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Crude Pricing Could Get Tailwind - Rigzone News

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Crude Pricing Could Get Tailwind - Rigzone NewsCrude Pricing Could Get Tailwind - Rigzone NewsAsia crude - Key market indicators this week - S&P GlobalCOLUMN-Oil market stalls as absence of signals compounds summer slowdown: Kemp - ReutersOPINION: Oil market stalls as absence of signals compounds summer slowdown: Kemp - ETEnergyworld.comCrude Pricing Could Get Tailwind - Rigzone NewsPosted: 10 Aug 2020 05:01 AM PDT (The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)The impetus for an oil price rally could soon become evident, according to one of Rigzone's regular market prognosticators. Find out what that potential driving force is, along with other insights, in this installment of what to watch this week in the oil market.Mark Le Dain, vice president of strategy with the oil and gas data firm Validere: The U.S. dollar is approaching a technical level against other currencie…

Tesco and Asda join Morrisons to cut petrol prices to below £1 per litre - Buxton Advertiser

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Tesco and Asda join Morrisons to cut petrol prices to below £1 per litre - Buxton AdvertiserTesco and Asda join Morrisons to cut petrol prices to below £1 per litre - Buxton AdvertiserPosted: 13 May 2020 12:00 AM PDT Three of the UK's "big four" supermarket chains have cut petrol prices at their filling stations to below £1 a litre - the lowest price seen in more than four years. Morrisons announced on Monday, May 11 that it would bring the price of unleaded to a maximum of 99.7p per litre at all of its UK forecourts. Since then, Tesco and Asda have followed suit, with Asda matching Morrison's price and Tesco cutting unleaded to 99.9p per litre. All three have lowered the price of diesel, with Asda and Morrisons capping it 104.7p per litre and Tesco dropping it to 105.9p. The move affects more than 1,200 filling stations and brings petrol  to the lowest price since February 2016, marking the only time since the financial crisis of 2008/09 that it has been this cheap. Acro…

Oil prices back on the rise on U.S. stimulus hopes, Iraq output cut - Economic Times

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MELBOURNE: Oil prices climbed in early trade on Monday, clawing back over half of Friday's losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts. U.S. West Texas Intermediate (WTI) crude futures rose 49 cents, or 1.2%, to $41.71 a barrel at 0010 GMT, while Brent crude futures were up 40 cents, or 0.9%, at $44.80 a barrel.While both benchmark contracts fell on Friday, hurt by demand concerns, Brent ended the week up 2.5%, with WTI up 2.4%.Hopes grew on Sunday that a stand-off would end between U.S. Democrats and the White House on a new support package for cash-strapped U.S. states hit by the coronavirus pandemic.U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both said they were willing to restart talks on a deal to cover the rest of 2020.At the same time, Saudi Arabian Aramco's Chief Executive Amin Nasser said he sees oil demand rebounding in Asia as economies gradually ope…

Azerbaijani oil prices - MENAFN.COM

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(MENAFN - AzerNews) By TrendThe average price for Azeri Light CIF oil, produced at the Azeri-Chirag-Deepwater Gunashli (ACG) field, amounted to $46.02 per barrel last week (from August 3 through August 10), which is $1.74 or 3.9 percent more compared to the previous price,  Trend  reports.Last week, the maximum price for Azeri Light CIF oil amounted to $47.16 per barrel, while the minimum - $45.39.The average price of Brent Dated reference grade oil amounted to $43.06 per barrel last week, remaining unchanged compared to the previous indicator.The maximum price for Brent Dated oil amounted to $43.89 per barrel, while the minimum - $42.1.Last week, the average price of URALS oil sold by Azerbaijan in the Russian Port of Novorossiysk amounted to $43.95 per barrel, which is $1.71 or 4.1 percent more compared to the previous week.The maximum price for URALS oil amounted to $45.09 per barrel, while the minimum - $43.32.Azerbaijan sells its URALS oil from the Russian Black Sea port of Novor…

Delta Air Lines Bought an Oil Refinery. It Didn’t Go as Planned. - The New York Times

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Jet fuel is known as the steady eddy of the refinery business, a predictable profit maker that balances the seasonal gyrations of gasoline and diesel sales. But for airlines, it is a headache — a big and unpredictable expense that confounds managers.So Delta Air Lines tried a bold experiment: It bought an oil refinery in 2012 outside Philadelphia, the first such purchase by a major U.S. airline. When jet fuel prices were high, as they were then, Delta figured the refinery, which turns crude oil into the stuff that planes, cars and trucks burn, could offset some of its expenses and perhaps even make money.“A lot of energy guys hate it, and I can understand why, because we’re taking money out of their pockets,” Ed Bastian, the airline’s current chief executive and then president, said at an industry conference in 2012.But the refinery made only modest profits some years and lost money in others. This year, as the coronavirus hammered demand for air travel, it has become a liability for …

Crude Pricing Could Get Tailwind - Rigzone News

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(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)The impetus for an oil price rally could soon become evident, according to one of Rigzone’s regular market prognosticators. Find out what that potential driving force is, along with other insights, in this installment of what to watch this week in the oil market.Mark Le Dain, vice president of strategy with the oil and gas data firm Validere: The U.S. dollar is approaching a technical level against other currencies where, if it were to retreat, it would provide a tailwind for crude pricing for this coming cycle. A strong U.S. dollar reduces crude demand, making it more expensive for many countries, and this trend is reversing. We’ll likely reach a decision point this coming week on whether the U.S. dollar will bounce off this support or continue its decline versus a basket of currencies, which would make a crude rally much easier i…

Crude oil prices record gains, as Iraq pledges to curb crude oil production - Nairametrics

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Oil prices have risen by 128% from it’s April low as it has steadied above $40 a barrel since mid- June. At the same time, fluctuating demand and rising supply present a bottleneck for those who are expecting oil prices to keep climbing. Reduction of the size of output cuts to 7.7million barrels a day from August, by the group of 23 oil-producing countries which is led by Saudi Arabia and Russia would add about 2 million barrels to the daily oil production levels. Most of the extra OPEC+ crude would not reach the global market. These extra cuts would be used to service internal demand for electricity to run air conditioners as a result of the scorching temperatures across the Arabian Peninsula. Fewer citizens have been travelling to Europe to avoid the scorching temperatures.Rising supply is not the only thing that will put pressure on crude prices. The anticipation for recovery in demand for oil is also running into problems. At a period when crude prices were at the lowest point in …