- Key Market Prices
- Key Market Prices
- Public Policy
- What Industries, ‘Greens’ Say About Kerry-Lieberman ‘Greenhouse’ Bill
- 90 Scientists to U.S. Congress: ‘Not All Forms of Bioenergy Produce Less CO2 Emissions’
- Margins & Economics
- JPMorgan Executive: WTI Will Be Lower than Brent for ‘Next Few Years’
- NuStar Expands its U.S. Gulf Coast Terminal Footprint through US$44.1 Million Acquisition
- Banning Offshore Drilling Could Cost Industry US$11 Billion a Year: Analysis
- Crude Futures Close Slightly Higher
- Fuels & Processing
- PetroChina Boosts Xinjiang Refining Capacity to 26 Million Tons/Year by 2015
- KM Completes Petrohawk Acquisition
- API April Report: U.S. Refinery Utilization Rate Climbed to 85.5%
- Toyota Teams-Up with Japan Ag Ministry on Algae Biofuel
- Nippon Oil Plots New Lower-CO2 Biofuel for Japan Market
- ORL Posts Q1 2010 Net Income Dip; Hydrocracker Project Moving Ahead
Fuels & Processing
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PetroChina Boosts Xinjiang Refining Capacity to 26 Million Tons/Year by 2015
PetroChina officials announced May 24 that they plan to boost capacity at the company’s Xinjiang refinery to 26 million tons/year by 2015.
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KM Completes Petrohawk Acquisition
Kinder Morgan officials announced May 24 that they’ve completed a previously announced acquisition of 50% of Petrohawk Energy Corp.’s Haynesville shale natural gas gathering and treating business for roughly US$921 million.
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API April Report: U.S. Refinery Utilization Rate Climbed to 85.5%
U.S. gasoline production jumped to 9.1 million barrels per day for April 2010, the highest April level ever and the second-highest gasoline production level for any month on record behind only March 2010, according to the latest API Monthly Statistical Report.
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Toyota Teams-Up with Japan Ag Ministry on Algae Biofuel
Toyota officials announced last week that they’re teaming-up with Japan’s Agriculture Ministry, Chuo University, Denso Corp., Kyoto University and Microalgae Corp. on a research project aiming to produce biofuel from algae.
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Nippon Oil Plots New Lower-CO2 Biofuel for Japan Market
Nippon Oil officials revealed this month a plan to invest about 20 billion yen (US$ million) in a new biofuel scheme by fiscal 2015, according to a report from Nikkei news service.
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ORL Posts Q1 2010 Net Income Dip; Hydrocracker Project Moving Ahead
Israel-based Oil Refineries Ltd. (ORL) officials on May 24 announced a US$3.5 million consolidated net loss in first quarter 2010 versus Q1 2009 consolidated net income of $48 million.
Feature
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China’s CO2 to Double that of U.S. by 2025; Overwhelm ‘Greenhouse’ Policies
China’s coal use and carbon dioxide (CO2) emissions are rising so fast that CO2 output is likely to double that of the U.S. by 2025, according to a new study.
Key Market Prices
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Key Market Prices
Transportation & Logistics
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U.S. Class-8 Truck Sales Rebound in April
U.S. Class-8 big truck sales (overwhelmingly diesel-powered) were up 29.5% in April vs. April 2009, according to a Wards Auto report last week.
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Navistar Secures Order from Boyd Bros. Transportation
Navistar officials last week announced they received an order from Boyd Bros. Transportation, Inc. for 325 “International ProStar+” diesel tractors equipped with “MaxxForce 13” engines meeting U.S. Environmental Protection Agency 2010 emissions limits.
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Honeywell Receives US$27.3 Million DOE Grant for Battery Material Production
Officials with Honeywell May 24 announced that they have signed a contract with the U.S. Department of Energy for a US$27.3 million grant to produce a critical component of lithium-ion batteries used in hybrid and electric vehicles.
Margins & Economics
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JPMorgan Executive: WTI Will Be Lower than Brent for ‘Next Few Years’
The U.S. oil benchmark price will on average be lower than its European counterpart for “the next few years,” undermining West Texas Intermediate's (WTI) status as a yardstick for global crude markets, said Lawrence Eagles, JPMorgan's managing director and global head of commodities research, at the Reuters Global Energy Summit May 24.
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NuStar Expands its U.S. Gulf Coast Terminal Footprint through US$44.1 Million Acquisition
U.S.-based NuStar Energy L.P. officials May 24 announced that they’ve reached an agreement to acquire Denham Capital’s equity holdings in Asphalt Holdings, Inc. for US$44.1 million.
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Banning Offshore Drilling Could Cost Industry US$11 Billion a Year: Analysis
According to analysis from Datamonitor, banning offshore drilling in the Gulf of Mexico would cost the offshore services industry almost US$11 billion a year. However, such a move is highly unlikely despite the ongoing political fallout from the disastrous BP oil spill, according to the analysis.
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Crude Futures Close Slightly Higher
Crude futures settled slightly higher May 24. West Texas Intermediate crude carried forward to the July contract, up 17¢ from the May 21 close to settle at US$70.21 per barrel (/bbl), and Brent crude fell ¢ to close at $71.17/bbl.
Public Policy
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What Industries, ‘Greens’ Say About Kerry-Lieberman ‘Greenhouse’ Bill
While oil refiners and coal producers generally are unhappy about the long-awaited energy/greenhouse gas controls bill introduced this month by U.S. Sens. John Kerry (D-Mass.) and Joe Lieberman (I-Conn.), some exceptions to the rule stand out in public comments on the bill.
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90 Scientists to U.S. Congress: ‘Not All Forms of Bioenergy Produce Less CO2 Emissions’
Ninety U.S. scientists on May 24 sent a letter urging U.S. House and Senate leaders to make sure that any climate/energy bill or regulation accurately accounts for bioenergy carbon dioxide (CO2) emissions, including biofuels such as ethanol.
