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Prolonged U.S. manufacturing slowdown barely dents energy use: Kemp

September 5, 2023

Nasdaq LONDON – U.S. manufacturers reported that business activity declined for the 10th month running in August, though declines are becoming less widespread implying the trough in the cycle may be approaching. The Institute for Supply Management’s purchasing managers index increased slightly to 47.6 (16th percentile for all months since 1980) in August up from 46.4 (13th percentile) in July

U.S. gasoline prices rise ahead of Labor Day weekend

August 31, 2023

Oil Price The average retail price of regular gasoline in the United States has risen by 6% over the past five weeks heading into the Labor Day weekend, the U.S. Energy Information Administration (EIA) said on Thursday. On the Monday before the Labor Day weekend, August 28, 2023, the retail price of regular gasoline averaged $3.81 per gallon across the U.S. Prices have increased

US oil refiners to defy heat, run plants at mid-90% of capacity

August 9, 2023

Nasdaq HOUSTON – Top U.S. oil refiners will run their plants this quarter at up to 95% of their combined 17.9 million barrel-per-day capacity, according to executives and analysts, defying this summer’s extreme heat to pump out more fuels. The refining industry has been running at above 90% of capacity for more than a year on strong gasoline and diesel

US distillate stocks fail to make summer recovery amid refinery outages

July 25, 2023

Nasdaq U.S. diesel, heating oil and jet fuel stockpiles have failed to recover from the 10-year lows hit last year when high prices caused the Biden administration to consider a ban on fuel exports, leaving the markets vulnerable to supply shocks when demand picks up toward the end of the summer. Though diesel prices have fallen by 30% year-on-year, tight

Small U.S. refiners to sue EPA over denial of biofuel waivers

July 18, 2023

Oil Price Several small U.S. refiners plan to challenge in court last week’s decision by the Environmental Protection Agency (EPA) to deny waivers to refiners who had asked to be exempted from the biofuel blending requirements, one of the refiners, Par Pacific, has told Reuters. Under the Renewable Fuel Standard (RFS), oil refiners are required to blend growing amounts of renewable

New Pemex oil refinery to again miss production launch – document

May 24, 2023

Nasdaq MEXICO CITY – A new oil refinery belonging to Mexico’s state-owned Pemex, a top priority of the country’s president, will again miss its promised launch date to begin production, according to an internal audit report seen by Reuters. The report stated that the current July goal was “not feasible,” which would mark a setback for President Andres Manuel Lopez

Refinery utilization plans tell story of strong oil products demand in U.S.

May 17, 2023

Oil Price U.S. crude oil refineries are planning to run at a rate of 94% utilization this quarter, according to company forecasts and analysts, Reuters said on Tuesday. U.S. total refining capacity is estimated at 17.9 million barrels per day. U.S. refiners have been running at 91% of their operable capacity for the week ending May 5, according to the

Petrobras has high hopes for refining, pre-salt discoveries

May 15, 2023

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

U.S. refiners to scale back capacity utilization after record 2022

February 3, 2023

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

Diesel markets brace for a chaotic February

January 23, 2023

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

Heavy slate of U.S. oil refinery overhauls to crimp fuel output

January 18, 2023

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

U.S. gasoline prices continue to rise even as demand slumps

January 17, 2023

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

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