BOGOTA: Theft of crude oil from pipelines operated by Colombia's state-controlled oil company Ecopetrol rose by 46% last year, driven by surging robberies along the Cano Limon-Covenas pipeline, a company spokesman said.On average, 2,638 barrels per day of oil were stolen last year, up from 1,806 bpd in 2019, the spokesman said. The theft represents a fraction of Ecopetrol's production, which stood at 725,000 bpd in 2019.The stolen oil was worth just under $50 million, based on the volume-weighted average for global benchmark Brent in 2020 of $51.37 a barrel, according to Eikon.However, Ecopetrol warned in September that oil and fuel theft was putting communities and the environment at risk as the methods used to tap the pipelines can result in spills affecting soil, bodies of water, animals and plants.Ecopetrol, which produces the lion's share of Colombia's oil output, did not immediately respond to questions about reasons for the increase in theft of its crude.The pipelines are … [Read more...] about Colombia’s Ecopetrol says oil theft from pipelines rose 46% last year
Brent
Oil price slips on surprise rise in U.S. crude stocks
MELBOURNE: Oil prices fell on Thursday after data showed U.S. crude stocks unexpectedly rose last week, reigniting worries about pandemic restrictions cutting into fuel demand.U.S. West Texas Intermediate (WTI) crude futures fell 27 cents, or 0.5%, to $53.04 a barrel at 0147 GMT, following two days of gains on hopes of massive COVID-19 relief spending under new U.S. President Joe Biden.Brent crude futures similarly dropped 26 cents, or 0.5%, to $55.82 a barrel.U.S. crude oil inventories rose 2.6 million barrels in the week to Jan. 15, according to data from the American Petroleum Institute, an industry group, compared with analysts' forecasts in a Reuters poll for a fall of 1.2 million barrels."Oil prices look a tad vulnerable to potential profit-taking after U.S. crude stockpiles bearishly rose 2.56 million against consensus draw," Axi chief market strategist Stephen Innes said in a note to clients.However gasoline stocks and distillate inventories, which include diesel, distillate … [Read more...] about Oil price slips on surprise rise in U.S. crude stocks
Oil slips on surprise rise in U.S. crude stocks
MELBOURNE: Oil prices fell on Thursday after data showed U.S. crude stocks unexpectedly rose last week, reigniting worries about pandemic restrictions cutting into fuel demand.U.S. West Texas Intermediate (WTI) crude futures fell 27 cents, or 0.5 per cent, to $53.04 a barrel at 0147 GMT, following two days of gains on hopes of massive COVID-19 relief spending under new U.S. President Joe Biden.Brent crude futures similarly dropped 26 cents, or 0.5 per cent, to $55.82 a barrel.U.S. crude oil inventories rose 2.6 million barrels in the week to Jan. 15, according to data from the American Petroleum Institute, an industry group, compared with analysts' forecasts in a Reuters poll for a fall of 1.2 million barrels."Oil prices look a tad vulnerable to potential profit-taking after U.S. crude stockpiles bearishly rose 2.56 million against consensus draw," Axi chief market strategist Stephen Innes said in a note to clients.However gasoline stocks and distillate inventories, which include … [Read more...] about Oil slips on surprise rise in U.S. crude stocks
Sensex jumps over 240 points in early trade, Nifty above 12,180
Major gainers in the Sensex pack were RIL, M&M, NTPC, Bajaj Finserve, Tata Steel, HDFC Bank, Bajaj Auto, TCS, ICICI Bank, Bajaj Finance and Titan, rising upto 2.29 percent. On the other hand, major losers were Maruti, Nestle, Ultrachem, Axis Bank, Asian Paint, Kotak Bank, Powergrid, Bharti Airtel, ITC, LT, SBI and IndusInd Bank, falling upto 1.71 percent. … [Read more...] about Sensex jumps over 240 points in early trade, Nifty above 12,180
