The OilSpot News by DTN
Monday, January 5, 2009 VOLUME 7 ISSUE 333  



Magellan, Explorer to Join Forces on Port Arthur Pipeline
Trucking Industry Hauling Tonnage Up 1.7% in November
Blackwater Buys Storage Terminal in Louisiana for $4.8 Million
September Gasoline Consumption in California Tumbles 4.3% on Year
Nova’s Seneca Biodiesel Plant Operating at 50-70% of Capacity
Credit Squeeze Delays BlueFire Ethanol Lancaster Project


U.S. Retail Gasoline Price Average Slides to $1.613 Gal
Retail On-Highway Diesel Average Posts 13th Straight Weekly Drop
Home Heating Oil Average Tumbles 7.9cts to $2.33 Gal
Propane Stocks Down to 55.8 Million Bbl Week-ended Dec. 26


United Refining Takes Control of SemGroup Management Committee
Flying J Fined $140,000 for Pollution Violations in Iowa
DOE Provides $200 Million to Support Biorefinery Projects
API to Release Weekly Oil Data Tuesdays Beginning Jan. 27
EPA OKs GreenHunter Biodiesel Sales for On-road Diesel Market
ExxonMobil Pays Nearly $6.1 Million to Settle Massachusetts Oil Spill


Economic Indicators


Weekly Rack Postings

Gasoline Led Index Down
Dow Jones-AIG Commodity Index Reports Huge Losses in November

The Dow Jones-AIG Commodity Index was down 7.75 percent for the month of November, thanks mostly to losses in crude oil, gasoline and lead, according to Dow Jones Indexes/STOXX Ltd.

The Dow Jones-AIG Single Commodity Indexes for Zinc, Gold and Lean Hogs had the strongest gains with month-to-date returns of 4.67 percent, 2.28 percent and 1.34 percent, respectively.

The three most significant downside performing single commodity indexes were Unleaded Gas, Crude Oil and Lead, which were respectively down 25.28 percent, 21.00 percent and 18.92 percent in November.


[FULL STORY]
 

Flying J in Bankruptcy
Oil Independent says it will Reorganize under Chapter 11 Filing

On Dec. 22, Flying J Inc. announced it, along with certain subsidiaries, had filed voluntary petitions to reorganize under Chapter 11 bankruptcy, which will allow the company to address near-term liquidity needs brought about by the precipitous decline in crude oil prices coupled with the disruption in credit markets.

The filing includes Flying J Inc. and its Big West refining and Longhorn Pipeline subsidiaries. Flying J’s financial advisor is The Blackstone Group L.P. and the legal advisor is Kirkland & Ellis LLP.

All of Flying J’s operations, including approximately 250 travel plazas and fuel stops, are open and serving customers in the normal course of business. The company plans to continue normal business operations as it moves through the reorganization process.


[FULL STORY]
 



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