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Egypt is still talking with some Arab oil and gas producers to secure fuel supplies to ease its shortages. The negotiations with Qatar, Iraq, and Libya, members of the Organization of the Petroleum Exporting Countries are still ongoing in order to secure the best formula to serve the interest of Egypt.
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Gains in demand for distillate fuel [diesel/heating oil] and catch-all other oils, which include feedstocks for petrochemical plants, offset the fall in gasoline use to nudge total demand higher.
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Russia's slowing domestic economy is leading to a flood of Russian diesel exports flowing toward Europe, which could soon force a new round of European refinery closures.
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The pipeline wasn't flowing at the time of the leak due to a lull in market demand, Marathon spokesman Shane Pochard said, but it was still pressurized with diesel in it. The company believes the leak occurred slowly over time and wasn't due to a sudden break or external forces.
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The 'Clean Diesel Project,' under way since May, 2011, was completed in April at a cost of $85 million. The new construction enables the refinery to produce ultra-low-sulfur diesel fuel that meets or exceeds all federally mandated on-road diesel specifications, according to the company.
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Gasoline is gaining market share as more Chinese buy private vehicles, which mostly run on gasoline. Diesel-fueled cars are a rarity in China, as government policy has often discouraged diesel use for private transportation. Gasoline consumption growth has gradually eclipsed diesel's in recent years.
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In product markets, the new refinery will add to the supply of clean diesel in Saudi Arabia and Europe -- markets typically supplied by India. Since Indian refiners export diesel to so many markets, the appearance of this competing supply source may have bearish consequences for global diesel prices.
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Chevron is dealing with the fallout of the March 18 leak, which resulted in 600 bbl of diesel from its refinery in Salt Lake City spilling into marshes close to a freshwater lake in Willard Bay State Park. The company has to date recovered 354 bbl, down from the 500 bbl it said it had collected Friday.
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The price of credits used by refiners to meet federal ethanol blending requirements has risen more than 1,000% in recent weeks. The heightened volatility in this normally sleepy market has raised concerns that it is a factor in the recent rise in the price of gasoline.
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In an interview with The Wall Street Journal, CEO Frederick W. Smith said he expects between 5% and 30% of US long-distance trucking to be fueled by compressed or liquefied natural gas over 10 years, as the cost of the trucks declines and fueling stations become more common.
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Brief
March 01, 2013
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To comply with mandatory sulfur specifications for gasoline and diesel from 2013 to 2016, Saudi Arabia is spending billions of dollars to construct multiple clean-fuel projects.
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The facility will process 20,000 bpd of Bakken crude oil. Construction could begin this spring, and is expected to take up to 20 months. The plant will be located on a 318-acre site located west of Dickinson in Stark County, North Dakota. It will employ approximately 100 people, according to the companies.
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China's State Council, or cabinet, said Wednesday it would ratchet up national fuel standards to levels similar to those currently found in the US and Europe by the end of 2017. Beijing will also give room to China's refining industry to pass on the cost to consumers, according to the statement.
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The downstream industry is investing billions of dollars in the development and construction of grassroots facilities, along with expansions and upgrades to existing plants.
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As more regions increasingly adopt clean-fuel regulations, the challenge for refiners is to meet these tightening gasoline specifications for benzene cost-effectively without significant octane loss.