Refineries

(Reuters) – Marathon Petroleum’s  ​quarterly profit beat Wall Street’s ‌estimate on Tuesday, as fuel supply disruption from the U.S.-Israeli war ​on Iran pushed refining margins ​to multi-year highs. Shares of the ⁠refiner rose around 2% in premarket trade. Refining ​margins for gasoline, diesel and ​jet fuel soared after the effective closure of the Strait of Hormuz …

Marathon Petroleum Beats Quarterly Profit Estimates on Refining Margin Boom Read More »

  Reuters Bumper oil refining profits triggered by the Iran war are turbocharging Big Oil’s earnings, breathing new life into a business many investors had largely written off. The sector looks poised to produce unusually strong returns for several years, but long-term structural changes in oil consumption mean refining’s star will likely fade quickly. Despite …

A (TEMPORARY) GOLDEN ERA – Iran War Ushers in Oil Refining Golden Era. It Won’t Last: Ron Bousso Read More »

By API – American Petroleum Institute Months of disruption in the Strait of Hormuz have tested global energy markets, leaving the world with less cushion and less margin for error. Every country is facing the same disruption. But not every country entered it with the same energy system. Across Europe and Asia, governments have responded with …

AMERICAN ENERGY SNAPSHOT: The Global Energy Stress Test – How America’s Energy System Delivers Read More »

(Reuters) – The MERA Oil consortium of U.S. and Saudi Arabian companies is advancing plans for a $5 ​billion integrated refinery and export corridor in the ‌Gulf aimed at boosting regional energy infrastructure, its partners said on Wednesday, as the Iran war continues to disrupt energy flows. Texas-based ​energy development company MWG Group, the Patel Family ​Office …

US-Saudi Consortium Advances Plans for $5 Billion Gulf refinery Read More »

(Reuters) – Operations were not affected ​at most of the 20 ‌refineries in the path of Tropical Storm Bertha this week, according to people ​familiar with operations at the individual ​plants. Phillips 66 said on Friday that ⁠unit 35 of its 277,000 ​barrel-per-day Sweeny, Texas refinery malfunctioned ​because of a lightning strike as the remnants of …

Most Gulf Coast Refineries Unaffected by Tropical Storm Bertha Read More »

(Reuters) – Refiners and oil-producing firms in the U.S. and elsewhere are gaining market share in Venezuela’s crude as they sign direct contracts with state-run PDVSA, challenging the global traders that inked earlier deals with the government of interim President Delcy Rodriguez. Trading houses Vitol and Trafigura currently control the lion’s share of Venezuela’s oil …

Refiners Elbow Traders to Take a Larger Slice of Venezuela’s Oil Read More »

(Reuters) – U.S. refiner margins registered a fresh record high for the third consecutive session on Thursday, as low stockpiles and worsening tensions in the Middle East threaten potential supply shortfalls in the world’s largest fuel consuming nation. U.S. refiners have been the biggest beneficiaries of the Iran war as international buyers have clamored for …

US Refiner Margins Hit New Records as Fuel Shortage Concerns Grow Read More »