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0 comments Thursday 17 May 2007 | Posted By Patrick | Commentary

From Bloomberg:
Gasoline futures jumped 4.3 percent yesterday after Sunoco Inc. shut a 36,000 barrel-a-day gasoline pipeline supplying Buffalo, New York and ConocoPhillips shut a unit at its Borger, Texas, refinery for five weeks of maintenance. BP Plc will shut a 115,000 barrel-a-day gasoline unit at its Texas City plant for 11 days, Reuters reported, [...]

1 comment Thursday 17 May 2007 | Posted By Ed Aboufadel | Predictions

Thursday, May 17, 7:20PM:  Well, something seems to have gone crazy today, as we have more refinery problems, a jump of 10 cents in the NYMEX RB price, and a Midwest wholesale price in the $2.80’s.  That gives us a 20-cent margin price of about $3.69.  So, I take back yesterday’s prediction about prices dropping [...]

0 comments Thursday 17 May 2007 | Posted By Patrick | Commentary

Due to some corruption in my E-mail mailing list, I sent out a request for re-confirmation to make sure my list is not full of invalid or old e-mail addresses. Please be SURE to look for something I sent. It will say something like “REQUEST FOR RE-CONFIRMATION”
Please re-confirm by clicking the link included in the [...]

0 comments Thursday 17 May 2007 | Posted By Patrick | Predictions

Hi everyone…
We’re hearing more bad news from a different refinery this time. Valero
has announced that problems at Houston refinery have shut 130,000
barrels of refining per day. The profit for turning one barrel of crude
into 2 parts gasoline and 1 part distillate is now $30.20, the highest
since 1989, and $10 more than just a few weeks [...]

0 comments Thursday 17 May 2007 | Posted By Patrick | Commentary

From Bloomberg:http://www.bloomberg.com/apps/news?pid=20602099&sid=aNzZlSPI8LzQ&refer=energy
Valero Energy Corp., the largest U.S. refiner, said
yesterday that it halted fuel output at its Houston refinery due
to steam system and boiler problems. The complex is capable of
processing 130,000 barrels of oil a day. ConocoPhillips, the
second-largest U.S. refiner, said a unit at its plant in Sweeny,
Texas, is undergoing maintenance after a leak yesterday. [...]

0 comments Wednesday 16 May 2007 | Posted By Patrick | Commentary

Lets understand why a new refinery hasn’t been built:
Existing refineries have expanded to roughly the same capacity as when there were 301 refineries back in the 1982. Today there are 149, up from a low of 148 a year ago. The 301 refineries back in 1982 had a total capacity of 17.9 million barrels per [...]