• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 46 mins Thugs in Trumpistan
  • 1 min Model 3 cheaper to buy than BMW 3 series.
  • 1 hour Would bashing China solve all the problems of the United States
  • 4 hours Pompeo's Hong Kong
  • 1 hour Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 20 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 2 hours Natural gas is crushing wind and solar power
  • 12 hours China’s Oil Thirst Draws an Armada of Tankers
  • 2 hours Coronavirus hype biggest political hoax in history
  • 4 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 11 hours Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 7 hours Michael Moore's Controversial "Planet of the Humans" Movie
  • 7 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
Morgan Stanley Expects $40 Brent By Christmas

Morgan Stanley Expects $40 Brent By Christmas

Morgan Stanley expects Brent crude…

The World Has Too Many Oil Refineries

The World Has Too Many Oil Refineries

Several years of heightened investment…

BP’s U.S. Refineries Cut Run Rates As Demand Crumbles

Limited storage for refined products has forced BP to cut the refinery rates at its three largest refineries in the United States to 80-85 percent as fuel demand is crumbling amid lockdowns and stay-at-home orders, Reuters reported on Thursday, quoting sources with knowledge of the refinery operations.  

Sources told Reuters last week that BP has reduced refinery run rates at its 430,000-bpd refinery in Whiting, Indiana, the 242,000-bpd Cherry Point, Washington, refinery, and the 155,000-bpd in Toledo, Ohio, refinery, due to low demand from U.S. consumers.

Oil majors began to reduce refinery run rates across the U.S. at the end of March when states began to take measures to flatten the curve for the number of coronavirus cases. U.S. oil supermajor ExxonMobil has reduced the run rates at its second-largest refinery in the United States, Baton Rouge in Louisiana, after slumping fuel demand filled storage tanks, sources with knowledge of the operations at the 502,500-bpd refinery told Reuters last month.

Despite the low gasoline prices, demand for fuel in the United States, and across the world, is taking a major hit as people are asked or ordered to stay at home as countries grapple with the spread of the coronavirus pandemic. Oil demand in the United States is set to tumble over the following weeks, as cities are under lockdown, non-essential businesses and services are closed, and people are asked to work from home wherever possible.

Meanwhile, gasoline inventories in the United States continue to climb, along with crude oil inventory builds. During the latest reporting week, to April 3, U.S. oil inventories swelled by 15.2 million barrels, the EIA said on Wednesday, a week after reporting the largest oil inventory build since 2016. The EIA also reported gasoline inventories had increased by 10.5 million barrels and distillate fuel inventories had added 476,000 barrels. This compared with a gasoline inventory increase of 7.5 million barrels for the previous week and a distillate fuel inventory fall of 2.2 million barrels.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News