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U.S. refiners eye Canadian oil once strategic reserve turns off taps
NEW YORK – U.S. refiners are expected to buy more Canadian oil after the Biden administration ends releases from the Strategic Petroleum Reserve (SPR) this fall, traders said, adding this should boost the price of Canadian barrels at …
Shell adds $1 billion in refining profits from record fuel prices
(Bloomberg) — Shell Plc said soaring margins from fuel production may have added more than $1 billion to the earnings of its refining business last quarter, when gasoline prices broke records in several countries.
The trading update from …
U.S. energy secretary to meet with refining executives over soaring pump prices, sources say
U.S. Energy Secretary Jennifer Granholm is expected to meet with refining executives on June 23 as tensions between the White House and the oil industry mount over soaring gasoline prices, sources familiar with the matter told Reuters.
The planned …
Blast at illegal Nigeria oil refinery kills more than 100 people
(Bloomberg) — More than 100 people died in an explosion at an illegal oil refinery in southeastern Nigeria over the weekend, demonstrating the dangers associated with an illicit industry that thrives in the crude-producing region.
The blast at …
U.S. refiners set for strong start to 2022 as fuel prices surge worldwide
U.S. oil refiners expect strong first-quarter earnings as margins to sell gasoline and diesel strengthened due to a steep dropoff in refining capacity and crude oil supplies tightened because of Russia’s war with Ukraine.
Refining capacity worldwide has dropped …
For oil refiners, now is the summer of distillate content
Refiners are planning to spend the summer increasing jet fuel and diesel production instead of gasoline, traders and analysts said, favoring what have historically been the least profitable parts of the barrel instead of the most profitable.
That is …
Russian oil refiners are cutting back production, Gunvor says
Bloomberg) — Russian refiners are trimming their output, threatening to exacerbate a European diesel market already in short supply, Gunvor Group Chief Executive Officer Torbjorn Tornqvist said.
“This is a global problem but for Europe it’s very hard …
Exxon workers begin a vote on union’s future at Texas refinery
HOUSTON, Nov 15 – Workers locked out of their jobs at an Exxon Mobil XOM.N oil refinery this week begin casting ballots in a vote that will decide the fate of the United Steelworkers union (USW) at their Texas …
Refiner Marathon warns natgas rally may hurt profits, shares fall
Marathon Petroleum Corp signaled on Tuesday that a sustained rally in natural gas prices could take a toll on earnings, sending the largest U.S. refiner’s shares down 4%.
The warning comes after U.S. natural gas prices soared more than …
Gas Price Pain Ahead if Refiners Face Restart Struggle
(Bloomberg) — Some U.S. motorists who’d been expecting an end-of-summer relief for gasoline prices should start bracing for higher costs at the pump in the coming days due to Hurricane Ida.
Ida made landfall in Louisiana Sunday and is …
Troubled Caribbean refinery seeks bankruptcy as lenders balk at injecting more cash
The owners of Limetree Bay, a Caribbean refinery that was once the largest in the Western Hemisphere, filed for bankruptcy on Monday after lenders balked at putting new cash into a project dogged by cost overruns and regulatory troubles.
St. Paul Park union approves Marathon’s contract, ending work stoppage
Unionized workers will return to work at a Minnesota refinery next week after reaching a six-year contract agreement with Marathon Petroleum that ends a months-long work stoppage, the union said on Thursday.
Teamsters Local 120 in St. Paul Park, …
Crude prices in Asia jump on robust demand, tight supply
SINGAPORE (Reuters) – Asian refiners are paying the highest premiums for Middle East and Russian crude oil in about a year, due to firm demand and more costly imports from the West, industry sources said.
High prices could prompt …
EXCLUSIVE Biden considers giving refiners relief from U.S. biofuel laws, sources say
NEW YORK -President Joe Biden’s administration, under pressure from labor unions and U.S. senators including from his home state of Delaware, is considering ways to provide relief to U.S. oil refiners from biofuel blending mandates, three sources familiar with …
Exxon, union negotiators to meet over U.S. refinery lockout – official
HOUSTON – Negotiators for the United Steelworkers union (USW) and Exxon Mobil Corp will meet on Thursday for the first time since the company locked 650 workers out of its Beaumont, Texas, refinery on May 1, said a union …
Fire breaks out at Tehran oil refinery; no reports of casualties
A huge fire has broken out at an oil refinery in the southern part of the Iranian capital Tehran, Iranian state media reported, saying there were so far no reports of casualties.
Iran’s Tasnim news agency said all …
Shell to sell interest in Deer Park refinery to partner Pemex
HOUSTON/MEXICO CITY – Royal Dutch Shell agreed on Monday to sell its controlling interest in a Texas refinery to partner Petroleos Mexicanos (Pemex) for about $596 million, the latest move by the European oil major to cut its …
Column: Bearish signal for crude as China again draws on inventories
LAUNCESTON, Australia – China is likely to have dipped into its crude oil stockpiles in April, the third time in the past seven months it has done so, a sign that the era of massive inventory builds may be …
Exxon rejects contract offer from Texas refinery union: sources
HOUSTON – Exxon Mobil Corp on Thursday rejected a contract offer from the United Steelworkers union (USW), two days ahead of a threatened lockout of 650 Texas refinery workers by the energy firm, said people familiar with the matter.…
Valero warns of bigger first-quarter loss on costs from Texas deep freeze
U.S. refiner Valero Energy Corp on Thursday warned that its first-quarter loss would exceed the previous three months, joining the ranks of energy firms hit hard by the severe winter storm in Texas in February.
The cold wave in …
Gasoline demand may never recover from pandemic, says IEA
LONDON- Gasoline demand may never recover to pre-pandemic levels, the International Energy Agency (IEA) said on Wednesday, with increased use in developing countries offset by rising fuel efficiency and a switch to electric vehicles in wealthy nations.
In last …
Pump prices join oil’s wild ride but risk slamming brakes on recovery
LONDON/NEW YORK/SINGAPORE – With oil prices surging as producers curb supply, fuel prices in many countries have hit multi-year and even all-time highs despite the pandemic knocking demand by millions of barrels per day.
The high prices at the …
Oil demand drag takes toll on tankers, U.S. refiners
LONDON/NEW YORK – U.S. refiners are scaling back on hiring ships for longer periods to save on costs in another sign of uncertainty over when global oil demand will return to pre-COVID levels, shipping and trade sources say.
The
Column: Global oil inventories to become tight by mid-2021
LONDON – Global refineries will increase crude processing sharply over the next six months to stabilise stocks of fuels such as gasoline and diesel – even if substantial coronavirus controls remain on travel and service sector businesses.
The prospective …
Shell pushes back Deer Park, Texas, refinery restart to March 13: sources
HOUSTON – Royal Dutch Shell Plc pushed back the restart of its 318,000 barrel-per-day (bpd) joint-venture Deer Park, Texas, refinery to March 13, said sources familiar with plant operations on Monday.
Shell spokesman Curtis Smith declined comment.
Shell had …