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Released September 22, 2022 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
REFINING
Marathon, Valero Top Beneficiaries of SPR Releases - Oil refiners Valero Energy Corporation (NYSE:VLO) (San Antonio, Texas) and Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio) are the biggest beneficiaries of the U.S. government's oil releases from the Strategic Petroleum Reserve (SPR), taking nearly half the crude oil offered, a Reuters analysis of Department of Energy data showed on Wednesday. The two biggest receivers have acquired nearly 98 million barrels so far. Valero, the second-largest U.S. refiner by capacity, secured 52.7 million, while top oil processor Marathon Petroleum snapped up 45.2 million barrels. (Reuters)
CRUDE OIL
U.S. Crude Oil Stocks Rise - U.S. crude oil inventories rose by 1.1 million barrels in the week ending September 16 to 430.8 million barrels. Distillate stockpiles rose by 1.2 million barrels to 117.3 million barrels. U.S. gasoline stocks rose by 1.6 million barrels in the week to 214.6 million barrels. (Reuters)
PRODUCTION
Australian Court Scraps Drilling Permit for Santos' Barossa Gas Development - Australia's Federal Court on Wednesday ruled in favor of an indigenous group's challenge against a drilling permit for Santos Limited's (Adelaide, Australia) Barossa gas development, in what Santos called a "disappointing" setback for the project. Traditional landowners from the Tiwi Islands had asked the court in June to overturn drilling approval for the Barossa project near the islands off the northern Australia coastline granted by the industry regulator, the National Offshore Petroleum Safety and Environmental Management Authority. The stakes are high for Santos, which announced plans to seek an expedited appeal soon after the ruling was issued. Barossa is the company's biggest project, and essential for its Darwin liquefied natural gas plant, which will lose supply from its foundation gas source, the Bayu Undan field, later this year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can click here for related project reports. (Reuters)
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
REFINING
Marathon, Valero Top Beneficiaries of SPR Releases - Oil refiners Valero Energy Corporation (NYSE:VLO) (San Antonio, Texas) and Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio) are the biggest beneficiaries of the U.S. government's oil releases from the Strategic Petroleum Reserve (SPR), taking nearly half the crude oil offered, a Reuters analysis of Department of Energy data showed on Wednesday. The two biggest receivers have acquired nearly 98 million barrels so far. Valero, the second-largest U.S. refiner by capacity, secured 52.7 million, while top oil processor Marathon Petroleum snapped up 45.2 million barrels. (Reuters)
CRUDE OIL
U.S. Crude Oil Stocks Rise - U.S. crude oil inventories rose by 1.1 million barrels in the week ending September 16 to 430.8 million barrels. Distillate stockpiles rose by 1.2 million barrels to 117.3 million barrels. U.S. gasoline stocks rose by 1.6 million barrels in the week to 214.6 million barrels. (Reuters)
PRODUCTION
Australian Court Scraps Drilling Permit for Santos' Barossa Gas Development - Australia's Federal Court on Wednesday ruled in favor of an indigenous group's challenge against a drilling permit for Santos Limited's (Adelaide, Australia) Barossa gas development, in what Santos called a "disappointing" setback for the project. Traditional landowners from the Tiwi Islands had asked the court in June to overturn drilling approval for the Barossa project near the islands off the northern Australia coastline granted by the industry regulator, the National Offshore Petroleum Safety and Environmental Management Authority. The stakes are high for Santos, which announced plans to seek an expedited appeal soon after the ruling was issued. Barossa is the company's biggest project, and essential for its Darwin liquefied natural gas plant, which will lose supply from its foundation gas source, the Bayu Undan field, later this year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can click here for related project reports. (Reuters)
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
