(Investing) – LONDON – European and Asian refiners are paying record high prices of near $150 a barrel for some crude oil grades, far exceeding prices for paper futures, highlighting the worsening supply crisis from the U.S.-Israel war with Iran. The Iran war has forced the shutdown of at least 12 million barrels per day – about 12% of world supply
(BOE Report) – Spot premiums for U.S. West Texas Intermediate crude have jumped to all-time highs as competition between Asian and European refiners for supply heats up to replace Middle Eastern oil flows disrupted by the Iran war, industry sources said. Europe is typically the largest importer of U.S. crude, but competition has escalated with Asian buyers scouring for supply
(By Oil & Gas 360) – The first phase of the energy shock moved prices. The second reshaped flows. The third is now redirecting capital. As volatility moves from crude into refined products and logistics, investors are beginning to reposition, not around headline oil prices, but around where the system is tightening most. That shift is already visible. Refiners are
(Oil Price) – Independent Chinese refiners have started to experience difficulties in procuring cheap Iranian crude oil while others have stopped purchases from Iran, after the United States sanctioned two independent refiners in the past two months, sources with knowledge of the issue have told Reuters. Chinese crude oil imports topped 12 million barrels per day (bpd) in March, the highest volume
(Oil Price) – Despite slumping oil prices, global refiners are turning in strong first-quarter earnings, thanks to a sharp rebound in profit margins, Reuters reports, with U.S. Gulf Coast refiners processing Mars crude enjoying a doubling of margins to some $16 per barrel, $7 margins in Singapore for Dubai crude, and a 36% margin jump in Asia for Arab Light crude. All in
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
Yahoo Finance Remember the outrage when a handful of U.S. oil refineries closed in 2020? If you don’t, that’s because there wasn’t any outrage. Oil and gasoline prices were blissfully low and the COVID-19 pandemic dominated the news. Hardly anybody noticed. Energy investors certainly did, however, because 2020 was one of the worst years in history for energy producers. Exxon Mobil
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 traveling along a path where seven fuel-makers process the equivalent of 12% of the oil refined nationwide. The Category 4
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 coming to an end. China’s refiners processed about 280,000 barrels per day (bpd) more crude than what was available
Reuters NEW YORK – The Trump administration has argued against a petition from oil refiners asking the U.S. Supreme Court to review a lower court decision that undermined the legitimacy of the Environmental Protection Agency’s biofuel waiver program. Department of Justice officials said the court should not review the case as it does not conflict with any other Supreme Court
Reuters Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next because of uncertain prospects for a recovery in fuel demand after the coronavirus pandemic cut consumption. The pandemic initially cut global fuel demand 30% and refiners temporarily idled plants. But consumption has not returned to pre-pandemic levels and lower travel
Reuters LONDON/NEW YORK – European and U.S. oil refineries face a wave of closures due to plateauing fuel demand, tightening environmental rules and overseas competition, prompting some owners to opt for an easier alternative – converting plants to produce biofuels. The shock of the coronavirus epidemic crushed global oil demand and as some producers, including BP, say it might never
