Home » Money

USA crude oil refinery inputs decrease last week

28 January, 2019, 05:55 | Author: Lawrence Cooper
  • Oil prices stabilise at $61.58/b over by OPEC production cut

US total oil products exports over the past four weeks averaged about 5.2 million barrels per day, 140,750 barrels per day more than the same four-week period a year ago.

The head of French oil giant Total, Patrick Pouyanne, agreed that operating in Venezuela is hard. Distillate fuel production decreased for the same period, averaging 5.2 million barrels per day.

"Refiners would likely incur increased transportation costs to access alternatives" to Venezuelan oil, the Simmons analysts wrote.

The Latin American nation has already seen its output drop 50 percent in five years, to the lowest in more than a decade, as a spiraling economic crisis takes its toll on oil infrastructure and workers.

"It's a function of people keeping an eye on supply concerns out of Venezuela", said Marshall Steeves, energy markets analyst at Informa Economics IG in NY.

However, the rally has faltered amid shaky economic forecasts and record production of U.S. crude.

Washington signaled potential new sanctions against the Venezuela's crude exports as the country descends further into political and economic turmoil.

Venezuela's other leading oil customers are China and India.

Pompeo tells UN: Venezuela's choice is freedom or mayhem
State Department did not immediately respond to a request for comment on the status of the embassy in Caracas. It has received 700,000 refugees.

Nissin takes down ad after complaints about Naomi Osaka's depiction
Osaka, who signed-on with the brand back in 2016 when she was still a junior, has not publicly commented on the controversy. After the ad was first published online, fans of Osaka and others on social media said they were deeply disappointed.

Police resume Emiliano Sala search and rescue operation
Sala tweeted a photo of himself and his now-former FC Nantes teammates over the weekend, captioned with "The last goodbye". An air and sea search has been launched and rescue teams have been scrambled to waters north of the Channel Island.

In the event of a change in government, global oil prices could rise in the short term, but decline as time goes on, analysts believe.

"The crude quality mismatch will grow even bigger", Paola Rodriguez-Masiu, an analyst at Rystad Energy, said Thursday in a report. The only countries that sent more crude to the United States were Canada, Saudi Arabia and Mexico.

Geneva-based Petro-Logistics said on its website that Iranian crude and condensate exports in December "fell steeply" from November to less than 1 million barrels per day (bpd) due to USA sanctions - lower than some other estimates. While a cutoff of Venezuelan imports would raise prices for refiners in the Gulf Coast, the market is competitive enough that producers are unlikely to pass along much of the cost to consumers, experts said. They'll have to find heavy crude elsewhere.

The EIA reported Thursday that domestic supplies of natural gas fell by 163 billion cubic feet for the week ended January 18.

And Venezuela relies on U.S. products to keep its oil industry afloat.

Analysts said tough U.S. penalties on Venezuela's oil industry would be bullish for prices.

In a news conference, Guaido, who this week declared himself acting Venezuelan president, said he is preparing to dismiss the head of state-run oil company Petroleos de Venezuela SA as well as the board of its Houston-based refining arm, Citgo Petroleum Corp, taking on two of the power centers that help to bankroll the Maduro government. Gulf Coast refiners can't operate on USA shale oil alone.

"The road back for Venezuela will be extremely arduous given the depths of the economic and humanitarian disaster", she said.

Recommended:



Popular

Always learning, Rams’ Goff seeks results in NFC title game
They were eventually upset by the Patriots on a last second Adam Vinateri field goal, which started the Patriots dynasty. The Saints settled for a field goal but were denied the chance to run the clock down and virtually end the game.

Oil prices slide on swelling U.S. supply, global market slump
US crude oil production remained near a record high level of 11.9 million barrels per day for the week ending January 18, EIA data showed on Thursday.

Five dead in two related shootings in two Louisiana parishes
Authorities believe the two shootings are connected. "I would not approach this vehicle", he cautioned the public. Law enforcement believe that the killer might now be in MS , after they had tracked his vehicle to the state line.

Mark Zuckerberg just released a predictably misleading defense of Facebook's data practices
At the time that Facebook bought the firms, Zuckerberg promised WhatsApp and Instagram plenty of autonomy from its parent company. The plan is to keep the apps as stand-alone networks, but have them contained on a unified underlying message infrastructure.

Bing is back! Microsoft's search engine is no longer blocked in China
Microsoft said in a statement that Bing's service has been restored in China after it had been inaccessible, without elaboration. Bing's rival Google shut down its search engine in China in 2010, after rows with the authorities over censorship and hacking.

Trump to speak about shutdown amid airport disruptions
Polls have shown that the public is blaming Trump for the shutdown and his approval numbers have sunk as the impasse drags on. They, too, believe that major disruptions to air travel would ramp up pressure to reopen the government without wall funding.

Highlights: Serena stunned by Pliskova fightback at Australian Open
Yet the 30-year-old gutsily forced a tiebreak in the fourth after saving a match point at 5-6 with a stunning forehand victor . Dave Sammel is a bestselling author and ATP Tour coach of British player Liam Broady and New Zealander Marcus Daniell.

What we know so far about Trump Tower project for Moscow
The next day, Giuliani walks back his comments , saying they "did not represent the actual timing or circumstances of any discussions".

Why Bulls Won't Play Carmelo Anthony After Trade from Rockets
The Chicago Bulls and Houston Rockets have completed the Carmelo Anthony trade, the teams announced Tuesday . Complications over whose draft rights could be included in the deal also delayed the trade.

Mexico: Deadly blaze erupts at illegal fuel pipeline
Dozens of people were scrambling to fill containers with the leaking oil when they were engulfed by a massive fireball. But there aren't enough trucks, and long lines continued on Wednesday at gas stations in several states.