A sudden crash in global gasoline prices in the past two weeks has dented refiners’ profits, pushing up inventories in key trading hubs around the world while looming exports from China and India also add to pressure on
Remember the outrage when a handful of U.S. oil refineries closed in 2020?
If you don’t, that’s because there wasn’t any outrage. Oil and gasoline prices were blissfully low and the COVID-19 pandemic dominated the news. Hardly …
(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 …
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 …
NEW YORK – The Trump administration has argued against a petition from oil refiners asking the U.S. Supreme Court to review a lower court decision that undermined the legitimacy of the Environmental Protection Agency’s biofuel waiver program.
Department of …
Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next because of uncertain prospects for a recovery in fuel demand after the coronavirus pandemic cut consumption.
The pandemic initially cut …
LONDON/NEW YORK – European and U.S. oil refineries face a wave of closures due to plateauing fuel demand, tightening environmental rules and overseas competition, prompting some owners to opt for an easier alternative – converting plants to produce biofuels.…
WINNIPEG, Manitoba/NEW YORK – U.S. oil refineries are moving aggressively to produce renewable diesel, partly to cash in on Canada’s greener fuel standard before Canadian refiners modify their own plants.
Canadian Prime Minister Justin Trudeau’s government intends to present …
NEW YORK – The U.S. Department of Energy has recommended that some of the oil refiners that applied for retroactive exemptions from the nation’s biofuel blending law be granted partial relief, two sources familiar with the matter said on …
The U.S. Department of Energy has finished reviewing retroactive requests from refiners for exemptions from the nation’s biofuel blending laws and has sent recommendations on how to address those requests to the Environmental Protection Agency, Senator Chuck Grassley said …
LONDON/NEW YORK – The collapse in oil demand from the COVID-19 pandemic is hastening the reckoning for those refiners already struggling as new capacity overtakes demand, posing an existential threat to many, particularly Europe’s ageing plants.
Even before the …
LONDON – Petroleum consumption is rising around the world as the major economies exit from lockdowns imposed to control the coronavirus epidemic, but the uneven recovery presents challenges for fuel refiners.
Refiners must cope with a much stronger rebound …
U.S. crude oil stockpiles rose unexpectedly last week to an all-time high as refiners boosted imports, particularly from Saudi Arabia, while exports dropped to lows not seen since November.
The Energy Information Administration also said on Wednesday that refined …
SINGAPORE/NEW DELHI/SEOUL/HOUSTON – Oil refiners from Texas to Thailand are bracing for deeper output cuts, bruised by an unprecedented demand shock as more countries lock down and restrict travel to contain the spread of the coronavirus.
Global fuel demand …
From Reuters
Canadian Natural Resources Ltd, the country’s biggest oil producer, has joined a number of other firms asking Canada’s energy regulator to intervene in Enbridge Inc’s plan to overhaul shipping contracts on its Mainline pipeline network.
Canadian Natural’s letter …
From Reuters
China imported Iranian crude oil in July for the second month since a U.S. sanctions waiver ended, according to research from three data firms, with one estimate showing some oil entered tanks holding the country’s strategic reserves.
According …
A major Russian oil pipeline will remain shut for another week as its operators resolve a chemical contamination that forced refiners in Eastern Europe to stop taking crude deliveries.
Talks in Minsk between officials from countries along the …
U.S. oil refiners, in line for a windfall from new ship-fuel rules, are taking steps to lock in the change quickly, concerned it could fall victim to President Donald Trump’s re-election push.
Under the new rules, many shippers …
A petrochemical disaster outside Houston that has disrupted ship traffic for days at a major U.S. oil port led two major refineries on Monday to reduce fuel production, according to people familiar with the matter.
A fire and …
In the $40 trillion global oil-trading market, the smallest clue can be worth millions.
Take the number of people working at a refinery: Outside contractors are brought in for routine maintenance or to handle accidents that could limit …
U.S. refiners aren’t just buying crude to turn into gasoline and diesel — they’re competing with producers and traders to export it.
Marathon Petroleum Corp. and Phillips 66 — two of the three biggest U.S. independent fuelmakers — …
U.S. light oil has become too cheap for Gulf Coast refiners to pass up.
Fuel makers on the Gulf, home to the largest cluster of refineries in the world, processed oil with an average API gravity of 33.06 …
Refineries across Europe are anticipating the return of Iranian crude oil to their operations, and the potentially higher margins as added crude pushes prices down further. Approximately …
How increased production and U.S. export laws might affect refiners has been a …
