Economics
Oil down 1% as weak U.S. gasoline demand offsets big draw in crude stocks
Oil prices were down 1% as a build in US gasoline stocks fed worries about demand after Japan and Europe posted gloomy manufacturing data.
Shell taps Goldman Sachs to explore Singapore refinery and petchem plant sale
Shell is considering a sale of its Singapore refining and petrochemical plants as part of a broader strategic review and has hired investment bank Goldman Sachs to explore a potential deal, said several sources close to the matter.
Oil slides on grim manufacturing data
Oil prices slid almost 2% as gloomy global manufacturing data grabbed attention ahead of an annual meeting of central bankers at Jackson Hole in the United States, with interest rates high on the agenda.
Hengli Oilchem to begin voluntary liquidation
Privately controlled Chinese refining and petrochemical manufacturer Hengli Group said that Sinochem Group and itself were winding up their Singapore-based JV, Hengli Oilchem, due to business and strategic considerations.
Reliance increased oil imports in July by 6% to nearly 1.1 MMbpd
India's Reliance Industries Ltd, the operator of the world's biggest refining complex at Jamnagar in western Gujarat state, increased oil imports in July by about 6% to 1.09 MMbpd.
Brazil's Unigel restarts fertilizer plant to boost domestic supply
Unigel, the largest Brazilian manufacturer of nitrogen fertilizers, announced the resumption of activities at a unit called Unigel Agro Sergipe, which produces urea and ammonia.
Shell, Pemex face fines for Texas chemical plant fire in May
Shell Plc and Pemex each could face more than $1 MM in fines over a Deer Park, Texas, chemical plant fire in May under a lawsuit filed by the state's attorney general.
Russia's September Urals discount begins to widen as India slows purchases
Spot discounts for Russian crude for September loading have started to deepen as India, a key customer of Moscow, reduces purchases due to high prices and maintenance outages at some refineries, four traders and Indian refinery officials said.
China oil buying frenzy cools as record inventory shields it from price rally
China, the world's top crude importer, is drawing on record inventories amassed earlier this year as refiners scale back purchases after OPEC+ supply cuts drove global prices above $80 a barrel, traders and analysts said.
Asia's refiners face profit crunch as Kuwait cuts crude exports
Asian refiners are on the hunt for crude oil to replace Kuwaiti supply as the OPEC producer cuts exports by nearly a fifth to feed its huge new refinery, which is driving up prices for other sour crudes and likely to squeeze profit margins.
- ITT to acquire SPX Flow for > $4.77 B, expanding leadership in highly engineered components and adjacent flow technologies 12/5
- MOL Group introduces eco-friendly Bag-in-Box packaging for lubricants 12/5
- Addis Energy secures $8.3 MM to scale its transformative approach to low-cost ammonia production 12/5
- World Fuel Services supplies cruise line with waste-based biofuels 12/5
- Chevron announces $18 B-$19-B CAPEX budget for 2026 12/5
- Russia and India sign deal to build urea plant in Russia 12/5
