A faster, but uneven, oil recovery is emerging, with more production taken offline than anticipated and demand seemingly returning at a quicker pace than previously believed as much of the global economy reopens amid the coronavirus pandemic, EOG Resources executives said June 2. The shale-pioneering firm plans to bring much of its shut-in production back online during the third quarter after removing an estimated 125,000 b/d of crude oil in May, said Kenneth Boedeker, EOG’s executive vice president of exploration and production, while speaking remotely at the RBC Global Energy ...

Russian oil and gas condensate production fell to 39.7 million tonnes (9.39 million barrels per day) in May, near its target under a deal within the OPEC+ group, Interfax news agency reported on Tuesday, citing energy ministry data. The figure was in line with data from sources, reported by Reuters on Monday, and down from 11.35 million barrels per day (bpd) in April. Under the agreement between Russia and the Organization of the Petroleum Exporting Countries, a group known as OPEC+, Moscow has pledged to reduce its output by around ...

US Gulf Coast refiners saw margins trend weaker last week as runs inched higher, crude prices rose and exports fell, an analysis from S&P Global Platts showed June 1. Gradual reopening of global economies from lockdowns put in place to prevent the spread of the coronavirus is lifting demand for gasoline and diesel, although any significant jet fuel demand increase is not expected until 2022, according to S&P Platts Global Analytics. In the US, reopening is putting more drivers on the road and having a positive impact on gasoline. “More ...

U.S. crude oil stocks dropped, while gasoline and distillate inventories increased, data from industry group the American Petroleum Institute showed. Crude inventories fell by 483,000 barrels in the week to May 29 to 531 million barrels, compared with analysts’ expectations for a build of 3 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.2 million barrels, API said. Refinery crude runs fell by 50,000 barrels per day, API data showed. Gasoline stocks rose by 1.7 million barrels, compared with analysts’ expectations in a Reuters poll for ...

Wall Street’s major indexes were set to open higher on Wednesday, with Nasdaq inching closer to a record high, as investors remained optimistic about an economic rebound from a coronavirus-led slump amid continuing social unrest. Microchip Technology Inc surged 6.5% after the chipmaker raised its forecast for current-quarter sales and profit as it begins making up for lost production due to the pandemic. Ride-hailing firm Lyft Inc rose 5% in premarket trading after reporting a jump in rides on its platform in May from the prior month, helped by strong ...

The euro topped an 11-week high on Wednesday, on track for a seven-day winning streak, and the dollar fell against most currencies as the prospects of more stimulus and hopes for economic recovery led investors to buy riskier assets. Overnight euro implied volatility gauges jumped to 12%, their highest in one month, suggesting traders were preparing for moves bigger than usual in the common currency. The Australian dollar hit a five-month high of 0.6982 against the U.S. dollar, as funds sought exposure to economies expected to make the fastest recoveries ...

At least 70 companies in the Dow Jones World Large Cap Index lowered their earnings guidance as a result of the coronavirus pandemic during the month of May, a nearly 38% increase from April 30, according to data tracked and analyzed by Dow Jones Newswires. That index is composed of about 1,400 companies that represent the top 70% of market cap in each of 50 developed and emerging-market countries. –At least 255 companies in the global index cited the pandemic in lowering their guidance from Jan. 15 through May 31. ...

Parties in German Chancellor Angela Merkel's coalition wrestled on Tuesday over final details of a huge stimulus package to aid recovery from the COVID-19 pandemic, including whether cash incentives to buy new cars should exclude combustion engines. Senior members of Merkel's conservative CDU/CSU bloc and the co-governing Social Democrats (SPD) planned to negotiate until 11 p.m. (2100 GMT) on Tuesday and resume on Wednesday after a regular cabinet meeting, a SPD party spokeswoman said. Initially, a final deal was expected on Tuesday. "It will take a long time and probably ...

Castor Maritime Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced its results for the three months ended March 31, 2020. Earnings Highlights of the Three Months Ended March 31, 2020: Revenues, net: $2.7 million for the three months ended March 31, 2020, as compared to $0.9 million for the three months ended March 31, 2019, respectively; Net (loss)/income: Net loss of $259,868 for the three months ended March 31, 2020, as compared to net income of $55,969 for the three months ended March 31, ...

After the quiet start to the week the big ships finally came alive. The improved rates in the physical has clearly got the bulls very excited. Subsequently paper rallied significantly from the open and was firm until the close. Atlantic cargoes are the driving force behind the move and bunker rates jumped which added fuel to the fire but with the larger picture still looking negative it remains to be seen how long this positivity will last. Panamax It was a relatively active days trading on panamax paper which despite ...

The Covid-19 crisis has painfully demonstrated the heterogeneous landscape that currently exists across ports worldwide. With the world’s attention now focused on exiting from lockdowns and preparing for a ‘new normal’, there is an urgent need to co-operate and accelerate the pace of digitalisation, according to a number of leading maritime associations, including BIMCO. While some port communities seized the opportunities of the fourth industrial revolution and developed into full-fledged ‘smart’ ports, many others have barely grasped the essentials of digitalisation. The latter continue to struggle with larger reliance on ...

Our Chairman and CEO participated in the UN Global Compact online conference and announced new steps to define the shipping and logistics of tomorrow. He also recalled his commitment for a more balanced globalization. On 2 June, Rodolphe Saadé was a key speaker at the UN Global Compact. Other speakers participated including Deputy UN Secretary-General Amina Mohammed, Prime Minister of Norway Erna Solberg, UN Secretary-General’s Special Envoy for the Ocean Peter Thomson, the Secretary General of the International Maritime Organization Kitack Lim, and Director General of WWF International Marco Lambertini. ...

Nautilus Labs, the technology firm advancing the efficiency of ocean commerce through artificial intelligence, and OCEANKING, the leading marine engineering and commercial group serving the Greek and International maritime community—today announced their partnership to jointly expand access to Nautilus Platform in the Greek and Cypriot market to support ship owners and operators as they elevate their focus on operational excellence. Nautilus serves the global maritime industry by building decision support software that surfaces smart alerts and actionable insights that maximize voyage profitability and vessel yield. “Given our deep commitment to ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs continued to increase on June, 02: 380 HSFO – USD/MT – 265.74 (+6.18) VLSFO – USD/MT – 309.00 (+8.00) MGO – USD/MT – 380.27 (+6.03) Meantime, world oil indexes also demonstrated upward changes on June, 02 as OPEC and key ally Russia moved a conference call to discuss future output cuts to Thursday, June 4, from an original June 9 schedule. Brent for August settlement increased by $1.25 ...

Korean Register (KR) has signed a five-year agreement with German ship management company Held, to provide ISO 9001 Certification, ISM Company Audit (DOC), ISM Ship Audits (SMC) and ISPS and MLC compliance services for the company’s fleet of more than 30 vessels. Held Shipping classed its first vessel the “Maria Francisca” IMO 9235361 with KR in 2018. Since then the trusted business relationship between the two companies has grown, with five more vessels being transferred to KR since then – “ABB Bentje” IMO 9283954, “BBC Newcastle” IMO 9484209, “BBC Nagasaki” ...