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Suncor Colorado refinery shut down until March

December 29, 2022

Oil Price Canadian integrated oil company Suncor Energy Inc. (NYSE: SU) has revealed that extreme weather including multiple fires have forced the company to shut down its Colorado refinery, adding that it will remain offline till March 2023. The company says the 98,000-barrel-a-day Commerce City refinery was damaged by the record-setting weather that swept across large parts of the continent, with the company initiating a shutdown

U.S. diesel inventories hit historic lows at the worst possible time

November 17, 2022

Oil Price U.S. distillate stocks, which include diesel and heating oil, have slumped to their lowest level for this time of the year since 1951, just as the heating season starts and the EU embargo on Russian oil product imports kicks in in February. Despite a small build in America’s distillate inventories last week, the levels are still at

White House considers curbs on fuel exports amid diesel squeeze

November 16, 2022

Oil Price President Biden may order fuel distributors to keep greater inventories at home in a bid to ensure an adequate supply of heating oil for the Northeast, Energy Secretary Jennifer Granholm has said, as quoted by Bloomberg. The reason is a looming shortage of diesel and heating oil, especially in the Northeast, which the White House is worried may compromise

Fire erupts at large Chevron refinery in California

November 9, 2022

Oil Price A fire broke out at Chevron’s El Segundo refinery in California on Tuesday evening, with no injuries reported and no immediately clear indication as to the cause of the incident. At around 6:15 p.m. on Tuesday, El Segundo Fire Department responded to an isolated fire inside the Chevron El Segundo Refinery, the city of El Segundo said. El

U.S. oil refiners to keep running at breakneck speeds in fourth quarter

November 4, 2022

Nasdaq HOUSTON – U.S. oil refiners this quarter will run their plants at breakneck rates, near or above 90% of capacity, as tight fuel supplies spur high profits and operating rates, according to company forecasts and analysts surveyed by Reuters. The refining industry has minted huge profits this year on buoyant demand for gasoline, diesel and jet fuel. Fourth-quarter outlooks should keep

Marathon Petroleum and Phillips 66 cruise past estimates on fuel demand surge

November 1, 2022

Reuters Marathon Petroleum (MPC.N) and Phillips 66 (PSX.N) posted quarterly profits which cruised past Wall Street estimates on Tuesday, becoming the latest U.S. refiners to benefit from robust fuel demand and margins amid tight supplies. U.S. refiners are posting strong profits with refineries running at record levels this year, strong export demand amid a squeezed supply due to Russia’s invasion of Ukraine and

Valero posts bumper Q3 profit as demand for its fuels exceeds 2019 levels

October 25, 2022

Oil Price Major U.S. refiner Valero Energy (NYSE: VLO) reported on Tuesday third-quarter earnings above analyst expectations, thanks to strong product demand exceeding 2019 levels and solid refining fundamentals in the U.S. and worldwide. Valero, which launched the earnings season for U.S. refiners today, said its adjusted net income surged to $2.8 billion, or $7.14 per share, for the third quarter,

ANALYSIS-US refinery M&A stalls as buyers shun aging assets, uncertain future- oil and gas 360

U.S. refiners eye Canadian oil once strategic reserve turns off taps

September 20, 2022

Yahoo News NEW YORK – U.S. refiners are expected to buy more Canadian oil after the Biden administration ends releases from the Strategic Petroleum Reserve (SPR) this fall, traders said, adding this should boost the price of Canadian barrels at a time of tight global supply. The coming end of SPR releases could shift market dynamics again in a year

Shell adds $1 billion in refining profits from record fuel prices

July 8, 2022

World Oil (Bloomberg) — Shell Plc said soaring margins from fuel production may have added more than $1 billion to the earnings of its refining business last quarter, when gasoline prices broke records in several countries. The trading update from the London-based energy giant is the first indicator of just how much cash was flowing into the coffers of major

Industry groups call refiners’ meeting with energy secretary ‘constructive’

June 24, 2022

World Oil Major U.S. oil refiners met with U.S. Energy Secretary Jennifer Granholm on Thursday to discuss rising energy costs and energy security. The American Petroleum Institute (API) and American Fuel & Petrochemical Manufacturers (AFPM) called the meeting “a constructive discussion.” Reuters reported that while no concrete solutions emerged, both sides promised to keep talking and working together in good faith. “While

Explainer: Why is there a worldwide oil-refining crunch?

June 22, 2022

Reuters Drivers around the world are feeling pain at the pump with fuel prices soaring, and costs are surging for heating buildings, power generation and industrial production. Prices were already elevated before Russia invaded Ukraine on Feb. 24. But since mid-March, fuel costs have surged while crude prices are up only modestly. Much of the reason is a lack of adequate

LyondellBasell fire shows how rapidly refining capacity can shrink

June 17, 2022

World Oil (Bloomberg) — The 30-minute fire at LyondellBasell Industries NV’s Houston refinery Tuesday underscored just how quickly U.S. gasoline production can fall at a time when the country is experiencing record-high prices at the pump. The blaze took out a big coker vital in fuel production and forced the 270,000 barrel-a-day oil processor to cut crude rates for what

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