X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 12 mins U.S. Presidential Elections Status - Electoral Votes
  • 11 hours Interest article about windmills and waterwheels in Europe
  • 6 hours Retired RAF pilot wins legal challenge over a wind farm
  • 2 days NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 1 day Speaker Pelosi, "Tear Down This Wall"
  • 22 hours Chance for (Saudi)Arabian peninsula having giant onshore Gas too?
  • 2 days Disaster looming in UK offshore wind power
  • 2 days Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 20 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 days Scientist clone endangered Black Footed Ferret from Ferret that died 30 years ago . It's a 100% exact genomic match.
China's Oil Reserves Near Limit

China's Oil Reserves Near Limit

China's crude oil reserves have…

Oil Rig Count Inches Higher As Prices Drop

Oil Rig Count Inches Higher As Prices Drop

After having taken a breather…

Editorial Dept

Editorial Dept

More Info

Premium Content

The First Signs Of Real Oil Demand Recovery Are Here

U.S. West Texas Intermediate crude oil futures are breaking out to the upside of a seven-session trading range, solidifying its third consecutive weekly higher close.

The catalyst behind Friday’s strength is a report that showed China’s daily crude oil throughput rebounded in April from a 15-month low in March as refiners cranked up operations to meet renewed fuel demand after lockdowns imposed to prevent the spread of the coronavirus outbreak were eased.

Friday’s move is impressive, but upside momentum had been building most of the week with the market underpinned by a friendly government inventories report, the announcement of government crude oil purchases for its strategic reserve and a dampening of concerns over rising supply by the International Energy Agency (IEA).

China’s Daily Crude Oil Throughput Rebounds

China processed a total of 53.85 million tonnes of crude oil last month, data from the National Bureau of Statistics (NBS) showed on Friday, equivalent to about 13.1 million barrels per day (bpd). That was some 11% higher than 11.78 million bpd in March.

The agency said on Friday it had adjusted the database of industrial enterprises it uses to help compile a range of production numbers. On that basis, April’s crude oil throughput was 0.8% above the year-ago level, it said; a Reuters calculation using NBS data from last year put the rise at 3.4%.

Additionally, state-backed refiners have pushed up…





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News