PBF takes over LA- Exxon Refinery after Setbacks
U.S. refiner PBF Energy took ownership on Friday of a Los Angeles-area refinery purchased from Exxon Mobil Corp for $537.5 million, clearing the way for it to focus on further North American acquisitions. The takeover of the Torrance, California facility makes PBF the fourth largest independent U.S. refiner and expands its footprint from coast to coast, a longtime goal of founder and former chairman Tom O'Malley, who retired at the end of June. The deal also increases PBF's total throughput capacity to around 900,000 barrels per day.
China's Robust Crude Oil Imports Mask Changing Fuel Dynamics
China is a bigger concern for crude oil and products markets than the current worries about the British vote to leave the European Union. While the news media continues its relentless focus on Brexit, there is mounting evidence of a shift in the dynamics of China's crude and fuel markets, which may have a far greater impact on global energy markets. On the surface crude imports by the world's No.2 consumer China look healthy enough, rising 16.5…
Oil Price Forecasts: Should We Score Accuracy?
Who is the top forecaster in the oil market? The surprising answer is that nobody knows because the accuracy of predictions is never properly tracked and measured after they are made. Banks, consultancies, government agencies and even journalists routinely issue predictions about what will happen to oil supply, demand and prices in future. Forecasts about the trajectory of prices over the next few months and years drive decisions affecting billions of dollars of investment.
Data Availability Bias in Oil Market: Kemp
Why is there such good data about oil in the United States but such poor data about everywhere else? Accurate information is essential for good decision-making, so it is remarkable how little reliable and timely data exists about the production and consumption of crude oil and refined fuels outside the United States. The situation in the other advanced economies, not to mention emerging markets, is mostly guesswork. The result is that oil analysts cannot even agree on production and consumption yesterday and today…
U.S. Set to for More Accurate Oil Production Data
Figures on U.S. oil production are subject to much more uncertainty than the numbers for oil stocks, refinery throughput and imports because the Energy Information Administration (EIA) has to rely on state-level data rather than its own surveys. That could be about to change, however, because the EIA has received approval from the White House to launch its own mandatory monthly survey of oil and condensate production. The first of the new survey forms have gone out and respondents are beginning to submit data.
All Energy 2015
In just four weeks’ time All-Energy 2015, the UK’s renewable energy exhibition and conference will open in its new home, Glasgow’s SECC, with the expectation that up to 7,000 people from home and overseas will visit the exhibition, to make new contacts and source new suppliers, attend the multi-stream conference over the two days (Wednesday 6 – Thursday 7 May), and relish the networking possibilities of its Giant Networking Evening. All the component parts are in place.
Refinery Strike Talks Unlikely This Week
Talks to end the largest U.S. refinery strike in 35 years are not expected to resume this week, sources familiar with the negotiations said on Monday after the number of plants hit by walkouts increased over the weekend. Face-to-face meetings between the United Steelworkers union (USW) and lead refinery owner representative Shell Oil Co, the U.S. arm of Royal Dutch Shell Plc, might remain on hold until the second week of March, the sources said.
BOEM to Open Bids for Gulf of Mexico Lease Sale
The Bureau of Ocean Energy Management (BOEM) Gulf of Mexico Regional Director John Rodi will open the Gulf of Mexico Western Planning Area Lease Sale 238 at 9 a.m. CDT on Wednesday, August 20, 2014 at the Mercedes-Benz Superdome in New Orleans. The sale, which offers more than 21 million acres for oil and gas exploration and development offshore Texas, is open to the public and news media representatives are invited to attend. Following the bid reading…
