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BP’s unsurprising refining surprise
That, for the record, is what happens when analysts don’t mysteriously “mind-meld” a couple of weeks ahead of your results.Continue reading: BP’s unsurprising refining surprise
View ArticleWhat on earth are oil investors thinking?
Over the last two trading sessions the two largest oil companies in the United States, Exxon and Chevron announced that in Q4 2009 they lost a combined $6.9 million day on turning crude oil into...
View ArticlePetrochina and Ineos partner up in new JV
The long-rumoured partnering up of privately-owned refiner Ineos and Petrochina — China’s largest listed oil firm by capacity– is finally out of the bag. On Monday, Ineos publicly announced that it...
View ArticleRepeat of IEA oil release not ruled out
The International Energy Agency could repeat its decision to release strategic oil reserves when the present 30-day draw down concludes, according to the organisation’s chief. Nobuo Tanaka, director of...
View ArticlePetroplus UK refinery halts sales
Coryton refinery, one of the largest in the UK and a key source of petrol for London and the south-east, stopped fuel supplies on Monday as trading in the shares of its owner Petroplus was suspended,...
View ArticleA renaissance in OECD refining
The IEA’ September Oil Market report paints an interesting picture of developments in the global refining industry. In short, having restructured intensively over the past few years — by closing off a...
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Charting the refining capacity shortfall
This rather nice chart is from Goldman Sachs: Continue reading: Charting the refining capacity shortfall
View ArticleDelta Air’s refining liability
Robert Campbell at Reuters is worried about refining margins. He thinks too many countries are becoming net exporters of refined oil products or intend to become exporters. That leaves few takers for...
View ArticleOf refining margins and policy mismatches
A tale of Reliance. Or of cracks. Or of regulation. Take your pick but this is simply pointing out that global refining margins are still in the doldrums (with recent GRMs low even by post-2008...
View ArticleUS protectionism, or what happens when there’s too much of a good thing
Ah, technology. You’ve got to love it. Or hate it. Especially if you’re an auto dealer or a US refiner at the moment. Both currently find themselves in a similarly challenging period. Call it the curse...
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