Oil Refineries

A release of fluid set off an explosion and ensuing fire ?that forced the temporary shutdown of ?Valero Energy Corp's 380,000-barrel-per-day (bpd) oil refinery ?in ?Port Arthur, Texas, according to a notice the company filed with state pollution regulators on Tuesday. The people reported that no injuries were reported in connection with the explosion of the Unit 243 Diesel Hydrotreater (47 000 bpd) unit. The date for the restart of the refinery has not been announced. Valero filed a notice with the Texas Commission on Environmental Quality on Tuesday night stating that an unpredicted release of fluid from Complex 2...

Two sources with knowledge of the situation say that the Trump administration will announce on Wednesday a temporary lifting of federal smog-cutting restrictions on summer-blend gas to 'curb rising fuel prices due to the war in Iran. This move will make gasoline more affordable by preventing refiners from switching to expensive summer blends. Fuel retailers will also be able to sell gasoline containing 15% ethanol (also known as E15) throughout the summer driving seasons, when more stringent rules would normally limit its use. Analysts believe the change will reduce retail prices by several cents per gallon and help both consumers...

Valero Energy Corp completed the temporary shutdown of ?its 380,000-barrel-per-day oil refinery in ?Port Arthur, Texas, on ?Tuesday ?following a Monday night explosion and fire in a diesel hydrotreater unit, people familiar with the plant operations said. The explosion of the diesel hydrotreater unit 243, which produces 47,000 bpd, did not cause any injuries. The date for the reopening has not been announced. Jefferson County Sheriff's Office said that the cause was unknown but they did not believe it to be an intentional act intended to?damage the refinery. Donta Miller said, "No, it's not that," when asked whether there was...

The spokesperson for the Jefferson County Sheriff's office said on Tuesday that no 'evidence' has been found to indicate a deliberate act as the cause of the explosion which occurred at Valero Energy Corp's Port Arthur refinery in Texas. Donta Miller is the chief deputy of?the sheriff’s office. On Monday night, 'people familiar with the plant operations' said that they could feel an explosion from a diesel-hydrotreater 11 miles away (18 km). Valero closed down the refinery in order to prevent the fire from being fueled by hydrogen or hydrocarbons. Hydrotreaters remove sulfur from motor fuels using hydrogen in accordance...

The crude oil markets still price in a resolution of the Middle East conflict that will result in the full opening of the Strait of Hormuz. In pricing this outcome, the market actually makes it more likely that the narrow waterway which serves as a channel for as much as 20 percent of the world’s oil supply remains closed. The market still expects U.S. president Donald Trump to deliver TACO - the acronym for Trump always?Chickens out. Trump can continue the conflict by maintaining the price of paper crude oil below the level that would allow for a return to...

ADNOC, Abu 'Dhabi's state-owned oil company, has closed its Ruwais refinery. A fire broke out in a facility inside the complex after a drone attack. This is the latest disruption of energy infrastructure caused by the U.S. and Israeli war against Iran. The emirate’s government media office reported on Tuesday that authorities in Abu Dhabi?were responding a fire at a facility after a drone attack. The emirate's government media office said on Tuesday that authorities?were responding to a fire at the facility following a drone attack, adding there were no injuries. The complex houses Abu Dhabi National Oil Company's (ADNOC)...

Share markets are down on concerns that a U.S. - Israeli war against Iran is escalating and will lead to a squeeze on energy supplies around the world. Here are some?actions? that governments have taken?or? plan to take in order to lessen the impact the war has on their economies. SOUTH KOREAN PLANS FUEL CAPITAL South Korean President Lee Jae Myung announced on Monday that the government would be capping domestic fuel prices for nearly 30 years. The country will also look for sources ?of energy beyond supplies shipped via the Strait of Hormuz, and a 100 trillion won ($67...

South Korean President Lee Jae Myung announced on Monday that the government would cap domestic gasoline prices for the first time in nearly 30 years to contain a price spike after the Middle East conflict sent global crude oil prices sharply higher. At an emergency meeting to discuss the Middle East Crisis, Lee stated that the government would "boldly and swiftly" implement a maximum pricing system on petroleum products which have seen recent price increases. In his opening remarks, Lee stated that the current crisis is "a significant burden" on our economy which is heavily dependent on global trade as...

Citgo Petroleum, a U.S. refiner, reported an increase of 48% in its net profit last year to $452 millions. This was due to improved refining margins as well as a record-breaking crude processing rate of 760,000 barrels / day. If the U.S. Treasury Department approves the transaction, the seventh largest U.S. refining company, owned by Venezuelan, will be 'taken over by an Elliott Investment Management affiliate following a court ordered auction last year to pay creditors. Citgo's annual total throughput increased from 811,000 to 833,000 barrels per day (bpd) with a crude usage rate of 92% in 2018. This is...

The United States issued on Thursday a 'general licence' exempting transactions that involve the 'German unit of Russia’s Rosneft’ from?U.S. sanctions. The U.S. Treasury Department announced that sanctions would be imposed on the Russian company Rosneft. This will provide Berlin with much-needed clarity about the future of the business. The license, which has no expiration date, replaces the one that was set to expire April 29. The extension of the existing U.S. sanction waiver reduces the risks of disruptions to German refining operations, at a moment when the conflict in the Middle East escalates and is unsettling the global energy...

Analysts say that the average U.S. gasoline price surpassed $3 per gallon on Monday for the first time since November as the conflict in the Middle East intensified. This is a major test of public support for President Donald Trump's decision against?Iran. Tehran's response to U.S.-Israeli strikes on oil production in neighboring nations and ships in Strait of Hormuz has disrupted the global supply of oil. Brent crude has risen by more than 5%, to almost $77 a barrel. Fuel prices are also rising in line with feedstock costs. As Trump and the Republicans prepare for the November midterm elections,...

The OPEC+'s decision to increase crude oil production by 206,000 barrels a day (bpd), starting in April, is the least significant decision that the group has taken during its nearly decade-long existence. Addition of 0.2% to global oil demand in a month is a mere symbolic gesture, given the escalating conflict in 'the Middle East' that is already causing serious disruptions in supply. The eight OPEC+ members who are voluntarily reducing their production could not have done much at the meeting held on Sunday to assure market participants of supply security. Analysts had predicted that the increase in barrels would...

Nigeria's Dangote Petroleum Refinery increased gasoline exports to Africa as disruptions in energy supply due to the Iran Conflict squeezed traditional fuel routes and curtailed the cheap imports which dominated West African markets. According to data from the tanker-tracking company Kpler, Nigerian exports of clean petroleum - including gasoline, diesel and kerosene - are up from 100,000 barrels per day on average in February to 214,000 barrels?per day in March. The number of shipments to other African countries has risen to 90,000 bpd. Previously it was only 38,000 bpd. Sources familiar with the deal said that the 650,000 barrels per...

ADNOC, the state oil company of Abu 'Dhabi, has announced that its Group CEO Sultan Al Jaber, will not be travelling to Houston for the CERAWeek energy conference. Instead, he will?participate virtually, before traveling to Washington D.C. to attend meetings. The meeting, which brings together some of the top executives in the oil and gas industries, begins on Monday. This is at a moment when oil prices are soaring globally due to Iran's closure of the Strait of Hormuz and attacks on infrastructure. Governments are scrambling to combat inflation and avoid recessions. This year, CERAWeek, an event?organized by S&P Global?will...

Saudi Aramco has cut 'crude oil supply' to Asian buyers in April for a second month,>>,>>,>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>?two sources?knowing the situation? said on Monday. This is after the U.S./Israeli war against Iran disrupted the trade via the Strait of Hormuz. Sources said that the producer will only supply 'Arab Light crude from the Red Sea port of Yanbu in April to customers on a term basis. This is to limit supplies to Asian refineries and to cap their output. Aramco couldn't be reached immediately for comment outside office hours. Kpler data shows that Saudi Arabia exported 4.355 millions barrels of crude per...

Crude oil futures prices'reflect a view of the market that it can successfully navigate through the Iran War, while the prices for physical cargoes or refined products signal an imminent crisis. One of these signals is not the case in the paper oil market. Brent crude futures for the global benchmark ended Wednesday at $91.98 per barrel, an increase of 4.8% over the previous close, but down from the brief spike that occurred on March 9, when they reached $119.50 - the highest price in almost four years. On the physical market, on Wednesday the premium of a physical cargo...

China's independent smaller refiners maintain output to cash in on the surge in domestic fuel price, but may be forced into trimming runs as of late April, when cheap feedstocks from inventories are running out and new deliveries will cost more in this war-induced rally, industry and trade sources reported. The plants in Shandong Province, China, the hub of smaller refineries, known as teapots, that account for roughly a quarter or more of the country's output, keep their run rates constant to maximize fuel sales, which are 20%-30% higher than before Israel and U.S. launched an attack on Iran on...

The first and most immediate impact of the U.S.-Israeli attack on Iran is a spike in diesel prices. This will increase costs for Brazilian farmers harvesting record soybean crops?and planting corn that they can't afford to delay. Brazil imports around 30% of its diesel needs. This leaves farmers vulnerable as fuel prices rise along with global oil costs, said representatives from major agricultural groups. The conflict occurs at a time when the demand for diesel in Brazil is at an all-time high. Farmers are harvesting the remaining fields, hauling soybeans for market and finishing the planting of 'the second corn...

Share markets fell on concerns that the escalating U.S. - Israeli war 'on Iran would squeeze energy supplies around the globe and hamstring industry. Here are some?actions governments are taking or plan to take in order to lessen the?impact on their economies of war. SOUTH KOREAN PLANS FUEL CAPITAL South Korean President Lee Jae Myung announced on Monday that the government would cap domestic fuel costs for the first time since nearly 30 years. He said that the country would also seek other sources of energy than those shipped through the Strait of Hormuz. A 100 trillion won ($67 billion),...

The United States, China and other major countries are making miscalculations, and retreating to their narrow interests, which threaten to turn the conflict in Iran into an international crisis for the supply of refined oil products. The media focuses a lot on the price for crude oil. Brent crude futures, which are the benchmark, jumped up to 20% in the early Asian trading on Monday, reaching $111.04 per barrel. This is the highest level since July 2022. The price of refined fuels, such as gasoline, jet fuel and diesel, has risen even more than crude oil. These are the fuels...

Retail gasoline and diesel prices in the United States are soaring due to the U.S. and Israel war against Iran, which is limiting oil and?fuel imports. This could be a test for Donald Trump's Republican Party before November's midterm elections. Oil prices rose to $90 per barrel this week, the highest in years. This added pain at gas pumps for consumers already stressed by inflation. In an interview on Thursday, Trump dismissed higher gasoline prices, saying that "if they increase, they will rise." Trump had promised to lower energy costs and unleash U.S. drilling for oil and gas during his...

Aster Chemicals and Energy, a major Singapore refiner and petrochemical company, has declared force majeure regarding supplies. The reason given was a disruption in raw materials due to the Middle East conflict. The joint venture of trading major Glencore and Indonesia's Chandra Asri operates ?a 237,000 barrel-per-day refinery and 1.1- million-metric-ton-per-year cracker in ?Singapore's Bukom and Jurong Island. The?spokesperson said that "this step is administrative and is a result of a thorough assessment of the potential consequences on our ability to?fulfill obligations to customers." The products were not affected by any?details. The spokesperson responded to a question by saying that...

The U.S. and Israel war against Iran has caused oil exports to Asia to be disrupted, forcing Asian refineries to 'cut runs' and petrochemical firms to declare force majeure. The latest news and developments are listed below: Zhejiang ?Petrochemical Corp, a major Chinese ?refiner ?backed by Saudi Aramco, has shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply. Two industry sources said that FREP (Fujian Refining and Petrochemical Co.), a Chinese refiner backed up by Aramco and operating its 80,000 bpd unit - the company's smallest – had shut down its...

Two traders said that India's Mangalore Refinery has declared force majeure for all gasoline exports due to the Middle East conflict, which has disrupted crude oil flows from the Gulf. Two traders who said they had received a notification from the company said that MRPL had invoked force majeure. This is a legal term that allows a business to invoke circumstances beyond their control in order to?not fulfill a contract' for its gasoline sales for March and April. The state-run ?refiner, which operates a 500,000-barrel-per-day refinery in the southern state of Karnataka, exports about ?40% of its refined fuel output....