• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Bankruptcy in the Industry
Morgan Stanley Hikes Its Summer Oil Price Forecast to $94

Morgan Stanley Hikes Its Summer Oil Price Forecast to $94

Geopolitical tensions and tighter supply…

Sao Paulo's Power Grid Nears Breaking Point

Sao Paulo's Power Grid Nears Breaking Point

Sao Paolo is facing blackouts…

Shell Slashes Refinery Output In EU As Drought Disrupts Transportation

Shell slashed its refinery output at its Shell Energy and Chemicals Park Rheinland fuel-making facility as low Rhine River levels halted the flow of goods, Shell said on Thursday.

"Due to the low Rhine water level we have reduced the capacity of Shell Energy and Chemicals Park Rhineland. The situation regarding supply is challenging but carefully managed," Shell said in an emailed statement to Reuters.

In November, Shell announced its plan to shift the refinery in Wesseling in Germany away from crude oil in favor of low or zero-carbon products starting in 2025, in line with its goal to have net zero emissions by 2050.

Shell did not reveal how much of the refinery’s capacity had been cut. It is capable of processing 345,000 barrels of crude oil per day.

The catastrophe from low water levels in Europe’s Rhine River has been brewing for more than a week as the key waterway for barge transportation threatened to choke off the flow of coal and petroleum products—and associated supplies.

The Rhine River, which runs northwest from Switzerland through Germany, France, and the Netherlands into the North Sea, is a major petroleum product transportation corridor in Europe. Due to heat waves and drought this summer in Europe, the levels on the river are low and have now become too shallow for many barges shipping petroleum products to pass. Barges are not being fully loaded to keep them lighter on the water, which lifts shipping costs and delays shipments of coal and fuels, affecting power generation in Germany during the heat wave. 

The water level at the Kaub chokepoint near Koblenz was at just 34 centimeters on Thursday—well below the 1.5 meters required by vessels with full loads.

By Julianne Geiger for Oilprice.com


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • George Doolittle on August 19 2022 said:
    So high prices and just not having product in the first place is good news for oil demand throughout all of Europe East and West?

    Not sure this is in any way comprehensible.

    Most transit in all of Europe is by rail with i agree *&amp;quot;shipping using ships&amp;quot;* how goods are moved as with Lorries in the GB and Class 8 Trucks in Germany but the distances are by US standards anyways deminimus so Europe ahem *&amp;quot;being a huge importer of fuel&amp;quot;* ahem...perhaps true of fuel for nuclear power but with both the Russian and Turkish economies in free fall as with Argentina (copper) plus a Libyan Civil War for some time now it&amp;#039;s hard to see any fuel or food crisis in the least for all of Europe at the moment with Ukraine in point of fact able to ship product now along the Black Sea Littoral West.

    That should create huge demand for US Dollars and US Dollar based financial products as the European economy is showing a suddenly increase the transportation sector...again mainly the ship part of shipping. That&amp;#039;s a very efficient way to transport goods far more efficient than say using flight based transit. Also Great Britain still has an amazing Canal System which while hardly modern again provides for logistics in its own way which of course for all is critical for sustaining a War effort against Putin&amp;#039;s Kleptocracy Russia craziness.

    Anyhow pricing doesn&amp;#039;t lie and while the US Dollar is soaring oil prices and prices for &amp;quot;downstream products&amp;quot; of every type (diesel fuel, ethane, gasoline, methanol, ethanol, copper cathodes, steel, aluminum, food product at retail and transportation costs etc) are still very high in the USA and this despite a now clear asset bubble in real estate having been inflated to an amazing degree going into 2022 this Year.

    Definitely a tough time to be long Lumber futures.

    Trex decking Company stock price has been annihilated by way of alternative sources to using wood as a building material. Haven&amp;#039;t check on the price of rebar lately but I assume similar to lumber.

    Long $ibm international business machines strong buy

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News