Trump Wades Deeper into Biofuel Debate
U.S. President Donald Trump on Thursday will gather rivals from the oil and corn industries for the second time this week as the administration seeks elusive common ground on reforms to the nation's controversial biofuels law. The meetings come amid rising concern in the White House over the current state of the U.S.
Philadelphia-Area Refiners Push Biofuels Program Reform
Oil refinery workers, executives and local politicians gathered near Philadelphia on Monday to urge the White House revamp the nation's renewable fuels program, arguing the future of their plants are at stake. The U.S. renewable fuel program requires higher levels of ethanol and other biofuels to be blended into the nation's fuel pool…
Monroe Energy Says BP Violated Its Contract
BP PLC violated its supply contract when it sold oil to refiner Monroe Energy that was a blend of lower-valued Texas crude with premium varieties, Monroe alleged in a federal court filing last week. Monroe Energy, a subsidiary of Delta Air Lines that owns a 185,000 barrel-per-day refinery outside of Philadelphia…
East Coast Refiners Mull Texas Oil as North Dakota Alternative
U.S. East Coast refiners are looking to buy increasing volumes of domestic crude oil from the Gulf Coast, two sources said, the latest twist in a trade flow upheaval in the wake of the opening of the Dakota Access pipeline. Major U.S. East Coast refiners profited from railing hundreds of thousands of barrels of discounted Bakken crude to their plants daily from 2013 until 2015.
E. Coast Refiners Shun Bakken Rail Deliveries
Philadelphia Energy Solutions Inc, the largest refiner on the U.S. East Coast, will not be taking any rail deliveries of North Dakota's Bakken crude oil in June, a source familiar with delivery schedules said on Tuesday - a sign that the impending start of the Dakota Access Pipeline is upending trade flows.
Another Quarter of Weak Results Looms for U.S. Refiners
U.S. independent refiners such as PBF Energy and Phillips 66 are expected to report another quarter of disappointing profits in coming weeks, as hopes that a record summer driving season would turn the industry's fortunes around do not appear to have materialized. U.S. refiners are in the midst of their worst year since the shale boom began in 2011.
Ferrellgas Exits Terminal Contract as Oil Falls
Ferrellgas Partners LP has quietly shed a five-year contract at a Philadelphia-area crude rail terminal just a year after it obtained it through a deal that gave the propane company its first foothold in the oil logistics business. The deal - the purchase of Bridger Logistics - allowed Ferrellgas to move at least 65…
Refiners on Track to Spend Record on US Clean Fuel Standards
Major refiners like Valero Energy Corp are on track to pay record amounts this year for credits to comply with U.S. renewable fuel rules, corporate filings show, a trend that hurts profits and has some looking to export more to avoid the cost. Refiners and fuel importers are required to meet a U.S. biofuel quota…
U.S. Refineries in Worst Year Since Shale Boom Started
U.S. independent refiners such as Valero Energy Corp and Phillips 66 look set to post another quarter of disappointing earnings, putting the industry on track for its worst year since the U.S. shale boom began in 2011. The companies had hoped to rebound from a weak first quarter on the back of strong U.S. gasoline demand. But while U.S.
Philadelphia Energy Shopping East Coast's Largest Refinery
Philadelphia Energy Solutions, the Carlyle Group-backed company that breathed new life into a "zombie" refinery complex on the East Coast is now trying to shed the investment in the face of market headwinds, according to people familiar with the efforts. PES has circulated detailed financial statements within the past two weeks to several potential buyers…
As Gasoline's Appeal Fades, Refiners Chase Next Profit
Diesel gets boost from Asian heat, French strikes. Just as drivers hit the road for summer holidays, refiners are turning the taps down on gasoline as a global excess cuts into their profits. Refiners in Europe, Asia and the United States, from the mighty ExxonMobil down to smaller players such as Italy's Saras…
Former Delta fuel executive, Wife Banned by CME
CME Group on Monday banned a former Delta Air Lines fuel trading executive for using his wife's accounts to "front-run" the airline's hedging positions - trades that netted him a profit of more than $3 million. Jon Ruggles was banned by the financial exchange operator, along with his wife, Ivonne for the front running…
'Insane' U.S. Diesel, Gasoline Prices Vex Refiners
The hot summer months are the boom time for U.S. gasoline sales, and naturally the season when refiners are all-in on pumping out the motor fuel for drivers on U.S. highways. But an unusual glut of gasoline - just as refiners are ramping up to produce more - has caught them on the wrong side of distillate margins for the second time in less than 12 months.
Airline Hedges Fuel Rally in Later Dated Oil Prices
Big airlines are making waves in the oil market for the first time since prices went into a tailspin nearly two years ago, betting this may be their best chance to lock in cheap jet fuel for years to come, industry and market sources say. A number of airlines moved last week to place significant oil price hedges for 2017…
Valero Energy Sues US EPA over Biofuels Plan
Valero Energy Corp filed lawsuits against the U.S. Environmental Protection Agency on Friday to push the regulator to alter a U.S. policy designed to boost use of renewables in transportation fuels. The country's top refiner and No. 3 ethanol producer filed a challenge with the U.S. Court of Appeals in Washington…
U.S. Refinery Cuts Quicken, Impact Crude Markets
For the past six years, U.S. refiners from Texas to Philadelphia have bought every barrel of crude they can lay their hands on to cash in on a golden era of healthy margins. Now, at least five refiners - including two of the country's largest - have voluntarily cut output of gasoline and distillate in the most widespread cuts since the global financial crisis…
Phillips 66 Sheds Cushing Crude, Traders Spy Output Cuts
U.S. refiner Phillips 66 dumped crude for immediate delivery in Cushing, Oklahoma on Wednesday, sparking speculation that the move reflected advance warning of looming output cuts amid sluggish winter demand and record inventories. The unusual sales of excess oil added pressure to the March/April WTI futures spread <CLc1-CLc2>…
No Cheap Fuel Bonanza for Airlines
While airlines are in no rush to pass on fuel savings to passengers brought by the collapse in oil prices, the Houston travel market has left them little choice. Airlines serving the U.S. oil capital have resorted to steep discounts to lure newly budget-conscious energy executives back into the air, according to an analysis of ticket prices provided exclusively to Reuters.
U.S. Airlines Rethink Hedging Strategy
The lowest fuel prices for more than a decade are proving to be a double-edged sword for U.S. airlines. While carriers saved hundreds of millions of dollars from oil prices halving since June, they forfeited a large chunk of that gain because of the fuel hedges they bought as protection against oil rising. The…
Delta's Philly Refinery at 110 pct, Margins Swell
Delta Air Lines Inc is running its Philadelphia area oil refinery at a near-record 110 percent of capacity, according to a person familiar with operations, a sign of the surprisingly strong summer profits U.S. refineries are generating. While collapsing global crude oil markets have cast a dark shadow over much of the energy industry…
