Phillips 66, Sinopec: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

REFINING
Phillips 66 Puts Louisiana Refinery Up for Sale - Phillips 66 (NYSE:PSX) (Houston, Texas) on Tuesday said it has put the smaller of its two Louisiana refineries up for sale amid continued losses and an uncertain future for motor fuels. The company is holding talks with a potential buyer on the sale of its 255,600 barrel-per-day (BBL/d) Alliance refinery in Belle Chasse, Louisiana, according to two people familiar with the matter. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Industry Plant Database can click here for the plant profile. (Reuters)

PRODUCTION
China's Sinopec Makes Oil & Gas Discovery - China's state-run energy major Sinopec (NYSE:SNP) (Beijing) said on Wednesday it had discovered a new 100-million-metric-ton oil and gas field in the Shunbei area of the Tarim Basin in the country's Xinjiang region. An exploration well drilled by the company achieved a daily flow of 865 metric tons (6,315 barrels) of crude oil and 590,000 cubic meters of natural gas, Sinopec said. (Reuters)

CRUDE OIL
U.S. Crude Oil Inventories Decline - U.S. crude oil inventories last week dropped for a third straight week while fuel demand rose to its highest since March 2020, the U.S. Energy Information Administration (EIA) said on Wednesday. Crude oil inventories fell by 3 million barrels in the week ending August 20. At 432.6 million barrels, crude oil stocks were at their lowest since January 2020. U.S. total product supplied, a proxy for fuel demand, rose last week to 21.8 million BBL/d, the highest since March 2020, the data showed. (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), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.