Energy Update
LAUNCESTON, Australia, Oct 27 (Reuters) - One of the
enduring features of pricing for crude oil and products is the
tug-of-war between long-term structural drivers and short-term
factors, a scenario currently being played out in Asian fuel
markets.
(Thu, 27 Oct 2016) Recent expansion of the global crude oil and petroleum product tanker fleet has resulted in falling or lower tanker rates for much of 2016 that have widened the geographic scope for economically attractive trade at a time when inventories of both crude oil and petroleum products are at high levels.
SEOUL, Oct 27 (Reuters) - South Korea's S-Oil Corp
expects strong winter demand to support refining
margins in the fourth quarter, the country's third-largest
refiner said on Thursday.
CALGARY, Alberta, Oct 26 (Reuters) - Suncor Energy Inc
, Canada's largest oil and gas company, reported a
better-than-expected third-quarter profit on Wednesday thanks to
strong upstream production, lower operating costs and record
crude throughput at its refineries.
SINGAPORE, Oct 27 (Reuters) - Oil prices were below $50 per
barrel on Thursday on doubts OPEC will be able to bring together
its members and Russia to organise a coordinated crude
production cut.
CARACAS, Oct 26 (Reuters) - A Venezuelan policeman died
after being shot during an opposition protest late on Wednesday,
the Socialist government's Interior Minister Nestor Reverol
said, adding there were two other officers injured.
SAN FRANCISCO, Oct 26 (Reuters) - Tesla Motors Inc
reported its first quarterly net profit in more than three years
on Wednesday, buoyed by nearly $139 million in sales of clean
car credits, and Chief Executive Elon Musk said the company
could turn a profit again in the fourth quarter.
Aker Solutions has signed two five-year framework agreements for potential future deliveries of subsea production systems and lifecycle services at BP-operated oil and gas fields globally.
Audubon Companies, a global provider of EPCM services, announced that its unit Opero Energy has been awarded a contract to supply a 200 MMSCFD modular cryogenic gas processing plant to a major midstream company.
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