Tuesday, July 17, 2018 / 6:55 PM /Oilprice.com
We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days. We hope you enjoy.
Chart of the Week
The U.S. processed a record amount of crude oil in 2017, even as refinery capacity remained flat.
Gross crude oil inputs averaged 16.6 million barrels per day in 2017, up from 14.3 mb/d in 2009. Over that period, refining capacity only increased by 945,000 bpd.
That means that refining utilization jumped over that time period from 83 percent to 91 percent.
Market Movers
Plains All American Pipeline (NYSE: PAA) was denied an exemption on steel tariffs by the Trump administration for its Cactus II pipeline. It was the first ruling to affect the pipeline industry.
Plains says the ruling could increase the cost of the project, originally pegged at $1.2 billion.
TransCanada (NYSE: TRP) announced the startup of the Topolobampo Pipeline, which provide greater interconnections in Mexico, allowing more U.S. natural gas from Texas to reach Mexico.
ExxonMobil’s (NYSE: XOM) Baytown refinery shut down after a power interruption and remained shut. The refinery resorted to safety flaring because of an operational issue, but Exxon says there is “minimal impact” on production.
Tuesday July 17, 2018
Oil prices were mostly flat at the start of trading on Tuesday, after having posted two of the worst single-day declines over the past week.
Oil price correction holding for now. The oil market has seen a sudden shift in sentiment compared to just a week ago. There are several reasons for this: The return of oil from Libya, the lifting of force majeure on a key oil stream in Nigeria, the anticipated return of oil from an outage in Canada, increased production from Saudi Arabia and the prospect of an SPR release from the U.S. Taken together, the oil market doesn’t seem as desperate for supply as it did a week ago
Related News
1. Libyan Supply Keeps Oil Prices Down
2. NLNG: Buhari's Signature Project Back On The Cards As President Congratulates Stakeholders
3. Bullish Sentiment Soars As Oil Outages Mount
4. Oil Falls Back On Saudi Supply Surge
5. OPEC Meeting – Winners and Losers
6. The New Oil Cartel Threatening OPEC
7. OPEC Losing Control After Libya Outages
8. Oando to Lead Discussion on Investing in the Future of Nigeria at the Nigeria Oil and Gas Conference
10. The Saudis Won't Prevent The Next Oil Shock
11. Plastics Backlash Limited Impact on Petrochemicals, Oil
12. Oil Bulls Are Back On Outages
13. Oando Leads Discourse on Global Oil Future Challenges at the OPEC Summit
14. OPEC’s Agreement Sends Oil Prices Soaring
15. NNPC Reels Out Plans to Attract Private Investment
16. Electric Vehicle Battery Growth Supports Cobalt and Lithium Demand
17. Oil Markets Turn Bearish Ahead of OPEC Meeting
18. The Surge Is Over- Why $50pb Oil Is Now More Likely Than $100
19. Oil Prices Crash On Supply Fears
20. Can Saudi Arabia Prevent The Next Oil Shock?
Signup with Facebook
Signup with Twitter
