(Bloomberg) -- Saudi Arabia is spending generously now on Asian refiners to lock in its position as the region’s biggest supplier of oil for decades to come. The Saudi national oil company is part of a group that’s building a processing plant in China and it teamed with Asia’s biggest refiner on another in Fujian province. Oil Minister Ali al-Naimi traveled to Beijing last … [Read more...]
Asian Crude Buyers Realize Mexican Oil May Not Have Been Such a Bargain
By Sharon Cho, Heesu Lee and Tsuyoshi Inajima (Bloomberg) -- A few months after snapping up the most heavily discounted Mexican oil in 20 years, Asian refiners are discovering some of these bargains may have been tainted. At least two buyers experienced difficulties in processing Mexican crude because of the chloride content, said people with knowledge of the matter who … [Read more...]
Record Gasoline Output to Curb Biggest U.S. Oil Glut in 85 Years
By Dan Murtaugh and Sheela Tobben (Bloomberg) -- Refiners are poised to make gasoline at a record pace this year, keeping the biggest U.S. crude glut in more than 80 years from overflowing storage. They’re enjoying the best margins in two years as they finish seasonal maintenance of their plants before the summer driving season. They’ll increase output to meet consumer … [Read more...]
Oil Prices Predicted to Fall as U.S. Refineries Kick Back Into Gear
May 12 (Bloomberg) -- The expansion in stockpiles of U.S. gasoline as refineries returned from maintenance and imports accelerated spurred speculators to cut wagers on rising prices by the most in more than three months. Money managers reduced net-long positions by 14 percent from the highest level since February 2013 in the week ended May 6, U.S. Commodity Futures Trading … [Read more...]
Valero to Suncor Shun Overseas Imports at Eastern Canada Plants
By Christine Harvey May 2 (Bloomberg) -- Suncor Energy Inc. and Valero Energy Corp. are poised to use only North American crude in eastern Canada by 2015, helping to displace overseas imports. Suncor’s Montreal refinery will reach that point in 2015 and Valero’s Quebec City plant by the end of this year, the companies said April 29. Imports to Quebec, Ontario and Atlantic … [Read more...]