(By Oil & Gas 360) – California’s energy system is heading toward a tighter balance, and it’s happening at the same time global supply risks are rising. Refinery closures across the state are steadily reducing in-state capacity. Over the past several years, California has lost meaningful refining throughput as facilities have shut down, converted to renewable fuels, or scaled
(BOE Report) – China continued to build the world’s largest stockpile of crude oil in March even as the rest of the world started to draw on inventories to compensate for the loss of millions of barrels from the effective closure of the Strait of Hormuz. China, the world’s biggest crude importer, had surplus oil of 1.74 million barrels per
(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,
(BOE Report) – Crude oil exports from the world’s largest oil exporter fell to 6.988 million barrels per day, down from 7.378 million bpd in November and its lowest since September, data from the Joint Organizations Data Initiative showed on Thursday. Saudi Arabia’s crude output stood at about 10.084 million bpd in December, its highest since April 2023. Output in
(Investing) – HOUSTON – Oil prices rose by around 1% on Tuesday as producers reeled from a winter storm that hobbled crude production and affected refineries on the U.S. Gulf Coast over the weekend, with the slow restart of output from the Tengiz oilfield in Kazakhstan further boosting prices. Brent crude futures were up 61 cents or 0.93%, at $66.20 a barrel
(Oil Price)– The newly proposed Western Gateway Pipeline, planned to ship fuels from Midwest refineries all the way to California, is gathering growing support from federal, state, and industry circles, according to one of the project’s proponents, refining giant Phillips 66. Phillips 66 and pipeline giant Kinder Morgan unveiled in October plans for the Western Gateway Pipeline, which could become the
(Investing)– Global refining margins have hit multi-year highs in November due to sanctions on Russia, refinery outages and maintenance, according to LSEG data and analysts, and some see little respite without more plants being built in the Western world. The strength in margins contrasts with crude oil markets coming under pressure from an expected oversupply, and has defied expectations earlier
(Oil Price)– All but two Indian refiners have skipped placing orders for Russian crude for December after the U.S. sanctioned Russia’s top oil producers, Rosneft and Lukoil, sources with knowledge of the purchases told Bloomberg on Tuesday. India’s refiners, which have come to rely on cheap Russian crude in the past three years, have withdrawn from the December purchasing window which
(Oil price)– Indian Oil Corp. is looking to buy 24 million barrels of crude oil from the Americas in the first quarter of next year to replace lost Russian supply after the latest U.S. sanctions on Rosneft and Lukoil. Bloomberg reported that the company, which is India’s largest refiner, is looking for cargos from the United States, Canada, Brazil, and Latin America.
(Oil Price)– Nayara Energy, the Indian refiner in which Russia’s oil giant Rosneft holds 49%, is set to import in August the lowest volume of crude ever as the EU sanctions cripple procurement plans and sales of refined petroleum products. Nayara Energy is expected to import just 94,000 barrels per day (bpd) of crude this month, Bloomberg reports, citing ship-tracking data
(Oil Price)– The U.S. has sanctioned a fourth oil import terminal in China for receiving Iranian oil cargoes as the State Department expanded sanctions against entities involved in trade with Iran. The U.S. Department of State designated a fourth China-based crude oil and petroleum products terminal, Zhoushan Jinrun Petroleum Transfer Co Ltd, as it “has a demonstrated pattern of accepting Iranian crude
(Oil Price) – On the heels of my recent article outlining how California’s unique fuel regulations — not corporate price gouging — are driving up gasoline prices in the state, new developments have added urgency to that conversation. On May 6, California Senate Minority Leader Brian W. Jones (R-San Diego) sent a letter to Governor Gavin Newsom sounding the alarm over what could become an
