Mexico’s New Refinery Sees Another Delay. The pet project of Mexico’s outgoing president Andres Manuel Lopez Obrador, the 340,000 b/d Dos Bocas refinery, is unlikely to be commissioned before the country’s elections this week as Pemex is supplying only 5% of the plant’s total capacity.
Australia’s Power Woes Turn Ugly. Delays in installing transmission lines tied to wind and solar farms might trigger blackouts across Australia between 2024 and 2028 as the country continues to mothball gas- and diesel-powered generation capacity in southern states.
Zelensky issued a plea for more help from the West
In a series of interviews with Western outlets Tuesday, a frustrated...
In a series of interviews with Western outlets Tuesday, a frustrated Ukrainian President Volodymyr Zelensky urged the US and other NATO countries to shoot down Russian missiles in Ukrainian airspace and allow Ukraine to use Western weapons against targets inside Russia. The requests come as Ukraine’s forces are stretched thin, struggling to defend against mounting Russian incursions. The new package of US weapons is just now starting to arrive in Ukraine after months of delays.
Pixar made the biggest staff cut in its history. The...
Pixar made the biggest staff cut in its history. The Disney-owned animation studio laid off 14% of its workforce, or 175 employees, as part of an effort to cut costs and refocus on quality over quantity, according to The Hollywood Reporter. The mandate comes from Disney CEO Bob Iger, who hopes to shepherd the Mouse House to its former glory after a period of churning out several underwhelming direct-to-streaming series and movies. Following the layoffs, Pixar plans to prioritize upcoming feature films like Inside Out 2 and Toy Story 5 over streaming.
Nestle is launching a new frozen-food brand marketed toward Ozempic and Wegovy users.
Amazon reportedly halted orders of Nvidia’s “superchip” as it waits for an even more advanced model to power its cloud computing operation.
A British passenger was killed and several others were seriously injured yesterday when a flight from London to Singapore hit severe turbulence.
Donald Trump is threatening to sue over “blatantly false assertions” in the biopic The Apprentice, which debuted at Cannes this week.
Matthew Perry’s death is being investigated by Los Angeles police over how the beloved Friends actor received the ketamine that was found in his system.
U.S. Crude Oil, Gasoline Inventories See Sizable Gains
Crude oil inventories in the United States rose this week by...
Crude oil inventories in the United States rose this week by 2.48 million barrels for the week ending May 10, according to The American Petroleum Institute (API). For the week prior, the API reported a 3.104 million barrel dip in crude inventories.
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 1 million barrels as of May 17. Inventories are now at 368.8 million barrels—the highest point since last April, but well below the 656 million barrels in inventory in June 2020.
Gasoline inventories rose this week as well, by 2.088 million barrels, more than countering last week’s 1.269 million barrel dropoff. As of last week, gasoline inventories were about 1% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories fell this week by 320,000 barrels, offsetting last week’s 349,000-barrel build. Distillates were 7% below the five-year average for the week ending May 10, the latest EIA data shows.
Cushing inventories saw a build this week, according to API data, adding 1.77 million barrels after decreasing by 601,000 barrels in the previous week.
