The American Petroleum Institute reported a greater-than-anticipated 7.5-million-barrel drop in US crude inventories for last week, while gasoline supplies lost 3.2 million barrels and distillate stocks gained around 160,000 barrels.
Rystad Energy CEO Jarand Rystad projects the combined US shale production of crude oil, condensate and natural gas liquids will scale up to as much as 25 million barrels daily by the early 2030s. By that point, Rystad says, the US may account for roughly 23% of global liquids production and 27% of the world's gas output, with growth fueled by hydraulic fracturing innovations and improvements.
Magellan Midstream Partners is reportedly looking for a buyer for its 35% interest in a new business division that holds the Longhorn crude pipeline in Texas as well as some storage assets on the Gulf of Mexico's coast. Magellan could fetch as much as $2 billion for the stake, sources say, which could draw interest from long-term financial investors.
Philadelphia Energy Solutions may shutter its oil refinery in Philadelphia following a series of explosions and massive fires that erupted last week, destroying a 30,000-barrel-per-day alkylation unit. The 335,000 barrel-per-day refinery is the largest and oldest on the East Coast, which means a shutdown could tighten gasoline supplies.
The prospect of 25% tariffs on an additional $300 billion worth of Chinese goods could have serious ramifications for the US energy sector, undermining export growth and threatening US energy security, warned the American Petroleum Institute. "US market share in China for LNG and other petroleum products may be difficult to restore with China turning to alternative suppliers," said API Senior Advisor for International Policy Aaron Padilla in testimony before the US Trade Representative.
The Subcommittee on Energy within the House Committee on Energy and Commerce will convene at 10 am today for a markup on H.R. 3432, known as the "Safer Pipelines Act of 2019."
The Food and Drug Administration says that food and dietary supplements marketers can make qualified health claims linking consumption of eicosapentaenoic acid and docosahexaenoic acid with reduced risk of hypertension and coronary heart disease. While the agency said that the link remains "inconclusive," there is "credible evidence" to support the qualified health claim.
A South Korean team has engineered a strain of the bacterium Rhodococcus opacus that generates high levels of fatty acids, fatty acid ethyl esters and long-chain hydrocarbons. The work, intended to assist commercial purposes, is published in the journal Nature Chemical Biology.
German pharmacology researchers have discovered that Mortierella alpina, a fungus used to produce fatty acids for infant dietary supplements, also generates a natural surfactant. "Even very tiny amounts of malpinins form a head of foam on the top of the sample vial," said Florian Baldeweg, a research team member.
Indiana Michigan Power wants to upgrade the Cook nuclear plant's infrastructure to the tune of $478 million. The utility is requesting permission from the Michigan Public Service Commission to set a 19% customer rate increase to fund the improvements.
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