Articles by OilPrice.com

– Harvey dominated trading this week with downside blowouts in WTI time spreads and WTI/Brent arbs while product spreads and crack margins spiked to multi year highs. Consensus estimates saw 4.0-4.4m bpd of refiner capacity taken offline while oil production outages totaled less than 1 million bpd. – Refinery outages in PADD III have upended global trading flows leading to a surge in clean product shipments from Europe and Asia toward the US while more than 29 million bbls of crude idled in the USGC due to the port closure. The Houston > east…

The post Harvey Upends Global Oil And Product Flows appeared first on aroundworld24.com.

On a sparsely populated island off the coast of the northwestern United States, more than a hundred environmental activists gathered last weekend to practice seaborne drills to disrupt construction on Kinder Morgan Canada Ltd’s (KML.TO) Westridge crude oil terminal. In kayaks and sailboats, they practiced forming blockades, raising banners and rescue techniques. Sunday culminated in a mass role play in which kayakers blockaded a large vessel and unfurled banners emblazoned with “Stop Kinder Morgan” while pretend law enforcement boats circled around…

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We have often thought that tax policy should be written by the U.S., Department of Agriculture. Who better to deal with all the sacred cows and gored oxen? As the Trump administration turns to address tax policy, eager for legislative victory, one aspect will unite Washington lobbyists. Those representing industries that presently receive a tax exception, will of course seek to retain it. Those industries lacking beneficial tax exemptions will exert considerable influence to obtain them. A cynical mind might suggest that our tax code’s complexity…

The post Power Companies Snubbed By Trump’s Tax Proposal appeared first on aroundworld24.com.

WTI tumbles below $47 as negative sentiment about excess crude supply grows in light of extended refiners’ shutdowns, while Wall Street piles on with more detailed estimates about Harvey’s impact on U.S. oil and refinery production. (Click to enlarge)As oil slides, crack spreads have stabilized near the highs of the session, on concerns about gasoline availability, with Tudor Pickering saying that crack spreads could continue to rise in coming weeks in other U.S. regions served by the Gulf Coast refining center. (Click to enlarge)As reported…

The post Why Wall Street Is Bullish On Refiners appeared first on aroundworld24.com.