(Investing) – HOUSTON – The price spread between WTI Midland crude in West Texas and Houston has narrowed this year as cold weather hurt Permian production, driving up prices, but weaker refinery and export demand on the U.S. Gulf Coast pressured that market lower. The spread between the two pricing points narrowed to 23 cents in March, the lowest since November
(Oil Price) – U.S. gasoline prices have resumed their uptrend, with AAA reporting the national average at $3.161 per gallon of regular compared to $3.139 a week ago and $3.115 a month ago. The national average price of diesel has increased 0.8 cents and now stands at $3.632 per gallon. “The national average has inched higher, driven primarily by sharp gas price increases
(Oil & Gas 360) – While oil demand continues to grow globally, its trajectory has been leveling somewhat, according to the International Energy Administration (IEA) in its World Oil Market Report released in September. It says the 800,000 barrels a day (bbl/d) increase for the first half of 2024 is the slowest growth rate since the Covid year of 2020;
Oil Price Refineries that had to dial down operations ahead of Hurricane Francine’s landfall are starting to reopen, with significant damages unlikely, according to a Reuters report. Exxon, which had cut operation rates at its Baton Rouge refinery to just a fifth of capacity, had now brought the refinery back online. “Our Baton Rouge area facilities are operating as normal. We
BOE Report About 1.7 million customers remained without power in Texas on Wednesday morning, two days after Hurricane Beryl made landfall, as progress to restore power was slow during the night, hampering efforts to quickly restart critical oil infrastructure. The storm made landfall as a Category 1 hurricane on Monday near the coastal town of Matagorda, about 100 miles (160
Oil Price Brazil’s state oil major Petrobras has stepped up security at its refineries in response to threats of attacks on the infrastructure, Reuters has reported, citing unnamed sources. The threats come as supporters of Brazil’s previous president, Jair Bolsonaro, stormed Brazil’s Congress, the presidential palace, and the Supreme Court this weekend. The riots first erupted following the narrow victory of President
World Oil As the White House and Congress weigh policy levers to provide relief to consumers from rising gas prices, a proposed ban on petroleum exports has become part of the discussion. A new study released by the American Council for Capital Formation examines the short-to-medium term logistics, pricing, and economic impacts of a complete ban on U.S. petroleum product exports. It concludes
Reuters LONDON – Global refineries will increase crude processing sharply over the next six months to stabilise stocks of fuels such as gasoline and diesel – even if substantial coronavirus controls remain on travel and service sector businesses. The prospective rise in processing and consequent draw down in crude inventories in the second and especially third quarters is what has
Oil and Gas 360 NEW YORK – U.S. gasoline prices hit a nine-month peak as drivers took to the roads on holiday travel, crude oil prices kept climbing and refiners further cut fuel production due to weak margins. Prices at the pump topped $2.25 a gallon this week, according to the American Automobile Association, the highest since March when COVID-19
Fox Business The energy industry braced for catastrophic storm surges and winds as Hurricane Laura cut a dangerous path across the coastlines of Texas and Louisiana, making landfall early Thursday. Oil and gas producers evacuated platforms and rigs in the Gulf of Mexico and companies shut down refineries in the storm’s path. Many had already done so while preparing for Tropical Storm Marco.
Reuters NEW YORK – Refiners have always produced fuel using crude oil. Now some are using grease. A slump in demand for gasoline since the onset of the coronavirus pandemic has several refining companies accelerating their plans to retrofit facilities to produce so-called renewable diesel made from, among other things, used cooking oil from fast-food restaurants. The shift helps, they
Reuters HOUSTON – The U.S. energy industry on Tuesday was preparing for a major hurricane strike, cutting crude production at a rate approaching the level of 2005’s Hurricane Katrina and halting oil refining at plants along the Texas-Louisiana coast. Officials in the two states ordered hundreds of thousands of coastal residents to flee inland as Hurricane Laura strengthened and forecasters
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