The OilSpot News by Telvent DTN
Monday, January 23, 2012 VOLUME 10 ISSUE 488  



Hess to Shut HOVENSA Refinery, Convert into Storage Terminal
Petroplus to Sell Petit Couronne Refinery, Possibly Others
BP says Non-OECD Countries to Drive Energy Demand through 2030
Refinery Distillate Yields Up on Increased Demand, Exports
Mercuria to Ship Crude Oil on Panhandle Northern Railway
Mansfield Oil Launches Holding Co.—Mansfield Energy Corp.
7-Eleven Completes Purchase of 51 ExxonMobil Sites in Texas


EIA’s US Retail Gasoline Average Edges Up 0.9cts on Week
US Retail Diesel Average Up 2.6cts to $3.854 Gallon
Home Heating Oil Average Up 1.7cts to $3.952 Gallon
Propane Supply Down 1.1 Million Bbl Week-ended Jan.13


Obama Denies Keystone XL Permit; Rules not in National Interest
TransCanada will Re-apply for Keystone XL Pipeline Permit
NADA says Proposed Fuel Rules Underestimate Rising Vehicle Cost
NPRA Petitions EPA to Waive 2011 Cellulosic Biofuel Mandate
POET Shelves Ethanol Pipeline Due to Stalled Loan Guarantee
FTC: Ethanol Industry Ownership Concentration Levels Low
API Study says Policies Hamper Western Oil, Natural Gas Development


Economic Indicators


Weekly Rack Postings

Supply Flow Changes for East Coast
Shut Refineries in Northeast to Reverse Declines in Gasoline Imports

Hovensa Refinery

The recent idling of two refineries in southeastern Pennsylvania and plans to idle a third in the region by mid-2012 could nullify declines in U.S. gasoline imports, according to This Week in Petroleum published Jan. 19 by the Energy Information Administration.

With the closures of ConocoPhillips’ Trainer and Sunoco’s Marcus Hook refineries, East Coast refining capacity dropped 27% since the end of September 2011. Sunoco has said that it will shut its Philadelphia refinery by mid-2012 in the absence of a buyer.


[FULL STORY]
 

US Fuel Demand Slumps in 2011
API says Annual Drop in Oil Product Demand 2nd Greatest in Decade

At 18.9 million bpd in 2011, total petroleum deliveries, a measure of demand, fell 1.2% from 2010—marking the second largest drop in annual domestic deliveries in the last decade, the American Petroleum Institute reported Friday (1/20) in its latest Monthly Statistical Report, with the greatest annual decline occurring in 2008.

The data showed December 2011 petroleum deliveries dropped 5.9% from the year prior, falling to the lowest level in 15 years at an average 18.6 million bpd.


[FULL STORY]
 

Pointing to Economic Weakness
IEA Cuts 200,000 Bpd from 2012 Global Oil Demand Outlook

Global oil demand in the fourth quarter 2011 fell 300,000 bpd amid weakening economies, said the International Energy Agency in its Oil Market Report for January released Jan. 18, prompting the Paris-based agency to revise lower its projection rate for world oil consumption this year.

“Clear signs of economic weakness tipped global oil demand into a declining year-on-year trend at the end of 2011,” said IEA, saying the decline in fourth quarter global consumption was “its first such drop since the tail-end of the credit crunch.”


[FULL STORY]
 


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