European demand, particularly for blendstock heavier grades, had significantly deteriorated due to a narrow gasoline-naphtha spread and is not expected to recover significantly in August.
Japan’s crude imports plunged 31% year on year to 1.91 million b/d in June, the lowest for the month in 54 years, as refiners slashed their crude throughput because of the plunge in domestic oil-product demand caused by the coronavirus pandemic.
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The European naphtha market is set to enter August amid expectations of constrained demand across the grades.
Oil prices sank on Thursday following poor US economic figures and after US President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election.
Exxon Mobil is preparing deep spending and job cuts.
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Chevron warned that the pain would continue to be felt.
Oil is set to end July with a gain in New York ahead of OPEC+ plans to return supply to the market after the group’s historic output cuts, while the coronavirus pandemic continued to spread across many major economies.
(Reuters) – Exxon Mobil Corp <XOM.N> reported its second-straight quarterly loss, as its oil and gas producing unit was hurt by a plunge in prices, while its refining businesses was hit by a fall in demand due to the COVID-19 pandemic.