Tuesday 11/12/13 Morning Oil Report. At the Pump: AAA estimated the nationwide average price of regular at $3.179 this morning; diesel at $3.819; E85 at $2.597. E85 would have to retail at $2.38 to equal regular on a Btu basis. Yes folks thats an 8 cent drop in less than a week. Youre welcome. The Online Investor notes that in the latest look at the underlying components of the stock market index Standard & Poor’s 500 ordered by largest market capitalization, Marathon Petroleum Corporation has taken over the #179 spot from Kellogg Co. Read more. Oil Daily carries the story that wastewater regulations have prompted Holly Frontier to reduce crude throughput at its 100,000 bpd Navajo refinery in New Mexico for an indefinite time period. The company expects system-wide throughputs to average 367,000 bpd during the fourth quarter, implying that Navajo will reduce its runs by 67,000 bpd. OPIS reports Illinois Attorney General Lisa Madigan and Will County State’s Attorney James Glasgow announced Friday that an interim agreement has been filed ordering Citgo Petroleum Corp. to conduct an investigation into the cause of a fire that damaged a crude oil unit at its 165,000 bpd Lemont, Ill., refinery on Oct. 23. According to the announcement, Citgo cannot restart the vacuum section of the crude unit until it has demonstrated that it is safe to resume operation. Bloomberg notes comments by the International Energy Agency saying the U.S. will surpass Russia as the world’s top oil producer by 2015, and be close to energy self-sufficiency in the next two decades, amid booming output from shale formations.
Posted on: Tue, 12 Nov 2013 12:55:45 +0000
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