Oil Kicks Off Higher After Biggest Weekly Loss Since Bank Scare
04.26.2023 By Tank Terminals - NEWS

April 26, 2023 [Bloomberg]- Oil recouped some of last week’s slump in lower-volume trading as many investors took a pause while awaiting further clues to demand.

West Texas Intermediate rose to trade near $79 a barrel, swinging in a $2.50 range during a volatile session throughout the day. Last week, the commodity experienced the biggest weekly drop since the banking crisis in March amid signs of shrinking refining margins in Asia.

“There are a lot of traders sitting on the sidelines trying to figure out a direction,” said Carley Garner a Commodity Broker and Strategist at DeCarley Trading. “Traders are looking for a dip to get into; if we hold $75, we can start making a way higher.”

Crude has wiped out nearly all of the rally seen earlier this month after the Organization of Petroleum Exporting Countries and its allies announced surprise new production cuts. Citigroup Inc. said it was taken aback by the magnitude of the pullback in Asian refining margins, which is partly attributable to the ramp up of new Middle Eastern refineries.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

India's First Methanol Plant to be Set up in Telangana
11.21.2024 - NEWS
November 21, 2024 [Chem Analyst]- In a groundbreaking initiative, India is set to get its first m... Read More
Egypt in Talks with Foreign Companies Over Long-Term LNG Purchases, Sources Say
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Egypt is in talks with U.S. and other foreign companies to purchase ... Read More
INEOS and GNFC Sign a Memorandum of Understanding to Build a New World Scale Acetic Acid Unit in India
11.21.2024 - NEWS
November 21, 2024 [INEOS]- INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals L... Read More
Peru's State Oil Firm Could Open to Private Investors in 2025, Chairman says
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Peru’s indebted state-run oil firm could consider offering a ... Read More