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1 Feb 2023
New Diesel Car Sales in European Union Drop by 20% on Year in 2022: ACEA
Registrations of new diesel fuel cars in the European Union (EU) in 2022 fell by 19.7% year to year, while new gasoline car registrations fell by 12.8%, according to the European Automobile Manufacturers' Association (Association des Constructeurs Européens d'Automobiles, or…
1 Feb 2023
Europe, U.K. Retail Gasoline Tracks Rising Spot Physical Market: OPIS NAVX
Retail gasoline prices across the four largest European Union economies of France, Spain, Italy and Germany, as well as the U.K., followed physically traded spot prices higher in the seven days to Jan. 30, a 2cts/liter week to week gain,…
1 Feb 2023
India's Supreme Petrochem Plans to Start Up First ABS Line in 2025
Supreme Petrochem Ltd., India's largest styrenics producer, plans to start up the first stage of its planned acrylonitrile-butadiene-styrene (ABS) plant in 2025, said a source familiar with the matter. It plans to start up a 70,000 metric tons (mt) per…
1 Feb 2023
Japan's ENEOS Opens Green Hydrogen Test Plant in Queensland, Australia
Japan's biggest refiner ENEOS Corp. on Monday opened a demonstration green hydrogen plant on Bulwer Island in the Australian state of Queensland, according to a government news release Wednesday. Powered by a 250-kilowatt solar system onsite, the facility will have…
1 Feb 2023
Taiwan's CPC to Operate No.3 Naphtha Cracker at 80% On Restart
Taiwan's CPC Corp. plans to run the larger of its two naphtha-fed crackers in Linyuan, Kaohsiung at 80% capacity when it restarts the unit next week from a 22-day shutdown, said a source familiar with the matter. At its Linyuan,…
31 Jan 2023
JV Aims to Develop, Commercialize SAF Technology Using Ethanol as Feedstock
A trio of companies Tuesday announced a joint venture to develop and then commercialize a sustainable aviation fuel technology that uses ethanol as its feedstock. United Airlines inc., Green Plains Inc. and Tallgrass Energy will invest up to a combined…
31 Jan 2023
Marathon Expects EU Embargo Will Provide Near-Term Support for US Refiners
With the official European Union ban on Russian refined products to begin Sunday, Marathon Petroleum Corp. executives said Tuesday that they believe the embargo will provide support for U.S. refiners until the second quarter. That assessment came during a company…
31 Jan 2023
Offset Stakeholders Defend Carbon Credits Amid Negative Media Coverage
A group of more than 50 entities involved in the voluntary carbon market issued an open letter Monday defending carbon credits after recent negative media coverage about the offset industry. The group includes project developers, consultancies, nonprofits, industry bodies, rating…
31 Jan 2023
Low-Carbon Hydrogen Demand Could Gain 10-Fold by 2050, Says BP
As the world transitions to a more sustainable energy system, demand for low carbon hydrogen to help decarbonize hard-to-abate processes in industry and transport may increase by a factor of 10 between 2030 and 2050, BP said in its Energy…
31 Jan 2023
G7 Oil Price Cap Unlikely to Have Major Impact on Russian Oil Flow, Says IMF
The International Monetary Fund (IMF) does not expect the $60/bbl oil price cap on Russian oil exports set by the Group of Seven countries to have an adverse impact, as it suggests barrels will instead head to buyers in non-participating…
31 Jan 2023
Sun Cable Administrator Begins Sale Process With Expanded Project Scope
Sun Cable's voluntary administrator FTI Consulting said Tuesday it has begun the sale process for the collapsed renewable energy infrastructure developer with a further project component to supply renewable electricity to local green manufacturing projects in Australia, according to a…
31 Jan 2023
China's Dongying Weilian Eyes Imminent PTA Line Start-up
China's Dongying Weilian Chemical is preparing to start up a 1.25 million metric tons per year (mt) line at its purified terephthalic acid (PTA) facility in Shandong, a market source said on Jan. 30. This is the second of two…
31 Jan 2023
Australia, The Netherlands Sign MoU to Promote Green Hydrogen Supply Chain
Australia on Monday signed a Memorandum of Understanding (MoU) with the Netherlands to promote a green hydrogen supply chain from Australia to Europe via the Port of Rotterdam, according to an Australian government news release. The MoU, signed by the…
31 Jan 2023
China's Xinjiang Zhongtai Shuts PTA Unit For Turnaround
China's Xinjiang Korla Zhongtai Petrochemical shut its 1.2 million metric tons (mt) per year purified terephthalic acid (PTA) line on Jan. 20 for a turnaround, with a restart likely in early-to-mid February, a market source said on Jan. 31. This…
30 Jan 2023
US Court Pauses RFS Compliance for Two Refiners Appealing SRE Denials
Two refineries that were denied small refinery exemptions from a range of Renewable Fuel Standard compliance years were told Friday by the 5th U.S. Circuit Court of Appeals they do not have to fulfill their obligations to the federal clean…
30 Jan 2023
More Sales of US Strategic Petroleum Reserve Crude Could Be Announced Soon
The sale of 180 million bbl of Strategic Petroleum Reserve crude that was designed to temper crude and gasoline prices is over, but additional sales this year could occur thanks to legislation passed nearly eight years ago. The SPR caverns…
30 Jan 2023
$372 million Prax Lindsey Refinery Carbon Capture Project Targets 2028 Start
Prax Group announced Friday a £300 million ($372 million) carbon capture project for the company's 110,000-b/d Lindsey oil refinery in Humber on the east coast of England. The Prax Lindsey Carbon Capture Project aims to remove one million metric tons…
30 Jan 2023
North Sea LPG Producers Hike Exports as Re-Injection Price Advantage Weakens
Exports of North Sea liquefied petroleum gas (LPG) have surged during January, as the price difference in northwest Europe - on a heat equivalent basis - between natural gas and LPG has tightened, according to OPIS data Monday. The narrowing…
30 Jan 2023
Shell's New CEO Launches Shake-Up of Executive Committee
Shell said Monday that it is cutting the size of its Executive Committee, combining four of its business directorates into two, and shutting the Strategy, Sustainability and Corporate Relations (SSCR) Directorate down. Specifically, the company said in a press release…
30 Jan 2023
Net Length in Brent Futures and Options Hits 10-Month High on Demand Rebound
Speculators built net length for the fifth week of six in Brent futures and options, driving it to a ten-month high, according to the latest Intercontinental Exchange (ICE) data, amid a revival in oil demand from China. Net length, or…
30 Jan 2023
UPDATE: ICE Considering New EU Carbon Futures Contracts with Deadline Shift
(Updates with trader comments in paragraphs 8-10.) The Intercontinental Exchange (ICE) is considering the creation of more futures contracts if the European Union approves a proposal to shift the compliance deadline for surrendering emissions permits in its cap-and-trade Emissions Trading…
30 Jan 2023
CNPC's New Jieyang PX Plant Start-up Imminent
China's CNPC is preparing to start-up its new 2.6 million metric tons (mt) per year paraxylene (PX) plant in Jieyang, according to an industry source on Jan. 30. This start-up is slightly delayed from the earlier target of mid-January. The…
30 Jan 2023
Taiwan's FPCC to Extend Cracker Downtime, Lower Feb RFCC Runs Ahead of Works
Taiwan's Formosa Petrochemical Corp. (FPCC) plans to keep its No.2 naphtha-fed cracker in Mailiao offline in February because of ongoing soft demand for ethylene derivatives, a company spokesman said on Monday. This extends the downtime at its No.2 cracker, with…
30 Jan 2023
S Korea's Lotte to Cap Daesan, Yeosu Cracker Runs in Feb, Unchanged from Jan
South Korea's Lotte Chemical Corp. plans to keep capping the operating rates at its two naphtha-fed crackers, located separately in Daesan and Yeosu, in February, said a source familiar with the matter, unchanged from this month. Lotte plans to run…
27 Jan 2023
Group Calls for Stricter Limits on US Refinery Wastewater Discharges
An environmental group wants the government to crack down on refinery wastewater discharges, saying they are loaded with heavy metals, chemicals and other pollutants. The Environmental Integrity Project in a new report said EPA has failed to follow language in…
27 Jan 2023
ICE Considering New EU Carbon Futures Contracts with Deadline Shift
The Intercontinental Exchange (ICE) is considering the creation of more futures contracts if the European Union approves a proposal to shift the compliance deadline for surrendering emissions permits in its cap-and-trade Emissions Trading System (ETS) from April to September. ICE,…
27 Jan 2023
CORRECTION: Goldman Sachs Cuts Henry Hub Natural Gas Forecasts
(Corrects throughout to show that Goldman Sachs, not Bank of America, changed its gas forecasts.) Goldman Sachs energy analysts on Friday lowered their price forecasts of NYMEX Henry Hub natural gas futures between 2023 and 2024, as an unusually warm…
27 Jan 2023
BofA Cuts Henry Hub Natural Gas Forecasts as Market Enters Bear Cycle
Bank of America energy analysts on Friday lowered their price forecasts of NYMEX Henry Hub natural gas futures between 2023 and 2024, as an unusually warm U.S. winter has decimated heating demand and created an oversupply of gas stockpile. In…
27 Jan 2023
Cargo Volumes at Nine Major U.S. Ports Reach Another Record High in 2022
Cargo volumes at the nine major U.S. ports set a record for a second straight year in 2022, approaching 51 million twenty-foot equivalent units, according to OPIS data. Traffic last year at the ports -- Los Angeles, Long Beach, and…
27 Jan 2023
Rotterdam Port Bunkering Rose in 2022 Amid Surge in Biofuel, Methanol Demand
The number of ships fuelling at the port of Rotterdam has gained year to year, with demand for methanol increasing, the port authority said in a news release on Thursday. Bunkering rose to 10.8 million metric tons at the Netherlands…
 

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Oil Market Outlook 2023

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