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PKN ups Saudi crude purchases for Poland, Lithuania, Czech refineries

Poland’s largest refiner, PKN Orlen, said Tuesday it is increasing its monthly purchases of Saudi crude oil for its refineries in Poland, Lithuania and the Czech Republic by 100,000 mt to 400,000 mt. The deal is part of a drive by Poland and its state-controlled refineries to reduce their historical reliance on Russia and Urals crude delivered through the Druzhba pipeline, an effort likely to have intensified after a contamination issue with Druzhba supplies last year that reduced Russian supplies to Europe from May to July. The cleanup in Poland ...

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Exxon sells March-April Russian Sokol crude cargoes at lower premiums – sources

Exxon Mobil Corp has sold three of four Russian Sokol crude cargoes loading in March to early April at lower premiums via a tender, two trade sources said. The cargoes were sold at premiums of $7.80 to $8.10 a barrel to Dubai quotes, they said. The buyers were not immediately known. Exxon had offered four 700,000-barrel cargoes loading on March 5-8, 12-15, 23-26 and March 31-April 4 in the tender which closed on Monday. Earlier this month, ONGC sold two Sokol cargoes loading in late February to early March at ...

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Feature: Brazilian ethanol import barriers increase structural deficit in NNE region

Anhydrous ethanol stocks in Brazil’s NNE region was recorded by the Ministry of Agriculture and Livestock, or MAPA, at 147 million liters as of December 31, a drop of 8.9% year on year and the lowest for the period since S&P Global Platts started to track it in 2009 as imports declined due to change in quota rules. The Brazilian North-northeast region is well known by its historical structural deficit of anhydrous ethanol, the one used in Brazil as a mandatory 27% blend in the Gasoline A. The region imports ...

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Australian bushfires hit coal output, hazardous conditions to return

Mining giant BHP Group (BHP.AX) said on Tuesday that poor air quality caused by smoke from Australia’s bushfires is hurting coal production, as authorities said a reprieve from hazardous fire conditions would end within days. The warning from the world’s biggest miner showed how an unusually long bushfire season that has scorched an area one-third the size of Germany is damaging the world’s No. 14 economy. Australia’s tourism and insurance industries have already foreshadowed they face a A$1 billion ($687 million) hit each from the fires. Scores of fires were ...

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Some big coal players may escape BlackRock’s planned divestment

BlackRock has set out a plan to rid its portfolio of coal companies. But among the diversified miners that dig up an array of products, it’s not obvious which companies will be axed from the fund-management giant’s active funds and which will stay. BlackRock’s plan is to remove from both its actively managed equity and bond portfolios shares of all companies that generate more than 25% of their revenue from thermal coal production. BlackRock expects the cull to be completed by the middle of this year. Bank of America has ...

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Funds buy into copper as trade war uncertainty lifts: Andy Home

New year, new trade deal. The Phase 1 agreement signed by the United States and China may raise as many questions as it answers, but it does at least dispel some of the global trade uncertainty weighing on base metal prices. It’s certainly been enough to buoy copper, which spent much of last year under selling pressure from funds looking for a metallic trade-war trade. London Metal Exchange copper last week hit a nine-month high of $6,343 per tonne. The money men have been buying copper since the start of ...

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US natural gas in storage forecasts to fall by 88 Bcf: survey

US working gas in storage likely fell by less than half the five-year average last week, but fundamentals for the week in progress point to a pull of nearly 200 Bcf, which will help draw down the storage glut. The US Energy Information Administration is expected to report an 88 Bcf withdrawal for the week ended January 17, according to a survey of analysts by S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets. Responses to the survey ranged from draws ...

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U.S. shale oil output to rise to record 9.2 mln bpd in Feb – EIA

U.S. oil output from seven major shale formations is expected to rise about 22,000 barrels per day in February to a record of about 9.2 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly forecast. That would be the smallest monthly increase since shale output declined in February 2019. Output at the largest formation, the Permian Basin of Texas and New Mexico, is expected to rise 45,000 bpd to a record 4.80 million bpd. That would be the smallest increase since June 2019, the data showed. Production ...

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Sheer volume of data being created by oil and gas companies driving adoption of big data, says GlobalData

Oil and gas assets are increasingly fitted with a multitude of Internet of Things (IoT) sensors, causing exponential growth in data. This, in turn, is increasing the need for adoption of data management solutions for improved operational visibility. This approach also helps identify bottlenecks in operations and uncover patterns and relationships across diverse entities, says GlobalData, a leading data and analytics company. GlobalData’s latest thematic report, ‘Big Data in Oil & Gas’, discusses how growing dependence on data from oil and gas operations is compelling the industry to adopt big ...

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Oil and gas sector keeps faith in low-carbon energy -survey

More than 70% of oil and gas executives expect to maintain or increase investment in low-carbon energy this year, a survey by an adviser to the industry showed on Tuesday. Against the backdrop of uncertainty over oil prices and the global economy, less than half of respondents to DNV GL’s survey expect more large, capital-intensive projects to be approved this year, down from about two thirds last year. However, the annual survey of more than 1,000 senior oil and gas professionals and executives also showed a jump in expectations for ...

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Natural Gas Falls to Lowest Since 2016: Has it Bottomed Out?

The U.S. Energy Department’s weekly inventory release showed a larger-than-expected decrease in natural gas supplies. However, the positive sentiment was overwhelmed by mild winter weather forecasts amid strong production, which led prices to trickle down to their lowest level in more than three and a half years. Drawdown Beat Estimates but Storage Remain Well Above 5-Year Average Stockpiles held in underground storage in the lower 48 states fell by 109 billion cubic feet (Bcf) for the week ended Jan 10, above the guidance (of 92 Bcf fall). The decrease was ...

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Global Stocks Edge Up as China Takes Steps to Contain Outbreak

Global stocks edged up on Wednesday as investors cheered Chinese authorities’ measures to contain the outbreak of a potentially deadly virus. Futures tied to the Dow Jones Industrial Average rose 0.3%. The pan-continental Stoxx Europe 600 ticked up 0.1%, while Hong Kong’s Hang Seng Index ended the day 1.3% higher. Hospitals are stepping up preventive measures, Chinese officials said at a media briefing in Beijing. Authorities are recommending people not go into or out of Wuhan, the central Chinese city where the virus originated. Ministries and local governments are also ...

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Central banks join forces to look at future digital currencies

Major central banks are looking at the case for issuing their own digital currencies, the Bank of England and European Central Bank said, amid a growing debate over the future of money and who controls it. The central banks of Britain, the euro zone, Japan, Sweden and Switzerland will share experiences in a new group headed by former European Central Bank official Benoit Coeure and assisted by the Bank of International Settlements, they said. Central banks across the world have quickened the pace with which they are looking at issuing ...

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Davos 2020: Trump’s phase one trade deal with China leaves one major question unanswered

Corporate titans will descend on this year’s World Economic Forum in Davos in search of an answer to a question that has been burning for close to two years. That is, now that a phase one trade deal between the Trump administration and China is in the books, has enough uncertainty lifted on trade to plow ahead with outsized spending on capital equipment and hiring. Given that investors have watched the stock market go up in a straight line over the past year on expectations of economic conditions improving around ...

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City of London Braces for a Post-Brexit Squeeze

Britain’s hulking financial sector presents a serious dilemma for both sides in the U.K.’s coming trade negotiations with the European Union. Whatever the outcome, British-based financial institutions are preparing to see their access to the trade bloc heavily curtailed after Brexit. EU governments have sought to lure financial business from London almost from the moment the U.K. voted to leave the bloc in 2016. But some worry that if they cut off London too abruptly, they may lose access to services that only London can currently provide, while increasing their ...

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