Reuters NEW YORK – U.S. refiners are girding for a painful slate of fourth-quarter earnings, reflecting the pressure of rising crude prices, weak demand due to renewed COVID-19 travel restrictions, and higher costs of associated with blending of renewable fuels into their products. Seven U.S. independent refiners are projected to post an average earnings-per-share loss of $1.51, down from a
Reuters U.S. oil refiners this quarter are expected to spend the most since at least 2018 to meet U.S. biofuels requirements, further pressuring margins hit by the collapse since March in global prices and demand. Under renewable fuel legislation originally aimed to support corn farmers, refiners have to blend biofuels like ethanol or diesel made from animal fats or vegetable
Reuters MOSCOW – Russia kept fuel oil exports to the United States close to its record-highs in the first six months of this year, as Washington looks to replace the heavy Venezuelan barrels it stopped buying a year ago, traders said and data showed. The U.S. imposed sanctions on Venezuelan oil last year in an effort to squeeze out President
Reuters U.S. oil refiner Marathon Petroleum Corp (MPC.N) on Tuesday cut spending by 30% and detailed other measures to reduce costs, as widespread lockdowns to curb the spread of the COVID-19 pandemic pummel demand for oil and gas. Stay-at-home orders to contain the pandemic have decimated travel, cutting worldwide demand for oil at a time when the market is already
