New York (CNN Business)There’s more to the market than the FAANG stocks of Big Tech.
Asia’s naphtha and LPG markets have been bullish in recent weeks, supported by strong demand but inclement global weather and shipping delays at the Panama Canal are driving up propane prices faster than naphtha, S&P Global Platts data showed.
Oil in New York was steady as its new year rally stalled with the International Energy Agency saying a “big chunk” of U.S. shale is profitable at current prices, signaling potential over-supply problems ahead.
Korea Shipbuilding & Offshore Engineering Co. said Tuesday that it has signed a 200 billion won (US$182 million) deal to build two oil tankers for a European company.
The average utilization rate of China’s independent refineries in the Shandong province stood at around 70.4% in 2020, up by about six percentage points from the 64.2% in 2019.
Key ports throughout the Americas saw spot retail marine fuel pricing climb during the week Jan. 4-8.
The U.S. government is forecasting oil production to rise about 3.5% next year spurred by higher crude prices and a rebound in shale drilling.
Oil in New York climbed to a new 10-month high as the dollar declined.
Over 200 scientists from Israel and around the world are imploring the government to halt plans to turn an aging pipeline into a major means of transporting crude oil from the Persian Gulf to Southern Europe, citing concerns about the risk of an environmental disaster.