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☆ Japan's JERA signs ammonia supply MOUs with Yara, CF Industries
▼ + stars: | 2023-01-17 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO: The logo of JERA Co., Inc., the world's biggest LNG buyer, is displayed at the company office in Tokyo, Japan July 14, 2017. REUTERS/Issei Kato(Reuters) - Japan’s biggest power generator JERA signed ammonia supply memorandums of understanding (MOUs) with CF Industries of the United States and Norway’s Yara Clean Ammonia Norge AS, as it aims to co-fire ammonia to reduce emissions, it said on Tuesday. Under the MOUs, JERA agreed with Yara and separately with CF Industries to look at the possibility of buying up to 500,000 tonnes of clean ammonia per year for the 20% co-firing operations at the Hekinan Thermal Power Plant Unit 4 in Japan. As part of the agreement, JERA and CF Industries, the world’s top ammonia producer, would study ‘potential supply options, including an equity investment alongside CF Industries to develop a greenfield clean ammonia facility in Louisiana, as well as a supplementary long-term offtake agreement from CF Industries’ Donaldsonville Complex in Louisiana, the U.S. company said separately. Yara and JERA also plan to collaborate on blue ammonia production in the U.S. Gulf and to produce more than 1 million tons per annum, according to a separate statement issued by Yara on Tuesday.

☆ 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.

☆ Targa to buy remaining stake in NGL pipeline from Blackstone for $1.05 bln
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Targa Resources Corp (TRGP.N) said on Tuesday it will buy the remaining stake in its Grand Prix NGL Pipeline that it does not already own, for $1.05 billion in cash from Blackstone Inc's (BX.N) energy unit. Targa, which will purchase 25% stake from Blackstone Energy Partners, acquired 75% interest in the pipeline last year when it repurchased interests in its development company joint ventures from investment firm Stonepeak Partners LP for about $925 million. The Stonepeak deal also included 100% interest in its Train 6 fractionator in Mont Belvieu, Texas, and a 25% equity interest in the Gulf Coast Express Pipeline. Grand Prix has the capacity to transport up to 1 million barrels per day (bpd) of natural gas liquids (NGL) to the NGL market hub at Mont Belvieu. Targa said on Tuesday the price of the Blackstone Energy Partners deal, which is expected to close in the first quarter of 2023, represents about 8.75 times Grand Prix's estimated 2023 adjusted EBITDA multiple.

The first full-color image released from the next-generation James Webb Space Telescope is the sharpest infrared image of the distant universe ever produced, according to NASA. Space Telescope Science Institut / NASA, ESA, CSA, STScI, Webb ERONASA released the first batch of images from the tennis court-sized observatory to much fanfare in July. The exoplanet HIP 65426 b in different bands of infrared light, as seen from the James Webb Space Telescope. Back to the moonFifty years after the final Apollo moon mission, NASA took key steps toward returning astronauts to the lunar surface. Chinese officials have also said they intend to use the space station for space tourism and commercial space initiatives.

☆ Oil hits three-week high as China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

A weaker dollar makes oil cheaper for holders of other currencies and tends to support risk assets. Oil also drew support from worries over supply disruption because of winter storms in the United States, said Kazuhiko Saito, chief analyst at Fujitomi Securities. "But the U.S. weather is forecast to improve this week, which means the rally may not last too long," he said. Concern over a possible production cut by Russia also provided price support. Russia might cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

☆ Oil steady as U.S. output ramps up after freeze, China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were steady after hitting a three-week high on Tuesday as restarts at some U.S. energy plants shut by winter storms offset gains stemming from hopes of a demand recovery as China eases its COVID-19 restrictions. The cold also cut oil and gas production from North Dakota to Texas. Russian President Vladimir Putin on Tuesday also signed a decree that bans the supply of oil and oil products to nations participating in the price cap from Feb. 1 for five months. Concern over a possible production cut by Russia also provided price support. Russia might cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

☆ 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.

Companies TC Energy Corp FollowDec 23 (Reuters) - TC Energy Corp (TRP.TO) on Friday said that a U.S. regulator had approved a restart plan for an idled segment of its Keystone oil pipeline to Cushing, Oklahoma, and it looked to restore service after several days of testing and inspections. The 622,000-barrel-per-day (bpd) pipeline was shut on Dec. 7 after it spilled 14,000 barrels of oil in rural Kansas, the biggest U.S. spill in nine years. The shutdown reduced the flow of Canadian crude to Gulf refineries, but it has had little impact on Canadian oil prices, partly because of ample storage in Alberta. Pipeline and Hazardous Materials Safety Administration (PHMSA) approved the restart plan, TC said. Frigid weather at the spill site may slow work, TC 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.

Canada is in the midst of building a large terminal to export LNG, but its completion is two years away. Canadian gas production is on track to reach a record 18 bcfd in 2022 and 19 bcfd in 2023, according to energy consultancy Rystad Energy. Pipelines are also constrained in Canada due to swift production growth, particularly TC Energy Corp's (TRP.TO) NGTL pipeline system that ships gas around and out of western Canada. In August, gas prices in Alberta briefly turned negative because of bottlenecks stemming from NGTL maintenance. U.S. LNG exports are expected to reach 10.6 bcfd in 2022 and 12.3 bcfd in 2023, according to federal estimates.

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.

☆ 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.

☆ Xi Jinping: Saudi's MBS rolls out the red carpet for China's president, in a not too subtle message to Biden
▼ + stars: | 2022-12-07 | by ( Tamara Qiblawi | ) edition.cnn.com time to read: +9 min

Saudi leaders will infuse the trip with a dose of spectacle. The Saudi king – or his powerful Crown Prince, Mohammed bin Salman – may bestow the Chinese leader with some honors and medals. Saudi Crown Prince Mohammed bin Salman fist bumps US President Joe Biden upon his arrival at Al Salman Palace, in Jeddah, Saudi Arabia, on July 15. Today, the US consumes only a fraction of that Saudi oil, and China is Saudi Arabia’s biggest client and trading partner. Over the last year, Gulf Arab countries appear to have ramped up their independent-minded policy.

The Biden administration last week authorized Chevron to expand operations in Venezuela and resume taking prized heavy crude to the United States. Valero Energy Corp (VLO.N), PBF Energy (PBF.N) and Citgo Petroleum have shown interest in getting access to the oil Chevron is expecting in coming weeks, according to the people. No Venezuelan oil officially has been allocated to Chevron yet and no chartering contracts have been signed to transport cargoes to the United States, according to Venezuelan export schedules and Refinitiv freight data. Valero, PBF and other U.S. independent refiners would not need any new authorization to buy Venezuelan oil from Chevron. The primary effect will be to allow some Venezuelan oil to flow back to the United States, "which will help the U.S. refining system," Wirth said.

POLITICAL TALKSFollowing oil sanctions on Venezuela in 2019, Chevron received an exemption to trade its Venezuelan crude to recoup pending debts. Chevron's four PDVSA joint ventures produced about 200,000 barrels per day of crude oil and exported the crude around the world prior to the sanctions. It also allows the U.S. company to import supplies to help process the country's crude oil into exportable grades. That limits any wider expansion of Venezuelan oil production. Chevron and other U.S. oil refiners could benefit from supplies of Venezuela's heavy crude flowing to their U.S. Gulf Coast processing plants.

The decision allows Chevron to revive existing oil projects in the U.S.-sanctioned country and bring new oil supplies to refiners in the United States. However, it restricts cash payments to Venezuela, which could reduce the amount of oil available to Chevron. License terms are designed to prevent Venezuelan state-run oil firm PDVSA from receiving proceeds from Chevron's Venezuelan petroleum sales, U.S. officials said. A Chevron spokesperson said the company was reviewing the license terms and declined immediate comment. Proceeds due Venezuela from Chevron's oil sales would go into a humanitarian fund rather than to PDVSA.

☆ Exclusive: Texas producer Ranger Oil explores sale
▼ + stars: | 2022-11-18 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Nov 18 (Reuters) - Ranger Oil Corp (ROCC.O) is exploring a potential sale as the south Texas oil and gas producer looks to capitalize on high energy prices to pursue strategic options, people familiar with the matter said on Friday. Shares in Ranger, which operates in the Eagle Ford shale basin, jumped over 5% on Friday after Reuters reported the company's sale efforts. Ranger Oil did not immediately respond to a request for comment. Ranger had gained around 58% this year, prior to news of its sale efforts. Last year, Penn Virginia Corp bought Lonestar Resources US Inc in an all-stock deal valued at $370 million, and later rebranded the combined company as Ranger Oil.

☆ Column: U.S. rush for renewable diesel may ignite fresh food fight
▼ + stars: | 2022-11-08 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

Renewable diesel, however, is chemically identical to petroleum-based diesel - so can be consumed in place of or along with normal diesel in whatever quantities are desired by end users. US renewable diesel vs biodiesel useRenewable diesel also emits fewer emissions than both biodiesel and regular diesel. US renewable diesel vs biodiesel production capacityFurther increases in renewable diesel production capacity are expected in the near term, with the EIA projecting capacity to climb to 5.1 billion gallons a year by 2024, from less than 1 billion in 2020. But that consumption share looks set to grow further as more renewable diesel production comes on line. Other major renewable diesel suppliers include Finland and the Netherlands, although both those countries have stepped up their own domestic consumption of renewable diesel in recent years, leaving little left for exports.

☆ If Credit Suisse loves its bankers, set them free
▼ + stars: | 2022-10-21 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

LONDON, Oct 21 (Reuters Breakingviews) - Credit Suisse (CSGN.S) is a weak bank with some strong bankers. SECOND COMINGImagine, then, that Credit Suisse spins out its advisory and capital-markets business. But Credit Suisse has never quantified the business it wins from intragroup referrals, which suggests it is low. In this case, it will be higher if those people are no longer at Credit Suisse. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978.

☆ Exxon selling Montana oil refinery to Par Pacific in $310 million deal
▼ + stars: | 2022-10-20 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

HOUSTON, Oct 20 (Reuters) - Exxon Mobil Corp (XOM.N) on Thursday agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc (PARR.N) for $310 million. "This acquisition expands our fully integrated downstream network in the western United States," said Par Pacific Chief Executive Officer William Pate. Since 2013, Houston-based Par Pacific has purchased refineries in Hawaii, Wyoming and Tacoma, Washington. Par Pacific shares jumped 8.7% to $21.62 on Thursday, their highest level in two and a half years. Under the deal, Par Pacific will continue supplying fuel to Exxon and Mobil-branded stations in the region.

☆ Exxon selling Montana oil refinery to Par Pacific for $310 million
▼ + stars: | 2022-10-20 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

HOUSTON, Oct 20 (Reuters) - Exxon Mobil Corp (XOM.N) on Thursday agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc (PARR.N) for $310 million. Register now for FREE unlimited access to Reuters.com RegisterThe deal for the 63,000-barrel-per-day refinery is expected to close in the second quarter of 2023, Exxon said in a statement. Included in the sale are the Silvertip Pipeline, Exxon's interest in the Yellowstone Pipeline and Yellowstone Energy LP and its interests in products terminals in Montana and Washington. Under the deal, Par Pacific will continue supplying fuel to Exxon and Mobil-branded stations in the region. Register now for FREE unlimited access to Reuters.com RegisterReporting by Erwin Seba; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Based on U.S. export inspection data, the United States exported roughly 145 million tonnes of grain and oilseeds in calendar year 2021. In 2021, some 42% of October-December soybean shipments to China left from the U.S. Gulf versus 52% from Pacific ports, though the Gulf share was 58% in 2020. Through 29 days of September, soybean sales to all destinations of 3.1 million tonnes were an 11-year low for the month. About two-thirds of all U.S. grain shipments to Mexico are shipped via interior methods such as rail, but the other third relies on the Gulf. Interior exports accounted for 14% of all U.S. grain and oilseeds last year, third behind the Gulf and Pacific regions.

Competitively priced South American offerings have recently undercut U.S. business and the upcoming Brazilian soybean harvest looms large, increasing pressure on U.S. soybean exporters’ performance through the end of the year. The U.S. soybean harvest is likely picking up this week, so any logistical interruptions are poorly timed. Soybean export inspections are already lagging more than expected, having fallen below the range of trade estimates in three of the last five weeks. Argentine farmers for the first time in six years may increase soybean area for the upcoming season, potentially boosting output more than 15% on the year. Brazil’s recent record-large corn harvest has lifted shipments to or near all-time highs in the latest two months.

☆ Oil prices mixed as Hurricane Ian output cuts support, dollar weighs
▼ + stars: | 2022-09-28 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

SummarySummary Companies API shows U.S. crude, distillate stocks rise -market sourcesProducers begin returning workers to oil platforms in U.S. GulfSept 28 (Reuters) - Oil prices were mixed in early Asian trade on Wednesday as support from U.S. production cuts caused by Hurricane Ian contended with crude storage builds and a strong dollar. Personnel were evacuated from 14 production platforms and rigs, the BSEE said. Ian is the first hurricane this year to disrupt oil and gas production in the U.S. Gulf of Mexico, which produces about 15% of the nation's crude oil and 5% of dry natural gas. Estimates of U.S. oil in storage also sent mixed messages about oil prices. Distillate stocks rose by about 438,000 barrels, according to the sources, who spoke on condition of anonymity.

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