STOCKPILES HAVEN’T RECOVERED FROM LOWS: U.S. distillate, heating oil, and jet fuel stockpiles have not yet recovered from last year’s 10-year low, according to new data from the Energy Information Administration—with inventories standing at just 118 million barrels due to a spate of refinery problems, maintenance, and other unexpected outages outages along the East Coast.
Why the outages? “The equipment at [these refineries] is not rated to operate routinely above 100 degrees,” Patrick De Haan, the head of petroleum analytics at GasBuddy, said in an interview. And, as we noted yesterday, ExxonMobil’s Baytown, Texas facility is also struggling to bring some of its units back online after an outage earlier this month.
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That’s the fourth straight weekly gain in a row for crude benchmarks, and comes on the heels of recent supply cuts announced by OPEC and OPEC+ member Russia. Bullish projections from China are also expected to increase demand, tightening supplies and adding price pressure for the second half of the year.
The agency published a rule listing both species as endangered under the Endangered Species Act last November – and a number of Republicans flocked to attack the move, arguing the rules would hamper the development of infrastructure and agricultural projects. Many are deeming this the hottest week for the Lower 48, with the heat hanging over the Desert Southwest to Texas and south Florida, and further building over the north-central states, the National Weather Service reports.
In a tweet on Tuesday, the freshman Texas Democrat announced he would be protesting, along with holding a vigil, for workers rights on the Hill in reaction to the latest move by Texas Gov. Greg Abbott, a Republican. At issue is the Biden administration’s decision to expand the jurisdiction of the federal government over wetlands on private property. In issuing the new rule, the EPA and Army Corps “ignored the concerns of Congress and the regulated community and moved forward with finalizing another complex and confusing rule,” the groups said.
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