Is This the End of the Oil Rally?

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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.

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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

 
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