• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 7 hours Shale Oil will it self destruct?
  • 7 hours White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 22 hours NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 48 mins Germany exits coal: A model for Asia?
  • 13 hours Carrot And Stick: North Korea Suggests It Might Lift Weapons Test moratorium
  • 13 hours Migration From Eastern Europe Raises German Population To Record High
  • 7 hours Washington Post hit piece attacking oil, Christians and Trump
  • 10 hours South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 1 hour A Silence is heard
  • 14 hours Starlink Internet Courtesy of Tesla
  • 1 day U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 1 day U.S. Administration Moves To End Asylum Protections For Central Americans
  • 14 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
The Next Major Catalyst For Oil

The Next Major Catalyst For Oil

Oil markets rallied on a…

Why You Should Buy FANG, Not FANG

Why You Should Buy FANG, Not FANG

forward P/E of just under…

Europe’s Largest Oil Refinery Shuttered For Weeks

Refinery

A Royal Dutch Shell refinery in Rotterdam will remain closed until mid-August after a fire at the facility’s electricity stations caused it to shut down over the weekend, according to the owner company.

The Pernis refinery will become functional again “at the earliest in the second half of August,” according to a recent statement.

Pernis refines 400,000 barrels per day of oil, making it Europe’s largest refinery. The financial impact of the temporary closure is sure to be sizable, though Shell has not released any figures as of yet.

“We are doing everything we can to minimize impact to our customers,” the company said. Earlier, a Shell spokesperson told AFP that all units of the refinery had to be shut down because they are all interconnected. The effects of the outage spread to other areas soon after the short circuit.

European diesel prices surged following Shell’s announcement of the closure, according to Bloomberg. French Total’s Leuna refinery in Germany has also seen limited output in recent weeks, leaving stations in the Leipzig area without fuel. In Greece, last week Hellenic Petroleum declared force majeure on its 100,000-bpd Elefsina refinery, suspending diesel exports.

Diesel in storage fell counter-seasonally in July as well, meaning the Pernis incident accelerates the “pace of the tightening” of the European diesel market, Petromatrix GmbH Managing Director Olivier Jakob told Bloomberg over the phone.

Last week, Shell announced a triple increase in net earnings attributable to shareholders for the second quarter of the year, to $3.6 billion. The results were attributed to higher oil prices that pushed up oil product prices as well, and to cost efficiency improvements. Downstream earnings improved by 39 percent to $2.5 billion, but the bulk of this improvement came from chemicals production rather than fuels.

By Zainab Calcuttawala 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
Download on the App Store Get it on Google Play