trade in Asia Sept. 1 amid the tightening of US inventories and bullish demand conditions in China, reported S&P Global. At 11:15 am Singapore time (0315 GMT), the ICE November Brent futures contract was up 57 cents/b (0.79%) from the previous close at SD72.20/b, while the NYMEX October light sweet crude contract was 52 cents/b (0.75%) higher at USD69.02/b. "The market is starting to digest the fact that the oil production outage is probably going to take some time in resuming, which will cause a tightening of crude inventory along with the rising demand, resulting in bullishness in the market," said Vandana Hari, CEO of Vanda Insights on Sept. 1, adding that China"s appetite for crude oil seems to be recovering after successfully curbing the resurgence of delta variant.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, medicine, Motiva Enterprises, PBF Energy, Phillips 66, Valero, COVID-19, China, USA.
Category:General News
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