Don't miss out on the latest business and technology news for chemical engineers, featuring select items in relation to Fuels & Petrochemicals.
US refining capacity climbs along with shale production
Surging shale production is prompting domestic refiners to increase their processing capacity, leading to "higher refinery utilization, higher distillate prices and higher refinery margins generally," says Moody's Investors Service senior analyst Arvinder Saluja. The 135 refineries in the US had a capacity of 18.6 million barrels per day as the year began, while utilization rates hit a record of 98% in August, reports the Energy Information Administration.
Oil futures see biggest drop since Feb. as shortage concerns recede
Oil futures experienced their sharpest decrease since February last week, falling 6.3%, while Commodity Futures Trading Commission data showed hedge funds' net-long position in West Texas Intermediate crude falling 5% for the week ended Oct. 30, reaching the lowest point since September 2017. The US is imposing sanctions on Iran but said it will let eight countries continue purchasing Iranian oil, mitigating concerns that a shortfall could emerge.
Analysis: US oil production growth to slow in 2019
In the past year, domestic crude production has expanded at the fastest pace since the 1950s, but the boom could slow by 2019's second and third quarters as a result of a plateauing rig count from the end of May to the end of September, writes John Kemp. The Energy Information Administration expects US crude and condensates production to climb by slightly more than 1 million barrels per day next year, down from nearly 1.4 million barrels per day this year.
Use oil technologies strategically, industry execs advise
As technology's role in the oil and natural gas industry grows, companies face the challenge of determining which tools add the most value to operations, industry executives say. Some of their recommendations include developing technological partnerships and considering inspection drones.
New FERC chairman vows to avoid politicization
Neil Chatterjee, who took over as chairman of the Federal Energy Regulatory Commission, pledged to follow his predecessor's example by continuing to protect the agency from political interference and maintain its independence and neutrality. "Whatever we do is going to be fact-based, and that's something that I and my colleagues take very seriously," he added.
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