Reuters: Lyondell Basell to Shutter Houston Oil Refinery
Chemical maker Lyondell Basell Industries will permanently close its Houston crude...
Chemical maker Lyondell Basell Industries will permanently close its Houston crude oil refinery by the end of 2023, the company said on April 21.
The decision comes after two failed attempts to sell the plant and the closing of five U.S. refineries in the last two years. Refining until recently has been beset by high costs and low margins.
“After thoroughly analyzing our options, we have determined that exiting the refining business by the end of next year is the best strategic and financial path forward,” said Ken Lane, interim CEO.
Cardinal Midstream to Pursue ‘Hybrid Strategy’ with $300 Million Encap Flatrock Commitment
A team of industry veterans launched on April 21 a new independent midstream company with $300...
A team of industry veterans launched on April 21 a new independent midstream company with $300 million in funding from EnCap Flatrock Midstream aimed at aggressively pursuing a “hybrid strategy” focused on natural gas and carbon capture.
“We believe that clean-burning natural gas will continue to play an important role in the energy mix, driving global demand, upstream production and accompanying midstream infrastructure,” Doug Dormer, CEO of Dallas-based Cardinal Midstream Partners, commented in a company release.
Founded in 2022, Cardinal is focused on the pursuit of midstream acquisition and development opportunities across North America, specifically natural gas gathering and processing and congruent carbon capture and sequestration.
Study: Marginal well emissions are disproportionately high
New research published in Nature Communications found that the nation's more than 560,000 active...
New research published in Nature Communications found that the nation's more than 560,000 active marginal oil and natural gas wells,which represent just 6% of total US production, are responsible for 50% of methane emissions from all well sites. Draft methane emissions standards for oil and gas companies unveiled by the Environmental Protection Agency last year would not apply to marginal wells, but the agency said it will take into account the report's findings as well as other comments as it develops a supplemental proposal.
US refiners seen ramping up distillate output this summer
Traders and analysts expect US oil refiners to shift their focus to jet fuel and diesel production this...
Traders and analysts expect US oil refiners to shift their focus to jet fuel and diesel production this summer as rising export demand amid a supply crunch in Europe boosts the profitability of distillates versus gasoline. "The US is now acting as the barrel of last resort for an Atlantic Basin that scrambles to find alternatives to shunned Russian crude oil and petroleum products," said analysts at Citi.
Natural Gas Prices Consolidate Following EIA Inventory Report
Natural gas prices moved slightly higher on Thursday closing...
Natural gas prices moved slightly higher on Thursday closing up 2 cents at $6.95, following the Department of Energy’s inventory report. LNG demand remains strong, and natural gas arrivals at LNG terminals continue to climb. Five of the past six days have been above 12.27 Bcf. The weather is expected to be colder than normal on the East Coast and mid-West for the next 2-weeks.
According to EIA estimates, natural gas in storage was 1,450 Bcf as of Friday, April 15, 2022. This rise in stockpiles represents a net increase of 53 Bcf from the previous week. Expectations were for a 40 Bcf build. Stocks were 428 Bcf less than last year at this time and 292 Bcf below the five-year average of 1,742 Bcf. At 1,450 Bcf, the total working gas is within the five-year historical range.
