U.S. oil refinery margins have halved since the middle of 2022 but they are still at...
U.S. oil refinery margins have halved since the middle of 2022 but they are still at historically high levels and will be supported through the summer of 2023 by high operating rates and low fuel stocks.
Gross margins for producing two barrels of gasoline and one barrel of distillate fuel oil from three barrels of crude have retreated to $33 per barrel from a record $60 at the start of June 2022.
Even at this reduced level, however, margins are in the 95th percentile for all trading days since 2001, which is underpinning refinery profitability and encouraging high levels of capacity utilization.
Saudi Lines Up Partners, Financing for $8.4 Billion Hydrogen Plant
Saudi Arabia-based NEOM Green Hydrogen Co. (NGHC) joint venture (JV) has closed financing with nearly...
Saudi Arabia-based NEOM Green Hydrogen Co. (NGHC) joint venture (JV) has closed financing with nearly two dozen banks and investment firms, clearing the path for $8.4 billion to build one of the world’s largest green hydrogen plants, developers said on May 22.
The JV, comprised of ACWA Power, NEOM and industrial gases company Air Products, is constructing the plant at Oxagon, a fully automated port and logistics hub in northwest Saudi Arabia. When complete, the plant will produce up to 600 tonnes per day (mt/d) of hydrogen in the form of green ammonia by year-end 2026. Developers say they will use up to 4 gigawatts (GW) of solar and wind energy as part of the process.
Benchmark U.S. crude oil for June delivery rose 44 cents to $71.99 a barrel Monday. Brent crudefor July delivery rose 41 cents to $75.99 a barrel.
Wholesale gasoline for June delivery rose 7 cents to $2.65 a gallon. June heating oilrose 1 cent to $2.37 a gallon. June natural gasfell 19 cents to $2.40 per 1,000 cubic feet.
Dow ends down over 100 points as Nasdaq notches new 2023 high
U.S. stocks closed mixed Monday as investors monitored the debt-ceiling...
U.S. stocks closed mixed Monday as investors monitored the debt-ceiling showdown in Washington.The S&P 500SPX finished about flat, while the technology-heavy Nasdaq Composite COMP advanced 0.5% and the Dow Jones Industrial AverageDJIA fell 0.4%, according to preliminary data from FactSet. President Joe Biden and House Speaker Kevin McCarthy were scheduled to meet at 5:30 p.m. Eastern Time on Monday to negotiate raising the U.S. debt ceiling. Treasury Secretary Janet Yellen has warned that the U.S. could run out of cash to pay all of its bills as soon as June 1 if Congress doesn’t lift the country’s borrowing limit.
Chord Acquires Williston Basin Acreage in $375 Million Deal
Chord Energy Corp. has strengthened its position in the Williston Basin with an agreement to...
Chord Energy Corp. has strengthened its position in the Williston Basin with an agreement to acquire core acreage from Exxon Mobil Corp. subsidiary XTO Energy Inc. and affiliates for $375 million cash.
The acquisition was announced on May 22 as Chord sheds non-core acreage outside the basin.
The nearly one-year-old company, formed by a merger of Whiting Petroleum and Oasis Petroleum in 2022, will add about 62,000 acres—of which about three-quarters is undeveloped—within or adjacent to its near-term development program, the company said in a news release.
