Energy Market News & Updates

Worley Consulting-Pace Refining Margins

bp appoints Birrel to lead upstream segment in newly organized structure

The operator has appointed Gordon Birrell as EVP to lead its upstream segment as the company simplifies its organizational structure into two main segments: upstream and downstream.

Insights: PETEX and in-person petroleum learning in the age of AI

Woodrow Winchester III discusses PETEX’s diverse educational offerings, including instructor-led courses and e-learning, emphasizing the importance of in-person training amidst advancing AI…

From Strait of Hormuz disruption to energy market realignment

With the Strait of Hormuz effectively closed and US-Iran tensions still unresolved at the time of writing, global energy markets remained highly volatile and deeply uncertain.

Sempra Infrastructure names Patel incoming CEO

Patel will assume the role upon closing of a large investment deal struck with KKR affiliates and Canada Pension Plan Investment Board last year.

Oil majors opt out of federal ANWR lease sale that raises $3.7 million on 5 tracts

Despite keen interest and competitive bidding—by majors and independents—at another recent BLM sale in Alaska, only two companies participated in the most recent auction.

Fitch: Market will again be oversupplied in fourth quarter if Strait of Hormuz opens by end-July

Analysts say that, if hostilities end, OPEC countries are likely to ramp up production to or near their maximum capacity.

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Renewables

US Natural Gas Balance

U.S. jet fuel production rises after prices doubled in March

Weekly estimates suggest U.S. jet fuel production has increased to record highs in response to elevated jet fuel prices after the Strait of Hormuz closed on February 28. Higher crude oil pr…

Diplomacy overrides fundamentals for oil prices

The current crisis in the Persian Gulf has forced the oil industry to put more of a focus on the actual ability to deliver oil vs. its actual production.

Caliche's Spindletop project to boost natural gas storage capacity with new caverns in Beaumont

The project, backed by FERC approval and MUFG financing, involves constructing new caverns and infrastructure to help address natural gas storage needs driven by LNG exports, geopolitical p…

Raízen to shed Argentinian refinery, related downstream assets

Mercuria Energy Group agreed to acquire Raízen's downstream operations in Argentina, including a major refinery and related infrastructure, for $1.42 billion.

China's nuclear power capacity nearly doubled since 2016

From 2016 to 2024, China's nuclear generation capacity increased 76% (24 GW), based on our International Energy Statistics (IES) data. According to the International Atomic Energy Agency's…

Continued Hormuz disruptions strengthen North America's LNG position

Analysts said energy security is increasingly outweighing cost considerations in LNG procurement decisions, a trend likely to persist even if the Middle East conflict ends.

Green Fuels breaks ground on 30,000-b/d Oklahoma refinery project

The company broke ground on the site of a former refinery that ceased operations in the 80s. The proposed refinery is designed with an initial crude processing capacity of 30,000 b/d, expan…

Chevron files $13.8-billion Argentina oil development proposal

Chevron seeks to join Argentina’s RIGI for a project at the El Trapial-Este block, aiming to boost production to 30,000 b/d from 7,000 b/d, contingent on infrastructure and approval.

US natural gas storage

Refined Product Prices

Refined Product Prices