Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.607 billion barrels on February 7, the report revealed. This figure was up 1.5 million barrels week on week and up 16.2 million barrels year on year, the report outlined.
USA Compression Partners LP reported a net income of $25.4 million in the fourth quarter of 2024, doubling the net income reported in the corresponding quarter a year prior. The company noted that its revenues hit a record high in the fourth quarter of 2024, reaching $245.9 million, which compares to $225 million reported in Q3, 2023.
State-owned energy company Petróleo Brasileiro S.A. (Petrobras) completed its first sale of very low sulfur fuel oil (VLSFO) with 24 percent renewable content in the Asian bunker market. The company said in a media release that it sold the VLSFO with Golden Island, a licensed bunker supplier in Singapore, noting that the sale was made in early February, for delivery before the end of the month.
The activist investor has asked BP to slash expenses in a range of areas to bring them more in line with peers, the people said. It’s built up a nearly 5% interest in BP, according to the people, which would be worth around £3.7 billion ($4.6 billion) at BP’s current share price and make it one of Elliott’s biggest-ever bets globally.
West Texas Intermediate ended the session fractionally lower near $71 a barrel after Trump directed his administration to propose new levies on a country-by-country basis that could take weeks or months to complete. The delay reduced concerns that the levies will hamper demand and sparked speculation Trump may not follow through on the measures.
The German economy ministry spokesperson said the government is not a party to the contract and isn’t involved in negotiations. Rosneft Deutschland declined to comment, and the Qatari wealth fund also declined to comment.
Grupo Vanti, the Andean nation’s biggest natural gas distributor, announced that starting this month prices in cities like Bogotá and Medellín will rise as much as 36 percent as a shortage of the fuel forces Colombia to rely on imports. Industry group Naturgas also confirmed that other companies are also charging more given shipments of liquefied natural gas are two or three times more expensive than domestic supplies.
Hamas on Thursday recommitted to the ceasefire with Israel and said it would free another three hostages as planned on Saturday, easing concerns that the truce was close to collapse.
The ceasefire, which was signed a day before the inauguration of President Donald Trump, was threatened to unravel earlier this week, after both sides accused the other of violating the terms of the truce.
The Biden Administration on January 10 imposed the most severe sanctions on Russia’s oil yet, designating two major Russian oil companies, Gazprom Neft and Surgutneftegas, as well as 183 vessels, dozens of oil traders, oilfield service providers, insurance companies, and energy officials.
“We have not received any new offers for the March window (delivery). Traders are asking us to wait. We are waiting to get offers,” Vetsa Ramakrishna Gupta told Reuters. “We are not expecting the similar number of cargoes that we used to get in the months of December and January,” he added.