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☆ Oil rises but post weekly loss as economic uncertainty weighs
▼ + stars: | 2023-04-21 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate crude (WTI) rose 50 cents to $77.87 per barrel. Survey data from the euro zone and Britain lifted oil prices on Friday. In India, refiners' crude oil processing stayed near record peaks in March, provisional government data showed, catering to solid seasonal demand in the world's third biggest oil consumer. Oilfield services giant SLB (SLB.N) beat Wall Street estimates for first-quarter profit, as elevated crude prices and tight supplies increased demand for its services. However, economic uncertainty and the prospect of rising interest rates continued to hang over oil markets.

☆ New Exxon Beaumont, Texas crude unit completes startup -sources
▼ + stars: | 2023-04-06 | by ( Erwin Seba | ) www.reuters.com time to read: +1 min

The new 250,000 barrel-per-day (bpd) Crude C CDU lifts the Beaumont refinery's capacity to 619,024 bpd, second only to the Motiva Enterprises (MOTIV.UL) refinery in nearby Port Arthur, Texas, the people said. Exxon has also restarted the Beaumont refinery's 65,000 diesel-producing hydrocracker, which was shut by a compressor outage on March 22, the people said. Alongside Crude C, Exxon has said it built a hydrotreater. Crude C is the third CDU at the Beaumont refinery. The CDUs break down crude oil into feedstock for all other production units.

REUTERS/Ramzi BoudinaHOUSTON/WASHINGTON, April 4 (Reuters) - Saudi Arabia and other OPEC+ oil producers announced over the weekend they would launch deep oil production cuts starting next month, a surprise move that sent oil prices surging. If refiners reduce capacity, the drain on stocks could lead to a sudden jump in retail fuel prices, he said. U.S. gasoline prices have climbed 11.6 cents a gallon from a month ago to $3.506, the AAA said on Monday. A 6% jump in oil prices would boost retail gasoline prices 10 cents a gallon, said Mark Finley, an expert in energy policy at Rice University's Baker Institute. OPEC's reason for cutting production - as a precautionary step - suggests it expects global oil demand to slow this year.

☆ Par Pacific to take over Montana refinery on June 1
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

HOUSTON, March 31 (Reuters) - Independent U.S. refiner Par Pacific Holdings (PARR.N) is expected take over a 63,000-barrel-per-day (bpd) Billings, Montana refinery from Exxon Mobil (XOM.N) on June 1, said Exxon spokesperson Julie King on Friday. Par Pacific agreed in October to buy the Billings refinery from Exxon for $310 million plus the cost of hydrocarbon and other inventory to be valued at the sale's closing. A spokesperson for Par Pacific did not reply to a request for comment. With addition of the Billings refinery, Par Pacific will have four refineries with a combined throughput of 218,000 bpd. Exxon has said it wants to concentrate on refineries that are connected to adjoining chemical plants.

VIENNA, March 30 (Reuters) - Raiffeisen Bank International (RBI) (RBIV.VI) took aim on Thursday at "morally arrogant" critics of its dealings in Russia, although said it was considering spinning off its business there anyway amid mounting pressure. Chairman Erwin Hameseder accused critics of "black and white moral thinking" from a "risk free zone of comfort", and said most Western businesses had not left Russia. However, CEO Johann Strobl told the meeting the bank would pursue a possible sale or spin-off of its Russian business. Earlier this month, people familiar with the matter told Reuters the European Central Bank was pressing RBI to unwind its highly profitable business in Russia. The pressure comes after a top U.S. sanctions official raised concerns about RBI's business in Russia on a visit to Vienna last month, another person said.

☆ AccuWeather sees average-to-fewer Atlantic storms this hurricane season
▼ + stars: | 2023-03-29 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

HOUSTON, March 29 (Reuters) - U.S. private forecaster AccuWeather expects a near-average to below-average 2023 Atlantic hurricane season, which begins June 1, according to a forecast issued on Wednesday. AccuWeather said it expects between 11-15 named tropical storms, 4-8 hurricanes and between one and three major hurricanes to form in the Atlantic Ocean before the season ends on Nov. 30. "We think El Nino will drive this season," said Dan Kottlowski, lead hurricane forecaster for AccuWeather. Kottlowski noted that even in a year when fewer storms are expected, people as far as 100 miles (160 km) inland have to prepare for tropical storms. Between 1990 and 2020, the average season has seen 14 named tropical storms, seven hurricanes with three of those considered to be major.

☆ A brief history of Elon Musk's pets, including a 'nasty, brutish' Yorkshire Terrier named after a 17th century philosopher, and a cat called Schrödinger
▼ + stars: | 2023-03-23 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Elon Musk said he once owned a "nasty, brutish" dog for 15 years that bit people on the ankle. The first picture of Floki made it to Musk's Twitter in September 2021 captioned: "Floki has arrived." The "Floki Inu" is also meme coin that takes its name from Musk's pup. In 2018, he tweeted: "We have a big dog called Gatsby, a little dog called Marvin the Martian & a cat named Schrödinger." Marvin made an appearance on Musk's Twitter again when the billionaire bought him a hand-knitted "Marvin the Martian" helmet in 2021.

☆ Union says Lyondell misled it about possible Houston refinery buyers
▼ + stars: | 2023-03-11 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

HOUSTON, March 11 (Reuters) - The United Steelworkers union (USW) said in a letter to members it was misled by Lyondell Basell Industries (LYB.N) about possible buyers for the company’s Houston refinery, which the company has set for permanent closure late this year. The letter was sent on Friday to members who work at the Lyondell refinery. According to the letter, the union said it would contact government officials about the would-be buyers of the refinery and take further actions involving union members in the future. Offers made on the refinery when Lyondell was weighing a possible sale in 2021 fell short of the refinery's value, he said. Sources familiar with the matter said Kinder Morgan Inc (KMI.N), which operates a terminal near the refinery, approached Lyondell about a possible sale.

HOUSTON, March 8 (Reuters) - Enormous challenges remain across global energy markets in the wake of the war in Ukraine, U.S. Energy Secretary Jennifer Granholm said on Wednesday, with continued risks for energy security and the need to mitigate climate change. Russia's invasion of Ukraine led to an energy crisis in Europe as the Russian gas the continent depended on stopped flowing and Western sanctions disrupted Russian oil supplies. U.S. industry had responded to the energy crisis in Europe by producing and exporting more energy to become an indispensable energy partner to allies, Granholm said. Granholm called on executives from the fossil fuels and renewable industry to play their part in the energy transition to a low-carbon economy. Oil and gas would remain part of the energy mix for years to come, she said, and abated fossil fuel use would continue in mid-century.

The dinner with shale producers and OPEC officials continued a tradition that began around five years ago when they were fierce competitors. It has been held in most recent years during the CERAWeek energy conference in the U.S. oil industry capital. Among the other topics that came up were strong oil demand and what U.S. shale producers could do to meet it given what shareholders want, he said. The event comes at a tumultuous time for global markets with the war in Ukraine disrupting global oil and gas flows while enriching both producer groups. Fewer OPEC officials are present at this year's annual CERAWeek conference, with ministers from key countries, including Saudi Arabia and Iraq, absent from the attendee list.

March 6 (Reuters) - U.S. energy executives met privately with top OPEC officials on Monday on the sidelines of a Houston conference, people familiar with the matter said, continuing a tradition that began around five years ago when the two groups were fierce competitors. OPEC had viewed shale as an untamed force that undercut its revenue by bringing vast new oil supplies to market. The secretive dinner has been held in most recent years during the CERAWeek energy conference in the capital of the U.S. oil industry. This year's private dinner comes at a tumultuous time for global markets with the war in Ukraine disrupting global oil and gas flows while enriching both producer groups. Fewer OPEC officials are present at this year's annual CERAWeek conference, with ministers from key countries, including Saudi Arabia and Iraq, absent from the attendee list.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

☆ Oil prices rise as China factory gains boost demand outlook
▼ + stars: | 2023-03-01 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

Brent crude oil for May was up 24 cents, 0.3%, to 83.69 a barrel at 0214 GMT. Oil prices continue to be supported by expectations for a strong rebound in demand in China, the world's second-largest crude consumer. U.S. oil inventories rose by 6.2 million barrels in the week ended Feb. 24, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Still, gasoline inventories declined by 1.8 million barrels and distillate fuels, including diesel and jet fuel, dropped by 340,000 barrels, according to the API data. In February, OPEC pumped 28.97 million barrels per day (bpd), a Reuters survey found, up by 150,000 bpd from January.

☆ Pemex Deer Park, Texas, small crude unit shut after fire -sources
▼ + stars: | 2023-02-24 | by ( Erwin Seba | ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - The small crude distillation unit (CDU) at Pemex's (PEMX.UL) 312,500 barrel-per-day (bpd) Deer Park, Texas, refinery was shut following a Thursday night fire, said people familiar with plant operations on Friday. A fire broke out on the 70,000-bpd CDU-1 on Thursday night, the sources said. A Pemex spokesperson did not reply to a request for comment about operations at the Deer Park refinery. The Deer Park fire was one of three to strike Pemex facilities in Mexico and the United States on Thursday. CDUs break down crude oil into feedstocks for all other units at the refinery.

Jan 24 (Reuters) - At least one chemical plant and an oil refinery were scrambling to recover from operational upsets on Tuesday after severe weather tore through an oil and gas refining hub outside Houston. Shell (SHEL.L) said it was experiencing an incident at its Deer Park chemicals facility following severe weather, according to a company tweet. Petroleos Mexicanos also reported operational upsets due to weather at its neighboring oil refinery, according to a company alert. The National Weather Service issued a tornado warning for the Houston area on Tuesday afternoon. Exxon Mobil (XOM.N) said operations at its Baytown, Texas, plant were stable following the severe weather, with no injuries reported.

☆ Exclusive: Exxon prepares to start up $1.2 bln Texas oil refinery expansion - sources
▼ + stars: | 2023-01-13 | by ( Erwin Seba | ) www.reuters.com time to read: +4 min

Initial startup of a 250,000 barrels per day (bpd) crude distillation unit (CDU) at the 369,000 bpd refinery is expected by Jan. 31, the sources said, making the Beaumont refinery the second largest in the United States. SHALE OIL TO DIESELExxon had no immediate comment on the start up of the new processing unit, called the Beaumont Light Atmospheric Distillation Expansion (BLADE) project. BLADE, considered as early as 2014 and formally approved in 2019, was planned to process Exxon's crude oil pumped from the Permian shale field in West Texas and New Mexico. Operators at the Beaumont refinery this week were purging the new CDU of air in preparation to introduce its first crude, the people familiar with the matter said. POST-PANDEMIC MILESTONEExxon's Beaumont expansion marks a return to an era of steady refining capacity gains through processing tweaks and adding new equipment to existing plants.

Sotomayor, who has dissented in major cases including the abortion decision as the court's 6-3 conservative majority has become increasingly assertive, described herself as "shell-shocked" and "deeply sad" after that term ended in June. The court's current term, which began in October, could be just as consequential as its previous one. In October, conservative Justice Samuel Alito, who authored the Dobbs opinion, warned against questioning the court's integrity. At Wednesday's conference, Chemerinsky noted that he had never before seen his law students so discouraged about the Supreme Court. Sotomayor, appointed to the court by Democratic former President Barack Obama in 2009, expressed optimism that the direction of the court will change in the future.

Santa Cruz leaders pledge to fight until Camacho is released, picketing government buildings and stopping transport of grains. "We have a mandate from our assembly that nothing leaves Santa Cruz and that is what we are going to do," said Rómulo Calvo, head of the powerful Pro Santa Cruz civic group. Marcelo Cruz, President of the International Heavy Transport Association of Santa Cruz, said routes were being blocked so no trucks could leave the province. "No grain, animal or supply from the factories should leave Santa Cruz for the rest of the country. "Santa Cruz is the economic stronghold of Bolivia," said Gary Rodríguez, General Manager of the Bolivian Institute of Foreign Trade (IBCE).

LA PAZ/SANTA CRUZ, Bolivia, Dec 28 (Reuters) - Bolivian police on Wednesday detained Luis Fernando Camacho, the governor of Santa Cruz and a prominent opposition leader, the latest sign of political tensions in a region that saw the arrest of a president in neighboring Peru earlier this month. Authorities have not said why Camacho was arrested but he recently helped lead weeks of protests that blocked streets and halted trade in Santa Cruz. Camacho was taken to a local airport to be flown to La Paz, local media reported. "The operation to kidnap the governor was carried out in the streets near his home, as he was returning from his duties," the Santa Cruz government said in a statement. Opposition Senator Erik Moron said in a video that he had been taken by helicopter to an unknown location.

☆ U.S. oil refiners restoring lost output, some outages to run into January
▼ + stars: | 2022-12-27 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

An Arctic blast sent temperatures well below freezing and led to power, instrumentation and steam losses at facilities along the U.S. Gulf Coast. Retail gasoline prices ticked up along the Gulf Coast this week, but nationwide prices have not been affected by the temporary outages. LyondellBasell Industries was in the early stages of resuming production at its Houston refinery, people familiar with plant operations said. read moreMarathon Petroleum, which operates the second-largest Gulf Coast facility after Motiva, aims to get production back by week's end, the people said. It was in the process of restarting its Port Arthur plant over the weekend, people familiar with the matter said.

☆ Most units shut at Pemex Deer Park, Texas, refinery -sources
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleos Mexicanos FollowDec 25 (Reuters) - Most of the productions units remain shut on Sunday at Pemex's (PEMX.UL) 312,500 barrel-per-day (bpd) Houston-area refinery in Deer Park, Texas, said people familiar with plant operations. The units were idled by severe cold weather from Winter Storm Elliott on Thursday night and Friday, the sources said. One of the problems the refinery faces is much of the steam supply was knocked out by the 47-degree drop in temperatures between Thursday and Friday. Reporting by Erwin SebaOur Standards: The Thomson Reuters Trust Principles.

☆ Marathon Galveston Bay refinery in Texas shut by cold
▼ + stars: | 2022-12-24 | by ( ) www.reuters.com time to read: +1 min

Companies Marathon Petroleum Corp FollowHOUSTON, Dec 23 (Reuters) - Marathon Petroleum Corp's (MPC.N) 593,000-barrel-per-day (bpd) Galveston Bay Refinery in Texas City, Texas, shut down on Friday because of malfunctions caused by cold weather, said people familiar with plant operations. About half of the refinery shut as temperatures fell overnight. Units in the other half of the refinery were shut on Friday morning, the sources said. Marathon spokesperson Jamal Kheiry declined to discuss operations at the refinery. The Galveston Bay Refinery is the second largest in the United States.

☆ U.S. deep freeze forecast to break Christmas Eve records
▼ + stars: | 2022-12-24 | by ( Rich Mckay | ) www.reuters.com time to read: +4 min

Dec 24 (Reuters) - An arctic blast that has gripped much of the United States this week, disrupting daily life and holiday travel for millions of Americans, was expected to produce the coldest Christmas Eve on record in several cities from Pennsylvania to Florida. Temperatures are forecast to top out on Friday at just 8 degrees Fahrenheit (-13 Celsius) in Pittsburgh, the largest city in western Pennsylvania, surpassing its previous all-time coldest Christmas Eve high of 13 F, set in 1983, the National Weather Service (NWS) said. The capital cities of Florida and Georgia - Tallahassee and Atlanta - were likewise expected to record their coldest daytime Christmas Eve high temperatures, while Washington, D.C., was forecast to experience its chilliest Dec. 24 since 1906. Extreme winter weather was blamed for at least five deaths on Friday. The NWS said its map of existing or impending meteorological hazards "depicts one of the greatest extents of winter weather warnings and advisories ever."

With the deep freeze stretching from Montana to Texas as it crept eastward, some 240 million people - more than two-thirds of the U.S. population - were under winter weather warnings and advisories on Friday, the National Weather Service (NWS) said. The map of existing or impending wintry hazards "depicts one of the greatest extents of winter weather warnings and advisories ever," the NWS said. [1/5] A driver makes their way through a flooded street at high tide during a winter storm in Gloucester, Massachusetts, U.S., December 23, 2022. Their plight has added to local agencies scrambling to get people off the streets as the arctic blast arrived. While some areas downwind from the Great Lakes received a foot or more of snow on Friday, "the big story wasn't so much the falling snow but the blowing snow," weather service meteorologist Brian Hurley said.

More than 1.5 million homes and businesses lost power, oil refineries in Texas cut gasoline and diesel production on equipment failures, and heating and power prices surged on the losses. Oil and gas output from North Dakota to Texas suffered freeze-ins, cutting supplies. Freeze-ins - in which ice crystals halt oil and gas production - this week trimmed production in North Dakota's oilfields by 300,000 to 350,000 barrels per day, or a third of normal. Power prices on Texas's grid also spiked to $3,700 per megawatt hour, prompting generators to add more power to the grid before prices fell back as thermal and solar supplies came online. That is the biggest drop in output since the February 2021 freeze knocked out power for millions in Texas.

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