- Key Market Prices
- WTI Falls US$1.42 on Higher Inventories
- Public Policy
- U.S. DOE to Convert Heating Oil Stocks to ‘Cleaner-Burning Fuel’
- EU’s GHG Trading System Needs Fixing: Climate Policy Initiative
- U.S. EPA to Deny Sierra Club Challenge to Refinery Gasification Rule
- Margins & Economics
- NYMEX WTI Rally Ends; ICE Brent Moves Higher
- GE Completes US$3-Billion Acquisition of Dresser, Inc.
- U.S. Crude Inventories Seen Up on Higher Imports
- ExxonMobil Reports Q4 Downstream Earnings of US$1.2 Billion, Up $1.3 Billion from Q4 2009
- Fuels & Processing
- Shell Launches ‘Nitrogen Enriched Diesel’ Market Test in U.S.
- BP Reports €3.1-Billion Loss; Will Divest Texas, California Refineries
- JV Signed to Build n-Butanol Plant in Jubail, Saudi Arabia
- Longwei Touts US$186 Million in Fuel-Supply Contracts in China
- Tesoro Boosting Diesel Exports to Latin America
- Transportation & Logistics
- Japan Vehicle Production Jumps 21% in 2010: JAMA
Fuels & Processing
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Shell Launches ‘Nitrogen Enriched Diesel’ Market Test in U.S.
Shell announced January 31 that it is launching tests of “Shell Nitrogen Enriched Diesel” in certain U.S. markets including Nashville, Tenn.; Baltimore, Md.; Richmond, Norfolk and Virginia Beach, Va.; and Atlanta, Ga.
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BP Reports €3.1-Billion Loss; Will Divest Texas, California Refineries
BP Plc announced February 1 that it will sell half of its U.S. refining capacity as Europe’s second-largest oil company recovers from the Deepwater Horizon spill in the Gulf of Mexico.
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JV Signed to Build n-Butanol Plant in Jubail, Saudi Arabia
Saudi Kayan Petrochemcial Co., a subsidiary of the Saudi Basic Industries Corp., has signed an agreement with Saudi Acrylic Acid Co. (SAAC) and a joint venture between Dow Chemical Corp. and Saudi Aramco to build a US$480 million (SR1.8 billion) n-Butanol plant in Jubail, Saudi Arabia.
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Longwei Touts US$186 Million in Fuel-Supply Contracts in China
Longwei Petroleum Investment Holding Ltd. announced February 1 that it renewed 15 contracts in China for fuel-supply deals totaling 186,000 metric tons of diesel, gasolineand solvents.
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Tesoro Boosting Diesel Exports to Latin America
Tesoro Corp. revealed at the Argus Americas Crude Summit in Houston last week that it has boosted distillate exports to Latin America over the past year.
Feature
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Houston Oil Companies Halt Operations in Egypt
Several energy companies with ties to Houston including Apache Corp., Schlumberger Ltd., Transocean Ltd. and Diamond Offshore Drilling, Inc. have decided to shut their Egyptian operations as more than a quarter-million people mounted the largest protest yet on February 1 against President Hosni Mubarak’s regime, according to news reports.
Key Market Prices
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WTI Falls US$1.42 on Higher Inventories
Transportation & Logistics
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Japan Vehicle Production Jumps 21% in 2010: JAMA
The Japan Automobile Manufacturers Association (JAMA) reported January 31 that total industry auto output for 2010 climbed to 9.6 million units, up 21% over 2009.
Margins & Economics
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NYMEX WTI Rally Ends; ICE Brent Moves Higher
NYMEX light sweet crude for March delivery closed at US$90.77 per barrel (/bbl), down $1.42 on February 1, as concern eased that supplies through the Suez Canal may be affected by the Egyptian protests.
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GE Completes US$3-Billion Acquisition of Dresser, Inc.
Executives with GE February 1 announced the successful closing of their US$3-billion acquisition of Dresser, Inc., a global energy infrastructure technology and service provider, from funds managed by Riverstone Holdings LLC and First Reserve Corp, Dresser management and its other stockholders.
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U.S. Crude Inventories Seen Up on Higher Imports
Preliminary forecasts predicted an increase in U.S. crude and gasoline inventories and a drop in distillate stockpiles in the week ended January 28.
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ExxonMobil Reports Q4 Downstream Earnings of US$1.2 Billion, Up $1.3 Billion from Q4 2009
ExxonMobil Corp. reported estimated fourth-quarter 2010 results of US$9.3 billion, an increase of 53% from fourth-quarter 2009. The company reported fourth-quarter downstream earnings of $1.2 billion, up $1.3 billion from the fourth quarter of 2009.
Public Policy
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U.S. DOE to Convert Heating Oil Stocks to ‘Cleaner-Burning Fuel’
The current inventory of the Northeast Home Heating Oil Reserve will be converted to cleaner-burning, ultra-low sulfur distillate to comply with more stringent fuel standards in Northeastern states, the U.S. Department of Energy (DOE) said February 1.
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EU’s GHG Trading System Needs Fixing: Climate Policy Initiative
The European Union’s greenhouse-gas emissions trading scheme (ETS) supports investment in “low-carbon” technology but needs fixing, according to new studies by U.S.-based Climate Policy Initiative and research organization Climate Strategies.
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U.S. EPA to Deny Sierra Club Challenge to Refinery Gasification Rule
The U.S. Environmental Protection Agency (EPA) announced in the January 28 edition of the Federal Register that it proposes to deny a petition from the Sierra Club over EPA’s refinery gasification rule.
