Phillips 66, the refiner, reports a Q3 profit increase on the strength of midstream and chemicals
Phillips 66 surpassed quarterly profit expectations on Tuesday, as its chemical and midstream segments were able to more than compensate for a decline in refinery margins due to a lackluster fuel demand. This year, the company has increased its market share for natural gas liquids by expanding its pipelines. It owns more than 72,000 miles in U.S.
US fuelmakers report lower profits in Q3 due to weaker margins and fuel demand
Energy analysts predict that the third quarter profits of U.S. refiners will be lower than last year due to a decline in margins, as fuel demand has slowed and more refining capacity is coming online. After the pandemic, and Russia's invasion in Ukraine, which boosted margins at record levels, refiners are now reversing their favorable pricing and high demand.
Oil Giants Set Health Checks, Work-from-home Rules
Major energy companies in the United States imposed work-from-home rules for office staff and began health checks for remote or critical workers as coronavirus spread and threatened an industry reeling from falling demand and profits.BP, Exxon Mobil, Kinder Morgan, Motiva Enterprises and Royal Dutch Shell told most office staff to work from home starting Monday.
Flooding Disrupts U.S. Gulf Coast Energy Operations
Energy infrastructure on the U.S. Gulf Coast was hit hard by Tropical Storm Imelda on Thursday, as flooding forced a major refinery, a key oil pipeline, terminals and a ship channel in Texas to shut, according to sources familiar with operations.Torrential rain has inundated the Gulf Coast from Houston to western Louisiana for a second straight day.
U.S. Refinery Workers Push Biofuels Reform
A delegation of workers from U.S. oil refining companies that oppose the nation's biofuels policy will converge on Washington on Wednesday to try to convince lawmakers to find a way to lessen the regulation's costs without hurting corn farmers. The trip, organized by the United Steelworkers union, marks…
U.S. Crude Exports to Asia Slump as WTI Outperforms
Exports of U.S. crude oil to Asia appear to be starting to struggle under the weight of a narrowing discount for its domestic benchmark crude to international grades and efforts by other suppliers to maintain competitiveness. Vessel-tracking and port data suggest Asian imports of U.S. crude were equivalent to about 560…
Petrobras Chief: U.S. Refinery Sale Ongoing
Brazil's Petrobras is continuing with its efforts to sell a Pasadena, Texas oil refinery and has no plans to build another plant, the company's chief executive said on Monday. Pedro Parente, chief executive of the state-controlled oil firm, said the company has not changed its mind on divesting its Liquigas subsidiary. An earlier sale of the operation was blocked.
Europe Gasoline/Naphtha-Cracks Hit two-year Low
Gasoline refining margins in northwest Europe dropped to a two-year low on Monday even as substantial volumes traded on European barge markets. The highest volume of gasoline barges in nearly seven years traded on Monday, brokers told Reuters, with 48,000 tonnes changing hands. Volumes were elevated…
Oil Prices Buoyed by Strong U.S. Refinery Runs, China Data
Brent, WTI crude dip but stay near mid-2015 highs; U.S. stocks fall 4.6 mln bbls, refining surges - EIA. Oil prices dipped on Thursday but stayed close to their highest in 2-1/2 years, as data showed strong demand for crude imports in China and on increased refining activity in the United States that drew more crude from inventories.
Crude Oil Rally Stalls as Fuel Prices Soften
Surging prices for refined products, especially distillate fuel oil, led crude prices higher between June and November, but now fuels are slipping and putting crude under pressure. Gross refining margins for producing distillate fuel oil from U.S. crude rose from $14 per barrel in June to more than $25 per barrel in the middle of November. The U.S.
Distillate Fuel Market to Tighten in 2018: Kemp
U.S. refineries are struggling to meet booming demand for distillate fuel oil at home and in export markets which will leave the distillate market very tight in 2018. Even if the northern hemisphere winter is only averagely cold, the distillate market looks set to enter 2018 with lower than average stocks and fast-growing demand…
Oil Nears Five-Month Highs
Brent, WTI on track for biggest weekly gains in two months; U.S. refineries restarting after hurricane shutdowns. Brent oil prices held steady near five-month highs, and were on track for the highest weekly rise since the end of July on higher demand forecasts and the restart of oil-hungry refineries in the United States.
US Gasoline Inventories Slump by Record Volume Last Week
U.S. gasoline inventories fell 8.4 million barrels last week, the largest weekly drop since the U.S. Energy Information Administration began tracking data in 1990. U.S. crude exports fell to 6.5 million barrels per day in the week to Sept. 8, the lowest rate since 2014, according to EIA, which released data on Wednesday. U.S.
U.S. Gulf Refiners Recovering Slowly, Carefully
U.S. refineries are restarting after Hurricane Harvey forced them to shut down two weeks ago, raising the risk of fires and explosions that could prolong fuel supply disruption as plants simultaneously reheat units and reactivate catalysts. Restarts are one of the most dangerous times for refinery workers, so operators keep shutdowns to a minimum.
Hedge Funds Await Certain Oil Rebalancing
Hedge funds have continued to cover their short positions in crude and refined products, but the impact on oil prices has been surprisingly muted so far, with a much smaller rally in prices than expected. Hedge funds and other money managers reduced short positions in the five main futures and options…
Residents Flee South Texas Ahead of Harvey
Residents fleeing most powerful storm on U.S. mainland since 2005. Businesses closed and lines of cars streamed out of coastal Texas as officials called for residents to evacuate ahead of Hurricane Harvey, expected to arrive about midnight as the most powerful storm to hit the U.S. mainland in more than a decade.
Harvey Throws a Wrench into US Energy Engine
A hurricane in the heart of the U.S. energy industry is expected to upend years of U.S. excess oil capacity and low prices, with the impact expected to reverberate globally and affect energy markets for weeks. Harvey hit the Texas shore as a fierce Category 4 hurricane, causing massive flooding that knocked out 11.2 percent of U.S.
Flooding Knocks Out U.S. Refineries
Harvey brings heavy rainfall, flooding to U.S. Gulf coast. Heavy rains from tropical storm Harvey caused large-scale U.S. refinery outages, pushing up gasoline prices, while crude prices rose in early Asian trade on Tuesday on the back of supply disruptions in Colombia and Libya. Refinery shutdowns from the storm helped push U.S.
Largest US Refinery May Be Shut for up to Two Weeks
Motiva Enterprises' Port Arthur, Texas refinery, the nation's largest, may be shut as long as two weeks for assessment of the plant and repair of any damage, sources familiar with plant operations said on Thursday. The 603,000 barrel per day (bpd) Port Arthur Refinery was shut on Wednesday due to flooding from Tropical Storm Harvey. Reporting by Erwin Seba
Hedge Funds Watch U.S. Refinery Restarts
Hedge funds are betting crude oil stocks will adjust quickly to the aftermath of Hurricanes Harvey and Irma but gasoline and distillate inventories may take more time to normalise. Hedge funds and other money managers increased their combined net long position in the five major petroleum contracts linked to crude…
