As U.S. Refinery Cuts Quicken, Crude Market Faces Next Threat
As U.S. Refinery Cuts Quicken, Crude Market Faces Next Threat

Friday, February 12, 2016 While seasonal run cuts for work are common, reductions for purely economic reasons are rare.
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  Current Downstream Headlines

Outlook & Insights
India's Gas Station Oligopoly No Ticket to Fat Profits: Gadfly
(Friday, February 12, 2016) If you think oligopolies are a good route to profits, India's gas stations provide a cautionary tale.

COLUMN-U.S. Refiners Eye Gasoline Demand After Winter Storms
(Friday, February 12, 2016) Anything that indicates refiners might be about to cut the amount of crude they process has the potential to have a big impact on both crude and products price.

Digital Shadows Offers New Defense to Oil, Gas Cyberthreats
(Thursday, February 11, 2016) A UK-based company offers a new approach to cybersecurity monitoring for oil and gas and other industries.

Obama Climate Plan's Broad Scope to Face Skeptical Supreme Court
(Thursday, February 11, 2016) The U.S. Supreme Court's unexpected move to block President Barack Obama's policy to cut pollution from coal plants highlights what both sides in the legal fight agree is a key weakness in the rules.

U.S.-Iranian Businessman's Jailing Sends Chilling Message to Investors
(Thursday, February 11, 2016) Far from being welcomed back for their skills and international connections, Iranian expatriates who hope to participate in the country's economic opening may end up behind bars or worse.

Refining
As U.S. Refinery Cuts Quicken, Crude Market Faces Next Threat
(Friday, February 12, 2016) While seasonal run cuts for work are common, reductions for purely economic reasons are rare.

Oil Hits Latest Hurdle as U.S. Fuel Glut Puts Brakes on Refining
(Thursday, February 11, 2016) Oil prices are facing their latest headwind as refineries in the middle of the U.S. have begun cutting back crude processing after their profit margins fell to the lowest in more than a year.

China Turns a Glut of Oil Into a Flood of Diesel Swamping Asia
(Thursday, February 11, 2016) Fuel producers from India to South Korea are finding that rising refined products from China are cutting the profit margins they’ve enjoyed from cheap oil to the lowest in more than a year. Worse may be coming.

As U.S. Refiner Phillips 66 Dumps Cushing Crude, Traders Spy Output Cuts
(Thursday, February 11, 2016) U.S. refiner Phillips 66 dumped crude for immediate delivery in Cushing, Oklahoma on Wednesday, sparking speculation that the move reflected advance warning of looming output cuts amid sluggish winter demand and record inventories.

Total CEO Says Refining Sector Must Shrink
(Thursday, February 11, 2016) Refiners buoyed by cheap oil and fat margins face a return of tougher times due to stubborn overcapacity, Total Chief Executive Patrick Pouyanne said on Thursday, as Europe's largest refiner spurs plans to slim down.

Biofuels
Oil Group API Sues U.S. EPA Over Biofuels Policy
(Thursday, February 11, 2016) The American Petroleum Institute (API) has filed a challenge to the U.S. environmental regulator's plan for biofuels use, the group said on Thursday, on the heels of a lawsuit from another oil association.

China's Kaidi to Build $1.1 Bln Biodiesel Plant in Finland
(Wednesday, February 10, 2016) China's Sunshine Kaidi New Energy Group said on Wednesday it is planning to invest about 1 billion euros ($1.13 billion) in a new wood-based biodiesel plant in Finland, offering a potential boost to the recession-hit Nordic country.

U.S. Oil Group File Lawsuit Against EPA Over Biofuels Policy
(Wednesday, February 10, 2016) The American Fuel & Petrochemical Manufacturers (AFPM) said on Wednesday it has filed a lawsuit challenging the U.S. environment regulator's biofuels policy, the latest industry body to join a legal battle over the controversial program.

Renewables to Grow Faster Than Forecast to 2035 -BP
(Wednesday, February 10, 2016) Renewable energy will grow more quickly than forecast and provide around 15 percent of world power generation by 2035, oil company BP said on Wednesday.

Sheltered from Biggest Risks, Green Fuel to Ride Out Oil Crash
(Monday, February 08, 2016) Green power is cheap enough to compete with fossil fuels and will buck the trend of falling investment in oil and gas as it can offer long-term returns sheltered from political risk, investors and industry analysts say.

Petrochemical
Shrinking BASF Is Pruned for Deals as Chemical Makers Merge
(Thursday, February 11, 2016) BASF's slimming down comes amid a chemical industry merger and acquisition frenzy.

LyondellBasell Selects Fluor for Texas FEED Contract
(Tuesday, February 09, 2016) The plant will be the world's largest of its type and will be located at LyondellBasell's existing Channelview and Bayport Choate complexes in Texas.

Kuwait's KPC to Sell Loss-making Assets to Cut Costs -KUNA
(Tuesday, February 09, 2016) Nizar al-Adsani, chief executive of KPC, was quoted as saying the company had started efforts to sell its Europoort refinery in the Netherlands and had decided to shut a fertilizer plant of Kuwaiti unit Petrochemical Industries Co.

Saudi's Sipchem Says Pays $100 Mln to Raise Stakes in Two Units
(Monday, February 08, 2016) Saudi International Petrochemical Co (Sipchem) said on Monday it has paid 375.3 million riyals ($100.1 million) to raise its stake in two subsidiaries.

Williams Canada Plastic Project Seen Spurred by Alberta Benefits
(Tuesday, February 02, 2016) Prospects for a C$3 billion ($2.2 billion) petrochemical complex in Alberta led by Williams Cos. are brightening as the province seeks to diversify an economy dragged down by a slump in oil.

Pipelines
Transco Expansion to Serve Texas Liquefaction Terminals
(Thursday, February 11, 2016) Gulf Connector will deliver gas for the Cheniere Energy, Inc. Corpus Christi liquefaction project and a shipper in Freeport LNG Development, L.P.’s liquefaction project near Freeport, Texas.

California Utility 'Temporarily Controls' Leaking Gas Flow
(Thursday, February 11, 2016) Southern California Gas Co, a unit of Sempra Energy, said in a statement that while this was a "positive development," more work needed to be done before the leak would be permanently sealed off

Medallion Launches Open Season for Expansion Project
(Wednesday, February 10, 2016) The current project proposed by the Open Season will further extend and expand the geographic scope of the existing 320-mile system.

Chesapeake Energy Woes Cast Shadow on U.S. Pipeline Companies
(Tuesday, February 09, 2016) U.S. oil and gas pipeline companies including Williams Companies Inc and Kinder Morgan Inc have contracts worth billions of dollars that might be at risk as Chesapeake Energy Corp aims to slash its debts amid collapsing energy prices.

Bombings Halt Pumping of Crude on Colombia's No. 2 Oil Pipeline
(Tuesday, February 09, 2016) Pumping of crude on Colombia's Cano Limon pipeline has been halted after two bomb attacks late on Monday, state-run oil company Ecopetrol said.

Terminals & Storage
Iraq Expects to Load Less Basra Crude in March vs Feb - Sources
(Thursday, February 11, 2016) OPEC's second-largest producer Iraq expects to load 6.9 percent less Basra crude in March than the previous month, with most of the reduction coming on the heavier grade, trade sources said on Thursday.

Puma Energy Sees Refinery Closures, Low Oil Price Boosting Storage Ops
(Wednesday, February 10, 2016) Refinery closures will eventually funnel the world's diesel, gasoline and jet fuel into "mega hubs," said executives with Trafigura-affiliated Puma Energy.

U.S. Crude Oil Inventories Fall Unexpectedly As Imports Slump - EIA
(Wednesday, February 10, 2016) U.S. crude stockpiles fell unexpectedly last week as imports slumped, while gasoline inventories hit a record high for a second week, data from the Energy Information Administration showed on Wednesday.

India Seeks UAE Investment in Energy Sector
(Wednesday, February 10, 2016) India has invited investments from the United Arab Emirates in a slew of oil projects.

IEA Sees Global Oil Glut Worsening, OPEC Deal Unlikely
(Tuesday, February 09, 2016) The world will store unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said.

LNG / LPG
Transco Expansion to Serve Texas Liquefaction Terminals
(Thursday, February 11, 2016) Gulf Connector will deliver gas for the Cheniere Energy, Inc. Corpus Christi liquefaction project and a shipper in Freeport LNG Development, L.P.’s liquefaction project near Freeport, Texas.

U.S. Approves ConocoPhillips LNG Exports from Alaska
(Wednesday, February 10, 2016) The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai LNG export terminal in Alaska.

Qatargas Clinches 15-Year Contract to Supply LNG to Pakistan
(Wednesday, February 10, 2016) Qatargas plans to deliver the first cargo in March, the company said Wednesday in an e-mailed statement.

Japan's Jera Sees LNG Volumes at 30 to 40 Mtpa in 2030
(Wednesday, February 10, 2016) Japan's Jera Co is set to become the world's top buyer of LNG this year.

Sabine Pass LNG Terminal Ramps Up After Gas Supply Jump
(Tuesday, February 09, 2016) Cheniere Energy Inc.'s Sabine Pass terminal is ramping up operations of its compressors after a jump in natural gas supplies Tuesday, a signal that the plant is getting closer to liquefying the fuel for export, according to Genscape Inc.

Commodities
US Oil Hits 12-Year Low On Stockpile Surge, Risk Aversion
(Thursday, February 11, 2016) US crude slid, hitting 12-year lows as domestic stockpiles grew, Goldman Sachs called for depressed prices until the second half of the year and investors fled.

British Gas and EDF Fall into Line with UK Gas Price Cuts
(Thursday, February 11, 2016) British Gas and EDF Energy, two of Britain's largest household energy suppliers, bowed to pressure from regulators and rivals by cutting domestic gas prices on Thursday.

UAE Oil Minister Says OPEC Ready to Cooperate on Output Cut -WSJ
(Thursday, February 11, 2016) The energy minister of the United Arab Emirates said OPEC members are ready to cooperate on a production cut, although non-OPEC producers are holding off on output increases amid current prices, the Wall Street Journal reported on Thursday.

OPEC Points to Larger Oil Surplus in 2016, Says Low Prices Hurting Economy
(Wednesday, February 10, 2016) OPEC pointed to a larger oil supply surplus on the world market this year than previously thought as Saudi Arabia and other members pump more oil, helping to make up for losses in non-member producers hurt by the collapse in prices.

Persistent Global Supply Overhang Bears Down on Oil Prices
(Wednesday, February 10, 2016) Oil prices had a short-lived rally following a surprise draw in US crude inventories.

Finance & Acquisition
Italian Utility A2A Eyes 5-6 Core Countries for Expansion
(Thursday, February 11, 2016) Italy's biggest regional utility A2A is looking to expand through investment in the waste and energy sector in five or six countries, the group's chief executive said on Wednesday.

Pipeline Company TransCanada Raises Dividend Despite Oil Slump
(Thursday, February 11, 2016) TransCanada Corp , Canada's second-largest pipeline company, raised its dividend at a time when most energy companies are scaling back shareholder payouts, as long-term contracts shield the company from weak commodity prices

Australia's AGL Energy Posts Loss After Writing Off Gas Business
(Wednesday, February 10, 2016) Australia's second-largest energy retailer AGL Energy Ltd on Wednesday reported a statutory loss after tax of A$449 million ($317 million) after writing down the value of its gas exploration and production business.

This Widening Gap Has a Williams Takeover Looking Riskier
(Wednesday, February 10, 2016) In weighing the odds of a planned takeover, there's usually one thing you can count on for Wall Street's opinion: the merger arbitrage.

Buffett's Berkshire Buys $1 Bln Worth of Phillips 66 Stock in 2016
(Wednesday, February 10, 2016) Berkshire Hathaway Inc has bought an additional $1 billion of stock in Phillips 66 this year, and now owns roughly 14.1 percent of the oil refiner.

People on the Move
Mexico's Pena Nieto Axes Pemex CEO, Orders Cost-cuts Amid Oil Slump
(Tuesday, February 09, 2016) Mexican President Enrique Pena Nieto on Monday removed Emilio Lozoya, the head of ailing state-oil firm Pemex, replacing him with the country's social security chief whom he tasked with cutting costs amid a global oil rout.

CEA Names New Board Members
(Tuesday, February 09, 2016) Two key manufacturing executives have taken leadership positions on Consumer Energy Alliance’s (CEA) board of directors, the organization’s president David Holt announced Tuesday.

Energy Transfer Tumbles as Chief Financial Officer Replaced
(Monday, February 08, 2016) Energy Transfer Equity LP, the pipeline conglomerate that's agreed to buy Williams Cos., fell 42 percent after announcing the replacement of its chief financial officer amid investor concern that the deal is in trouble, analysts said.

GE Oil & Gas: Industry Must Take Lessons from Uber to Attract New Talent
(Wednesday, February 03, 2016) The oil and gas industry will need to take lessons from companies like Uber if it wants to attract a new generation of talent, say speakers at the 17th GE Oil & Gas Annual Meeting in Florence, Italy.

Dow Chemical CEO Liveris to Step Down by Mid-2017
(Tuesday, February 02, 2016) Dow Chemical Co Chief Executive Andrew Liveris said he would leave the company by mid-2017 after it merges with fellow chemical and seeds producer DuPont.






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