The OilSpot News by Telvent DTN
Monday, July 11, 2011 VOLUME 10 ISSUE 461  



Goldman Sachs Maintains Bullish Outlook for Oil Market
IHS: Cost of Upstream, Downstream Oil Projects Rising
ATA For-Hire Truck Tonnage Index Fell 2.3% in May
Colonial Upgrades to Add 55,000 Bpd Capacity by June 2012
Valero Completes Purchase of 2 Kentucky Fuel Terminals
Sunoco Logistics to Buy N.J. Tank Farm, Boston Terminal
Vitol’s CCI to Develop Propane Export Facility in Beaumont, Texas


US Retail Gasoline Average Halts Series of Weekly Declines
Propane Supply Builds in Late June, but 16.5% Lower on Year
US Retail Diesel Average Slides 3.8cts on Week to $3.850


Three US Senators Agree on Plan to Repeal Ethanol Tax Credits
Study: Wall Street Speculation Driving Up Gasoline Prices
EPA: Biodiesel Mixed in No.4, 5, 6 Fuels cannot Generate RINS
IRS Hikes Mileage Rate 4.5cts due to Higher Gasoline Prices
EPA Issues Pump Labeling Requirements for E15
Canada begins 2% Renewable Fuel Mandate in Diesel, Heating Oil
DOE Receives more than 90 Offers for SPR Crude in Auction


Economic Indicators


Weekly Rack Postings

Capacity Creep continues
US Refining Capacity Expands in 2010 despite Slow Demand Growth

Carson City Refinery

Processing capacity at U.S. refineries grew 150,000 bpd in 2010, reaching the highest level since 1982 despite utilization remaining well below historical highs, explains the Energy Information Administration in its weekly report on the energy industry.

In the mid-to-late 1990s, demand for petroleum products grew to the point where utilization averaged over 95% in 1997 and 1998, leading to capacity expansions at existing refineries. U.S. refining capacity remained above 90% through 2005. But the economic downturn in 2008 and the first half of 2009 led to lower petroleum demand, causing the refinery utilization rate to fall to about 83% in 2009. In 2010, it increased to 86%, well below the 1993-2005 levels.


[FULL STORY]
 

Regulator gets Teeth
CFTC Power Grows as Commission Approves anti-Fraud Rule

The U.S. Commodity Futures Trading Commission on Thursday (7/7) approved five rules that will regulate trading, including one that will enhance the regulatory body’s ability to prosecute traders who commit fraud and market manipulation, said agency spokesman Dennis Holden.

The vote for the anti-fraud rule under the Dodd-Frank Financial Reform Act will increase the agency’s regulatory authority, making the CFTC perhaps as powerful as the Securities Exchange Commission which is civilly responsible for prosecuting insider trading cases.


[FULL STORY]
 

Feeding Growth
INGAA says US, Canada Need $8.2 Billion Annually in NatGas Investments

The Interstate Natural Gas Association of America said in a new study that the United States and Canada will need average midstream natural gas infrastructure investments of $8.2 billion per year, or $205.2 billion total, over the nearly 25-year period from 2011 to 2035 to accommodate new gas industry growth.

The needed infrastructure includes mainlines, laterals, processing, storage, compression and gathering lines.


[FULL STORY]
 


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