In its latest Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) estimates that third-quarter 2020 global liquid fuels consumption averaged 94.2 million barrels per day (b/d), an increase from the second quarter but significantly lower than the …
Starting in mid-March 2020, transportation fuel demand in the United States decreased to record lows as a result of reduced economic activity and stay-at-home orders aimed at slowing the spread of the 2019 novel coronavirus disease (COVID-19). In response …
RarePetro
Oil & Gas 360 Publishers Note: Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any …
In the Annual Energy Outlook 2020 Reference case, EIA projects that the United States will remain a net exporter of total petroleum liquids; however, the United States will remain a net importer of crude oil through 2050.
United …
With a massive shift in the marine fuel market just months away from implementation, a Galveston fuel storage operator says it plans to operate a 50,000 barrel a day crude processing facility to meet new stricter …
Houston’s Citgo Petroleum is under attack on multiple fronts. Creditors for its parent company want to seize its refineries. It’s at the center of a fight for control over Venezuela. The Justice Department is investigating it …
In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner.
On Wednesday …
CITGO’s board of directors has appointed former Venezuelan oil executive Carlos Jorda as CEO of the embattled Houston refining company.
In a statement released on Wednesday morning, the company’s board reported that the year-long search for …
From Reuters
Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), the two reported on Friday.
Exxon’s topped analysts’ reduced estimates for the quarter but net …
From gCaptain/Reuters
(Reuters) – Global energy trader Gunvor Group has put on hold plans to upgrade its Rotterdam refinery that intended to make the plant more competitive ahead of new global rules on shipping fuel quality, it said on Tuesday, …
From Reuters
Venezuela is considering producing fuels from foreign crude oil for the first time, according to planning documents seen by Reuters, as the country struggles to meet its obligations despite having the world’s largest crude reserves.
State-run oil company …
Saudi Aramco and Total (ticker: TOT) have signed a memorandum of understanding to build a giant petrochemical complex in Jubail, Saudi Arabia.
Located next to the SATORP refinery in the same industrial area, the complex will comprise a mixed-feed steam …
Encana Corporation (ticker: ECA) and Keyera Partnership have reached an …
Canada is hurting for takeaway capacity—the industry needs pipelines to take its oil and gas production to market, or more locomotive hauling capacity—or both.
Cenovus Energy Inc. (ticker: CVE) said it has reduced production rates due to pipeline constraints and …
Quantum Energy Partners and Stonecourt Capital LP have announced the formation of PetroLogistics II LLC, with founders David Lumpkins and Nathan Ticatch.
PetroLogistics II, headquartered in Houston, Texas, plans to continue the strategy of its predecessor, PetroLogistics Company LLC. The …
Inter Pipeline Ltd. (ticker: IPL) is getting help from the Canadian Government to build a world-scale integrated propane dehydrogenation (PDH) and polypropylene (PP) plant with a price tag of $3.5 billion.…
Hurricane Harvey, which is expected to make landfall around one o’clock in the morning on Saturday, August 26, may have an impact on the near-term energy outlook for the U.S.
As of now, Harvey is classified as a Category-2 storm …
U.S. refiners are picking up activity as the summer driving months approach, encouraging markets to increase the number of long bets on oil.
Utilization is expected to …
China will cut its export quotas to the country’s oil majors by 40% in the first round of licenses for 2017, reports Reuters, even as traders expect allowances for overseas sales to meet …
Tesoro Corporation (ticker: TSO) announced a definitive agreement Thursday under which it will acquire Western Refining Inc. (ticker: WNR) at an implied current price of $37.30 per Western share in a stock transaction, representing a …
The actual amount of crude oil stored in China may be significantly higher than official reports indicate, according to geospatial analytics company Orbital …
Dynamic Materials presents at EnerCom’s The Oil & Gas Conference®
During Dynamic Materials’ breakout session, management was asked the following questions:
China’s net fuel product exports fell 76% in January from the final month of 2015 to 350,000 metric tons, the lowest level since June, according to Bloomberg. China’s net exports reached the …
Don’t count Warren Buffett as a participant in the energy market selloff – the legendary investor has purchased nearly $5 billion of Phillips 66 (ticker: PSX) stock since August 2015.…
Western Refining (ticker: WNR) is attempting to enhance its Midwest footprint, proposing a $2.56 billion buyout deal of Northern Tier Energy LP (ticker: NTI). WNR already owns 100% of the partnership and 38% of …
The outlook for the refining sector continues to be a bright spot in an otherwise gloomy outlook for the energy industry. While E&Ps look for the best ways to cut costs amid …
The U.S. Virgin Islands filed a lawsuit against Hess Corp. (ticker: HES) for approximately $1.5 billion, saying the company violated its contract by shuttering its refinery in St. Croix.
Prior to being shuttered, the facility was once the world’s largest …
