Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 30 views

    Europe Refiners Benefit From U.S. Emergency Oil Stock Releases Reuters

    Uploaded by

    Luke Bradley

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Europe Refiners Benefit From U.S. Emergency Oil Stock Releases Reuters

    Uploaded by

    Luke Bradley
    30 views10 pages

    Original Title

    Europe_refiners_benefit_from_U.S._emergency_oil_stock_releases___Reuters

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    30 views10 pages

    Europe Refiners Benefit From U.S. Emergency Oil Stock Releases Reuters

    Uploaded by

    Luke Bradley

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 10

    Commodities

    2 minute read · May 12, 2022 5:07 AM CDT · Last Updated 8 months ago

    Europe refiners benefit from U.S. emergency oil stock releases


    By Arathy Somasekhar and Stephanie Kelly

    [1/2] The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020.
    REUTERS/Adrees Latif

    1 2

    HOUSTON, May 12 (Reuters) - At least three vessels carrying crude oil from U.S. emergency stockpiles sailed for Europe in
    April as refiners there scrambled to replace Russian crude supplies, according to U.S. Customs data, ship tracking, and an
    industry source.
    Releases from the Strategic Petroleum Reserve (SPR) since Russia's invasion of Ukraine were designed to counter supply
    shortages and stem fuel price gains. A release last fall was aimed primarily at pushing down rising U.S gasoline prices.

    The Biden administration last month added 180 million barrels to two smaller releases since November from caverns along
    the U.S. Gulf Coast. The United States has not prohibited exports of SPR oil and some analysts believe the exports will grow.

    U.S. retail gasoline and diesel prices, averaging $4.40 and $5.55 per gallon nationally, have remained near record highs
    despite the releases. Fuel demand is so strong U.S. refiners' average per share earnings this quarter are projected to run four
    times the first quarter's profit, according to analyst projections. NS

    My View Following Saved


    Latest Updates
    Business
    Oil prices down 1.5% for the week on recession jitters

    Business
    Dutch government lifts filling target for Bergermeer gas storage facility to 90%

    View 2 more stories

    Last month, U.S. oil refiner Phillips 66 (PSX.N) loaded about 600,000 barrels of crude from the Bryan Mound cavern in Texas
    onto tanker Sea Holly. It is on its way to Trieste, Italy, U.S. customs data and Refinitiv Eikon showed. Trieste is home to a
    pipeline that send oil to refineries in central Europe.

    Atlantic Trading & Marketing (ATMI), an arm of French oil major TotalEnergies (TTEF.PA), sent a little over 1 million barrels of
    SPR crude to Rotterdam last month.

    About 2.25 million SPR barrels on three vessels were exported to Italy and the Netherlands in April, according to Matt Smith,
    lead oil analyst for the Americas at data provider Kpler.

    ATMI has secured at least 3.5 million barrels from the SPR, while Phillips has secured at least 10 million barrels, based on
    government disclosures. Other companies taking SPR oil include Exxon Mobil (XOM.N), Chevron (CVX.N), Marathon Petroleum
    (MPC.N) and Valero Energy (VLO.N).

    Phillips 66 declined to comment on trading activities. ATMI did not immediately respond to a request for a comment.

    With continued releases of SPR over next several months, "expect to be seeing some of those exported," Kpler's Smith said.

    Reporting by Arathy Somasekhar in Houston and Stephanie Kelly in New York; Editing by David Gregorio
    Our Standards: The Thomson Reuters Trust Principles.

    Stephanie Kelly
    Thomson Reuters
    A New-York-based correspondent covering the U.S. crude market and member of the energy team since
    2018 covering the oil and fuel markets as well as federal policy around renewable fuels.

    Read Next

    World
    Biden arrives in California to tour damage from severe storms
    41 min ago

    World
    UK finance minister looks to extend fuel duty cut by a year - The Times
    an hour ago

    Markets
    Stocks fall, yields up; economic slowdown worries mount
    4:36 PM CST

    Markets
    Ark's Wood remains bullish on Tesla, says oil stock rally 'defying logic'
    4:24 PM CST

    More from Reuters

    Commodities
    Oil prices down 1.5% for the week on recession jitters
    Business · August 19, 2022
    Oil prices steadied on Friday, but fell for the week on a stronger U.S. dollar and fears that an
    economic slowdown would weaken crude demand.

    Business
    Dutch government lifts filling target for Bergermeer gas storage facility to 90%
    August 19, 2022

    Business
    Factbox: Germany's efforts to tackle energy crisis
    August 19, 2022

    World
    UK finance minister looks to extend fuel duty cut by a year - The Times
    an hour ago
    Markets
    Ark's Wood remains bullish on Tesla, says oil stock rally 'defying logic'
    4:24 PM CST

    Latest Browse
    Home World
    Business
    Media Legal
    Videos Markets
    Pictures Breakingviews
    Graphics Technology
    Investigations
    Lifestyle

    About Reuters
    About Reuters
    Careers
    Reuters News Agency
    Brand Attribution Guidelines
    Reuters Leadership
    Reuters Fact Check
    Reuters Diversity Report

    Stay Informed
    Download the App
    Newsletters

    Information you can trust

    Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching
    billions of people worldwide every day. Reuters provides business, financial, national and international news to
    professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.

    Follow Us

    Thomson Reuters Products

    Westlaw Onesource Checkpoint


    Build the strongest argument relying on The most comprehensive solution to manage all The industry leader for online information for tax,
    authoritative content, attorney-editor expertise, and your complex and ever-expanding tax and accounting and finance professionals.
    industry defining technology. compliance needs.

    Refinitiv Products

    Refinitiv Workspace Refinitiv Data Catalogue Refinitiv World-Check


    Access unmatched financial data, news and content Browse an unrivalled portfolio of real-time and Screen for heightened risk individual and entities
    in a highly-customised workflow experience on historical market data and insights from worldwide globally to help uncover hidden risks in business
    desktop, web and mobile. sources and experts. relationships and human networks.

    Advertise With Us Advertising Guidelines

    All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.

    Cookies Terms of Use Privacy Digital Accessibility Corrections Site Feedback

    © 2022 Reuters. All rights reserved

    You might also like