Chevron, U.S. Crude Oil Stocks: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

REFINING
California Moves to Regulate Gasoline Refining Margins - California can begin regulating how much profit the state's oil refiners can earn on selling gasoline beginning this summer under a bill signed into law that oil companies rejected as likely to raise costs. The state's Democratic Governor Gavin Newsom on Tuesday signed the bill empowering the California Energy Commission to set a state gross gasoline refining profit margin, and to levy penalties for exceeding it. The law takes effect June 26. (Reuters)

CRUDE OIL
U.S. Crude Oil Stocks Decline - U.S. crude oil inventories fell by 7.5 million barrels in the week ending March 24 to 473.7 million barrels, according to the U.S. Energy Information Administration (EIA). Gasoline stocks fell by 2.9 million barrels in the week to 226.7 million barrels. Distillate stockpiles rose by 300,000 barrels in the week to 116.7 million barrels. (Reuters)

PRODUCTION
Chevron, ExxonMobil Emerge as Big Bidders in U.S. Offshore Auction - A U.S. government auction of oil and gas drilling rights in the Gulf of Mexico generated $263.8 million in high bids, the most of any sale in the region for years. The Bureau of Ocean Energy Management offered 73.4 million acres in the U.S. Outer Continental Shelf in the Gulf. Bids were read at a livestreamed event on Wednesday morning, with Chevron Corporation (NYSE:CVX) (San Ramon, California), Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) and BP (NYSE:BP) (London, England) among the top buyers. (Reuters)

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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).