Crude oil
Valero shuts Meraux refinery in Louisiana after fire
The exchanger caught fire at about 1:30 a.m. local time on Sunday, according to a report filed with the US National Response Center. All units will remain down while repairs are made to the crude unit and related utilities. Valero did not give a timetable for repairs or a possible restart.
US oil, fuel demand falls amid weak economy - API
Gasoline demand tracked the overall numbers, declining 2.5% for June versus a year ago and 1.0% for the first six months of this year against the same period in 2011, the API said. Distillates, jet fuel, and residual fuel were also down for the first six months, while distillates and residual fuel were down for June.
Enbridge to spend up to $500mn more on Canada pipeline safety features
The company's plan to build an oil pipeline from Alberta to a port in Kitimat, British Columbia, for export overseas faces opposition within the province, including from native groups and environmental organizations. Northern Gateway would ship up to 525,000 bpd and is scheduled for a 2017 startup.
BP, Russian partners discuss stake sale in TNK-BP crude oil venture
The talks set up an end game for what has proved to be a highly profitable, but tempestuous BP adventure in Russia, one that could yet draw in other major players in the country's state-dominated energy sector.
Global refined oil product demand to lag supply over next two years - IEA
More than 1 million bpd of new refining capacity is likely to come online this year, and a further 1.3 million bpd in 2013, compared with 400,000 bpd in 2011. The additions to capacity will grossly outpace demand growth for oil products, which the IEA estimates will average 800,000 bpd this year.
Gunvor to raise $500mn credit for Belgian refinery crude oil, feedstock
The funds will be used to finance the purchase of crude oil and feedstock for the refinery. Cyprus-based Gunvor, one of the world's largest independent traders of commodities, bought the Antwerp refinery from insolvent Swiss-based refiner Petroplus Holdings AG earlier this year.
EIA lowers US price estimates for refined products, oil prices in 2012
The agency said retail gasoline prices would average $3.49/gal in 2012, down from $3.56 in the June estimate. The EIA said 2012 retail diesel prices are expected to average $3.79/gal, down from $3.90/gal. The EIA said heating oil would average $3.64/gal for 2012, down from the June estimate of $3.71/gal.
Aramco ships Europe fuel oil to Red Sea, eyes more
Saudi Aramco is shipping fuel oil from Northwest Europe to the Red Sea to meet Saudi Arabia's peak summer demand, taking advantage of arbitrage economics that have been favorable up until recently.
Europe plays increasing role in US gasoline market
The current state of the crude oil and refining industry in the Northern Atlantic basin has led to excess European gasoline production playing a vital role, says one analyst. That additional production could be saving the US East coast from shortages, he explains.
Nigeria signs $4.5bn refinery deal with US company Vulcan Energy
The deal between US-based Vulcan Energy, the Nigerian government and a local firm, aims to build six refineries with a combined capacity of 180,000 bpd, Nigeria's Trade and Investment Ministry said in a statement, which also listed the 697.5 billion naira ($4.5 billion) price tag.
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