DIRS.INFO The most relevant business & tech news

☆ U.S. Oil Prices Under Pressure From Keystone Pipeline’s Largest-Ever Leak
▼ + stars: | 2022-12-15 | by ( Benoît Morenne | Vipal Monga | ) www.wsj.com time to read: 1 min

A weeklong shutdown of the Keystone oil pipeline is squeezing Gulf Coast refiners, who now have to replace hundreds of thousands of barrels that are no longer flowing through the system. The 2,700-mile Keystone pipeline shut down Dec. 7 after a rupture in Kansas spilled an estimated 14,000 barrels of crude oil, said its operator TC Energy Corp.—the largest such reported leak in the line’s history. The spill is now one of the largest in the U.S. in more than a decade, and the company hasn’t disclosed what caused it or said when the pipeline would be operational.

☆ India may split planned mega refinery to various sites -sources
▼ + stars: | 2022-12-15 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

[1/2] A 3D printed natural gas pipeline is placed in front of displayed Saudi Aramco logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/FilesNEW DELHI, Dec 15 (Reuters) - India is considering building several refineries instead of a single mega plant planned with Saudi Aramco (2222.SE) and Abu Dhabi National Oil Company (ADNOC), due to challenges in acquiring land, three sources familiar with the matter said. Aramco and ADNOC own 25% each in the joint venture Ratnagiri Refinery & Petrochemicals Ltd (RRPCL), a company named after the region where the refinery was initially planned. "The role of Maharashtra government is crucial in acquiring the land," the source said. Another source said ADNOC and Aramco were aware of the plan for several refineries.

One is that China is continuing to build crude oil stockpiles, even though its refinery processing rates have risen strongly in recent months. But despite the solid gain in refinery processing, it appears that China is still building up crude oil inventories in commercial or strategic storage tanks. The total volume of crude available from imports and domestic production in November was 15.46 million bpd, consisting of imports of 11.37 million bpd and local output of 4.08 million bpd. China imported an estimated 1.80 million bpd from Russia in November, according to Refinitiv Oil Research, exceeding the 1.69 million bpd supplied by Saudi Arabia. China total crude available vs refinery runsDIFFERENT CRUDE DRIVERSOverall, there are several dynamics at work in the outlook for China's crude oil imports.

☆ Oil prices rise amid forecasts of 2023 demand uptick
▼ + stars: | 2022-12-14 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures last rose $2.17, or 2.69%, to $82.85 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up $2.08 at $77.46. Looking into 2023, OPEC said it expects oil demand to grow by 2.25 million barrels per day (bpd) over next year to 101.8 million bpd, with potential upside from China, the world's top importer. The IEA, seeing Chinese oil demand recovering next year after a 400,000 bpd contraction in 2022, raised its 2023 oil demand growth estimate to 1.7 million bpd for a total of 101.6 million bpd. Oil prices have been supported by a leak and outage of TC Energy Corp's Keystone Pipeline, which ships 620,000 barrels per day of Canadian crude to the United States. Sending bearish signals, U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, buoyed by releases from the Strategic Petroleum Reserve and as refiners reduced activity.

Brent crude futures settled up $2.02, or 2.4%, to $82.70 per barrel, while U.S. West Texas Intermediate (WTI) crude futures settled up $1.94 to $77.28. Both contracts rose on a surge in diesel futures ahead of cold weather expected towards the end of the year. Sending bearish signals, U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, buoyed by releases from the Strategic Petroleum Reserve and as refiners reduced activity. Looking into 2023, OPEC said it expects oil demand to grow by 2.25 million barrels per day (bpd) over next year to 101.8 million bpd, with potential upside from China, the world's top importer. The IEA, seeing Chinese oil demand recovering next year after a 400,000-bpd contraction in 2022, raised its 2023 oil demand growth estimate to 1.7 million bpd for a total of 101.6 million bpd.

☆ Russia replaces Iraq as top oil supplier to India in Nov
▼ + stars: | 2022-12-14 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

India's oil imports from Russia rose for the fifth straight month, totaling 908,000 barrels per day (bpd) in November, up 4% from October, the data showed. The price cap plan calls for G7 countries to deny insurance, finance, brokering, navigation, and other services to oil cargoes priced above the price cap on crude and oil products. Russian oil accounted for about 23% of India's overall import of about 4 million bpd oil in November, the data showed. India, which rarely used to buy Russian oil because of costly logistics, has emerged as Russia's second biggest oil client after China as refiners snap up discounted crude shunned by Western nations since the February invasion of Ukraine. India's oil imports from various regions India's monthly oil imports from various regionsIndia's oil imports from various regionsDuring April-November, the first eight months of this fiscal year, Iraq continued to be the largest oil supplier to India followed by Saudi Arabia and Russia, which has knocked down UAE to the fourth position.

☆ Oil steadies after falls as weak economy offsets supply risks
▼ + stars: | 2022-12-12 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +2 min

China, the world's biggest crude oil importer, continued to loosen its strict zero-COVID policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend. UBS said it believed Brent should recover to above $100 per barrel in the coming months amid supply constraints and rising demand while OPEC+ would keep supply tight. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months. But supply uncertainty should ease by spring 2023, after the embargo on oil products (on Feb.5) plays out," Deutsche Bank said in a note.

Brent crude futures were down 38 cents, or 0.4%, at $75.72 a barrel by 0900 GMT. China, the world's biggest crude oil importer, continued to loosen its strict zero-COVID policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend. UBS said it believed Brent should recover to above $100 per barrel in the coming months amid supply constraints and rising demand while OPEC+ would keep supply tight. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months.

☆ Oil edges up on U.S. pipeline restart uncertainty, Russian supplies
▼ + stars: | 2022-12-12 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

"Oil prices are higher as the Keystone pipeline remains shut, China's COVID controls ease and on concerns that Russia could reduce output," said Edward Moya, a senior market analyst for OANDA. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. Putin said on Friday that Russia, the world's biggest exporter of energy, could cut production and would refuse to sell oil to any country that imposes a "stupid" price cap on Russian exports agreed by G7 nations. While the uncertainty surrounding European Union sanctions on Russian oil and the related price cap kept volatility high on prices, the sanctions have had a limited impact on global markets so far, ANZ analysts said in a note. Saudi Arabia's energy minister also said on Sunday that the impact of the European sanctions and price cap measures had had no clear results yet, and that its implementation was still unclear.

☆ EU Delays Labeling Lithium Toxic as Concerns From EV Industry Mount
▼ + stars: | 2022-12-12 | by ( Yusuf Khan | ) www.wsj.com time to read: +4 min

Last week, the European Commission was set to give a final ruling on whether lithium, a crucial battery input, should be classified as a toxic substance. Europe’s nascent battery companies are warning that investors may be drawn away from the continent to the U.S. where the IRA has created strong incentives to establish supply chains in the country. So far, within the European battery industry, Sweden’s Northvolt AB has been one of the few victories for the EU. She said the EU should “simplify and adapt” its rules that limit state funding to make it easier for public investments. For those looking to establish European battery production, the EU’s position on electric vehicles remains confusing.

"Oil prices are higher as the Keystone pipeline remains shut, China's COVID controls ease and on concerns that Russia could reduce output," said Edward Moya, a senior market analyst for OANDA. On Sunday, Canada's TC Energy (TRP.TO) said it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operations. While the uncertainty surrounding European Union sanctions on Russian oil and the related price cap kept volatility high on prices, the sanctions have had a limited impact on global markets so far, ANZ analysts said in a note. In the U.S., Treasury Secretary Janet Yellen forecast a substantial reduction in U.S. inflation in 2023, barring an unexpected shock. Reporting by Florence Tan and Emily Chow; Editing by Kenneth Maxwell and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices climb on uncertainty over Keystone pipeline restart, Russian supplies
▼ + stars: | 2022-12-12 | by ( Florence Tan | ) www.reuters.com time to read: +1 min

Companies TC Energy Corp FollowSINGAPORE, Dec 12 (Reuters) - Oil prices rose more than 1% in early Asian trade on Monday as a key Canada-United States crude pipeline stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation against a Western price cap on Russian oil exports. Brent crude futures climbed 83 cents, or 1.1%, to $76.93 a barrel by 0020 GMT. On Sunday, Canada's TC Energy (TRP.TO) said it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operations. Meanwhile Russia's Putin said on Friday that his country, the world's biggest exporter of energy, could cut oil production and will refuse to sell oil to any country that imposes a "stupid" price cap on Russian agreed by G7 nations. While the uncertainty surrounding European Union sanctions on Russian oil and the related price cap kept volatility high on prices, the sanctions had limited impact on global markets so far, ANZ analysts said in a note.

TC Energy shut the pipeline after the spill was discovered late last Wednesday. The 622,000 barrel-per-day Keystone line ships heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. Prices for sour crude grades in the U.S. Gulf of Mexico were strengthening on Monday, as the shutdown means more demand for heavier Gulf barrels. TC Energy said on Sunday that it has more than 250 people working on the leak, including third-party environmental specialists. The U.S. Environmental Protection Agency and pipeline regulator the Pipeline and Hazardous Materials Safety Administration (PHMSA) are also on the scene.

☆ Oil up $2 a barrel on supply risks amid ongoing Keystone outage
▼ + stars: | 2022-12-12 | by ( ) www.cnbc.com time to read: +3 min

U.S. West Texas Intermediate crude settled at $73.17 a barrel, rising $2.15, or 3%. The potential of a prolonged outage of TC Energy Corp's Canada-to-U.S. Keystone crude oil pipeline helped turn prices around. Traders worried about how long it would take to clean up and restart the Keystone oil pipeline after more than 14,000 barrels of oil leaked last week, the largest U.S. crude oil spill in nearly a decade. The outage is expected to shrink supplies at the Cushing, Oklahoma storage hub, and delivery point for benchmark U.S. crude oil futures. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months.

☆ TC Energy says has not found cause of Keystone oil pipeline leak
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +1 min

Dec 11 (Reuters) - Canada's TC Energy (TRP.TO) said on Sunday it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operation. TC shut the pipeline after more than 14,000 barrels of crude oil spilled into a creek in Kansas on Wednesday, making it one of the largest U.S. crude spills in nearly a decade. Crews are also preparing for rain forecast to begin on Monday, TC said. The 622,000 barrel-per-day Keystone line is a critical artery shipping heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. Reporting by Juby Babu in Bengaluru Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Major oil pipeline outage to hit U.S. stockpiles, refinery supplies
▼ + stars: | 2022-12-09 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

HOUSTON, Dec 9 (Reuters) - An outage on the largest oil pipeline to the United States from Canada could affect inventories at a key U.S. storage hub and cut crude supplies to two oil refining centers, analysts and traders said on Friday. TC Energy's (TRP.TO) Keystone pipeline ferries about 600,000 barrels of Canadian crude per day (bpd) to the United States. Other pipelines between Canada and the United States are at or near capacity, East Daley and data analytics firm Wood Mackenzie estimates. Gulf Coast refiners, which could suffer shortages of heavy Canadian crude, can draw on supplies from offshore Louisiana facilities and from Colombia, Mexico and Ecuador. U.S. physical crude oil grade prices were mixed on Thursday and O'Donnell at East Daley said he expects volatility to continue as long as Keystone remained offline.

☆ Keystone oil spill could tighten U.S. Gulf crude stocks
▼ + stars: | 2022-12-09 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

The Keystone line is a key artery bringing more than 600,000 barrels of Canadian crude per day (bpd) to various parts of the United States. It was shut late Wednesday after leaking more than 14,000 barrels of oil into a creek in Kansas, making it the largest crude spill in the United States in nearly a decade. While TC Energy is yet to give details on when it will restart the pipeline, a previous Keystone spill had caused the pipeline to remain shut for about two weeks. The spill in Kansas took place downstream from a key junction in Steele City, Nebraska, where Keystone splits to run into Illinois. By contrast, Gulf Coast refiners can draw on more sources for crude, both from offshore Louisiana facilities and from countries like Colombia, Mexico and Ecuador.

This week's spill of 14,000 barrels in Kansas is sure to raise alarms over future pipeline development, as U.S. regulators had already increased scrutiny of pipeline construction due to previous Keystone spills in 2017 and 2019. The pipeline suffered few incidents in its early years, but since 2017, the number of spills increased after TC Energy received a special permit from the U.S. "I think a lot of scrutiny is going to be placed on the special permit," said Jane Kleeb, founder of Bold Alliance, an advocacy group that fought Keystone XL. John Stoody, vice-president of government relations at the Liquid Energy Pipeline Association said special permits come with numerous different operating conditions. "If anything there are complaints from industry about how lengthy the special permit process is.

☆ Turkey is stopping oil not under Russian sanctions, raising global energy market supply concerns
▼ + stars: | 2022-12-08 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Cargo ships and vessels transit the Bosphorus Strait, a body of water connecting the Black Sea to the Marmara and Mediterranean Seas through Istanbul, Turkey. Above, the Russia-flagged vessel Volga River Taganrog oil tanker passes south through the Bosphorus Straits in October 2022. "It appears that all but one of the roughly twenty loaded crude tankers waiting to cross the straits are carrying Kazakh-origin oil," a price cap official told CNBC. If delays mount, refiners will seek alternative supplies from other countries or they will reduce operating capacity because they don't have enough oil, which impacts the supply of gasoline and diesel, said Andrew Lipow, president of Lipow Oil Associates. "If this continues for another week we will begin to see an impact on the oil market," Lipow said.

Companies TC Energy Corp FollowBENGALURU/WINNIPEG, Dec 8 (Reuters) - Canada's TC Energy on Thursday said it shut its giant Keystone pipeline due to an oil spill into a Kansas creek, and it is unclear how long the line will be closed. The 622,000 barrel-per-day Keystone line is the primary artery shipping heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. Keystone shut the line at about 8 p.m. CT on Wednesday (2 a.m. Thursday GMT) after alarms went off and system pressure dropped, the company said in a release. "The system remains shut down as our crews actively respond and work to contain and recover the oil," the release said. Two Keystone shippers said TC had not yet notified them how long the pipeline may be shut down.

☆ A trail of oil: Keystone pipeline's history of oil spills
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

The following is a timeline of some of Keystone's biggest oil spills, along with recent other spills of crude, both onshore and offshore. 2016April: TC shut down the pipeline after about 400 barrels of oil leaked in Hutchinson County, South Dakota. 2017November: TC shut part of the Keystone pipeline system after a leak in South Dakota, caused by mechanical damage from original construction. 2019February: Portions of the Keystone pipeline were shut down after 42 barrels of oil leaked on land in rural St. Charles County, Missouri. OTHER ONSHORE SPILLS:Since 2010 there have been two spills of crude oil larger than this most recent Keystone spill.

☆ Oil prices jump 4% after Keystone Pipeline shut due to leak
▼ + stars: | 2022-12-08 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN Business —US oil prices climbed as much as 5% Thursday morning after the Keystone Pipeline was shut down following a leak discovered near the border of Kansas and Nebraska. Canada’s TC Energy (TRP) said it launched an emergency shutdown of the Keystone Pipeline System at 9 p.m. US oil prices rose to $75.44 a barrel on the news, before easing. No timetable has been given for restarting the Keystone Pipeline, a 2,700-mile system that delivers mostly Canadian oil to major refineries across America. The leak happened on an existing Keystone pipeline that is separate from Keystone XL, a controversial pipeline project that was terminated last year after President Joe Biden revoked the pipeline’s permit on his first day in office.

LAUNCESTON, Australia, Dec 8 (Reuters) - China's imports of major commodities in November appeared unambiguously strong, but delving into the details shows a more nuanced picture amid ongoing uncertainty. Part of the jump in crude oil imports can be explained by a surge in exports of refined fuels. Shipments of products rose to 6.14 million tonnes in November, the highest since April last year and a jump of 37.7% from October and 46.4% from November 2021. MIXED PICTURESCoal imports also looked strong in November, rising to 32.3 million tonnes from October's 29.18 million, the gain being attributed to utilities ensuring sufficient supplies for winter. It was a similar story for iron ore imports, with a solid 10.7% gain in November to 98.85 million tonnes, up from October's 94.98 million.

☆ Gasoline is cheaper now than a year ago — and could fall below $3
▼ + stars: | 2022-12-08 | by ( Patti Domm | In | ) www.cnbc.com time to read: +4 min

Gasoline prices are now cheaper across the U.S. than they were a year ago, and the price per gallon could fall below $3 for most Americans by the end of the year. Unleaded gasoline was at a record $5.01 per gallon June 14 and stayed high through the summer and fall. Gas prices fell 15 cents per gallon in the past week and are down from $3.80 a gallon a month ago. Even with OPEC+ reaffirming a 2 million barrel a day production cut this past week, oil prices have still fallen. But for now, gasoline prices are in decline.

Search resuls for: "refiners"

25 mentions found