For refining, more volatility is on its way
Margins will remain healthy in northern Europe and the US Gulf Coast until September. But a slide is coming
The collapsing oil price has been brutal for operators in the upstream, but refiners have been making hay. Brent’s slump was especially good for European product producers in 2015, when margins recovered strongly after years of weakness. Last August, European Brent crack spreads reached a three-year high of over $10 a barrel, their highest level since margins of more than $12.31/b were reached in September 2012. Behind last summer’s surge was the ever-cheapening price of Brent crude and a stellar showing from American drivers, who sent US gasoline demand sharply higher. This propelled European refiners – the main foreign supplier of gasoline to the US – to maximise production of the road fue
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The country is pushing to increase production and expand key projects despite challenges including OPEC+ discipline and the limitations of its export infrastructure
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Europe has transformed into a global LNG demand powerhouse over the last few years, with the fuel continuing to play a key role in safeguarding the continent’s energy security, Carsten Poppinga, chief commercial officer at Uniper, tells Petroleum Economist
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Sempra Infrastructure’s vice president for marketing and commercial development, Carlos de la Vega, outlines progress across the company’s US Gulf Coast and Mexico Pacific Coast LNG portfolio, including construction at Port Arthur LNG, continued strong performance at Cameron LNG and development of ECA LNG
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US LNG exporter Cheniere Energy has grown its business rapidly since exporting its first cargo a decade ago. But Chief Commercial Officer Anatol Feygin tells Petroleum Economist that, as in the past, the company’s future expansion plans are anchored by high levels of contracted offtake, supporting predictable returns on investment
