Oil markets are expecting a busier than usual maintenance season over the next few months, meaning less supply in the short-term. Last year, refiners delayed projects due to high 3:2:1 crack spreads; now, they’re making up for it with more maintenance than usual. Refinery utilization is hovering around 86% as a result of planned downtime, […]
Fuel markets shot higher yesterday following the EIA’s report, which showed declining inventories and declining refining activity. Hurricane Ian made landfall in Florida yesterday, bringing devastation for fuel markets in the center of the state. In France, labor strikes have shut off a large chunk of refining capacity, with winter just a few months away. […]
Frigid temperatures throughout the US created havoc for oil markets, increasing heating oil and natural gas demand. The winter storm shut down several hundred thousand barrels per day of Texas oil production (references to “hell freezing over” come to mind), and the state is seeing 30-yr record low temperatures. With supplies cut, WTI crude oil […]
Gross inputs to U.S. petroleum refineries, also referred to as refinery runs, averaged a record high 17.7 million barrels per day (b/d) for the week ending May 26, before dropping slightly to 17.5 million b/d for the week ending June 2 and 17.6 million b/d for the week ending June 9. Product supplied to the […]
Analysis by Dr. Nancy Yamaguchi WTI crude prices were unable to cling to $53/b overnight, and they are back in the neighborhood of $52.50-$53/b. WTI opened at $52.95/b today, an increase of nine cents from yesterday’s opening price. Current prices are $52.64/b, $0.54 below yesterday’s close. The API released its data on oil stocks yesterday, […]
