This article was first published on Rigzone here
Articles discussing factors weighing on crude oil prices, along with a major decision by a U.S. refiner, ranked among the most popular downstream-related articles on Rigzone during the past week. Read on for details.
In Fitch Solutions’ estimation, the outlook is bullish over the short and long terms. As this staff-written article notes, the information services firm attributes the outlook to positive market fundamentals and sustained crude oil and fuel inventory drawdowns. Fitch Solutions also projects the drawdown in “‘extremely bloated’” stockpiles will occur over the next two years.
Big changes are in store at Phillips 66’s oil refinery in Rodeo, Calif. The company recently revealed that it will reconfigure its San Francisco Refinery into the world’s largest renewable fuels plant. It stated the project, coupled with a project already under development, will lead to a complex capable of producing more than 800 million gallons per year of renewable fuels. Feedstocks for the biofuels plant will include used cooking oil, fats, greases and soybean oils.
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That is a question many in the oil market are likely asking. This staff-written article outlines such a scenario as envisioned by a researcher with consultancy Wood Mackenzie. In the WoodMac researcher’s view, a major second-wave lockdown would delay a rebound in gross domestic product until 2022. The article adds that another consulting firm, Rystad Energy, has projected that a second lockdown could weaken oil demand on the order of 2.5 million barrels per day.
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