Industry News

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29
Apr

Fuel truck bomb kills more than 40 in Syria – monitor

A fuel truck bomb in a market in northern Syria killed at least 46 people including Turkish-backed rebel fighters on Tuesday, the Syrian Observatory for Human Rights said. The blast in Afrin, a city controlled by Ankara's proxies, came as people went shopping in preparation to break the Ramadan fast, according to the US State Department, which condemned the attack as a "cowardly act of evil". READ | 'Horror' in…

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28
Apr

Stock markets rally on virus hopes, but oil tanks

Equity markets rallied Monday as countries eased coronavirus lockdown measures, but oil prices tumbled as a supply glut offset output cuts. "Stocks throughout Asia and Europe have kicked off the week in optimistic fashion, with the decline in coronavirus deaths across the globe being accompanied by a significant push towards easing lockdown measures across Europe and America," said Joshua Mahony, senior market analyst at IG trading group. While more than…

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24
Apr

Oil prices roar back on US-Iran tensions

Oil prices made a spectacular comeback Thursday as fresh US-Iran tensions erupted, also helping equities advance after US labour market figures provided a glimmer of hope for the world's top economy. At one point the US crude oil benchmark West Texas Intermediate was up by 20% on the day, having earlier this week plunged below zero. "Heightened risk in the Middle East" triggered the upturn, said analysts at Phillip Futures, after…

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23
Apr

Real oil price plunge pushes major producers to the brink

The prices of actual barrels of multiple crude streams in Europe, Asia and Africa have plunged to as little as $5 a barrel, dragging down the entire physical oil market and increasingly distressing major producers. The Dated Brent benchmark, a global reference for nearly two-thirds of the world’s physical flows, plunged to $13.24 a barrel on Tuesday, the lowest since 1999, according to price reporting agency S&P Global Platts. As…

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23
Apr

MAY’S PETROL PRICE HITS ITS LOWEST LEVEL IN YEARS – AS OIL COLLAPSES

The latest data from the Central Energy fund shows that the petrol price is set to decline by close to R2 in May.  This would make the petrol price the cheapest in four years, despite increases in fuel taxes.  The expected decline in fuel price is attributed to Brent crude oil trading at its lowest levels in 20 years.  For more stories, go to Business Insider's home page. The petrol…

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23
Apr

Sasol investor: Shares are pricing in too much bad news

Sasol’s shares, down more than 80% in 2020, are trading as if the market expects years of bad news around oil and that the South African fuel and chemicals giant will struggle to escape its balance sheet constraints. Old Mutual Investment Group doesn’t share that pessimism, said Meryl Pick, a money manager who helps oversee the firm’s R10 billion Investors Fund. "Our view is that the market is pricing Sasol…

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23
Apr

Oil crash comes at the ‘worst time’ for African exporters such as Nigeria, Angola

Until Monday evening, many might have found the idea of living in a world where someone selling oil would have to pay the "buyer" to take it off of their hands completely fanciful, more so of all emerging economies with commodities to sell. For the first time in history, crude oil prices into negative territory this week because of the Covid-19 pandemic that has sent demand for the fuel crashing as the world's…

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23
Apr

Does the oil price crash signal relief for SA consumers?

The global crash in oil prices may provide some fuel price relief for South Africans, but there are currently too many moving parts to know exactly how much extra cash motorists may have in their pockets when prices are again adjusted. Oil prices are plunging across the board due to a combination of the worldwide slowdown in economic activity caused by lockdowns in response to the Covid-19 pandemic and tensions between…

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17
Apr

Petrol stations ask South Africans to wear masks in stores

A group of petrol stations has requested that customers at forecourt shops wear masks. Those who don't have masks may have to do their purchases at a cashier's window.  Government has also advised South Africans to start wearing cloth marks. For more stories, go to Business Insider's home page. The South African Petroleum Retailers Association (SAPRA), which represents 750 fuel stations, has requested that all customers wear masks when they…

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17
Apr

Petrol station robbery suspect arrested after returning to the crime scene to buy fuel

A man suspected of robbing a petrol station in Chatsworth Main Road in Umhlatuzana, outside Durban, unwittingly handed himself over to police when he went to buy petrol there while officers and witnesses were still present. Police spokesperson Brigadier Jay Naicker, the petrol station was robbed on Tuesday evening at 23:45 when a man pointed an object that "resembled a firearm" at staff demanded money, before leaving in a getaway…

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