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COVID-19 - News digest as of 06.05.2021

May 06/2021

1. Indian refineries reduced fuel sales in April due to the second wave of coronavirus infections

MOSCOW (MRC) -- Indian state refiners' local fuel sales in April declined due to state-level restrictions aimed at stemming a rampant second wave of coronavirus infections, preliminary data shows, said Hydrocarbonprocessing.The deadly second wave topped 400,000 new daily cases for the first time on Saturday. Authorities reported 401,993 new cases in the previous 24 hours, the highest daily count globally, after 10 consecutive days over 300,000. Deaths from COVID-19 jumped by 3,523, taking the total toll in India to 211,853.

http://www.mrcplast.com/news-news_open-387379.html

2. Formosa to raise capacity utilisation at Taiwanese refinery in May

MOSCOW (MRC) -- Taiwan's Formosa Petrochemical Corp plans to ramp up operating rates at its refinery in May to 74% once it restarts a gasoline-making unit after maintenance and as refining margins have improved, reported Reuters with reference to the company's spokesman. Formosa intends to process 400,000 barrels per day (bpd) of crude in May, or 74% of its total capacity, up from 340,000 bpd in March and April, spokesman KY Lin told Reuters. The higher utilisation rate comes as Asian gasoline refining margins have returned to pre-COVID-19 levels. Formosa is among the largest oil products exporters in Asia and a ramp-up in its output is expected to lead to more exports.

http://www.mrcplast.com/news-news_open-387377.html

3. Crude oil futures rangebound on the back of latest EIA data

MOSCOW (MRC) -- Crude oil futures were rangebound during mid-morning Asian trade May 6 following the release of the US Energy Information Administration's latest data, which was mixed, reported S&P Global. At 11:30 am Singapore time (0330 GMT), the ICE Brent July contract was up 24 cents/b (0.35%) from the May 5 settle at USD69.20/b, while the June NYMEX light sweet crude contract was up 15 cents/b (0.23%) at USD65.78/b. The EIA data released late May 5 showed US crude inventories experiencing their largest draw since the week ended Jan. 1. According to the data, US crude inventories declined 7.99 million barrels to 485.12 million barrels in the week ended April 30.

http://www.mrcplast.com/news-news_open-387492.html


mrcplast.com
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, petrochemistry, Formosa, COVID-19, India, USA, Taiwan.
Category:General News
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