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 that the company has the potential to increase its refining capacity by as much as a half a million barrels
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 U.S. refiners now see their first-quarter utilization below 90%, and analysts expect refinery capacity utilization to be between 85% and
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 are preparing for maintenance season. According to Reuters, this season will see twice as many refineries shut down for repairs to compensate
Oil Price Crude oil prices are set to finish off the week in the green on hopes that China’s zero-Covid policy shedding will mean a boost in economic growth and oil demand—and it’s carrying gasoline prices right along with it. Brent crude oil was trading up 0.51% on the day at 8:36 am ET at $86.58 per barrel—up from
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 reporting. The size of the planned outages suggests supplies of gasoline and diesel could tighten and margins rise as the
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, with the national average rising 5.7 cents since last week to $3.327 per gallon. Gasoline demand normally slacks off this
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 says the 98,000-barrel-a-day Commerce City refinery was damaged by the record-setting weather that swept across large parts of the continent, with the company initiating a shutdown
Oil Price Inflation-adjusted average U.S. gasoline prices ahead of Thanksgiving are up by 7.5% compared to the same time last year, in line with the overall rise in consumer prices, the U.S. Energy Information Administration (EIA) said on Wednesday. U.S. consumers paid on average $3.65 per gallon at the pump for regular gasoline on November 21, the Monday before Thanksgiving. This is
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 kicks in in February. Despite a small build in America’s distillate inventories last week, the levels are still at
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 reason is a looming shortage of diesel and heating oil, especially in the Northeast, which the White House is worried may compromise
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 Segundo Fire Department responded to an isolated fire inside the Chevron El Segundo Refinery, the city of El Segundo said. El
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. The refining industry has minted huge profits this year on buoyant demand for gasoline, diesel and jet fuel. Fourth-quarter outlooks should keep
