- Key Market Prices
- Key Market Prices
- Public Policy
- NPRA Questions EPA’s Endangerment Finding on Greenhouse Gases
- ‘Cap and Trade’ Will Lead to Increased Imports of Refined Products: Consultants
- Margins & Economics
- Friday Closing Prices for NYMEX Crude, Brent Stay Below $70/bbl
- Spot Aromatics Prices Mixed Last Week
- U.S. Gulf Coast Crack Spread Falls 24%, New York Crack Spread Gains 19%
- Backwardation Continues in Ethanol Markets
- South Africa Hikes Diesel, Gasoline Prices
- Fuels & Processing
- Reformer Shutdowns: A Double Edged Sword
- Challenging Outlook for U.S. Refiners
- Sasol Opens Fuels Testing Center
- TRI Launches BTL Gasification Demo Unit; 3 Projects in Hopper
- Altona Inks CTL Joint-Venture Deal with CNOOC
- Sinopec Plans to Acquire Oil Explorer Addax Petroleum for $7.2 Billion
Fuels & Processing
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Reformer Shutdowns: A Double Edged Sword
The gasoline/distillate ratio has been turned upside down as of lately, compelling refiners to make quick decisions as to what gasoline producing units should be shut down and what diesel producing units should be ramped up. This transition seems to be creating havoc with the refinery’s hydrogen balance, particularly if a major gasoline producing unit such as the catalytic reformer is shutdown completely.
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Challenging Outlook for U.S. Refiners
Low demand compels most refiners to operate certain units at reduced rates or shut down the entire refinery until margins improve. Higher feedstock costs and lower priced products will drive some refiners out of business in 2010.
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Sasol Opens Fuels Testing Center
Sasol’s new “fuels application” research center in Capetown aims to “test the impact of its range of synthetic and crude oil derived fuels on vehicle emission and performance.”
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TRI Launches BTL Gasification Demo Unit; 3 Projects in Hopper
ThermoChem Recovery International aims to capitalize on a new biomass gasification process demonstration unit (PDU) just started-up in Durham, N.C.
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Altona Inks CTL Joint-Venture Deal with CNOOC
Altona Energy announced June 26 that its Arckaringa Energy subsidiary inked a “terms sheet” agreement with China’s CNOOC New Energy Investment unit “to facilitate agreement of a joint venture aimed at the completion of a bankable feasibility study for a coal mine and integrated coal-to-liquids [CTL] and power co-generation project at Arckaringa in South Australia.”
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Sinopec Plans to Acquire Oil Explorer Addax Petroleum for $7.2 Billion
Chinese refiner Sinopec is attempting an overseas takeover of Addax Petroleum for $7.2 billion.
Key Market Prices
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Key Market Prices
Transportation & Logistics
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ASTM Aviation Fuels Subcommittee OK’s 50% Synthetic Jet Fuel
ASTM’s Aviation Fuels Subcommittee is moving to approve blends of 50% Fischer-Tropsch jet fuel in ordinary petroleum jet fuel.
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Toyota and EDF Energy to Begin PHEV Trials in London
The U.K government has awarded funding to Toyota and EDF Energy to commence trials on how plug-in hybrid electric vehicles perform in urban driving conditions. The trial will use up to 20 plug-in hybrid vehicles and will last three years.
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Volvo Inks Euro-3, Euro-4 Diesel Bus Deal for Shanghai
Volvo is grabbing a bigger piece of the clean-diesel bus action in China.
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GM Trying to Save Thai Diesel Engine Project
GM’s bankruptcy is complicating its efforts to move forward with automotive projects that are profitable in areas outside the U.S., including Asia.
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July 10 Deadline for Carbon Motors R&D Facility Decision
The U.S. Department of Energy is making $25 billion in loans to automobile and parts manufacturers through the Advanced Technology Vehicle Manufacturing program, which has a goal to reduce dependence on foreign oil supplies and generate more environmentally friendly jobs.
Margins & Economics
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Friday Closing Prices for NYMEX Crude, Brent Stay Below $70/bbl
NYMEX crude close the week at $69.16/bbl, down 2% from Thursday.
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Spot Aromatics Prices Mixed Last Week
U.S. Gulf Coast spot prices for toluene and xylene were up but the price was down for benzene.
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U.S. Gulf Coast Crack Spread Falls 24%, New York Crack Spread Gains 19%
The 3-2-1 crack spreads for the U.S. Gulf Coast and New York headed in different directions for the week ending June 19.
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Backwardation Continues in Ethanol Markets
Ethanol traders continued to see backwardation Friday, as cash or spot price for immediate delivery was sharply higher than the forward month prices.
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South Africa Hikes Diesel, Gasoline Prices
Consumers are unhappy as South Africa hikes diesel, gasoline and electricity prices this week.
Public Policy
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NPRA Questions EPA’s Endangerment Finding on Greenhouse Gases
The National Petrochemical and Refiners Association has submitted comments to the U.S. Environmental Protection Agency on why the Agency should not make an endangerment finding on greenhouse gases.
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‘Cap and Trade’ Will Lead to Increased Imports of Refined Products: Consultants
Several consultants say imports of gasoline, diesel and other refined products will increase as U.S. refiners shut down domestic production and capital spending under the law.
