PSPS Update: 97 Percent of Customers Have Been Restored System-Wide

Essentially All Customers Restored in Alameda, Colusa, Contra Costa, Glenn, Humboldt, Marin, Mariposa, Merced, Siskiyou, Solano, Stanislaus, Trinity and Yolo Counties 99 Percent of Customers in the Bay Area Are Now Restored SAN FRANCISCO–(BUSINESS WIRE)–Pacific Gas and Electric Company reported Friday evening that 97 percent of customers impacted by Public Safety Power Shutoff (PSPS) have [Read more]

Source: BOE Report

Huge Independent Refiner Prepares For Revolution In Markets

One of the world’s largest independent oil traders, Gunvor Group, plans to revamp its refinery in Rotterdam to adapt it to produce low-sulfur fuel oil that would be compliant with the new regulations on shipping fuel, Gunvor’s chief executive Torbjörn Törnqvist told Reuters.  Gunvor plans to reconfigure its 88,000 barrels per day refinery in Rotterdam, in the Netherlands, in ...

Source: Oilprice.com

Heavy discount widens after volatile week

The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Friday to round off a week of volatile trading: * Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $16.35 per barrel below WTI, according to Net Energy Exchange. On Thursday November WCS [Read more]

Source: BOE Report

A Worrying Sign For Oil Markets

Market Movers - OPEC has once again revised downward its estimate for global oil demand growth for 2019. In its fourth downward revision in five months, OPEC now estimates that demand for oil will grow by 980,000 bpd - a 40,000 barrel adjustment. Its projections for 2020 remain unchanged at 1.08 million bpd. OPEC blames souring demand growth prospects ...

Source: Oilprice.com

Is This The World’s Newest Oil Benchmark?

Abu Dhabi, the oil producing member of the United Arab Emirates, has plans to take on global benchmarks Brent and West Texas Intermediate with its very own contract, Murban, Bloomberg reports. Abu Dhabi is among the largest exporters of crude in the Middle East and in its key market, Asia, it now has to compete not just with its neighbors ...

Source: Oilprice.com

PDVSA, Chevron Restart Second Major Oil Blending Facility

PDVSA and Chevron have restarted operations at the blending facility of their joint venture Petropiar, Reuters reports, citing sources who whished to remain unnamed. The news comes on the heels of a report about the restart of operations at Sinovensa, the joint venture of the Venezuelan state oil company and China’s CNPC. Like Sinovensa, the blending plant of Petropiar was ...

Source: Oilprice.com

PDVSA, Chevron Restart Second Major Oil Blending Facility

PDVSA and Chevron have restarted operations at the blending facility of their joint venture Petropiar, Reuters reports, citing sources who whished to remain unnamed. The news comes on the heels of a report about the restart of operations at Sinovensa, the joint venture of the Venezuelan state oil company and China’s CNPC. Like Sinovensa, the blending plant of Petropiar was ...

Source: Oilprice.com