Refined Products Archives - Page 10 of 32 -

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

November 1, 2022

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 profits with refineries running at record levels this year, strong export demand amid a squeezed supply due to Russia’s invasion of Ukraine and

Valero posts bumper Q3 profit as demand for its fuels exceeds 2019 levels

October 25, 2022

Oil Price Major U.S. refiner Valero Energy (NYSE: VLO) reported on Tuesday third-quarter earnings above analyst expectations, thanks to strong product demand exceeding 2019 levels and solid refining fundamentals in the U.S. and worldwide. Valero, which launched the earnings season for U.S. refiners today, said its adjusted net income surged to $2.8 billion, or $7.14 per share, for the third quarter,

Prices at the pump are ticking higher after OPEC decision

October 10, 2022

Oil Price Gasoline prices in the United States have jumped over 3% since OPEC’s decision last week to cut output by 2 million barrels per day in November, reversing the trend that had seen prices lower at the pump for weeks. On Monday, the national average price for a gallon of gasoline in the United States was $3.919, up from

ANALYSIS-US refinery M&A stalls as buyers shun aging assets, uncertain future- oil and gas 360

U.S. refiners eye Canadian oil once strategic reserve turns off taps

September 20, 2022

Yahoo News 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 a time of tight global supply. The coming end of SPR releases could shift market dynamics again in a year

Oil mixed as U.S. gasoline demand rebounds but recessionary fears loom

July 28, 2022

US News NEW YORK – Oil prices were mixed on Thursday, as concerns about a potential global recession that would knock energy demand offset lower crude inventories and a rebound in U.S. gasoline consumption. Brent crude futures rose 28 cents to $106.90 a barrel by 1:17 p.m. EDT (1716 GMT), after gaining $2.22 on Wednesday. U.S. West Texas Intermediate crude

Global gasoline cracks collapse, blow to refiners’ profits

July 25, 2022

US News 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 growing stockpiles. Refiners will be forced to cut gasoline output to safeguard themselves against losses and switch to producing

U.S. crude stockpiles dip, gasoline builds as demand slackens – EIA

July 20, 2022

Nasdaq U.S. crude oil stockpiles edged lower last week but gasoline inventories posted a larger-than-expected build on weakened demand, the Energy Information Administration said on Wednesday. Crude inventories USOILC=ECI fell by 446,000 barrels in the week to July 15 to 426.6 million barrels, compared with expectations in a Reuters poll for a 1.4 million-barrel rise. Demand figures rebounded from the previous

Shell adds $1 billion in refining profits from record fuel prices

July 8, 2022

World Oil (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 the London-based energy giant is the first indicator of just how much cash was flowing into the coffers of major

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

June 24, 2022

World Oil Major U.S. oil refiners met with U.S. Energy Secretary Jennifer Granholm on Thursday to discuss rising energy costs and energy security. The American Petroleum Institute (API) and American Fuel & Petrochemical Manufacturers (AFPM) called the meeting “a constructive discussion.” Reuters reported that while no concrete solutions emerged, both sides promised to keep talking and working together in good faith. “While

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

June 22, 2022

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 since mid-March, fuel costs have surged while crude prices are up only modestly. Much of the reason is a lack of adequate

Biden says he’s considering gas tax holiday as admin targets July 4 announcement

June 20, 2022

CNBC President Joe Biden said Monday that he is seriously considering a temporary halt in the federal gas tax as the White House looks to take steps to lower the cost at the pump ahead of the July 4 holiday. White House officials say the July 4 weekend, when tens of millions of Americans are expected to hit the road, is a

LyondellBasell fire shows how rapidly refining capacity can shrink

June 17, 2022

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 a big coker vital in fuel production and forced the 270,000 barrel-a-day oil processor to cut crude rates for what

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