Chevron plans $400M expansion at Pasadena refinery
Chevron will spend $400 million to boost the light crude oil processing capacity of its Pasadena refinery...
Chevron will spend $400 million to boost the light crude oil processing capacity of its Pasadena refinery in Texas by nearly 15% to 125,000 barrels per day, with completion expected in 2023. In addition to increasing capacity, the project will bring jet fuel into the refinery's product range and help drive significant emission reductions.
Natural gas abundance reduces US reliance on imports
The US imported an average 0.08 billion cubic feet per...
The US imported an average 0.08 billion cubic feet per day of liquefied natural gas in the first six months of 2022, the lowest in at least 15 years, as growing domestic dry gas production helps wean the nation off foreign LNG, the Energy Information Administration reports. LNG's share of US natural gas imports declined from 17% in 2007 to less than 1% in 2021, while domestic natural gas production climbed more than 80% over the same period.
Natural gas now a prized resource in the US shale patch
US natural gas drilling has expanded by more than 50% this year, compared with 25% growth in oil drilling,...
US natural gas drilling has expanded by more than 50% this year, compared with 25% growth in oil drilling, as the energy crisis and surging global demand turn gas from an unwanted byproduct of oil drilling into a valuable commodity, pushing domestic prices up more than 80% this year. Bloomberg data show several US shale producers, including Continental Resources and Pioneer Natural Resources, have increased their exposure to gas production.
German officials reportedly believe the crucial Nord Stream natural-gas pipelines connecting Russia to Europe were sabotaged near a Danish island
German officials reportedly believe the crucial Nord Stream natural-gas...
German officials reportedly believe the crucial Nord Stream natural-gas pipelines connecting Russia to Europe have been sabotaged.
Der Tagesspiegel, a newspaper in Germany, where the pipelines land from Russia, reported a government source as saying: "We can't imagine a scenario that isn't a targeted attack. Everything speaks against a coincidence."
The Danish Navy has sent an Absalon-class frigate to site of the leaks for monitoring purposes and to warn ships to stay away, the Danish Broadcasting Corporation reported. A no-fly zone is in operation over the affected area, a German government official told Insider.
Dow, S&P 500 end lower for sixth straight session on recession fears
The Dow and S&P 500 booked a sixth straight day of declines...
The Dow and S&P 500 booked a sixth straight day of declines on Tuesday, as bond yields rose and stocks gave up earlier gains. The Dow Jones Industrial Average DJIA, -0.43% fell about 123 points, or 0.4%, to end near 29,136, its lowest closing level since November 2020, according to Dow Jones Market Data. The S&P 500 index SPX, -0.21% shed 0.2% to record its longest losing streak since Feb. 28, 2020. The technology-heavy Nasdaq Composite Index COMP, +0.25% eked out a 0.3% gain, after flipping between modest gains and losses. Recent turbulence in stocks has been attributed to fears about the Federal Reserve potentially inducing a "hard landing" for the U.S. economy as it looks to tame high inflation through sharply higher interest rates and tighter monetary policy. The rate on the 10-year Treasury bond almost touched 4% on Tuesday, with the benchmark rate spotted at 3.963% at 3 p.m. Eastern, its highest since April 2010, according to Dow Jones Market Data. Investors also could pick up yields of 4.3% on Tuesday on 2-year Treasurys, another factor that has weighed on stocks.
