Last week, PES confirmed its decision to permanently shut its 335,000 b/d Philadelphia refinery, following an explosion in late June – a move that has so far been a boon to the Atlantic Basin gasoline market (see Americas Weekly – Issue 26). According to our estimates, close to 600,000 b/d of refining capacity in Central and [...]
Oil demand is not as strong, says Johannes Benigni, chairman and founder of JBC Energy Group. CNBC
Richard Gorry, managing director at JBC Energy Asia discusses the oil prices and the OPEC's relationship with the U.S. CNBC
Renewed sanctions on Iran are unlikely to directly affect the country’s crude supply (see Energy Market Report – 8 May 2018). Even in a dovish scenario, Iranian crude exports should decrease by at least 100 – 150,000 b/d, which may be compensated for by higher export of products. A hawkish scenario would see exports drop by as much [...]
Our outlook on Chinese gasoline consumption remains positive for the coming years, but a slow-down is inevitable (For an analysis of the effect of regulatory changes in Asia on transportation fuel markets, see Asian Oil Markets Monthly – Issue 1). Continued strong demand for cars by a growing middle class and increasing travelling distances are [...]
2016 will bring a marked acceleration of Russian secondary capacity growth, resulting in a pronounced decline in dirty product yields. (For more analysis of key trends in the Russian oil sector, see our quarterly Russia Focus report) In Russia, conversion and other secondary capacity additions have begun to outpace CDU expansions, a sign that the [...]
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We expect crude output developments over the next few months to be supportive for sweet crude premiums vs. sour grades as declines in sweet supply – most visible in the US – are accompanied by ongoing increases in sour output. We forecast that a group of countries/regions including Iraq, Iran, total Asia-Pacific, Russia, Brazil, Nigeria [...]
Trade Trends Reversal as US Becomes Net Oil Exporter to Mexico. PADD-3 product exports climbed to almost 3.5 million b/d in July (+140,000 m-o-m), the highest since the EIA began measuring, in an indication of the strength of the summer US refining boom. Mexico accounted for more than 1.2 million b/d of those exports, while [...]
US natural gas and NGL production continues to impress, recording strong growth so far this year as US drillers increasingly target wet plays in the Northeastern plays of Marcellus and Utica. Improvements in US natural gas drilling techniques (including higher spud per rig levels, more stages per well and longer lateral lengths) are offsetting significantly [...]