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The Energy Industry Is Under Fire

Energy Markets on War Footing

ExxonMobil’s Montana refinery shut down some units on Saturday after a fire broke out. The cause of the fire remains under investigation. The refinery can process a total of 60,000 bpd of crude sourced from Wyoming and Alberta, producing about 600 million gallons of gasoline and diesel annually, most of which makes its way to Montana, Wyoming, Utah, Colorado, South Dakota, Washington, Idaho, and Nevada. Rival refineries in the area include Phillips Billings refinery and Par Pacific’s Wyoming refinery.

Another refinery fire has struck Suncor’s Strathcona refinery in Edmonton. Suncor had announced a couple of days earlier that the refinery was going into maintenance.

India’s ONGC Videsh has managed to sell at least one cargo of Russian Sokol to Hindustan Petroleum and Bharat Petroleum after an earlier tender received zero interest for the crude. India continues to purchase deeply discounted Russian crude despite many other nations self-sanctioning.

OPEC will no longer use IEA as a secondary source for production data. The news comes as the IEA has been sharply critical of OPEC’s unwillingness to boost production to higher levels to mitigate rising prices. OPEC will instead use data from Rystad and Wood MacKenzie.

Russia is continuing to send out confusing signals concerning the matter of unfriendly countries paying for gas in rubles. The deadline for paying in rubles is Friday, after which…

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EXXON Mobil -0.35
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