(Oil Price) – The trading arms of some of China’s biggest state-owned oil giants have started selling crude for May loadings in a rare move from the majors that have cut refinery rates in response to soaring oil prices and constrained crude supply from the Middle East. Sinopec, the world’s biggest refiner by capacity, and Sinochem Group have already sold
(By Oil & Gas 360) – The first phase of the U.S.–Iran conflict has exposed immediate stress in refined product markets. The second phase is already taking shape, and it is less about price spikes and more about how fuel actually moves around the world. Global trade flows are being rewritten in real time. As Middle East supply becomes less reliable,
(By Oil & Gas 360) – While crude oil grabs the headlines, the real pressure point in the U.S., Iran conflict is showing up downstream, in the fuels that actually power economies. Gasoline, diesel, and jet fuel markets are tightening faster and more unevenly than crude, revealing a different kind of energy shock that is driven by logistics, refining constraints,
(Oil & Gas 360) By Greg Barnett, MBA – Part I of The New Geography of Refining examined how the U.S. Gulf Coast became the world’s most important refining hub. The region’s complex refineries, advantaged feedstocks, and extensive shipping infrastructure form the backbone of global gasoline, diesel, and jet fuel balances. As transportation demand rises and geopolitical disruptions intensify,
Oil and Gas 360 Finding another way to avoid the waste and lost revenue from stranded gas in a pipeline-constrained portion of the Permian Basin could have global applications, according to two business partners in Texas interviewed in the June-July Oil and Gas Journal. Boosted by a $20 million investment by Midland-based partner and producer Diamondback Energy, Houston-based Verde Clean
Oil Price Americans continue to be fans of gasoline-powered vehicles and prefer them to electric vehicles (EVs) and hybrids, a new study by KPMG has shown. Assuming all costs and features are the same, just 21% of consumers prefer an EV, the inaugural KPMG American Perspectives Survey found. The survey assessed the views of 1,100 adults nationwide to understand their outlook
World Oil (Bloomberg) – Top Republicans are warning the Biden administration against tapping into the nation’s strategic oil reserve to bring down gasoline prices with five months to go before the presidential election. The message, sent in a letter Wednesday to Energy Secretary Jennifer Granholm, comes as Biden administration officials have hinted they may be willing to release oil from
Oil Price Gasoline prices in the United States are expected to see a slight drop of up to 10 cents per gallon by Memorial Day weekend, Patrick De Haan, head of petroleum analysis at GasBuddy, said on Tuesday. “I do not expect #gasprices to trend higher ahead of Memorial Day,” De Haan said on X today. “Prices could cycle in some areas that
CNBC Crude oil futures edged lower Thursday, taking a breather as traders took stock of the market after prices advanced more than 2% this week to hit the highest level since October. The West Texas Intermediate contract for May delivery fell 31 cents to $85.10 a barrel, while the Brent contract for June delivery lost 19 cents to $89.16. Oil prices have rallied this
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 in the Stabroek block since 2015. The latest announcement follows explosive growth in Guyana’s production, which benefitted from the early
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 170,000 bpd of gasoline and 120,000 bpd of ultra-low sulfur diesel, increasing Pemex’s fleet-wide output forecasts by 60% to 1.05
Nasdaq The White House will approve a request from a group of Midwest governors to allow year-round sales of gasoline with higher blends of ethanol, but will push the start date into next year, two sources familiar with discussions said. The decision will likely be bittersweet for the biofuel industry, which wants to expand sales of corn-based ethanol but might
