Economics

Top U.S. refiner Marathon Petroleum swings to quarterly loss on lower margins

Marathon Petroleum swung to a loss in the first quarter, the company reported on Tuesday, the latest U.S. refiner hit by lower refining margins during a period marked by elevated maintenance and turnaround activity across the industry.

EIA: Supply issues, compliance costs drive up California (U.S.) fuel prices

Drivers in California pay higher prices at the pump than any other state in the country due to supply issues, costs from environmental compliance and fuel requirements, and high state taxes and fees,

Vioneo appoints Wood to design world’s first industrial scale fossil-free plastics facility

Vioneo has awarded Wood a contract to deliver the front-end engineering design for its revolutionary plant which will produce fossil-free plastics using green methanol.

Sunoco to acquire Parkland in $9-B deal as Americas fuel market consolidates

Sunoco will buy Canada-based Parkland in a deal valued at about $9.1 billion, including debt in a move the companies said would create the largest independent fuel distributor in the Americas.

Methanex announces the successful restart of 1.8-MMtpy Geismar 3 plant in Louisiana (U.S.)

Methanex Corporation announced that its 1.8-MMtpy methanol plant, Geismar 3 (G3), in Geismar, Louisiana (U.S.) has successfully restarted and begun producing methanol following an unplanned outage in late February.

Canada's Imperial Oil posts rise in quarterly profit on stronger refining margins

Canadian oil producer Imperial Oil posted a rise in first-quarter profit on Friday, driven primarily by stronger margins in its refining and fuel sales business, sending its U.S.-listed shares up nearly 6% before the bell.

Venezuela loses 20% of oil exports after cargo cancellations to Chevron

Venezuela's oil exports fell almost 20% to some 700,000 bpd in April, the lowest level in nine months, as cargo cancellations to U.S.-based producer Chevron forced ships to return and left some ports empty.

EIA: Oil prices and refinery margins fell slightly in first quarter of 2025

During the first quarter (1Q) of 2025, crude oil prices generally decreased while U.S. refinery margins initially increased before decreasing in the final month of the quarter. In its quarterly update, the U.S. Energy Information Administration (EIA) reviews petroleum markets price developments in 1Q, covering crude oil prices, refinery margins, biofuel compliance credit prices and natural gas plant liquids prices.

China waives tariffs on U.S. ethane imports, sources say

China has waived the 125% tariff on ethane imports from the United States imposed earlier this month, two sources with knowledge of the matter said on Tuesday, among a group of products that have been granted exemptions.

INEOS CEO Sir Jim Ratcliffe: Carbon tax and high energy costs are killing off manufacturing in Britain