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According to the Financial Times, U.S. Trade Representative Greer is increasingly dissatisfied with the slow progress made by the European Union in reducing tariffs and regulatory barriers.Airbus: We expect the Middle East to need 4,080 passenger aircraft over the next 20 years, including 2,380 single-aisle aircraft and 1,700 wide-body aircraft.November 16th - According to two industry sources and data from the London Stock Exchange Group (LSEG), the port of Novorossiysk in Russia resumed oil loading operations on Sunday after a two-day suspension. LSEG data shows that the Suezmax tanker "Alan" and the Aframax tanker "Rhodes" are currently loading oil at the ports berths. Previously, a Ukrainian drone attack caused the Russian Black Sea port of Novorossiysk to suspend oil exports on Friday, prompting Transneft, the Russian oil pipeline monopoly, to suspend crude oil supplies to the export terminal. The attack damaged two oil berths at the port, temporarily disrupting port operations.According to two sources and Refinitiv data, oil shipments resumed at the Russian Black Sea port of Novorossiysk on November 16.On November 16, the Ukrainian General Staff claimed responsibility for an attack on the Novokubyshevsk oil refinery of Rosneft in Russias Samara Oblast, the latest in a series of attacks by Ukraine against fuel production deep within Russian territory. The General Staff issued a statement on Telegram, saying that an explosion and fire were detected in the target area, but did not specify the extent of the damage. In addition, Ukraine updated its earlier report on Saturdays attack on the large Ryazan refinery, stating that two main crude oil processing units, one storage tank, and a pipeline trestle were damaged. The company involved has not yet commented, but the governor of Ryazan Oblast stated on Saturday that drone debris had crashed on the premises of a company, without specifying the companys name.

European Refiners Benefit From Emergency Release of U.S. Oil Stocks

Haiden Holmes

May 13, 2022 09:57

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According to U.S. Customs data, ship tracking, and an industry source, at least three vessels carrying crude oil from U.S. emergency stocks set sail for Europe in April as European refiners rushed to replace Russian crude supplies.


Since Russia's invasion of Ukraine, releases from the Strategic Petroleum Reserve (SPR) have been made to combat supply shortages and halt fuel price increases. A release in the fall of 2017 was largely intended to reduce growing gasoline costs in the U.S.


The Biden administration added 180 million barrels to two smaller leaks from caves along the U.S. Gulf Coast since November. The United States has not banned exports of SPR oil, and analysts expect exports will increase.


Despite the releases, retail gasoline and diesel prices in the United States, averaging $4.40 and $5.55 per gallon, respectively, have stayed at record highs. Fuel demand is so strong According to expert predictions, the average quarterly profit per share for U.S. refiners is expected to be four times that of the first quarter.


Phillips 66 (NYSE:PSX) carried approximately 600,000 barrels of crude from the Bryan Mound cavern in Texas onto the ship Sea Holly last month. It is on route to Trieste, Italy, according to U.S. customs data and Refinitiv Eikon. A pipeline in Trieste transports crude oil to refineries in central Europe.


Last month, Atlantic Trading & Marketing (ATMI), a subsidiary of the French oil giant TotalEnergies, shipped little more than 1 million barrels of SPR crude to Rotterdam.


In April, approximately 2.25 million barrels of SPR were transferred on three vessels to Italy and the Netherlands, according to Matt Smith, lead oil analyst for the Americas at data provider Kpler.


According to government filings, ATMI has obtained at least 3.5 million barrels from the SPR, while Phillips has secured as least 10 million barrels. Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Marathon Petroleum (NYSE:MPC), and Valero Energy are additional firms that purchase SPR oil (NYSE:VLO).


Phillips 66 refuses to comment on business transactions. The ATMI did not react quickly to a request for comment.


With the ongoing release of SPR over the next few months, "exports can be anticipated," Kpler's Smith said.

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