Don't miss out on the latest business and technology news for chemical engineers, featuring select items in relation to Fuels and Petrochemicals!
ExxonMobil, Chevron double down on petrochemicals
Oil giants such as ExxonMobil and Chevron are stepping up their investments in petrochemicals to diversify their revenue sources and hedge against the long term peak oil demand scenario. Exxon has spent more than $6 billion in the past two years to grow its chemicals business, while Chevron Phillips Chemical has teamed with Qatar Petroleum to build a petrochemical facility on the US Gulf Coast.
US sets new record for crude oil exports
The US shipped overseas a new high of 3.16 million crude oil barrels per day in June, according to the Census Bureau. South Korea overtook Canada to become the top buyer of US oil, clocking in purchases of around 605,000 bpd, while China accepted roughly 292,000 bpd.
Gulf LNG receives authorization for exports
The Energy Department has permitted Kinder Morgan to export up to 1.53 billion cubic feet of natural gas per day to nations without free trade agreements with the US from its proposed Gulf LNG project in Pascagoula, Miss. "This announcement advances the Trump administration's commitment to energy security here at home and for our friends abroad," Energy Secretary Rick Perry said.
Enterprise: Houston plays key role in global energy markets
The Houston Ship Channel rivals the Strait of Hormuz in terms of importance in the global energy mix even though the world has not "fully understood or appreciated" this, said Jim Teague, CEO of Enterprise Products Partners, during a conference call. Teague further highlighted the role of US exports in stabilizing oil prices amid mounting geopolitical tensions around the Strait of Hormuz.
Natural gas prices continue to weaken
Natural gas prices have lost more than 25% since the beginning of 2019 -- 7% in the past 10 days alone -- to close at $2.12 per million British thermal units on Monday, despite a seasonal demand surge. Low prices are expected to drag on as the supply-demand equation remains heavily imbalanced due to Permian Basin oil producers producing vast quantities of gas as a drilling byproduct.
Europe takes in more US LNG than Asia
Europe has become a top destination for US liquefied natural gas, with nearly two-fifths of LNG cargoes heading to the continent in the first five months of the year. Slowing Asian demand amid the US-China trade war and narrow price differentials between European and Asian natural gas spot prices have supported the rise in LNG flows to Europe.
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