US Imports Rise, Contango Encourages Storage
U.S. crude imports topped 8 million barrels per day (bpd) last week for only the second time this year, spurring an unexpected rise in stockpiles and sending U.S. oil prices down to a fresh post-crisis low. The United States imported 56.3 million barrels of crude in the week ending Aug. 14, up from 53.0 million barrels the week before, according to the U.S. Energy Information Administration. The difference is equivalent to the arrival of between one and two very large crude carriers (VLCCs)…
U.S. Crude, Gasoline Stocks Dip; Refiners Ease from Record Runs
U.S. crude stocks dipped last week as refineries slightly pared record-high output, while gasoline stocks decreased and distillate inventories rose, data from the Energy Information Administration showed on Wednesday. Crude inventories fell by 1.7 million barrels in the last week, compared with analysts' expectations for an decrease of 1.8 million barrels. Oil prices slightly pared earlier gains following the data, with U.S. crude hovering just above $43 a barrel, near a new six-year low.
Chicago Wholesale Gasoline Prices Rise on BP Whiting Refinery Fire
Wholesale gasoline prices surged in Chicago on Thursday after a fire hit a piece of equipment used to produce gasoline at BP Plc's refinery in nearby Whiting, Indiana, trade and industry sources said. BP said the fire was extinguished at its biggest U.S. plant and it expects little impact on production. The 413,500 barrel per day (bpd) refinery, which BP spent $4 billion expanding to handle more heavy Canadian crude, was still operating. But gasoline prices rose as traders worried about Whiting, the largest refinery in the U.S. Midwest.
BP's Whiting Refinery Processing 270,000 bpd in Heavy Crude
BP's 405,000-barrel-per-day Whiting refinery reached a record heavy crude oil processing level of 270,000 bpd in the second quarter, the oil and gas company said on Tuesday. The Indiana refinery could process as much as 300,000 bpd of heavy crude, BP Chief Executive Bob Dudley told reporters, without providing a specific timeframe. "We believe it will have the capability of going up to around 300,000 barrels (per day) of production," Dudley said. Heavy crude from the Canadian oil sands are heavily discounted to international oil prices…
BP Whiting Refinery Cleanup Winds Down
An assessment team, comprised of representatives from the Coast Guard, Environmental Protection Agency and BP, stated Friday that no further cleanup actions were recommended following a scheduled return visit to the BP Whiting Refinery to conduct a Determination of Clean survey. The visit was originally scheduled to take place Thursday but was postponed due to heavy rains and high water levels. After an inspection of the rocky shoreline on the southeast wall of the cove near the refinery…
BP Whiting Oil Spill: Latest Update
The US Coast Guard informs that weather conditions improved overnight enabling clean up operations and assessment activities to progress near the BP Whiting Refinery in Whiting, Indiana. High winds and heavy surf created unsafe conditions for contractors and assessment team personnel both Friday and Saturday, suspending activities. A Coast Guard helicopter returning from a separate mission conducted an overflight assessment of the area and did not observe any oil sheen on the water.
Lake Michigan Refinery Oil Discharge: Latest Update
The Coast Guard informs that their representatives together with those from the Environmental Protection Agency were back on scene Wednesday to oversee cleanup operations after a crude oil discharge Monday evening at the BP Whiting Refinery in Whiting. Eight members of a shoreline cleanup assessment team, consisting of members of both agencies and BP, inspected the shoreline to verify presence of crude oil and to recommend cleanup techniques as required.
BP Refinery Spilling Oil into Lake Michigan
The U.S. Coast Guard and the Environmental Protection Agency are responding to the report of an oil discharge into Lake Michigan from the BP Whiting Refinery in Whiting, Ind. The Coast Guard received a report Monday night from watchstanders the National Response Center of a sheen from an unknown substance discharging from an outflow adjacent to the refinery. Personnel from Coast Guard Marine Safety Unit Chicago and the EPA responded last night and found an area of about 5,000 square feet covered in crude oil.
