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Asian margins for the fuel have almost halved since February The drop in profits has come as a surprise: Wood Mackenzie Returns from making diesel have fallen sharply over the last few months as supply of the industrial and transport fuel has outpaced demand, spurring refiners to cut run rates and focus on producing gasoline …
Diesel in the Doldrums as Weak Demand Prompts Refiner Run Cuts Read More »
Proxy advisory firm ISS recommended on Monday that Hess shareholders abstain from voting for Chevron’s proposed $53 billion acquisition of Hess. Hess shareholders are set to vote on the deal at a meeting scheduled for May 28. ISS questioned the timing for the vote amid uncertainty around the deal due to an arbitration process filed …
ISS Recommends Hess shareholders Abstain from Voting for Merger with Chevron Read More »
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) held steady on Monday:* WCS for June delivery in Hardisty, Alberta, settled at $12.75 a barrel below WTI, according to brokerage CalRock, unchanged from Friday’s closing price. * Canadian heavy crude has strengthened this month as the …
U.S. oil output from top shale-producing regions will rise in June to its highest in six months, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday.Production in the top basins will reach 9.85 million barrels per day (bpd), its highest since December, the EIA said. Shale production, which represents …
U.S. Oil Output in Top Shale Regions to Hit Six-Month High in June, EIA Says Read More »
(Reuters) – Biodiesel and other renewable diesel fuel oils are displacing a small but growing volume of petroleum-derived distillate fuel oil in the United States, especially in California and other parts of the West Coast. The result of this policy-driven change is that manufacturing and freight activity is correlated with total petroleum and renewable fuel …
Renewable Fuels Take Bite Out of U.S. Diesel Consumption – John Kemp Read More »
By Reuters Schumer urges FTC to hit the brakes on $53 billion Chevron-Hess merger By Reuters May 12 (Reuters) – U.S> Senate Majority Leader Chuck Schumer on Sunday urged the Federal Trade Commission to “pump the breaks” on Chevron Corp’s proposed $53 billion acquisition of Hess Corp. “The FTC should side with consumers and pump the breaks …
Schumer Urges FTC to Hit the Brakes on $53 billion Chevron-Hess Merger Read More »
U.S. natural gas pipeline venture Mountain Valley Pipeline said on Friday it repaired a segment of pipe that failed a water test earlier in the month and will continue to prepare the long-delayed West Virginia-Virginia pipe for service. The venture was on track to complete the $7.85 billion project by the end of May, U.S. …
U.S. Mountain Valley Passes Test After Fixing Leak in WV-VA Natgas Pipe Read More »
(Reuters) – OPEC will stop publishing a calculation of the world’s demand for its own crude in its monthly oil report, two sources close to the matter said, focusing instead on forecasts for demand for oil from the wider OPEC+ group. The change reflects what has become long-standing cooperation between the members of the Organization …
OPEC Switches to ‘Call on OPEC+’ in Global Oil Demand Outlook Read More »
(Reuters) – Pipeline operator Enbridge (ENB.TO) beat market estimates for first-quarter profit on Friday, as demand remained strong amid an uptick in oil production across North America. Improvements in technology have driven rapid growth in U.S. oil production over the past few years, benefiting pipeline operators such as Enbridge. The company recorded strong demand for its …
Pipeline Operator Enbridge Beats Profit Estimates on North American Demand Read More »
Republican presidential candidate Donald Trump vowed to reverse dozens of the Biden administration’s environmental rules and policies at a meeting with top U.S. oil executives, where he also asked them to raise $1 billion for his presidential campaign, the Washington Post reported on Thursday. The Post, citing unidentified sources familiar with the meeting last month …
Trump Vows to Target EVs, LNG Exports in Meeting With Oil CEOs Read More »
