MARKET WATCH
Refinery fire sparks rebound in energy prices

By OGJ editors

HOUSTON, Mar. 28 -- Energy prices rebounded Mar. 24, following an explosion and fire on Mar. 23 that damaged an isomerization unit at BP PLC's refinery at Texas City, Tex., killing 14 people and injuring more than 100.

The refinery remained in operation despite damage to the unit (OGJ Online, Mar. 24, 2005).

Gasoline for April delivery hit an all-time high of $1.608/gal in overnight electronic trading before settling at $1.5992/gal, up by 2.43¢ Mar. 24 after losing a total 3.37¢/gal in the previous two sessions on the New York Mercantile Exchange. Heating oil for the same month increased by 1.48¢ to $1.55/gal.

The May contract for benchmark US light, sweet crudes regained $1.03 to $54.84/bbl on NYMEX as traders scrambled to cover short, or previously sold, positions ahead of the long Easter holiday weekend. The June contract recovered 91¢ to $55.65/bbl. On the US spot market, West Texas Intermediate at Cushing, Okla., was up by 74¢ to $51.10/bbl.

However, the April natural gas contract lost 7.6¢ to $7.06/MMbtu on NYMEX, dropping for the third straight day ahead of the long Eastern weekend on a bearish weekly storage report by the Energy Information Administration and forecasts of milder weather, said analysts at Enerfax Daily. EIA reported 89 bcf of natural gas withdrawn from US underground storage in the week ended Mar. 18 (OGJ Online, Mar. 24, 2005).

In London, the May contract for North Sea Brent crude gained 89¢ to $53.93/bbl on the International Petroleum Exchange.

The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes increased by $1.03 to $50.12/bbl on Mar. 24.

Related Articles

Gas faces more competition from coal, renewables, IEA official says

06/25/2015 Natural gas faces growing competition from coal and renewable energy sources at a time when its potential demand growth is slowing down, an Interna...

Natural gas opposition has shifted to transportation, speakers say

06/25/2015 Opposition to natural gas projects has moved from exploration and production to transportation, speakers said during a discussion on Capitol Hill o...

Iraq lets contract for Karbala refinery

06/25/2015 Iraq’s State Co. for Oil Projects (SCOP), through a contractor, has let a contract to Nexans, Paris, to provide the low-voltage cable system for th...

American Energy to spin off, rename another unit

06/25/2015 American Energy–Midstream LLC, a unit of Oklahoma City-based American Energy Partners LP (AEP), is transitioning to a standalone company and will c...

Lukoil commissions unit at Volgograd refinery

06/25/2015 OAO Lukoil has commissioned a primary crude distillation unit at its 11 million-tonne/year Volgograd refinery in southern Russia as part of a progr...

Western Australia, Browse JV agree on gas supply plan

06/25/2015 The Western Australian government and the Woodside Petroleum Ltd.-led Browse joint venture have finally come to an agreement over the supply of gas...

Turkey issues permit for Turkish Stream gas pipeline surveys

06/25/2015

Turkey has issued a permit for engineering surveys for the offshore section of the Turkish Stream gas pipeline, OAO Gazprom reported.

MARKET WATCH: NYMEX prices drop on higher gasoline inventories

06/25/2015 US crude oil futures for August delivery dropped modestly on June 24 after analysts were surprised by a weekly increase in product inventories, esp...

Judge’s order delays BLM’s implementation of fracing regulations

06/24/2015 A federal district judge in Wyoming temporarily delayed the US Bureau of Land Management’s implementation of its recently issued hydraulic fracturi...
White Papers

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by
Available Webcasts


OGJ's Midyear Forecast 2015

When Fri, Jul 10, 2015

This webcast is to be presented by OGJ Editor Bob Tippee and Senior Economic Editor Conglin Xu.  They will summarize the Midyear Forecast projections in key categories, note important changes from January’s forecasts, and examine reasons for the adjustments.

register:WEBCAST


Predictive Analytics in your digital oilfield - Optimize Production Yield and Reduce Operational Costs

When Tue, Jul 7, 2015

Putting predictive analytics to work in your oilfield can help you anticipate failures, plan and schedule work in advance, eliminate emergency work and catastrophic failures, and at the same time you can optimize working capital and improve resource utilization.  When you apply analytic capabilities to critical production assets it is possible to reduce non-productive time and increase your yield.

Learn how IBM's analytics capabilities can be applied to critical production assets with the goal of reducing non-productive time, increasing yield and reducing operations costs.

register:WEBCAST



On Demand

Cognitive Solutions for Upstream Oil and Gas

Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

register:WEBCAST


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected