Crude oil
Sunoco to supply crude to Continental for reopened Kentucky refinery
Continental Refining purchased the then-closed Somerset refinery in December 2011 and immediately began updating the process plant’s operations. Now reopened, the Continental plant is the only oil refinery within a 170-mile radius, which results in significantly decreased transportation costs.
Kinder Morgan to supply Phillips 66 Texas refinery with Eagle Ford shale crude
Kinder Morgan will provide Phillips 66 with a significant portion of the lateral pipeline's initial 30,000 bpd of capacity, which is expandable to 100,000 bpd. Pending receipt of environmental and regulatory approvals, construction is scheduled to begin in the fourth quarter of 2012.
Romney outlines his proposed US energy policy
Romney's plan would let states apply their own energy regulations and permit rules to federal lands, a move aimed at streamlining energy exploration. It also looks to expand offshore-drilling leases in states such as Virginia and the Carolinas and work closely with Canada and Mexico to raise production.
US oil, gasoline demand slips to near four-year low
Total petroleum demand for the year to date was down 2.3%, according to the API. Gasoline demand fell more, down 2.2% from June and down 3.8% from July a year ago to hit the lowest July level since 1997. Despite weakening demand, refinery production remained strong.
Canada newspaper owner proposes $13bn refinery
David Black, owner of the British Columbia community newspaper chain Black Press, said the refinery built near Kitimat would process crude oil from Enbridge’s Northern Gateway pipeline into refined products, including gasoline, diesel and aviation fuel. The refinery would process 550,000 bpd of oil.
India oil product demand to slow in months ahead
The EIA's monthly forecast is broadly in line with domestic projections. Summer energy demand recently peaked, and it will likely fall off over the next few months, barring unforeseen contingencies. The government has announced plans for $1 trillion in infrastructure investments over the next five years.
EIA raises 2012 price forecasts for crude oil, fuels
The Energy Information Administration projected the price of West Texas Intermediate crude, the US benchmark, will average $93.90/bbl in 2012, up from $92.83/bbl predicted in July. Retail gasoline prices were forecast to average $3.53/gal this year, up from $3.49/gal in the July estimate.
CNPC to resume Hohhot refinery operations after year-long shutdown
The China refinery has been shut since August 2011 to make way for a new crude distillation unit, fluid catalytic cracking unit and polypropylene unit. It will now be able to produce 1.7 million tons of gasoline, 2.1 million tons of diesel, 200,000 tons of jet fuel and 150,000 tons of polypropylene.
Canadian energy regulator to audit pipeline safety practices of Enbridge
Canada's National Energy Board is reviewing the Calgary pipeline company's management practices and safety record. The audits come after the US National Transportation Board released last month a report critical of Enbridge's handling of a 2010 crude oil spill in Marshall, Michigan.
HP Insight: How long is an economic cycle for the HPI?
As summer takes hold in the Northern Hemisphere, demand for energy in various forms increases. In looking back over the past 90 years, energy demand and pricing cycle through high and low points. In 2..
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