Downstream

Europe’s new oil ally

Europe’s new oil ally

Oil and Gas 360


ExxonMobil announced yet another discovery in its coveted Stabroek block in Guyana. The Bluefin well encountered 197 feet of hydrocarbon-bearing sandstone in 4,244 feet of water, adding to Exxon’s growing list of over 30 oil discoveries …

Trouble for U.S. diesel and gasoline exports

Trouble for U.S. diesel and gasoline exports

Oil and Gas 360


After years of delays and running $7 billion over budget, Pemex’s CEO says the company’s new Dos Bocas (Olmeca) 340,000 bpd refinery will reach maximum production by the end of March.

The new refinery will produce …

Source: Reuters

Africa’s richest person wants to create a trading firm for its biggest refinery

Oil Price


Aliko Dangote, the owner of Africa’s largest refinery and Africa’s richest person, is looking to set up a trading firm that would handle crude supply for the new mega refinery in Nigeria, Reuters reported on Tuesday, citing multiple …

Source: Oil Price

U.S. diesel exports to Europe slump as distillate markets tighten

Oil Price


U.S. diesel exports to Europe have tumbled so far in February amid lower refinery output and tighter supplies in America, which have decreased arbitrage opportunities and further tightened European diesel supplies.

Europe’s imports of U.S. diesel have nearly …

Source: Reuters

ANALYSIS-US refinery M&A stalls as buyers shun aging assets, uncertain future

Nasdaq


WASHINGTON/NEW YORK – The U.S. oil industry saw nearly $200 billion in upstream deals last year, but the refining sector missed out despite plenty of willing sellers as the energy transition away from fossil fuels accelerates and casts doubt …

February 16, 2024 - 12:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

Activist investor Elliott buys $1-billion stake in U.S. refiner Phillips 66

Oil Price


Elliott Investment Management, an activist investment group, said on Wednesday it had amassed a $1-billion stake in one of the largest U.S. refiners, Phillips 66, and expressed dissatisfaction with the company’s underperformance in recent years.

 

Apart from …

November 29, 2023 - 3:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News, Finance
Source: Reuters

U.S. gasoline refining profits tumble as demand weakens

Oil Price


The U.S. gasoline crack spread – a leading refining profitability indicator – slumped in October to the lowest level in nearly three years amid seasonally weaker American gasoline demand and the switch to the cheaper winter-grade gasoline, the …

Source: Reuters

US oil refiners crank out diesel, further squeezing margins for gasoline

Nasdaq


WASHINGTON – U.S. oil refiners have cranked up output of diesel, heating oil and jet fuel for winter but are struggling to turn a profit because gasoline margins have fallen over 80% since the summer driving season ended.

Refiners, …

Source: Reuters

ANALYSIS-Diesel release valve: China poised to save West from shortages again

Nasdaq


As the northern hemisphere heads into winter, the U.S. and European oil sectors are counting on rising exports from Chinese refineries to ease tight global supplies of diesel, heating oil and jet fuel.

China is the world’s top oil …

October 13, 2023 - 12:30 pm China, Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

Russia diesel ban jolts crude premiums ahead of winter

Yahoo Finance


LONDON – Premiums for the type of crude oil best suited to producing diesel, heating oil and jet fuel have risen sharply as the Northern hemisphere heads into winter amid a global supply crunch, several traders told Reuters.…

Source: Oil Price

U.S. to lose 2.5M BPD in refining capacity this maintenance season

Oil Price


Fall refinery maintenance in the United States will see almost 2.5 million barrels per day of capacity taken offline, Bloomberg reports, with more capacity cuts possibly coming early next year. In what Bloomberg describes as the “heaviest” …

October 2, 2023 - 3:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Oil price

Mexico vows long-delayed oil refinery will reach full capacity this year

Oil Price


Mexico’s state oil firm Pemex is expected to start running the long-delayed Dos Bocas oil refinery at full capacity this year, Mexican Energy Minister Rocio Nahle said this week.

The oil refinery has seen delays and cost overruns …

September 14, 2023 - 1:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News, Mexico
Source: Reuters

Prolonged U.S. manufacturing slowdown barely dents energy use: Kemp

Nasdaq


LONDON – U.S. manufacturers reported that business activity declined for the 10th month running in August, though declines are becoming less widespread implying the trough in the cycle may be approaching.

The Institute for Supply Management’s purchasing managers index …

Source: Reuters

U.S. gasoline prices rise ahead of Labor Day weekend

Oil Price


The average retail price of regular gasoline in the United States has risen by 6% over the past five weeks heading into the Labor Day weekend, the U.S. Energy Information Administration (EIA) said on Thursday.

On the Monday …

Source: Reuters

US oil refiners to defy heat, run plants at mid-90% of capacity

Nasdaq


HOUSTON – Top U.S. oil refiners will run their plants this quarter at up to 95% of their combined 17.9 million barrel-per-day capacity, according to executives and analysts, defying this summer’s extreme heat to pump out more fuels.

The …

Source: Reuters

US distillate stocks fail to make summer recovery amid refinery outages

Nasdaq


U.S. diesel, heating oil and jet fuel stockpiles have failed to recover from the 10-year lows hit last year when high prices caused the Biden administration to consider a ban on fuel exports, leaving the markets vulnerable to supply …

Source: Oil Price

Small U.S. refiners to sue EPA over denial of biofuel waivers

Oil Price


Several small U.S. refiners plan to challenge in court last week’s decision by the Environmental Protection Agency (EPA) to deny waivers to refiners who had asked to be exempted from the biofuel blending requirements, one of the refiners, …

Source: Reuters

New Pemex oil refinery to again miss production launch – document

Nasdaq


MEXICO CITY – A new oil refinery belonging to Mexico’s state-owned Pemex, a top priority of the country’s president, will again miss its promised launch date to begin production, according to an internal audit report seen by Reuters.

The …

Source: Reuters

Refinery utilization plans tell story of strong oil products demand in U.S.

Oil Price


U.S. crude oil refineries are planning to run at a rate of 94% utilization this quarter, according to company forecasts and analysts, Reuters said on Tuesday. U.S. total refining capacity is estimated at 17.9 million barrels per day.…

Source: Oil Price

Petrobras has high hopes for refining, pre-salt discoveries

Oil Price


Brazilian-controlled oil company Petrobras has high hopes for increasing its refining capacity and its Curacao pre-salt discovery, company officials said on Friday.

In a Friday webcast for investors, Petrobras director of industrial processes and products William Franca said …

Source: Reuters

U.S. refiners to scale back capacity utilization after record 2022

Oil Price


Following record utilization last year, U.S. refiners expect to have lower capacity operating in the first quarter of this year, due to a heavy maintenance season.

 

After operating at over 90% for most of 2022, the largest …

Source: Oil Price

Diesel markets brace for a chaotic February

Oil Price


Yesterday, strikes began at three refineries in France operated by TotalEnergies. The three facilities suspended gasoline and diesel deliveries for the wholesale market, and one of them reduced its run rates to a minimum.

Across the Atlantic, refiners …

Source: Yahoo Finance

Heavy slate of U.S. oil refinery overhauls to crimp fuel output

Yahoo Finance


WASHINGTON – U.S. oil refiners plan twice as many refinery overhauls this spring as usual, aiming to resume maintenance delayed by the pandemic and by the lure of record-high margins, according to data provider IIR Energy and Reuters …

January 18, 2023 - 11:30 am Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Oil Price

U.S. gasoline prices continue to rise even as demand slumps

Oil Price


Gasoline demand is going through a seasonal slack-off, AAA data said in a note on Tuesday, with short days and icky weather keeping drivers at home. U.S. retail gasoline prices are on the rise despite the demand slump, …

Source: Reuters

Suncor Colorado refinery shut down until March

Oil Price


Canadian integrated oil company Suncor Energy Inc. (NYSE: SU) has revealed that extreme weather including multiple fires have forced the company to shut down its Colorado refinery, adding that it will remain offline till March 2023.

The company …

December 29, 2022 - 12:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Oil Price

U.S. diesel inventories hit historic lows at the worst possible time

Oil Price


U.S. distillate stocks, which include diesel and heating oil, have slumped to their lowest level for this time of the year since 1951, just as the heating season starts and the EU embargo on Russian oil product imports …

Source: Oil Price

White House considers curbs on fuel exports amid diesel squeeze

Oil Price


President Biden may order fuel distributors to keep greater inventories at home in a bid to ensure an adequate supply of heating oil for the Northeast, Energy Secretary Jennifer Granholm has said, as quoted by Bloomberg.

 

The …

Source: Oil Price

Fire erupts at large Chevron refinery in California

Oil Price


A fire broke out at Chevron’s El Segundo refinery in California on Tuesday evening, with no injuries reported and no immediately clear indication as to the cause of the incident.

 

At around 6:15 p.m. on Tuesday, El …

November 9, 2022 - 1:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

U.S. oil refiners to keep running at breakneck speeds in fourth quarter

Nasdaq


HOUSTON – U.S. oil refiners this quarter will run their plants at breakneck rates, near or above 90% of capacity, as tight fuel supplies spur high profits and operating rates, according to company forecasts and analysts surveyed by Reuters.…

November 4, 2022 - 12:30 pm Closing Bell Story‎, Commodity Pricing, Downstream, Energy News
Source: Reuters

Marathon Petroleum and Phillips 66 cruise past estimates on fuel demand surge

Reuters


Marathon Petroleum (MPC.N) and Phillips 66 (PSX.N) posted quarterly profits which cruised past Wall Street estimates on Tuesday, becoming the latest U.S. refiners to benefit from robust fuel demand and margins amid tight supplies.

U.S. refiners are posting strong …