Downstream

Source: World Oil

Industry groups call refiners’ meeting with energy secretary ‘constructive’

World Oil

Source: Reuters

Explainer: Why is there a worldwide oil-refining crunch?

Reuters


Drivers around the world are feeling pain at the pump with fuel prices soaring, and costs are surging for heating buildings, power generation and industrial production.

 

Prices were already elevated before Russia invaded Ukraine on Feb. 24. But

Source: Reuters

LyondellBasell fire shows how rapidly refining capacity can shrink

World Oil


(Bloomberg) — The 30-minute fire at LyondellBasell Industries NV’s Houston refinery Tuesday underscored just how quickly U.S. gasoline production can fall at a time when the country is experiencing record-high prices at the pump.

The blaze took out …

Source: CNBC

U.S. energy secretary to meet with refining executives over soaring pump prices, sources say

CNBC


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 …

Source: World Oil

Blast at illegal Nigeria oil refinery kills more than 100 people

World Oil


(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 …

Source: Reuters

U.S. refiners set for strong start to 2022 as fuel prices surge worldwide

Nasdaq


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 …

Source: Reuters

For oil refiners, now is the summer of distillate content

Reuters


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 …

April 21, 2022 - 12:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: World Oil

Russian oil refiners are cutting back production, Gunvor says

World Oil


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 …

March 23, 2022 - 9:30 am Closing Bell Story‎, Downstream, Energy News, International
Source: Reuters

Exxon workers begin a vote on union’s future at Texas refinery

Nasdaq


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 …

November 15, 2021 - 2:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News, Jobs, People
Source: Reuters

Refiner Marathon warns natgas rally may hurt profits, shares fall

Reuters


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 …

Source: Reuters

Gas Price Pain Ahead if Refiners Face Restart Struggle

Rigzone


(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 …

September 1, 2021 - 1:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

Troubled Caribbean refinery seeks bankruptcy as lenders balk at injecting more cash

Reuters


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.

Source: Reuters

St. Paul Park union approves Marathon’s contract, ending work stoppage

Reuters


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, …

Source: Reuters

Crude prices in Asia jump on robust demand, tight supply

Reuters


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 …

Source: Reuters

EXCLUSIVE Biden considers giving refiners relief from U.S. biofuel laws, sources say

Reuters


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 …

Source" Reuters

Exxon, union negotiators to meet over U.S. refinery lockout – official

Reuters


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 …

Source: Reuters

Fire breaks out at Tehran oil refinery; no reports of casualties

Yahoo News


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 …

Source: Reuters

Shell weighs shut Louisiana refinery’s future as Baton Rouge firm promotes bid

Reuters


Royal Dutch Shell (RDSa.L) was still evaluating plans for an idled Louisiana oil refinery, the company said on Monday, after a Baton Rouge investor said over the weekend his $1.25 billion offer was not accepted.

American Clean Energy Refining …

Source: Fox Business

Shell to sell interest in Deer Park refinery to partner Pemex

Fox Business


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 …

Source: Reuters

Column: Bearish signal for crude as China again draws on inventories

Reuters


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 …

Source: Reuters

Exxon rejects contract offer from Texas refinery union: sources

Reuters


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.…

April 30, 2021 - 12:30 pm Closing Bell Story‎, Crude Oil News, Downstream, People
Source: Reuters

Valero warns of bigger first-quarter loss on costs from Texas deep freeze

Reuters


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 …

Source: Reuters

Gasoline demand may never recover from pandemic, says IEA

Reuters


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 …

Source: Reuters

Pump prices join oil’s wild ride but risk slamming brakes on recovery

Reuters


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 …

Source: Reuters

Oil demand drag takes toll on tankers, U.S. refiners

Reuters


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

Source: Reuters

Column: Global oil inventories to become tight by mid-2021

Reuters


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 …

March 11, 2021 - 12:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

Shell pushes back Deer Park, Texas, refinery restart to March 13: sources

Reuters


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 …

Source: Reuters

U.S. crude output falls 10%, refinery runs drop to 2008 low amid Texas freeze – EIA

Reuters


U.S. crude oil production dropped by more than 1 million barrels per day last week during Texas’s deep freeze, equalling the largest weekly fall ever, and refining runs tumbled to levels not seen since 2008, the Energy Information Administration …

February 25, 2021 - 2:00 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

Lack of overhauls at U.S. refiners could stall industry recovery

Reuters


NEW YORK/HOUSTON – U.S. oil refiners are predicting a strong recovery in fuel demand in the second half of this year as vaccination rates increase and workers are expected to resume commuting and taking vacations.

But oil processors appear …

February 5, 2021 - 11:30 am Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

Exclusive: Private equity firm bids for Canada’s idled Come-by-Chance refinery

Reuters


Private equity firm Cresta Fund Management has offered to buy a majority stake in North Atlantic Refining Ltd (NARL), owner of the idled Canadian 135,000 barrel-per-day Come-by-Chance refinery, according to a letter reviewed by Reuters.

The Dallas-based firm said …