Refining
EIA raises 2012 price forecasts for crude oil, fuels
The Energy Information Administration projected the price of West Texas Intermediate crude, the US benchmark, will average $93.90/bbl in 2012, up from $92.83/bbl predicted in July. Retail gasoline prices were forecast to average $3.53/gal this year, up from $3.49/gal in the July estimate.
EU approves Gunvor purchase of former Petroplus refinery in Germany
The 100,000 bpd Ingolstadt refinery is one of the best-performing European refineries, according to Gunvor, with a strong regional footprint in Germany’s Bavaria region. Gunvor is familiar with and trades the crude oils processed by the Ingolstadt refinery, it said, enabling greater efficiencies for the plant.
PdVSA still eyeing northeast Brazil refinery venture
Petrobras representatives reportedly met last week with their counterparts in Venezuela. The Brazil company's CEO reiterated a November 2012 deadline for Petroleos de Venezuela SA, or PdVSA, to secure loan guarantees for its 40% stake in the $15 billion Abreu e Lima refinery project.
HollyFrontier assesses Tulsa refinery fire damage
A spokeswoman said the fire was in the Tulsa East facility's diesel hydrotreater, a unit that removes contaminants from the diesel stream. She said the fire was contained by the refinery's fire staff and is now out. She declined to say whether the refinery was still operating, however.
CNPC to resume Hohhot refinery operations after year-long shutdown
The China refinery has been shut since August 2011 to make way for a new crude distillation unit, fluid catalytic cracking unit and polypropylene unit. It will now be able to produce 1.7 million tons of gasoline, 2.1 million tons of diesel, 200,000 tons of jet fuel and 150,000 tons of polypropylene.
Canadian energy regulator to audit pipeline safety practices of Enbridge
Canada's National Energy Board is reviewing the Calgary pipeline company's management practices and safety record. The audits come after the US National Transportation Board released last month a report critical of Enbridge's handling of a 2010 crude oil spill in Marshall, Michigan.
Historic blackout reveals India's diesel dependence
Although the unprecedented scale of blackouts across northern India this week won't have an immediate or big impact on import needs, a long-term and continuing rise in India's diesel use is important for the regional trade in refined oil products, and it continues to drive decisions on refinery investment.
US lawmakers ask EPA to cut production mandate for corn-based ethanol
As a result of the drought, “corn prices have risen dramatically over the past few weeks and are likely to remain at record highs,” the lawmakers said in a letter to be sent to the Environmental Protection Agency. The letter follows a petition filed earlier this week by the US livestock industry.
US Senate group OKs biodiesel tax credit extension
The biodiesel tax incentive was first implemented in 2005 and also expired in 2010. After it was reinstated last year, the biodiesel industry grew rapidly, the NBB trade group said, setting a new production record of nearly 1.1 billion gallons and supporting more than 39,000 jobs.
HP Insight: How long is an economic cycle for the HPI?
As summer takes hold in the Northern Hemisphere, demand for energy in various forms increases. In looking back over the past 90 years, energy demand and pricing cycle through high and low points. In 2..
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