Weekend Summary

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Monroe Energy Sees Delays Unloading Supertanker

While Harvey and Irma recovery was taking place, Hurricane Maria was wreaking its own havoc. Monroe Energy, a refinery owned by Delta Air Lines, was forced to temporarily shut down operations when Maria disrupted supply shipments from the Eastern Hemisphere. A super tanker from West Africa was delayed by choppy waters, causing refineries throughout the Northeast U.S. to reduce output.

EPA Weighs Ethanol Rule Change

The EPA is considering a change to the Renewable Fuel Standard to allow exports to be counted towards mandated biofuel volumes, adding a billion gallons of biofuels to the standard and potentially lowering RINs prices. In addition to the proposed change, the EPA is considering reducing the total volume requirements.

Lower for Longer Oil Prices vs. Higher, Sooner

For the past few months, oil price analysts have been calling for “lower for longer” prices – prices remain at or below $50 over the next year. Now, with prices above $50, analysts are beginning to rethink the lower for longer mantra. Demand is growing in developed countries, and supply may falter if prices do not rise enough to make production worth-while.

ExxonMobil Dethroned as Top Energy Company

After 12 years as the largest energy company in the world, ExxonMobil fell to ninth place, with Russia’s main energy company, Gazprom, taking the new top position. The change comes amid falling oil prices, which have put pressure on the integrated oil companies that once led the list. Now, utilities and pipeline companies, which are less exposed to oil prices, are taking up the top spots.