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Economics

U.S. West Coast refinery margins slump despite reduced capacity

U.S. refiners are making less money turning crude oil into fuels on the West Coast as the region's gasoline inventories grow and the use of biofuels increases.

Trading houses lure top talent, acquire refineries and assets from majors

Several high-profile energy traders have in recent weeks quit oil majors for trading houses, as talent follows assets swapping hands and as trading houses ramp up bonuses.

OPEC sticks to 2024 oil demand view, sees strong travel season

OPEC is sticking to its forecast for relatively strong growth in global oil demand in 2024 and next year, saying on Wednesday that resilient economic growth and air travel would support fuel use in the summer months.

Update: Power outages hinder Hurricane Beryl recovery, delay port, infrastructure restarts

About 1.7 MM customers remained without power in Texas on Wednesday morning, two days after Hurricane Beryl made landfall, as progress was slow during the night, hampering efforts to restore critical oil infrastructure.

India eyes energy deals with Rosneft, other Russian companies

India wants to strengthen its energy ties with Russia and could seek deals with Rosneft and other leading Russian oil firms as part of a broader push to boost bilateral trade.

bp warns of 2Q profit hit from weak refining margins, oil trading

British energy giant bp said on Tuesday that weak refining margins and oil trading were likely to dent its 2Q profit, sending its shares down 3% in morning trading.

Nigeria's NNPC seeks new oil-backed loan to boost finances, debt to gasoline suppliers has doubled

Nigeria's NNPC is in talks for another oil-backed loan to boost its finances and allow investment in its business, its chief executive said, as pressure mounts on the state-backed oil company the economy depends upon.

India's June fuel demand edges up 2.6%

India's fuel consumption rose by 2.6% year-on-year to 19.99 metric MMt in June from a year earlier.

Record U.S. summer heat, hurricanes could roil fuel prices as oil refiners sweat

A double whammy of record heat and hurricanes should test U.S. refiners' resilience in coming weeks, raising the risk of extremely volatile fuel prices in the middle of the peak travel season.

ExxonMobil signals 2Q earnings hit from refining margins, natural gas prices

ExxonMobil said on Monday lower natural gas prices and refining margins are expected to hit the oil major's 2Q earnings.