Day: July 11, 2020

IEA Sees Lower-Than-Previously Expected Demand Loss This Year

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Global oil demand is set to crash by 7.9 million barrels per day (bpd) this year, the International Energy Agency (IEA) said on Friday, but this forecast is slightly more optimistic than last month’s expectation of an 8.1-million-bpd demand drop. The IEA, however, noted that the recent rise in COVID-19 cases and the reinstating of partial lockdowns in some countries continue to weigh with uncertainty on the world’s global oil demand in 2020. This year, the world is expected to consume an average of 92.1 million bpd of oil, compared…

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Shorts To Make Tesla The First Stock With $20 Billion Bet Against It

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Short interest on Tesla is set to make the EV maker’s stock the first stock to hit US$20 billion in bets against it, data from financial analytics firm S3 Partners showed, as short sellers seem unfazed by Elon Musk’s open mocking in recent days. Short interest in Tesla has reached US$19.95 billion, S3 Partners data, cited by Business Insider, shows. While Tesla’s stock continues to rally, closing at a record $1,394 on Thursday, Ihor Dusaniwsky, managing director of S3 Partners, said in a note on the same day that Tesla…

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U.S., Libya Suspect Maduro-Haftar Gold Trade Scheme

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The United States and Libya are probing a suspected scheme in which eastern Libyan strongman Khalifa Haftar is allegedly paying Nicolas Maduro’s regime in Venezuela U.S. dollars in exchange for gold, The Wall Street Journal reported, quoting Western and Libyan security officials. Libya’s government, against which Haftar’s Libyan National Army (LNA) and affiliated factions are fighting in the civil war, has been tracking the commander’s private jet, which appears to have traveled to Venezuela’s capital, Caracas. According to the investigations reported by the Journal, the plane is suspected of loading…

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Marathon Petroleum Restarts Texas Refinery

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Marathon Petroleum Corp (NYSE: MPC) began restarting its 585,000 bpd refining complex in Galveston Bay that has been shuttered for more than a month now, according to Reuters sources. The complex—America’s second-largest refinery after Motiva–was shut on May 23rd as part of a massive overhaul. Marathon did not confirm the plans to restart, but the sources indicate that its 225,000 bpd Pipestill 3B crude distillation unit will be back in production sometime early next week. Pipestill 3B is one of two units tasked with breaking down crude oil into feedstocks…

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Gazprom’s Hold On European Gas Market Slips

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The record stockpile of natural gas in northwest Europe and Italy is eating into the regions’ thirst for Gazprom’s product, according to Reuters, and the Russian gas giant has lost more ground in terms of sales to the area compared to its competitors.  Gazprom’s falling natural gas exports to the region have caused Gazprom’s share of the natural gas market to fall by 4 percentage points in the first half of 2020, according to data compiled by Reuters and Refinitiv—from 38% a year ago to 34% now. Sales from Gazprom’s…

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