The Far Side: link here.
WTI: pre-market, down over 5%; down almost $5; trading below $90 at $87.13.
Natural gas: $8.435.
No wells coming off confidential list today or over the weekend.
RBN Energy: global refining capacity to grow, but US gains will be negligible.
The cost of gasoline has garnered a lot of headlines since the start of 2022, with the blame for elevated prices falling on seemingly everything and everyone, from the Biden administration’s policies on oil exploration to Russia’s invasion of Ukraine, as well as decisions by major U.S. producers and OPEC not to swiftly boost oil production.
Another can't-be-ignored culprit is the loss of significant U.S. refining capacity over the last few years, which has limited the ability of refiners to respond to the strong, post-COVID demand recovery by ramping up production. By and large, the refineries still operating have been running flat out. In today’s RBN blog, we look at the state of global refining, where new capacity is likely to be built, and the headwinds to future investment.
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