The following table lists unplanned and planned output outages at U.S. refineries as reported by Dow Jones Newswires. The information is compiled from both official and unofficial refining sources and doesn’t purport to be a comprehensive list. For full story, click here
The oil market is bubbling over. Volatile at the best of times, the last year has been extraordinary even by those standards. When the price of crude came close to $150 a barrel, many thought the commodity was overpriced. And yet, some analysts are forecasting $200 a barrel before long. On Thursday, crude prices hovered above $61 a barrel in Asia after a more positive economic outlook from the U.S. central bank buoyed investor confidence. The Fed said industrial companies cut production far less in June than they had in previous months and that it now expects the economy to contract at a slower pace than previously thought.
China’s leading refineries declared that it will surge their crude oil processing in July to fresh highs from record levels in June, encouraged by recent fuel price hikes and rising sales amid increasing signs of economic recovery. For full story, click here
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
Oil Refineries Ltd. revealed its financial results for three and twelve month periods ending December 31, 2008. For full story, click here
The domestic crude oil production fell by 8 per cent in January. The refineries output also dipped by 2.6 per cent with slip in demand. The slump in crude oil production was due to the delay in production in some of the oil projects. There was also a significant decline in output from public as [...]
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