Gulf Coast have increased to their best level in at least six years, supporting refinery run rates at their highest for this time of year in more than a decade, according to Bloomberg. The shutdown of al-Sharara and some other Libyan field pulls more than 500K bbl/day of production from an already under-supplied oil market, overshadowing signals that China's drastic COVID-19 lockdowns are hurting on economic growth.Īlso, physical crack spreads on the U.S. shut down and declared force majeure at its largest oilfield, al-Sharara, which can pump 300K bbl/day, after protesters at the site demanding the ouster of Prime Minister Dbeibah. Valero Energy ( NYSE: VLO) topped all energy-related stocks on the S&P 500 Monday, followed closely by Phillips 66 ( PSX ), both up 5.2%, as WTI crude oil climbed 1.2% to its best level since March 30.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |