Day: October 28, 2020

Oil Prices Plunge 5% As Demand Fears Intensify

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Oil prices plummeted early on Wednesday, with Brent falling below $40 a barrel, dragged down by estimates of a surge in U.S. inventories and the surge in coronavirus cases in the United States and Europe. As of 9:44 a.m. EDT on Wednesday, before the EIA inventory report, WTI Crude was down by 5.66 percent at $37.33, and Brent Crude prices were dropping by 4.85 percent at $39.19, after the American Petroleum Institute (API) reported on Tuesday a bigger build than expected in crude oil inventories of 4.577 million barrels for…

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Why U.S. Residential Heating Oil Prices Slumped By 28% This Season

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U.S. residential heating oil prices at the start of the winter heating season are 28 percent lower than in the previous heating season due to lower crude oil prices and high inventories of distillates in the United States, the Energy Information Administration (EIA) said on Tuesday. The 28-percent drop in heating oil prices at the start of the winter season is the biggest price decrease between the start of two seasons since October 2015, according to EIA’s Heating Oil and Propane Update (HOPU). Distillate heating oil is the primary home…

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Tesla Launches UK Energy Plan With Low Power Rates

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Tesla is offering its Tesla Energy Plan in the UK designed for homes with solar and Powerwall that will turn them into virtual power plants to produce clean energy. The Tesla Energy Plan is an energy tariff for homes with solar and Powerwall installed, which could provide to customers savings of up to 75 percent compared to the electricity tariffs of the biggest UK power providers, based on electricity consumption of 8,000 kWh/year, Tesla says on its UK website. Customers are eligible for Tesla’s tariff if they own a Tesla…

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China Launches Construction Of Huge $20 Billion Refinery Complex

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China has launched the construction of a refinery and petrochemical complex worth US$20 billion in the Shandong province, the home of the independent Chinese refiners, Reuters reports, citing a local state newspaper. Earlier this year, China gave the go-ahead to plans for the colossal refinery and petrochemical complex Yulong, which will include a refinery with a crude processing capacity of 400,000 barrels per day (bpd) and an ethylene plant producing 3 million tons per year. According to sources who spoke to Reuters in June, the investment in the project would…

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CPEC investor China Three Gorges to list subsidiary on PSX

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CPEC-Project

LAHORE: China Three Gorges South Asia Investment Limited (CSAIL) is planning to list its subsidiary, renewable energy company Three Gorges First (TGF) Wind Farm Private (Pvt) Limited (Ltd), on Pakistan Stock Exchange (PSX) by the second quarter of 2021, informed sources told Profit. This would be the first listing by a Chinese company on the PSX. Sources say that the listing of TGF would have been carried out in the second quarter of 2020, but owing to the Covid-19 pandemic and subsequent turmoil, the plans were moved forward. The company is now…

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