Don't miss out on the latest business and technology news for chemical engineers, featuring select items in relation to Fuels & Petrochemicals.
Independent oil producers boost hedging
US independent producers have increased their hedged oil production for 2018 from 49% in March to 52% now, with the average hedged price at $58 per barrel, according to Goldman Sachs. Operators also hedged as much as 23% of their projected 2019 oil production, up from 16% in the first quarter.
US crude inventories fall more than expected
US crude stockpiles dropped by 4.3 million barrels the last week of August, according to the Energy Information Administration, beating expectations for a 2.5 million-barrel decline. However, gasoline and distillate inventories gained 1.8 million barrels and 3.1 million barrels, respectively.
Bill to allow small-scale exports of LNG passes House
The House of Representatives has approved legislation that would foster small-scale liquefied natural gas exports, advancing it to the Senate. "This legislation reduces hurdles, streamlines the process and allows for the US LNG industry to compete in a global and fast-growing market," said Charlie Riedl, executive director of the Center for Liquefied Natural Gas.
RAPID Manufacturing Institute Announces Project Selections for 2018
AIChE's Rapid Advancement in Process Intensification Deployment, or RAPID, Manufacturing Institute has selected eight new projects for funding. The projects join a portfolio of 25 other RAPID projects, which have already received more than $30 million in public-private investment. The new projects further RAPID's mission to advance process intensification in the chemicals, oil and gas, and pulp and paper industries. Read about the 2018 project selections
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