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OMV Oil Company will shut down 250 more drilling

OMV Oil Company Peter Zeilinger said that affected by the decline in crude oil prices, OMV planned to shut down 250 more drilling in 2016 after 350 drilling had been closed in 2015.

08-17-2016 11:20:06

US crude oil inventory decreased 300,000bbl on 12th August

According to the research released on 15th August, inventory of US crude oil, gasoline and refined oil declined. According to 5 analysts’ average surveyed expectation, US crude oil inventory would decline 300,000bbl

08-17-2016 10:23:14

OPEC: slowing demand will continue to depress crude oil market

According to OPEC monthly report, international crude oil market might remain weak amid the seasonal slowdown in demand. OPEC predicted that in next few months, crude oil consumption would increase to alleviate the supply surplus and help restore market balance.

08-16-2016 14:43:13

Crude oil supply between Saudi Arabia and Asia will remain stable in September

As concerned by participants on Friday, the world’s largest crude oil exporter Saudi Arabia would supply full prices crude oil cargos to at least two Asian buyers in September, which flat with in August. Saudi Arabia has been supply contracted cargos to most of Asian buyers since 2009.

08-16-2016 10:38:18

MTBE market rallied amid multiple good news

Since the begin of August, domestic MTBE market rallied after filled with bearish sentiment. According to JYD, Shandong MTBE prices read CNY4,785-4,850/mt at present, raised CNY350-400/mt or 7.87% MoM.

08-15-2016 15:51:16

Lifted feedstock prices narrowed blended oil profits

Recently, continued decline in US Cushing inventory and limited OPEC output expectation have supported oil prices rallied after international crude futures decreased below $40/bbl. Affected by this, blended oil market prices slightly increased, followed by feedstock prices.

08-15-2016 11:36:46

China’s crude oil imports hit a record high in H1 2016

According to data released by the General Administration of Customs of PRC, China imported 186.5million mt crude oil in H1 2016 which hit a record high. Raised 23.15million mt or 14.2% YoY.

08-11-2016 17:17:18

COSL completed the first exploration operation in the Far East

According to the reports on 8th August, COSL announced in a press release that the company successfully complete the first exploration project not long ago, which would be a new potential new resources of income in this area.

08-11-2016 10:45:31

Kuwait Oil Company Al-Ahmadi Oilfield leaked

On 9th August, Kuwait Oil Company Al-Ahmadi Oilfield leakage occurred during drilling operation.

08-11-2016 10:30:18

Abu Dhabi lowered crude oil prices to gain market share

On 4th August, Abu Dhabi National Oil Company cut the official sale prices for all three grades of crude oil for July shipments and continued to compete for market share with the neighboring gulf countries.

08-11-2016 10:20:53

Iran approved new oil contract model on improving productivity

According to reports by Iran PressTV on 3rd August, Iran’s president Rouhani chaired a cabinet meeting on Wednesday to approve a new model for the country’s oil contracts.

08-10-2016 10:32:46

The active drilling in US increased by seven

The data released by US Baker Hughes indicated that US crude oil active drilling increased 7 to 381 as of 5th August, which has increased in six-consecutive-weeks.

08-10-2016 10:01:48

Low demand in teapots lowered China’s crude oil imports in July

According to General Administration of Customs of PRC on 8th August, amid slowdown in teapots, China’s July crude oil imports took it to a six-month low. However, net fuel oil exports surged to a record high.

08-10-2016 09:18:31

JP Morgan: Brent and WTI futures estimate in recently

JP Morgan claimed on 1st August that down adjusted the Brent and WTI futures forecast in Q3 cause by the predicted decline in demand and growth in supply.

08-09-2016 16:26:58

MTBE market slipped into recession due to lack of good news

Since Q3 2016, domestic MTBE market remained weak after experienced a sharp fall. Low purchase intention was in participants and trading atmosphere weakened. According to JYD, in July, Shandong transaction prices were settled at CNY4,450-4,600/mt.

08-09-2016 15:09:38

The two-consecutive-drop in retail prices further depressed blended oil market

Since the began of August, macroeconomic environment was more sluggish. The news of international crude oil oversupply caused oil prices in a continuous decline towards $40/bbl. Panic in market increased the bearish expectation in domestic oil market.

08-09-2016 10:42:48

OPEC production decreased in July

According to the integrated data from survey of analysts of oil companies’ investigation and oil tanker tracking. Daily output of OPEC 13 oil producing countries dropped 800,000bbl/day in June due to the Nigeria attack and dispute in Libya.

08-08-2016 15:02:47

Feedstock prices slumped, blended oil profits slightly lifted

In July, domestic blended gasoline and diesel profits slightly increased. According to the monitoring data by JYD, blended gasoline profits were settled at CNY282/mt, up CNY19/mt MoM; blended diesel profits were settled at CNY209/mt, up CNY40/mt MoM.

08-08-2016 12:03:27

Crude oil exports surged in Middle East in H1 2016

Shipping broker Robinson said that crude oil exports of Middle East Persian Gulf in H1 have reached 17.6million bbl/day, which hit a record high since 2012. Increased supply from Iraq and Iran has pushed the total supply.

08-03-2016 17:28:02

Asphalt is becoming more important in Shandong Teapots

From January to June 2016, China produced 11.2895million mt asphalt, in which teapots occupied 3.519million mt. Shandong teapots’ production is particularly prominent such as Jingbo Petrochemical, Binyang Refining&Chemical

08-03-2016 16:44:06

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