Total to Approve New US Refinery Development this Month
French oil and gas company Total this month expects to disclose a partner for a new ethane cracker the company expects to soon approve in Port Arthur, Texas, Chief Executive Patrick Pouyanne said. Pouyanne, speaking at the CERAWeek energy conference on Wednesday, did not name the partner or put a price tag on the development. (Reporting by Ron Bousso)
Record U.S. Refinery Runs Fail to Lift Crude Price
U.S. refineries processed a record volume of crude last week, making a small dent in the country’s bloated crude stocks but resulting in a big build-up of refined product inventories. U.S. refineries have ramped up crude processing by 1 million barrels per day (bpd) over the last four weeks and 2 million bpd over the last nine weeks, according to the U.S.
Hedge Funds Await Certain Oil Rebalancing
Hedge funds have continued to cover their short positions in crude and refined products, but the impact on oil prices has been surprisingly muted so far, with a much smaller rally in prices than expected. Hedge funds and other money managers reduced short positions in the five main futures and options…
Residents Flee South Texas Ahead of Harvey
Residents fleeing most powerful storm on U.S. mainland since 2005. Businesses closed and lines of cars streamed out of coastal Texas as officials called for residents to evacuate ahead of Hurricane Harvey, expected to arrive about midnight as the most powerful storm to hit the U.S. mainland in more than a decade.
Harvey Throws a Wrench into US Energy Engine
A hurricane in the heart of the U.S. energy industry is expected to upend years of U.S. excess oil capacity and low prices, with the impact expected to reverberate globally and affect energy markets for weeks. Harvey hit the Texas shore as a fierce Category 4 hurricane, causing massive flooding that knocked out 11.2 percent of U.S.
Flooding Knocks Out U.S. Refineries
Harvey brings heavy rainfall, flooding to U.S. Gulf coast. Heavy rains from tropical storm Harvey caused large-scale U.S. refinery outages, pushing up gasoline prices, while crude prices rose in early Asian trade on Tuesday on the back of supply disruptions in Colombia and Libya. Refinery shutdowns from the storm helped push U.S.
Largest US Refinery May Be Shut for up to Two Weeks
Motiva Enterprises' Port Arthur, Texas refinery, the nation's largest, may be shut as long as two weeks for assessment of the plant and repair of any damage, sources familiar with plant operations said on Thursday. The 603,000 barrel per day (bpd) Port Arthur Refinery was shut on Wednesday due to flooding from Tropical Storm Harvey. Reporting by Erwin Seba
Hedge Funds Watch U.S. Refinery Restarts
Hedge funds are betting crude oil stocks will adjust quickly to the aftermath of Hurricanes Harvey and Irma but gasoline and distillate inventories may take more time to normalise. Hedge funds and other money managers increased their combined net long position in the five major petroleum contracts linked to crude…
U.S. Gulf Refiners Recovering Slowly, Carefully
U.S. refineries are restarting after Hurricane Harvey forced them to shut down two weeks ago, raising the risk of fires and explosions that could prolong fuel supply disruption as plants simultaneously reheat units and reactivate catalysts. Restarts are one of the most dangerous times for refinery workers, so operators keep shutdowns to a minimum.
US Gasoline Inventories Slump by Record Volume Last Week
U.S. gasoline inventories fell 8.4 million barrels last week, the largest weekly drop since the U.S. Energy Information Administration began tracking data in 1990. U.S. crude exports fell to 6.5 million barrels per day in the week to Sept. 8, the lowest rate since 2014, according to EIA, which released data on Wednesday. U.S.
Oil Nears Five-Month Highs
Brent, WTI on track for biggest weekly gains in two months; U.S. refineries restarting after hurricane shutdowns. Brent oil prices held steady near five-month highs, and were on track for the highest weekly rise since the end of July on higher demand forecasts and the restart of oil-hungry refineries in the United States.
Distillate Fuel Market to Tighten in 2018: Kemp
U.S. refineries are struggling to meet booming demand for distillate fuel oil at home and in export markets which will leave the distillate market very tight in 2018. Even if the northern hemisphere winter is only averagely cold, the distillate market looks set to enter 2018 with lower than average stocks and fast-growing demand…
Crude Oil Rally Stalls as Fuel Prices Soften
Surging prices for refined products, especially distillate fuel oil, led crude prices higher between June and November, but now fuels are slipping and putting crude under pressure. Gross refining margins for producing distillate fuel oil from U.S. crude rose from $14 per barrel in June to more than $25 per barrel in the middle of November. The U.S.
Oil Prices Buoyed by Strong U.S. Refinery Runs, China Data
Brent, WTI crude dip but stay near mid-2015 highs; U.S. stocks fall 4.6 mln bbls, refining surges - EIA. Oil prices dipped on Thursday but stayed close to their highest in 2-1/2 years, as data showed strong demand for crude imports in China and on increased refining activity in the United States that drew more crude from inventories.
Europe Gasoline/Naphtha-Cracks Hit two-year Low
Gasoline refining margins in northwest Europe dropped to a two-year low on Monday even as substantial volumes traded on European barge markets. The highest volume of gasoline barges in nearly seven years traded on Monday, brokers told Reuters, with 48,000 tonnes changing hands. Volumes were elevated…
Petrobras Chief: U.S. Refinery Sale Ongoing
Brazil's Petrobras is continuing with its efforts to sell a Pasadena, Texas oil refinery and has no plans to build another plant, the company's chief executive said on Monday. Pedro Parente, chief executive of the state-controlled oil firm, said the company has not changed its mind on divesting its Liquigas subsidiary. An earlier sale of the operation was blocked.
U.S. Crude Exports to Asia Slump as WTI Outperforms
Exports of U.S. crude oil to Asia appear to be starting to struggle under the weight of a narrowing discount for its domestic benchmark crude to international grades and efforts by other suppliers to maintain competitiveness. Vessel-tracking and port data suggest Asian imports of U.S. crude were equivalent to about 560…
U.S. Refinery Workers Push Biofuels Reform
A delegation of workers from U.S. oil refining companies that oppose the nation's biofuels policy will converge on Washington on Wednesday to try to convince lawmakers to find a way to lessen the regulation's costs without hurting corn farmers. The trip, organized by the United Steelworkers union, marks…
Lyondell's Houston Refinery Draws Bids from Aramco, Valero, Sunco
At least three firms including Saudi Arabian state oil giant Saudi Aramco have bid over $1 billion for LyondellBasell Industries NV's refinery in Houston, according to four people familiar with the process. The Saudi firm was initially seen as the front-runner among bidders that also included Valero Energy Corp and Suncor Inc…
Four Years after Rescue, U.S. Refinery in Crisis
A deal struck in 2012 to save the U.S. East Coast's oldest and largest refinery seemed to have all of the right elements for success: private investors, big oil and taxpayer funding, and the promise of a private-public partnership that would help job growth and consumers. Four years after private equity…