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- U.S exports of total petroleum products hit a record high in 2018, averaging 5.6 million barrels per day, which was up 366,000 bpd from a year earlier.
- The three largest product exports were distillates, propane and motor gasoline.
- Mexico was the single largest buyer of distillates and gasoline, while Japan was the largest buyer of propane.
Market Movers
• Petrobras (NYSE: PBR) plans on raising $20 billion through the sale of eight of its refineries, according to Reuters.
• Occidental Petroleum (NYSE: OXY) was cut to Hold by Jefferies, which cited “risky” battle for Anadarko Petroleum (NYSE: APC). Chevron (NYSE: CVX) is also seeking to buy Anadarko.
• Diamond Offshore (NYSE: DO) saw its share price sink more than 6 percent on Monday after reporting first quarter earnings, which saw a 21 percent year-on-year decline in revenues.
Tuesday, April 30, 2019
Oil rebounded on Tuesday after two days of declines, pushed higher by turmoil in Venezuela and the insistence by Saudi officials that the OPEC+ production cuts would be extended in the second half of…
