Latest news with #refiners
Bloomberg
4 hours ago
- Business
- Bloomberg
US Refining Capacity Declines Amid Uncertain Fuel Demand Outlook
US refiners' operating capacity edged lower in 2024 as an uncertain outlook for gasoline and diesel prompted fuelmakers to pull back after a period of expansion. America's refining fleet — the world's largest — contracted by 43,000 barrels a day in 2024, shrinking to 18.3 million barrels a day of operating capacity, according to an Energy Information Administration report that gives a snapshot of the industry as of Jan. 1 each year.
Reuters
8 hours ago
- Politics
- Reuters
Divided US appeals court allows Biden-era biofuel rule to stand
June 20 (Reuters) - A federal appeals court declined to throw out the U.S. Environmental Protection Agency's renewable fuel standards for 2023 to 2025 on Friday, even as it concluded regulators failed to adequately assess the potential effect the rule would have on climate change and endangered species. A 2-1 panel of the U.S. Court of Appeals for the District of Columbia Circuit largely rejected, opens new tab challenges by environmental groups, refiners and a renewable fuel producer to fuel volume requirements that the EPA set in 2023 for corn ethanol and other biofuels during former Democratic President Joe Biden's tenure. The requirements increased the amount of biofuels that oil refiners must blend into the nation's fuel mix and set finalized biofuel blending volumes at 20.94 billion gallons in 2023, 21.54 billion gallons in 2024 and 22.33 billion gallons in 2025. The panel's majority found merit only in challenges filed by two environmental groups, including the Center for Biological Diversity. They argued the EPA failed to adequately explain why it relied on an outdated study when addressing greenhouse gas emissions associated with crop-based biofuels and contended the U.S. Fish and Wildlife Service did not adequately explain its conclusion that the rules would have no effect on endangered species. The panel's majority agreed, finding that the EPA's analysis of the effects of the rule on climate change under the Clean Air Act was arbitrary and that the Fish and Wildlife Service failed to explain why it concluded there would be "no effect" on habitats if land is converted to grow corn and soybeans. U.S. Circuit Judges Cornelia Pillard and Michelle Childs, both appointees of Democratic presidents, nonetheless declined to vacate the rule and instead sent it back to the EPA for further consideration, saying tossing it could be "highly disruptive." Maggie Coulter, a lawyer at the Center for Biological Diversity, in a statement called the ruling a "big win," saying the agencies would now need to fully assess the renewable fuels program's harms to protected species and habitat. The EPA did not respond to requests for comment. U.S. Circuit Judge Gregory Katsas, who Republican President Donald Trump appointed in his first term, dissented and said he would have set the rule aside, saying "the requirements are more deeply flawed than my colleagues recognize." He said the EPA considered only how much renewable fuel the industry could produce, without considering the costs and benefits of possible alternatives.
Zawya
15 hours ago
- Business
- Zawya
Asian refiners seek more Mideast oil after spot premiums jump on Israel-Iran conflict
SINGAPORE/NEW DELHI - Asian refiners have requested more term crude oil supplies loading in August and September from producers in the Middle East after spot premiums jumped, six trade sources said on Friday. Spot premiums for Middle East benchmarks rose above $3 a barrel on Thursday, the highest levels in four months, on fears of supply disruption after fighting broke out between Israel and Iran last week. "We are receiving additional interest from our customers in Asia," a source at a Middle East crude supplier said, adding that the requests are for cargoes loading in August and September. A source at an Asian refiner said the official selling prices (OSPs) for Middle East crude are lower than spot levels, making it more economical to seek more term supplies. Two sources at Indian refineries said they will be receiving more July-loading term crude supply from Middle East suppliers as they anticipate lower supplies from Russia. The sources declined to be named as they are not authorised to speak to the media. Producers such as Saudi Aramco, Abu Dhabi National Oil Co (ADNOC) and Iraq's SOMO typically notify term customers on their allotted volumes a month before cargoes are due to load. It is not immediately clear if the producers will supply more oil, three sources said, although one of them pointed to rising output from the bloc. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, are unwinding supply cuts, planning to increase output by 1.37 million barrels per day between April and July.
Reuters
15 hours ago
- Business
- Reuters
Asian refiners seek more Mideast oil after spot premiums jump on Israel-Iran conflict
SINGAPORE/NEW DELHI, June 20 (Reuters) - Asian refiners have requested more term crude oil supplies loading in August and September from producers in the Middle East after spot premiums jumped, six trade sources said on Friday. Spot premiums for Middle East benchmarks rose above $3 a barrel on Thursday, the highest levels in four months, on fears of supply disruption after fighting broke out between Israel and Iranlast week. "We are receiving additional interest from our customers in Asia," a source at a Middle East crude supplier said, adding that the requests are for cargoes loading in August and September. A source at an Asian refiner said the official selling prices (OSPs) for Middle East crude are lower than spot levels, making it more economical to seek more term supplies. Two sources at Indian refineries said they will be receiving more July-loading term crude supply from Middle East suppliers as they anticipate lower supplies from Russia. The sources declined to be named as they are not authorised to speak to the media. Producers such as Saudi Aramco ( opens new tab, Abu Dhabi National Oil Co (ADNOC) and Iraq's SOMO typically notify term customers on their allotted volumes a month before cargoes are due to load. It is not immediately clear if the producers will supply more oil, three sources said, although one of them pointed to rising output from the bloc. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, are unwinding supply cuts, planning to increase output by 1.37 million barrels per day between April and July.
Bloomberg
5 days ago
- Business
- Bloomberg
Palm Oil Jumps Above 4,000 Ringgit Mark to Track Soy Oil, Crude
Palm oil jumped above the 4,000 ringgit mark to track gains in soyoil, which surged on Washington's proposal to allow refiners to blend a record amount of biofuels into gasoline and diesel next year. The long-awaited plan that was unveiled by the Environmental Protection Agency on Friday aims to boost American biofuel production and deter imports. It would require refiners to mix arecord 24.02 billion gallons of biofuels into conventional diesel and gasoline. That's nearly 8% higher than the 2025 target and was more-than-expected by many analysts.
