- Key Market Prices
- Key Market Prices
- Public Policy
- Greens Bristle at Palm Oil Biofuel ‘Forest’ Definition
- Obama Hints at Possible Separation of Energy Bill
- Obama Goal: 5-10 Clean-Coal CCS Projects in U.S. by 2016
- ATA: Energy Commodity Markets Need More Oversight
- Margins & Economics
- Sunoco Q4 Results: Refining Loss of US$135 Million
- Petroplus Reports 2009 Net Loss of US$260 Million
- Neste Oil Reports Q4 Results: US$1.4 Million Net Loss
- U.S. Gulf Coast Spot Prices Fall
- 3-2-1 Crack Spread for Gulf Coast Gains 5.62% for Week Ending Jan. 29
- Crude Futures Fall for Second Day; Brent Below US$70
- Fuels & Processing
- Emerson Inks Multi-Year Deal with Shell
- Cougar Starting-up UCG Production; Half the Cost of Natural Gas
- Transportation & Logistics
- Haw Tai Producing Euro V Diesel Engines in China
- Kirloskar Inks MOU for Axial Vector Biofuel Engine Development
Fuels & Processing
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Emerson Inks Multi-Year Deal with Shell
Emerson Process Management announced Feb. 5 it has entered into a five-year global framework agreement with Shell to serve as a main automation contractor on future capital projects globally.
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Cougar Starting-up UCG Production; Half the Cost of Natural Gas
Australia-based Cougar Energy officials announced Feb. 4 that commissioning has begun on its Kingaroy underground coal gasification (UCG) pilot plant.
Feature
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Chevron to Continue Investing in Upstream over Downstream
Chevron Corp.’s results for the fourth quarter of 2009 were highlighted by a 7% growth in production for 2009 compared to 2008 due to major projects coming online that added 450,000 barrels in net production in oil and gas, and the company’s focus on its key components during the current economic downturn that are designed to increase both growth and returns.
Key Market Prices
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Key Market Prices
Transportation & Logistics
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Haw Tai Producing Euro V Diesel Engines in China
According to a report last week from China’s CCTV news service, Haw Tai Automobile is now producing Euro V emissions diesel engines for automobiles – well in advance of China’s likely nationwide switch to Euro V fuels and emissions standards.
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Kirloskar Inks MOU for Axial Vector Biofuel Engine Development
Dubai-based Axial Vector officials announced Feb. 1 that they’ve signed a memo of understanding with India-based non-road diesel engine maker Kirloskar Oil Engines for development of a vegetable-oil-tolerant Axial Vector engine.
Margins & Economics
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Sunoco Q4 Results: Refining Loss of US$135 Million
Sunoco, Inc. Feb. 4 reported a loss for the 2009 fourth quarter of US$31 million compared to 2008 fourth quarter income of $313 million. Refining and supply had a loss from continuing operations of $135 million in the fourth quarter of 2009 due to lower realized margins and production volumes, partially offset by lower expenses, according to the company.
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Petroplus Reports 2009 Net Loss of US$260 Million
Petroplus Holdings Feb.5 reported an estimated net loss of US$150 million for the three months ended Dec. 31. For the year ended Dec. 31, 2009, Petroplus reported an estimated net loss of $260 million.
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Neste Oil Reports Q4 Results: US$1.4 Million Net Loss
Neste Oil’s products segment posted a significantly lower comparable operating profit of €105 million (US$144 million) in 2009 compared to €602 million (US$824 million) in 2008.
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U.S. Gulf Coast Spot Prices Fall
U.S. Gulf Coast spot prices also showed losses for the week ending Feb.4. Benzene fell 5¢ to close at $3.75 per gallon (/gal.); xylene lost 7¢, closing at $3.00/gal.; methanol fell 2¢/gal to 95¢; and toluene lost 10¢, closing at $2.70/gal.
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3-2-1 Crack Spread for Gulf Coast Gains 5.62% for Week Ending Jan. 29
The 3-2-1 crack spread for the Gulf Coast experienced a 5.62% increase from US$5.34 per barrel (/bbl) to $5.64/bbl for the week ending Jan. 29, and the New York 3-2-1 crack spread increased 0.17% from $5.79/bbl to $5.81/bbl for the same period.
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Crude Futures Fall for Second Day; Brent Below US$70
Crude futures fell for the second day in a row Feb. 5. The price of West Texas Intermediate (WTI) crude for March delivery fell US$1.95 to settle at $71.19 per barrel (/bbl), and Brent crude for March delivery fell $2.77 to close at $69.36/bbl.
Public Policy
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Greens Bristle at Palm Oil Biofuel ‘Forest’ Definition
Environmental advocacy groups are irate over the contents of a leaked document from a European Commission agency that would redefine palm-oil plantations as “forests,” according to a report from the EUObserver news service (Brussels).
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Obama Hints at Possible Separation of Energy Bill
Cap-and-trade legislation for carbon emissions continues to face headwinds in getting passed by the United States Senate. Now President Barack Obama publicly admitted that it may be necessary to divide cap-and-trade legislation from legislation creating green jobs.
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Obama Goal: 5-10 Clean-Coal CCS Projects in U.S. by 2016
U.S. President Barack Obama announced Feb. 3 the creation of a U.S. federal “Interagency Task Force on Carbon Capture and Storage” that aims to realize “cost-effective deployment of CCS (carbon capture and storage) within 10 years, with a goal of bringing five to 10 commercial demonstration projects on-line by 2016.”
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ATA: Energy Commodity Markets Need More Oversight
American Trucking Associations (ATA) officials on Feb. 3 urged that the U.S. Commodity Futures Trading Commission (CFTC) undertake greater oversight on energy commodity market trading.
