The Nymex gasoline crack spread, a measure of refining profit margins, reached a four-year-high above $16 per barrel on Wednesday amid strengthening fuel demand, low inventories and declining imports. However, the cost of Renewable Identification Numbers has more than doubled in the past year, keeping refiners from fully capitalizing on the demand increase and strong margins.
Cushing Hub oil storage supplies have dropped to the lowest level since October 2018, 27.3 million barrels, and analysts expect the outflow to last for months as global demand puts pressure on US production while US crude prices continue to rise. "Storage at Cushing alone has the potential to really rally the market to the moon," says Mizuho director of energy futures Bob Yawger.
US crude oil stockpiles climbed by 4.3 million barrels last week, missing analysts' expectations for a 100,000-barrel fall, the Energy Information Administration reported. Meanwhile, gasoline and distillate supplies shed 2 million barrels and 400,000 barrels, respectively.
Phillips 66 has agreed to acquire the portion of pipeline master limited partnership Phillips 66 Partners it doesn't already own in an all-stock deal worth $3.4 billion as the company looks to streamline its business. "We believe this acquisition will allow both PSX shareholders and PSXP unitholders to participate in the value creation of the combined entities, supported by the strong financial position of Phillips 66," said chairman and CEO Greg Garland.
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Business executives and trade organizations hope the United Nations climate summit will produce a global agreement on carbon pricing. The failure to reach an agreement on the price of carbon at the 2019 Madrid summit has been an obstacle to the development of international carbon trading systems, said Rich Lesser, global chair of Boston Consulting Group.
Democratic lawmakers say they remain confident an agreement will be reached on a social spending package amid last-minute meetings to resolve issues on health care and taxation. "We're moving toward finding sweet spots in every one of these disputed issues," says Senate Majority Leader Chuck Schumer, D-N.Y.
The Interior Department on Wednesday held a swearing-in ceremony for new Bureau of Land Management Director Tracy Stone-Manning. "Tracy brings a wealth of knowledge in conservation and environmental policy to these efforts and a history of working with diverse communities in service to our public lands," said Interior Secretary Deb Haaland.
The network of pipelines linking the Permian Basin to the Gulf Coast export market continues to expand, providing Permian producers enhanced flow assurance and additional frack capacity and storage options. The latest project to enter service is EPIC Y-Grade's 165-mile pipeline from its Robstown fractionation complex to the Sweeny fractionation and storage complex.
API Training Course - Virtual Dates Available | Spec Q1 9th Edition Fundamentals and Practitioner
Participants will be given insight into the drivers behind Q1's importance and its value in the Oil & Natural Gas Industry. Using practical examples and hands-on application, the course is designed to give introductory to advanced knowledge of Q1 requirements and interpretations. To learn more and to register, visit the API-U Calendar.
2021 API Cybersecurity Conference, Nov. 9-10, The Woodlands, Texas and Virtual
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