The U.S. Energy Information Administration (EIA) released its weekly petroleum status report this morning. U.S. commercial crude inventories fell by 6.5 million barrels last week, bringing the total U.S. commercial crude inventory…
The three major US stock indexes opened mixed this morning following the unemployment report from the Eurozone, which showed that the 11.2% rate had remained unchanged. The Eurozone consumer price index was…
Marathon Petroleum Corp. (NYSE: MPC) has filed with the SEC for the IPO of a new pipeline company, MPLX LP, that would operate as a master limited partnership (MLP) and trade on…
The oldest refinery on the US East Coast will not be closing in August. The refinery’s owner, Sunoco Inc. (NYSE: SUN) today announced that it would form a joint venture with The…
When Delta Air Lines Co. (NYSE: DAL) agreed to buy an oil refinery from Phillips 66 (NYSE: PSX), the transaction underscored a shift that has been taking place in refinery ownership. Pure…
The current drop in crude oil prices is putting a little more cash in the pockets of consumers at the expense of the big integrated oil and refining companies. The reason is…
The sixth-largest crude refinery in the US, in Whiting, Indiana, has the capacity to turn more than 400,000 barrels/day of crude into useful products like gasoline and jet fuel. BP plc (NYSE:…
The month-long slide in crude oil prices has chopped the share price of many of the biggest names in the oil patch. Exxon Mobil Corp. (NYSE: XOM) is about -4% in the…
As of about 9:30 this morning, Brent crude is trading at its lowest price in three months, and the price differential between Brent and WTI crude closed to about $12/barrel last week…
Jon OggThese are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Thursday. Adtran Inc. (NASDAQ: ADTN) Reiterated Buy with $39 target at Argus. Agrium Inc. (NYSE:…
In a presentation yesterday to investors, Valero Energy Corp. (NYSE: VLO) CEO Bill Klesse said that stagnant demand for refined products in the US would be replaced by foreign demand for gasoline…
The proposed 1,700-mile Keystone XL pipeline will not make the US more energy independent nor will it lower gasoline prices. If anything, the pipeline from western Canada’s oil sands to the US…
This morning’s report from the US Energy Information Administration (our coverage here) showed that commercial crude oil inventories in the US rose by 4.2 million barrels last week. At the same time,…
The three major US stock indexes opened higher this morning, following on a positive debt sale by Portugal and some improvement in PMI numbers from Europe. ADP employment data did not meet…
Oil refiner Marathon Petroleum Corp. (NYSE: MPC) posted a quarterly EPS loss of -$0.21 this morning, way below the consensus estimate of EPS loss of -$0.06. Revenues rose to $19.44 billion, beating…
