Auto Added by WPeMatico
(Reuters) – Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand. The weakness is a further sign of soft consumer and industrial demand, …
Global Refiners Face Profit Slump as New Plants Come Online Read More »
BP’s 435,000-barrel-per-day (bpd) Whiting, Indiana, refinery plans to begin turnaround as early as Sept. 20, research company IIR Energy said on Thursday.The planned maintenance activities are expected to last around 60 days, IIR said. (Reporting by Nicole Jao)
Summary Hurricane Francine makes landfall in Louisiana Nearly 39% of Gulf of Mexico oil production offline IEA’s 2024 oil demand growth forecast cut by 7.2% EIA data shows U.S. oil stockpiles rose last week Sept 12 (Reuters) – Oil prices rose almost 2% on Thursday, extending a rebound spurred by concern over Hurricane Francine’s impact …
Oil Prices Jump Nearly 2% on Fears Over Hurricane Impact on U.S. Output Read More »
(Reuters) – Fuel oil exports bound for the U.S. Gulf Coast slumped to their lowest level since January 2019 last month, a sign of weakened refinery demand as margins have softened, analysts said. Feedstocks like high sulfur fuel oil and other heavy residues can be refined into higher value products such as gasoline and diesel …
U.S. Gulf Coast-Bound Fuel Oil Cargoes Hit 5-Yr Low as Refinery Demand Weakens Read More »
U.S. crude oil refiners are trimming third-quarter production plans, company executives said in recent earnings calls, as summer fuel demand ebbs and profit margins remain weak. Operators say they are budgeting more maintenance downtime into forecasts after running at an industry average 95% of capacity earlier this year. Those high oil processing levels led to …
U.S. Refiners Trim Q3 Output Amid Weaker Margins, Plant Overhauls Read More »
Marathon Petroleum’s second-quarter profit hit by lower refining margins (Reuters) – Top U.S. refiner Marathon Petroleum posted lower second-quarter profit on Tuesday, hurt by lower refining margins. The company posted net income of $1.5 billion, or $4.33 per share, for the three months ended June 30, compared to the $2.23 billion, or $5.32 per share, …
Marathon Petroleum’s Second-Quarter Profit Hit by Lower Refining Margins Read More »
Cenovus Energy shut down a unit at its 183,000-barrel-per-day (bpd) refinery in Lima, Ohio, on Tuesday, the company said. “Lima Refining Company is responding to an issue at its facility,” a Cenovus spokesperson said, without giving a reason for the shutdown.“As the Refinery responds, community members will see larger than normal flaring as part of …
Cenovus Shuts Unit at 183,000-BPD Refinery in Lima, Ohio Read More »
(Reuters) – A double whammy of record heat and hurricanes should test U.S. refiners’ resilience in coming weeks, raising the risk of extremely volatile fuel prices in the middle of the peak travel season, analysts said. The Atlantic hurricane season from June through November is an annual threat for U.S. refineries. Half of the country’s …
Record U.S. Summer Heat, Hurricanes Could Roil Fuel Prices as Oil Refiners Sweat Read More »
U.S. oil refiners are expected to have about 260,000 barrels per day (bpd) of capacity offline in the week ending July 12, decreasing available refining capacity by 151,000 bpd, research company IIR Energy said on Monday. Offline capacity is expected to remain unchanged at 260,000 bpd in the week ending July 19, IIR added. The …
U.S. Oil Refiners’ Weekly Capacity Seen Down 151,000 Bpd, IIR Says Read More »
Gaining a foothold in the refining industry gives traders more options when deciding where to send certain oil grades Bloomberg News Commodities traders flush with cash are buying oil refineries that energy majors are increasingly turning their back on. It’s one of the areas where trading houses — who have long coveted the refining and distribution assets …
Energy Traders are Snapping Up Refineries Away From Big Oil Read More »
