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COVID-19 - News digest as of 16.12.2020

December 16/2020

1. Phillips 66 lowers 2021 spending budget after pandemic hit

MOSCOW (MRC) -- US oil refiner Phillips 66 on Monday set its 2021 capital budget at USD1.7 billion, around 43% lower than forecast for the previous year, as the energy industry struggles to recover from the blow of the COVID-19 pandemic, reported Reuters. The coronavirus crisis and resulting lockdowns upended global travel and fuel demand, creating a supply glut that pushed US crude oil prices briefly into negative territory in April. West Texas Intermediate crude futures have recovered much of those losses on the back of COVID-19 vaccine progress, although they have shed about 23% of their value so far this year.

2. HollyFrontier plans to double capex in 2021, boost renewables spending

MOSCOW (MRC) -- U.S. refiner HollyFrontier Corp has outlined plans to nearly double its capital expenditure in 2021, boosting its renewables investment and counting on an expected recovery in fuel demand after the coronavirus pandemic tanked consumption, said Hydrocarbonprocessing. The refiner said it plans to spend between USD1.05 billion and USD1.15 billion next year, up from the USD475 million to USD550 million slated for 2020. This year the coronavirus pandemic slashed driving and sent the global economy into a tailspin, leading refiners to decrease output and figure out how to stay profitable in a year of little demand.

3. Oil slips on demand worries as COVID-19 lockdowns tighten in Europe

MOSCOW (MRC) -- Oil prices dipped in early trade on Tuesday, with demand worries due to tighter lockdowns in Europe outweighing relief from vaccination rollouts and concerns about a flare-up of tension in the Middle East, reported Hydrocarbonprocessing. US West Texas Intermediate (WTI) crude futures fell 16 cents, or 0.3%, to US46.83 a barrel at 0158 GMT, while Brent crude futures fell 20 cents, or 0.4%, to US50.09 a barrel, erasing half of Monday's gains. London stepped up restrictions requiring bars and restaurants to close, as COVID-19 infection rates continued to rise sharply, which will dent fuel demand in the near term.
Author:Margaret Volkova
Tags:Europe, crude and gaz condensate, medicine, petrochemistry, Phillips 66, COVID-19, USA.
Category:General News
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