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Articles Posted by thackney

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  • BP to cut Alaska workforce by 13%

    02/03/2016 5:41:33 AM PST · by thackney · 8 replies
    Alaska Journal of Commerce ^ | 01/13/2016 | Elwood Brehmer
    BP is cutting 4,000 jobs worldwide and some of those reductions will be in Alaska. An intra-company email obtained by the Journal sent to BP Alaska employees Jan. 12 states that the company plans to reduce its total in state workforce by 13 percent. All employees should know their status by early spring and the majority of layoffs will be conducted by mid-year, according to the email. BP directly employs about 2,100 people and has another 6,000 contract workers in Alaska, based on the company's 2015 Alaska Hire report. The 13 percent reduction will come from the company's direct employees,...
  • Islamic State terrorists threaten oil wealth in Libya

    02/03/2016 5:32:47 AM PST · by thackney · 1 replies
    Trib Live ^ | Feb. 2, 2016 | WIRE REPORTS
    The Islamic State threatens to seize Libyan oil refineries -- and gain a major new revenue source -- as the terror group expands its presence in the war-torn country. Islamic State fighters have pushed toward critical port facilities near their Libyan stronghold of Sirte, according to a senior State Department official who was not authorized to talk publicly about the issue and asked not to be named. Secretary of State John Kerry said Tuesday that the United States and its allies have made progress against the Islamic State in parts of Iraq and Syria but are concerned the terrorist group...
  • Cruz victory threatens ethanol's power

    02/03/2016 5:29:35 AM PST · by thackney · 21 replies
    The Hill ^ | 02/02/16 | Devin Henry
    Ted Cruz's victory in the Iowa caucuses is casting doubt on the political potency of ethanol, an issue that had long reigned supreme in the Hawkeye State. Before Monday, every winner of the caucuses in both parties had supported the Renewable Fuel Standard (RFS). Opposing the mandate, it was long thought, would be political suicide in the state, which leads the country in the production of ethanol. But Cruz defied the trend, triumphing over the Republican field despite his support for phasing out the standard, which defines how much renewable fuel must be blended into traditional fossil fuels. It's an...
  • America's Power Plant Problem

    02/03/2016 5:27:00 AM PST · by thackney · 8 replies
    Pacific Standard ^ | FEB 1, 2016 | DANIEL J. MCGRAW
    More than 200 out of the 523 coal-fired power plants that were in operation five years ago are now closed or slated for closure. What should we do with them? The English Station coal-fired power plant sits on eight acres of land on Ball Island, a large chunk of property that nearly stretches from riverbank to riverbank in the middle of the Mill River in New Haven, Connecticut. The plant takes up pretty much the entire island, an old albatross of the industrial era surrounded by a chain link fence topped with razor wire. Though the plant stopped producing electricity...
  • S&P takes aim at energy companies

    02/03/2016 5:21:05 AM PST · by thackney
    Fuel Fix ^ | February 2, 2016 | Robert Grattan
    Standard and Poor's said Tuesday it had cut or was considering cutting the investment-grade credit ratings at 20 oil and gas giants, including Chevron Corp. and Exxon Mobil Corp. The ratings actions, which spanned integrated and independent producers, are an acknowledgement that $30 oil could shake the credit worthiness of even the largest oil and gas companies. Chevron's credit rating was cut one notch from AA to AA-. Exxon Mobil, which remains at the agency's highest credit rating of AAA, was put on notice its long-term credit rating was up for review. "We anticipate Chevron will significantly outspend internally generated...
  • PSEG Plans $1.6B in New Gas-Fired Projects

    02/03/2016 5:02:37 AM PST · by thackney · 5 replies
    Power Engineering ^ | 01/29/2016 | Power Engineering
    Public Service Enterprise Group Inc. (PSEG) is planning a $1.6 billion investment in new gas-fired projects in the coming years. PSEG Power President and COO William Levis tells Reuters the company is taking advantage of the "low gas-price environment" by building combined-cycle plants in Maryland and New Jersey. The company is also looking into building a new 500-MW gas-fired facility by summer 2019 at the site of its 383-MW coal plant in Bridgeport, Connecticut - the state's only coal facility - which PSEG has agreed to close in 2021.
  • Army and Marine Corps chiefs: It’s time for women to register for the draft

    02/02/2016 9:57:03 AM PST · by thackney · 168 replies
    Washington Post ^ | February 2, 2016 | Dan Lamothe
    ...said they were in favor of the change during an occasionally contentious Senate Armed Services Committee hearing on the forthcoming full integration of women in the military. They offered their opinions in response to a question from Sen. Claire McCaskill (D-Mo.), who said that she also is in favor of the change. "Senator, it's my personal view that, based on this lifting of restrictions... every American who's physically qualified should register for the draft," Neller said. "Senator, I think that all eligible and qualified men and women should register for the draft," said Milley. The comments are a first in...
  • Gas Drops Below $1.50 in Some Areas, and We Haven't Hit Bottom Yet

    02/02/2016 7:28:32 AM PST · by thackney · 49 replies
    NBC News ^ | FEB 2 2016 | MARTHA C. WHITE
    American drivers are now enjoying gasoline prices that haven't been this low since January 2009. Data from the AAA shows that the average annual price for a gallon of gas has been below $2 a gallon for about a month now. Just within the past week, the national average gas price ticked below $1.80 for a gallon of regular gas, a drop of 20 cents just since the beginning of 2016. "I think you have probably another three to four weeks of prices in this area - I think we could drop another nickel or so," said Denton Cinquegrana, chief...
  • Harold Hamm Expects $60 Oil, Says America Will Double Output Again

    02/02/2016 5:28:04 AM PST · by thackney · 26 replies
    Forbes ^ | FEB 1, 2016 | Christopher Helman
    ...Hamm announced that Continental would slash its 2016 capital spending to $920 million -- a 66% cut from last year's level. His objective is for Continental to live within its cash flow for the first time in years. Assuming an average oil price of $40 a barrel, Continental expects its new plan to generate excess cash flow of $100 million in 2016. "Some people didn't pull back as fast as they should have," says Hamm. "They are pulling back now." Hamm's move represents capitulation of a sort. In late 2014 he decided to sell off all of Continental's oil price...
  • Fears of Venezuela Default Grow Amid Drop in Oil Prices

    02/02/2016 5:22:49 AM PST · by thackney · 21 replies
    Wall Street Journal ^ | Jan. 21, 2016 | SARA SCHAEFER MUÑOZ and ANATOLY KURMANAEV
    The plunge in the price of oil is causing more investors to bet that Venezuela will default on its $120 billion pile of foreign debt, an event that would trigger a messy battle over the country's oil shipments and deepen its economic and political crisis. Despite Venezuela's worst economic slump since independence from Spain, the socialist government has continued to pay bondholders on time. President Nicolás Maduro this week reiterated the country's intention to honor its debt. Few investors doubt Venezuela's willingness to pay. In recent years, it has paid bondholders partly by drastically reducing the amount of dollars it...
  • US oil & gas sector: things to get worse before they get better

    02/02/2016 5:02:46 AM PST · by thackney · 3 replies
    Fuel Fix ^ | February 1, 2016 | Matt Smith
    Today is Harry Styles' 22nd birthday, and accordingly the crude complex is heading in one direction. (Down). We burst into February today, and get hit by a wave of global manufacturing numbers, as well as the ongoing debate re 'will-they-won't-they' cut production. (they won't). China kicked things off overnight, setting a cautious tone with its worst official manufacturing print since August 2012. The Caixin manufacturing release also showed ongoing contraction from the sector, but in contrast was better than consensus. Eurozone manufacturing was in line with consensus, boosted by Germany and Spain, held back by Italy and France. Japan was...
  • Chevron delays big projects, plows the Permian Basin

    01/31/2016 7:56:24 AM PST · by thackney · 2 replies
    Fuel Fix ^ | January 29, 2016 | Collin Eaton
    The CEO of Chevron Corp. said his company recently mothballed a $500 million ultra deep-water Gulf of Mexico development not because the oil reservoir was too small to develop - but because it had better places to spend its money. Namely, the Permian Basin in West Texas. "There are tough choices being made," Chevron CEO John Watson told investors on Friday, after the San Ramon, California oil giant posted its first quarterly loss since 2002. The $588 million loss - worse than analysts had expected - was driven by a series of special charges in the fourth quarter, including Chevron's...
  • UK announces help for struggling North Sea oil industry

    01/29/2016 4:27:11 AM PST · by thackney · 6 replies
    Yahoo News ^ | 1/28/2016 | AFP
    Britain announced Thursday a L250 million (325 million euro, $350 million) package of funding to boost the oil industry in northeast Scotland, which has been hit hard by slumping prices. Prime Minister David Cameron visited the oil city of Aberdeen and met industry bosses for talks on the current situation. "Obviously it's a difficult time for the oil industry because of the oil price decline, but what this shows is that the British government is 100% behind this industry, behind Aberdeen, behind Scotland," Cameron said. "We want to see this port expand, we want to see an energy innovation centre,...
  • This oil producing country may need a bailout

    01/29/2016 4:13:44 AM PST · by thackney · 7 replies
    CNN Money ^ | January 28, 2016 | Ivana Kottasova and John Defterios
    Azerbaijan's decade-long boom is well and truly over. The oil producing central Asian country has been slammed by the oil price crash and is now considering asking for an international bailout. Experts from the International Monetary Fund arrived in the capital Baku on Thursday to find out just how bad the situation has become. "The team will discuss areas for technical assistance and assess possible financing needs," an IMF spokesperson told CNN. A senior Azerbaijani official told CNN the government is thinking about an emergency loan of $4 billion to help it cope with the collapse in global crude oil...
  • Turmoil in the Oil Patch Is Hitting U.S. GDP Growth

    01/29/2016 4:08:11 AM PST · by thackney · 17 replies
    Wall Street Journal ^ | Jan 28, 2016 | LISA BEILFUSS
    The tumble in oil prices is set to take another bite out of overall U.S. economic output. The overall energy sector accounts for just about 4% of inflation-adjusted gross domestic product when adding up contributions from four areas: utilities; oil and gas extraction; petroleum and coal products; and pipeline transportation, and it represents just 1.5% of employment, according to estimates by Deutsche Bank chief U.S. economist Joseph LaVorgna. Given that small slice, many analysts and traders have assumed sharply lower energy-related capital spending isn't a big threat to the broader economy. But the turmoil could weigh on GDP more than...
  • Shell transitioning Houston truck fleet from diesel to LNG

    01/28/2016 12:48:34 PM PST · by thackney · 12 replies
    Fuel Fix ^ | January 28, 2016 | Jordan Blum
    Royal Dutch Shell is switching its trucking fleet to more liquefied natural gas-fueled vehicles in Houston and Louisiana as more companies increasingly move away from dirtier diesel fuel. The use of LNG and compressed natural gas -- another new CNG fueling station opened Thursday in Houston -- in commercial vehicles has rapidly expanded because of the nation's cheap and bountiful supply of natural gas. Shell said Thursday it partnered with Miami-based Ryder transportation company for 15 new, heavy-duty LNG trucks to support its oil and gas logistics operations in Houston and Lafayette, Louisiana. The 15 new trucks will replace diesel-fueled...
  • Baker Hughes loses $1 billion in the fourth quarter

    01/28/2016 12:46:50 PM PST · by thackney · 6 replies
    Fuel Fix ^ | January 28, 2016 | Rhiannon Meyers
    Oil field services company Baker Hughes posted a $1 billion loss during the fourth quarter of 2015, suffering from a global decline in active oil rigs and ongoing pricing pressure from its customers. The loss reflected $1.25 billion in impairment and restructuring charges related to the adjustment of the carrying value of its onshore pressure pumping business in North America and other assets. The Houston-based oil field services company, which is being acquired by its competitor Halliburton, reported a loss of $2.35 per share during the three-month period ending Dec. 31. That was a reversal from than the profit of...
  • New pipeline projects increase Northeast natural gas takeaway capacity

    01/28/2016 9:44:21 AM PST · by thackney · 12 replies
    Energy Information Administration ^ | JANUARY 28, 2016 | Energy Information Administration
    A number of recently completed and upcoming natural gas infrastructure projects are expected to increase the reach of natural gas produced in the Marcellus and Utica regions of the Northeastern United States (see map). These projects are intended to transport natural gas from production centers to consuming markets or export terminals. Over the past several years, natural gas production in the Marcellus and Utica areas has grown significantly: their combined growth of 12 billion cubic feet per day since 2011 accounts for 89% of the United States's total growth in natural gas production. The Marcellus and Utica shale plays are...
  • Iran Seeks Rapid Reboot for Natural Gas Exports {Europe within two years}

    01/27/2016 6:36:03 AM PST · by thackney · 1 replies
    Wall Street Journal ^ | Jan. 26, 2016 | BENOIT FAUCON
    Iran is pushing to find new ways to extract and export its vast natural-gas reserves, including developing facilities to liquefy the commodity and ship it to Europe in two years, now that Western sanctions have lifted, according to a top Iranian official. Iran holds the world's largest reserves of natural gas, but has long lacked the export infrastructure of competitors such Russia and Qatar. They have networks of international pipelines as well as liquefied-natural-gas facilities that enable them to export gas by ship. Tehran is exploring several options to help the country "join the international LNG club," said Alireza Kameli,...
  • 10th Largest US Frac Company Sells Fleet For 38 Cents On The Dollar, Exits US Market

    01/27/2016 6:05:42 AM PST · by thackney · 17 replies
    Oi Pro ^ | 1/26/2016 | Joseph Triepke
    Until Tuesday, Canada-based Trican Well Services was the tenth largest pressure pumping company in the US by frac horsepower. On Tuesday, the company announced a deal had been reached to sell their US frac fleet to Keane Group, a privately-held, U.S. based well completion services company. The deal marks Trican's exit from the US market. Under the agreement, Keane will acquire the majority of Trican’s U.S. assets, including equipment, key employees and its engineering capabilities. The deal has been expected, and we previously reported that it was coming, but the price had not been known until today's announcement. The total...
  • Spread between Henry Hub, Marcellus natural gas prices narrows as pipeline capacity grows

    01/27/2016 5:43:23 AM PST · by thackney · 1 replies
    Energy Information Administration ^ | JANUARY 27, 2016 | Energy Information Administration
    Natural gas spot prices around the United States are often compared to prices at the Henry Hub in Louisiana. At trading points in and around the Marcellus and Utica shale plays in Pennsylvania, West Virginia, and Ohio, natural gas prices consistently trade below the Henry Hub national benchmark price. However, the difference between these pricing points and the Henry Hub has narrowed in recent months as new pipeline projects have come online. Most of the natural gas produced in the region is consumed in other areas of the country. With limited infrastructure to deliver natural gas to consumers, the Marcellus...
  • Economist says Texas oil drillers may have unlocked crude supply lasting "decades into the future"

    01/27/2016 5:40:37 AM PST · by thackney · 100 replies
    Fuel Fix ^ | January 26, 2016 | Jordan Blum
    Texas has lost at least 60,000 upstream oil and gas jobs, plus as many as 250,000 supply chain and retail jobs indirectly, as a result of the oil crash, according to an analyst with one of the top industry trade groups in the state. Karr Ingham, a petroleum economist who compiles the semi-annual Texas Petro Index for the Texas Alliance of Energy Producers, also doesn't expect those losses to stall in 2016. The TPI's estimate of 250,000 job losses in Texas is devised from a multiplier tying upstream oil and gas job cuts to jobs elsewhere in the economy. Ingham...
  • Where Have All the Oil ‘Speculators’ Gone?

    01/27/2016 5:29:55 AM PST · by thackney · 11 replies
    Wall Street Journal ^ | Jan. 26, 2016 | BRAD SCHAEFFER
    Funny how the market worked fine without government intervention to stop price 'gouging.' With crude-oil prices scraping along at about $30 a barrel--down from about $100 in January 2014--the impact of this free fall on the global economy is still to be determined, but there is no doubt about the short-term winners: consumers. The national average for a gallon of regular gasoline has fallen to $1.85 from $3.94 in April 2012. For the typical American who drives an average 15,000 miles a year, that means an annual windfall of roughly $1,200. One interesting aspect of this major correction is that...
  • EIA: Natural gas prices could rise as production finally slows

    01/26/2016 7:58:19 AM PST · by thackney · 2 replies
    Fuel Fix ^ | January 25, 2016 | jamesosborne
    A historic low in natural gas prices should ease over the next two years, according to a forecast released Monday by the U.S. Energy Information Administration. Following a December average of $1.93 for the Henry Hub benchmark, federal analysts predict gas prices will average $2.65 per MMBtu this year and $3.22 in 2017. Oil and gas drillers across the United States have struggled under collapsing commodity prices, driven in part by a boom in domestic shale drilling that has transformed the industry. But the U.S. gas surge is now beginning to taper off. This year U.S. production is only expected...
  • Halliburton sheds another 4,000 jobs

    01/26/2016 7:55:12 AM PST · by thackney · 11 replies
    Fuel Fix ^ | January 25, 2016 | Rhiannon Meyers
    Oil field services giant Halliburton shed another 4,000 jobs in the final three months of 2015, as the Houston-based company continued to aggressively cut costs amid the worst oil crash in decades. With the latest job cuts, Halliburton has reduced its global workforce by 25 percent, a total of about 22,000 employees since its peak in 2014. And more cuts could be on the way if a recovery in crude prices stalls, company executives said Monday morning. "2016 is shaping up to be one tough slog through the mud and the industry is going to have to take it a...
  • ExxonMobil: Energy outlook sees demand up, carbon intensity down

    01/25/2016 11:42:16 AM PST · by thackney · 4 replies
    Oil & Gas Journal ^ | 01/25/2016 | OGJ editors
    Global energy demand will increase 25% between 2014 and 2040, driven by population growth and economic expansion, according to ExxonMobil Corp.'s 2016 Outlook for Energy. Most of this growth will occur in nations outside the Organization for Economic Cooperation and Development. At the same time, the carbon intensity of the global economy will decline by half because of energy efficiency gains and increased use of renewable energy sources and lower carbon fuels, such as natural gas. In 2040, oil will provide one third of the world's energy, remaining the No. 1 source of fuel, and natural gas will move into...
  • Forest Service rejects proposed route of Atlantic Coast Pipeline

    01/25/2016 10:15:38 AM PST · by thackney · 20 replies
    Richmond Times-Dispatch ^ | January 21, 2016 | MICHAEL MARTZ
    The U.S. Forest Service has rejected the latest proposed route of the Atlantic Coast Pipeline because of the 42-inch natural gas pipeline's potential damage to the habitat of sensitive animal species protected by two national forests in Virginia and West Virginia. In a letter to the Dominion-led pipeline company on Tuesday, the Forest Service said the proposed route is "inconsistent" with Forest Service plans and commitments to protect the habitats of the Cow Knob salamander, Cheat Mountain salamander and West Virginia northern flying squirrel, as well as the red spruce forest ecosystem in which they live. Consequently, the pipeline project...
  • ND regulators approve route for oil pipeline that will be biggest from Bakken

    01/25/2016 8:03:04 AM PST · by thackney · 24 replies
    InForum ^ | Jan 20, 2016 | Mike Nowatzki
    orth Dakota regulators granted a route permit Wednesday for what will be the largest crude oil pipeline out of the state's fruitful Bakken oil field, leaving Iowa as the only state left to approve the $3.8 billion Dakota Access Pipeline. Public Service Commission members Julie Fedorchak and Brian Kalk voted to grant the permit for Dakota Access LLC, a subsidiary of Dallas-based Energy Transfer Partners, which plans initially to ship up to 450,000 barrels of oil per day on the 1,168-mile pipeline from the Bakken and Three Forks regions in western North Dakota. "This is a massive infrastructure construction project,...
  • Fears of Venezuela Default Grow Amid Drop in Oil Prices

    01/25/2016 5:59:57 AM PST · by thackney · 17 replies
    Wall Street Journal ^ | Jan. 21, 2016 | SARA SCHAEFER MUNOZ & ANATOLY KURMANAEV
    Venezuela's heavier oil fetches even less on international markets and is down to about $23 a barrel, near its break-even production point of about $17 to $18 a barrel. A default in 2016 "is becoming increasingly difficult to avoid," said Barclays economist Alejandro Arreaza in a report on Venezuela this week. If oil stays at $32 per barrel, Mr. Arreaza estimated that Venezuela will need to use 90% of its oil income this year just to meet its obligations, including sovereign debt and money owed to China. The cost of insuring Venezuelan sovereign debt has jumped in recent months, signaling...
  • New system will alert drivers to low clearance on I-35

    01/22/2016 11:44:11 AM PST · by thackney · 31 replies
    KXAN ^ | January 21, 2016 | Calily Bien
    Last month, a garbage truck caused a parking lot on Interstate 35 through downtown Austin when it got stuck underneath the overpass at I-35 and 12th Street. To avoid scenes like that from happening in the future, the Texas Department of Transportation is installing a new bridge warning system to detect overheight trucks along the southbound lanes of I-35 between Airport Boulevard and Riverside Drive. KXAN News told you about the workgroup formed last year to address the issue of overheight trucks. The detection system will be placed at three locations along I-35, including just north of Martin Luther King...
  • Nigeria Seeks Emergency OPEC Meeting

    01/22/2016 7:09:41 AM PST · by thackney · 9 replies
    Wall Street Journal ^ | Jan. 21, 2016 | SUMMER SAID
    ...the pain of more than a year and a half of falling prices is forcing increasingly desperate measures. Nigeria's top oil official used a panel at the World Economic Forum in Davos, Switzerland, to bluntly plead for an emergency meeting of the Organization of the Petroleum Exporting Countries. Other member states of OPEC, a cartel of some of the world's biggest producers, have quietly lobbied for such a meeting for months. But on Thursday, Nigerian Oil Minister Emmanuel Ibe Kachikwu made one of the strongest, public calls yet by an OPEC member. He asked the group to convene, in part...
  • Pre-FID oil projects: global breakeven analysis {50% @ $60/bbl}

    01/22/2016 5:23:16 AM PST · by thackney · 6 replies
    21 Jan 2016
    Half of oil production from future developments is uneconomic at US$60/bbl Brent - this is the conclusion from our comprehensive breakeven analysis of future global oil developments. These comprise of conventional projects which have yet to receive final investment decision (pre-FID) and future drilling in US onshore Lower 48 plays; which are critical for future oil supply. Using individual asset data and our suite of proprietary tools, including our Oil Supply Tool and Upstream Data Tool, we have produced a granular picture of the cost of new supply. By 2025, production from pre-FID projects and US Lower 48 future drilling...
  • Iran's petroleum production seen rising as many sanctions are lifted

    01/22/2016 4:04:11 AM PST · by thackney · 3 replies
    Energy Information Administration ^ | January 21, 2016 | Energy Information Administration
    Over last weekend, Iran took a step toward increased oil and other liquid fuels production and exports as the international community lifted many of the nuclear-related sanctions that severely constrained Iran's ability to operate in the global market. As EIA has already reported, the sanctions were lifted on January 16, which was implementation day for the Joint Comprehensive Plan of Action (JCPOA), an agreement among the P5+1 (the five permanent members of the United Nations Security Council and Germany), the European Union (EU), and Iran. On that day, the International Atomic Energy Agency verified that Iran had completed the key...
  • The oil conundrum

    01/21/2016 10:15:25 AM PST · by thackney · 15 replies
    The Economist ^ | Jan 23rd 2016 | From the print edition
    Plunging prices have neither halted oil production nor stimulated a surge in global growth OIL traders are paying unusual attention to Kharg, a small island 25km (16 miles) off the coast of Iran. On its lee side, identifiable to orbiting satellites by the transponders on their decks, are half a dozen or so huge oil tankers that have been anchored there for months. Farther down Iran's Persian Gulf coast is another flotilla of similarly vast vessels. They contain up to 50m barrels of Iranian crude--just what a world awash with oil could do without. The lifting of nuclear-related sanctions against...
  • U.S. Steel may cut nearly 700 Texas jobs

    01/20/2016 12:56:19 PM PST · by thackney · 7 replies
    Fuel Fix ^ | January 20, 2016 | Jordan Blum
    The oil crash continues to hit parts of rural Texas hard. On Wednesday, the Texas Workforce Commission released a letter from U.S. Steel Corp. announcing the elimination of nearly 700 jobs near the small city of Lone Star near the Louisiana and Arkansas borders. U.S. Steel is considering temporarily mothballing the pipe-making plant during the ongoing oil and gas slump. The facility is located in northeastern Texas in Morris County, which has a population of less than 13,000 people. Lone Star has just 1,500 residents. While the Houston area seen thousands of jobs lost in the crash, the oil downturn...
  • Hydrogen for refineries is increasingly provided by industrial suppliers

    01/20/2016 9:53:27 AM PST · by thackney · 12 replies
    Energy Information Administration ^ | JANUARY 20, 2016 | Energy Information Administration
    Refineries use hydrogen to lower the sulfur content of diesel fuel. Refinery demand for hydrogen has increased as demand for diesel fuel has risen both domestically and internationally, and as sulfur-content regulations have become more stringent. EIA data show that much of the growth in hydrogen use at refineries is being met through hydrogen purchased from merchant suppliers rather than from increased hydrogen production on-site at the refinery. The increased use of purchased hydrogen has implications for the refining industry's use of natural gas as a feedstock. There are two forms of hydrogen production: on-purpose hydrogen production using steam methane...
  • Drowning In Oil? IEA Revises Demand Lower, Supply Higher

    01/19/2016 12:29:55 PM PST · by thackney · 14 replies
    Rig Zone ^ | January 19, 2016 | Deon Daugherty
    Developing countries' growth is at its lowest rate in more than a decade. A strong U.S. dollar vexes importers and pressures oil demand. And China, the long-time driver of global demand isn't living up to expectations. All of which leaves the world awash in an oversupply of cheap oil whose prices apparently have nowhere to go but down, according to the International Energy Agency's January oil market report. The agency revised oil demand expectations down for the fourth quarter 2015 by 300,000 barrels per day (bpd) and another 100,000 bpd for the first quarter 2016. Supply from countries not operating...
  • Oil shock is hurting U.S. economy: Kemp

    01/19/2016 3:09:58 AM PST · by thackney · 63 replies
    Reuters ^ | Jan 18, 2016 | JOHN KEMP
    ...By turnover and investment, petroleum exploration, production, refining, transportation and marketing is one of the largest industries in the United States and around the world. In the United States, businesses engaged in oil and gas extraction and refining spent almost $200 billion on new equipment and structures in 2013, the most recent year for which data are available. Oil and gas extraction and refining accounted for more than 14 percent of all new capital expenditures in the United States in 2013, according to the U.S. Census Bureau. Oil and gas drilling and associated services on their own accounted for more...
  • Oil under $30? Some are getting closer to $10

    01/18/2016 6:01:07 AM PST · by thackney · 50 replies
    CNBC ^ | 1/18/2016 | Reuters
    Producers of certain crudes from Mexico, Venezuela, Canada and Iraq are bracing for worse to come as Iran - now free of international sanctions - prepares to offload hefty supplies of heavy sour grades onto export markets. Some cargoes of heavy Mexican crude are trading for less than $13 a barrel, and downside price momentum for hard-to-refine grades looks set to intensify.... This could act as an additional weight on benchmarks Brent and West Texas Intermediate (WTI) futures, which have slumped roughly 20 percent since the start of the year to prices under $29 a barrel. ..."The drastic fall in...
  • Venezuela’s Maduro declares economic emergency

    01/18/2016 5:34:39 AM PST · by thackney · 12 replies
    Fuel Fix ^ | January 15, 2016 | | Associated Press
    Venezuelan President Nicolas Maduro is using special decree powers to declare an economic emergency in the oil-dependent nation. The decree giving Maduro 60 days to enact sweeping reform was published Friday in the official gazette just hours before the president is expected to deliver his annual state of the union address.
  • Buffett’s firm buys another 1.6 million Phillips 66 shares

    01/18/2016 5:32:00 AM PST · by thackney · 4 replies
    Fuel Fix ^ | January 17, 2016 | Associated Press
    Berkshire Hathaway is continuing this month string of Phillips 66 stock purchases, and Warren Buffett's conglomerate now controls 12.9 percent of the oil refiner. Berkshire filed documents with the Securities and Exchange Commission on Friday that disclosed purchases of another 1.6 million Phillips 66 shares. Buffett's company has now bought nearly 7.5 million shares of Houston-based Phillips 66 this month....
  • U.S. retail sales dipped in December; low gasoline prices a key factor

    01/15/2016 8:50:51 AM PST · by thackney · 19 replies
    Fuel Fix ^ | January 15, 2016 | Associated Press
    Americans tapered off from shopping toward the end of the holiday season, while lower gasoline prices cut into overall retail sales in December. The Commerce Department said Friday that retail sales dipped a seasonally adjusted 0.1 percent last month to $448.1 billion after having climbed a solid 0.4 percent in November. The report shows consumer tastes shifting toward restaurants and online shopping. The extra savings from falling gas costs have yet to boost spending much in other retail categories. Sales fell in December at clothing, electronics outlets and general merchandise stores. But those declines were largely offset by spending at...
  • Cheniere delays first Sabine Pass LNG export

    01/15/2016 5:43:37 AM PST · by thackney · 1 replies
    Fuel Fix ^ | January 14, 2016 | Robert Grattan
    Cheniere Energy has delayed the first export of liquefied natural gas from its Sabine Pass plant by about one month until late February or early March, the company announced Thursday. The shipment, which was originally secluded to depart near the end of January, is still slated to be the first cargo of liquefied gas to sail from the continental United States. While Cheniere remains ahead of its competitors, the international markets it's racing to serve have been roiled by a crush of liquefaction capacity due online in 2016 and sluggish demand for the fuel. A one-month delay isn't likely to...
  • Oil companies scrap $380 billion in new projects, Wood Mac says

    01/15/2016 5:31:42 AM PST · by thackney · 6 replies
    Fuel Fix ^ | January 14, 2016 | Collin Eaton
    Oil companies have scrapped $380 billion in new projects since the oil-market downturn began a year and a half ago, Wood Mackenzie said Thursday. The energy research firm's dollar-figure estimate has nearly doubled since its first report on the matter last July, as oil prices crashed from around $60 a barrel in the summer to about $30 a barrel this week. About $170 billion of the scrubbed projects had been scheduled to come into production from 2016 to 2020. That means 2.9 million barrels a day that the industry had planned to bring up won't hit the market until after...

    01/15/2016 5:19:11 AM PST · by thackney · 2 replies
    Platts ^ | 14 Jan 2016 | Platts
    With oil product stocks at moderate levels, Shandong's teapot refineries have kept refinery run rates relatively high, which is supporting demand for feedstock crudes, sources said this week. Regular importer Beifang Asphalt Fuel in northeastern Liaoning province plans to import around 500,000 mt/month of imported crudes over January and February, a refinery source said Thursday. This month, the refinery will take delivery of a 100,000-mt cargo of Russian's Sakhalin blend, 120,000-mt of Nemba crude from Angola, and 34,000-mt of Sarir crude from Libya. Other grades destined for this month arrival, include those Black Lion from Vietnam, Marlim and Roncador from...
  • Cheapest crude oil on the planet can be found here {Canada}

    01/15/2016 5:05:41 AM PST · by thackney · 1 replies
    Market Watch ^ | Jan 14, 2016 | William Watts
    Oil futures this week dipped below $30 for both West Texas Intermediate, the U.S. benchmark, and Brent crude, its more global, North Sea counterpart. That's brutally low and analysts have been lining up to predict further declines, but for some producers, oil in the upper $20s would be welcome relief. The cheapest oil on the planet right now, with the possible exception of some very low-quality crudes, can be found in the Canadian oil sands, said Tom Kloza, global head of energy analysis at Oil Price Information Service. The grade, known as Western Canada Select, was changing hands Wednesday afternoon...
  • Is it time to bail out the U.S. oil industry?

    01/15/2016 5:00:25 AM PST · by thackney · 22 replies
    CNN Money ^ | January 14, 2016 | Matt Egan
    The epic-crash in oil prices has wiped out tens-of-thousands of jobs, caused dozens of bankruptcies and spooked global financial markets. The fallout is already being felt in oil-rich states like Texas, Oklahoma and North Dakota, where home foreclosure rates are spiking and economic growth is slowing. Now there are calls in at least some corners for the federal government to come to the rescue. "It is time to send out an S.O.S., before it's too late," John Kilduff, founding partner of energy hedge fund Again Capital, wrote in a recent CNBC column. In the Kilduff dictionary, by the way, S.O.S....
  • China Drinks Up Oil and Spits It Out

    01/14/2016 7:05:05 AM PST · by thackney
    Wall Street Journal ^ | Jan. 13, 2016 | ABHEEK BHATTACHARYA
    China’s oil demand is less than it seems, as the country sucks in more oil only to export it as refined products Oil bulls continue to grimace at all the supply emanating from the Middle East and North America. They should spare a pained look for the continued weakness from the center of demand: China. China said Wednesday that it wouldn’t adjust its local diesel or gasoline prices when crude oil fetches less than $40 a barrel. Beijing is afraid of too much consumption at cheap prices causing pollution. But at today’s $30 oil, that leaves the oil market fearful...
  • U.S. average gasoline price falls below $2.00 per gallon for first time since 2009

    01/14/2016 5:40:48 AM PST · by thackney · 22 replies
    Energy Information Administration ^ | JANUARY 14, 2016 | Energy Information Administration
    Based on EIA's weekly survey of gasoline prices, the U.S. average retail price for regular gasoline fell to $1.996 per gallon (gal) on January 11, falling below $2.00/gal for the first time since March 23, 2009. The U.S. average retail regular gasoline price had last approached, but not gone below, the $2.00 mark in early 2015. Falling gasoline prices are a result of falling crude oil prices and the seasonal slowdown in gasoline demand. Four of the five regions in the United States currently have averages below $2.00/gal, with the exception of the West Coast, where the retail regular gasoline...
  • Saudi Arabia, UAE lead GCC subsidy reform

    01/14/2016 5:19:14 AM PST · by thackney · 2 replies
    Oil & Gas Journal ^ | 01/11/2016 | OGJ editors
    Saudi Arabia and the United Arab Emirates lead the Gulf Cooperation Council in raising energy prices and cutting subsidies in response to fiscal pressures created by the slump in crude oil prices, according to Arab Petroleum Investments Corp. (APICORP), Dammam, Saudi Arabia. While welcoming the trend as "a step in the right direction, APICORP warns, in a review of reforms introduced so far, that "the path for energy-pricing reform will be long and fraught with risks." Increases in energy prices traditionally kept low by governments reduce household welfare and increase input costs of industries, the group notes. It urged governments...