According to the US Energy Information Administration, US crude and gasoline inventories rose unexpectedly last week as refineries cut output.
Egypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65% of their actual cost during the 2016/17 fiscal year.
Flint Hills Resources will begin construction on a $20 M expansion of its Waupun, Wisconsin fuel terminal.
Asia refining margins fell despite strong regional demand.
Wholesale gasoline in California became the cheapest in the country this week, but that change has largely gone unseen at the pump, where consumers still pay the highest prices in the continental United States to fill up their cars.
The impact of Canadian and French refinery outages caused margins to fall slightly in the Atlantic Basin and Europe, despite stronger gasoline demand and higher inventories.
Demand for refined oil products is expected to continue growing in Africa, both in the short and medium terms. However, the continent’s refining capacity is unlikely to keep pace as commercial risks threaten to hold back planned new refineries and the expansion of existing facilities.
US refinery utilization rates have increased in some areas following the peak of maintenance season.
The Asia-Pacific region dominates in the total number of active projects in all sectors of the downstream hydrocarbon processing industry. Just as China has seen unprecedented growth over the past decade, India is emerging as the globe’s new oil demand center.
According to Hydrocarbon Processing’s Construction Boxscore Database, there were nearly 90 new project announcements from January 2015 to June 2015.