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Spot gasoline pricing premiums moved up sharply in West Coast refined products markets as another regional refinery experiences production problems. Shell reported a unit shutdown at its San Francisco area refinery in Martinez, after discovering a valve leak.
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KBR will conduct services as the general contractor to perform regulatory maintenance, mechanical fixed equipment, piping systems, electrical and instrumentation services for the pygas unit, as well as all aspects of event management, project controls and subcontractor management.
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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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Despite the modest rise of about 100,000 bpd, demand was the second lowest in March since 1997, the API said. Demand for gasoline, the most widely used petroleum product in the country, fell 2.3% in March to a 13-year low of 8.4 million bpd. First-quarter gasoline use was off 1.7% from a year earlier.
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The potential sale is consistent with Shell’s strategy to concentrate its global downstream businesses where it can be most competitive, according to company officials. Recent examples include the sale of refineries in the UK and Germany and downstream businesses in Finland and Sweden.
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Valero spokesman Bill Day said the company expects to spend $300 million to $400 million building new equipment to remove sulfur from gasoline and to expand existing facilities. He said the company expects to incur additional operating costs each year, and those have yet to be determined.
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US pump prices for gasoline are dropping as refiners are boosting production and crude-oil prices are down from a year earlier, according to domestic travel group AAA.
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The Environmental Protection Agency is expected to announce the proposal as early as Friday. It is expected to require refiners to reduce the amount of sulfur in gasoline to 10 parts per million, down from the current standard of 30 ppm, people familiar with the issue said.
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Projected crude production is expected to average 7.3 million bpd in 2013 and 7.9 million bpd in 2014. EIA expects total consumption to rise slightly over the next two years to an average of 18.7 million bpd.
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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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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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Demand for all major petroleum products was lower in 2012, led by a near 400,000-bpd decline in gasoline demand. Gasoline use fell 0.6% to an average of 8.703 million bpd, the weakest level in 11 years. Gasoline is the most widely used petroleum product in the world's biggest oil consumer.
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The group alleges that had EPA stayed within its statutory authority and followed proper procedures, it would have waited until ongoing E15 testing on engines and fuel systems was completed before allowing the use of E15. Then it would have found that E15 is not safe for numerous vehicles.
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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 investment, valued at €65 million, is intended to increase the output of high-octane gasoline and improve refining flexibility at the site. The isomerization unit will have a capacity of 600,000 tpy. Construction will begin this year, and the unit is due to come on stream in spring 2015.
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The volume was more than double the October level of 39,000 bpd. The gasoline exports come as Venezuela has suffered persist operating problems at some refineries. The country's largest refinery, Amuay, still has recovered only a little more than 50% of capacity since it was shut down after an August accident.
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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.