Crude oil
Chevron committed to staying in Brazil despite spill
Chevron is "committed" to stay in Brazil for the long term and hopes to "move ahead" after an oil spill in early November that led to intense scrutiny of the oil company from local authorities and regulators. Chevron says it is very proud of its response on the Nov. 7 oil spill because the company's sweeping reaction resulted in no environmental impact from the spill.
BP oil spill report calls for single policing agency
A single governmental agency should be used to insure offshore drilling safety in order to avoid disasters like the Deepwater Horizon in the Gulf of Mexico, a national research group said Wednesday. The recommendation could end up flying in the face of what the industry thinks it needs to regulate itself, though officials from the American Petroleum Institute had yet to comment directly on the suggestion.
US shale resources likely to spark manufacturing renaissance through 2025 - PwC
The abundance of shale gas resources could lead a US manufacturing renaissance with economic benefits that include cost savings, greater investments to expand manufacturing facilities and increased levels of employment, according to a new report.
IEA trims 2012 world oil demand growth forecast on economic woes
The International Energy Agency on Tuesday trimmed its forecast for world oil demand growth in 2012 versus its earlier 2012 projection based on the worsening global economic backdrop and persistently elevated oil prices, but said demand will remain robust and markets tight until 2013. The IEA forecast global oil demand at 90.3 million bpd in 2012, up from 89 million bpd this year.
Global refinery runs to rise in first quarter - IEA
Refinery runs across the globe will bounce back in the coming months as refineries return from heavy autumn maintenance and ramp up production even as profits on oil products fall, the International Energy Agency said Tuesday in a monthly report. Refinery runs will rebound to 75.8 million bpd, or 1.2 million bpd higher than the year-earlier quarter, after relatively weak growth since April.
US chemical group sees slow 2012 improvement, led by shale gas
Despite a slowdown in the US economic recovery, the outlook for the nation’s chemicals manufacturing industry is more encouraging, according to the American Chemistry Council’s (ACC) 2011 Year-End Situation and Outlook. The key to the domestic chemical industry’s recovery is access to vast, new supplies of natural gas from previously untapped shale deposits, the council says.
Refining estimates lowered in Q4 for oil majors
Morgan Stanley has lowered by 7% its refining estimates for major oil refineries in the fourth quarter of 2011, the company said in a note Monday. Factors included a narrowing spread between Nymex crude and Light Louisiana Sweet crude.
CME launches new Brent crude futures contract
CME Group on Monday launched a new Brent crude futures and options contract in a bid to challenge IntercontinentalExchange Inc.'s (ICE) dominance in the market. The first tradable month on CME's Brent 25-day contract will be February 2012, while the first month for ICE's Brent NX contract is December 2012.
Suncor Energy suspends Syria oil operations
Suncor Energy declared force majeure under its contractual obligations and is suspending operations with the General Petroleum Corp. (GPC) in Syria, the company said on Monday. Suncor management is not changing total production guidance (2011 or 2012) because Libyan production is ramping up and was not included in the existing guidance.
Outlook bleak for Europe, US refiners at end of dismal year
A dismal year for the European and US refining market is set to end on a sour note as profit margins are squeezed by high oil prices and lackluster product demand.
- Aster Chemicals declares force majeure at Singapore naphtha cracker 8/29
- Orlen signs 1-yr deal with Equinor for supply of 15% oil it uses 8/29
- Novatek partially resumed processing at Ust-Luga complex 8/29
- Phillips 66 to begin winding down Los Angeles-area refinery next week 8/29
- Update: Mexico's Minatitlan refinery back online, Olmeca still down 8/29
- SIBUR produces test batch of first hexane plant in Russia 8/28
