Latest news with #EIA
Yahoo
6 hours ago
- Business
- Yahoo
Full circle: benchmark retail diesel price is about where it was a year ago
The benchmark price of retail diesel is just about where it was a year ago, having recouped all of the lower numbers posted since the middle of July 2024. The Department of Energy/Energy Information Administration's average weekly retail diesel price rose 5.4 cents/gallon Monday, published Tuesday, to $3.812/b. It marked the seventh increase in the last eight weeks for the price that is the basis for most fuel surcharges. Those increases have added 36.1 cts/g to the price published June 2, after which the 7 out of 8 increase sequence began. The latest price is also the highest in just over a year. On July 15, 2024, the DOE/EIA price was $3.826. Every price since then has been less than the $3.812/g published Tuesday. The increase in diesel prices can only be partly attributed to a rise in the price of crude. And crude has gone up: it settled June 2 at $64.63/barrel on the CME commodity exchange, and by the settlement Monday was up to $69.21/b. It has crossed the $70/b mark for a settlement a few times during that stretch. But that increase is just 7%. Meanwhile, the price of ultra low sulfur diesel on the CME commodity exchange is up 22.7% during that time, settling Monday at $2.5092/g compared to a June 2 settlement of $2.0445/g. During those two parallel yet different tracks, the front month ULSD price on CME has blown out to a diesel/Brent spread of more than 85 cts/g. On June 2, that spread was about 50 cts/g. A chart released by the consulting firm Energy Aspects, in its monthly report on middle distillates–which includes diesel–tells a great deal of the story about why diesel is outpacing gains in crude. While the data behind the chart was available only to subscribers, the chart clearly shows that global inventories of diesel are well below last year. But more importantly, they are also well below the five-year average for this time of year, and have been for several months. An article published by Bloomberg Monday notes the specifics: that U.S. diesel stockpiles are 'sitting at the lowest levels since 1996 for this time of year.' The EIA publishes its weekly data on all inventories each Wednesday. Historically low While U.S. inventories of ultra low sulfur diesel rose almost 5 million barrels in the week ended July 11 to 98.2 million barrels, they were still more than 4% below the smallest total for the second week in July in the last 10 years, and below most other weeks by a far greater amount. The calendar may say July, but it's close enough to cooler weather that the tight diesel market is beginning to talk about winter. Heating oil is a distillate, like diesel, and as winter looms and distillate molecules are increasingly turned into heating oil at the expense of diesel, there is a risk that the low inventories in the diesel market have already squandered a chance to recover. Bloomberg quoted Samantha Hartke, Americas head of market analysis at Vortexa, as saying the diesel market 'feels like a vicious cycle. 'If stocks aren't up in a few months, you're setting up for a tight winter, which then rolls into next year with turnaround season in the spring of 2026.' Turnaround is the season, both in the fall and spring, when heavy refinery maintenance is undertaken and operating rates temporarily decline. The Bloomberg article–and other commentary–noted a wide range of reasons for the growing tightness of diesel supplies. New sanctions on Russia are being levied against that country, which is a major diesel exporter. Wildfires in Canada and Venezuela have affected exports from those two countries, whose slate of crude sold into the market is heavy and generally rich in a diesel yield when it is refined. Refiners are moving more of their distillate feedstocks into producing jet fuel, where market demand has been strong. But that comes at the expense of making diesel. Refinery closures around the world also have a role. And while the closures impact gasoline as well, all major supply/demand models have been reporting for months that gasoline demand on the margin has been weakened by the gradual increase in the automobile fleet made up of electric vehicles. That isn't the case for diesel. But changes in refinery operations to compensate for that shift can't be made overnight. 'This is a long-term shift based around refining capacity and product ratios,' Joe DeLaura, global energy strategist at Rabobank, was quoted as saying by Bloomberg. 'A refinery cannot make diesel without first making gasoline, and it takes capital and time to retool that process.' More articles by John Kingston Oregon ties itself closer to California's Advanced Clean Trucks rule, even though it may have no future Yet another broker liability case, this time in the Fifth Circuit, adds to the growing mix Much happened at Triumph Financial during the quarter; USPS dispute settled The post Full circle: benchmark retail diesel price is about where it was a year ago appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
7 hours ago
- General
- Time of India
Underground Metro 11 to affect 2,200 trees: Report
Mumbai: The construction of Metro 11—stretching from Wadala to Gateway of India—is expected to impact 2,208 trees, which will either be cut or transplanted, according to the draft environmental impact assessment (EIA) report published by MMRCL. MMRCL officials said compensatory afforestation, transplantation and other mitigation measures will be undertaken as per statutory guidelines. Public feedback to the report has been sought by Aug 20. Spanning 17.5km, the fully underground corridor will have 14 stations. The only station above ground will be at Anik depot, which will also serve as the car depot for operations and maintenance. Despite being underground, the project necessitates above-ground structures such as station entry/exit points, ventilation shafts and ancillary buildings. The report said most trees are located at station sites and the depot. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai The project has been designated as Category A, meaning it has the potential for significant environmental and social impacts. Although Metro projects do not require environmental clearance under India's 2006 EIA notification, the alignment passes through coastal regulation zone areas and will require the requisite nod. —Manthan K Mehta
Reuters
9 hours ago
- Business
- Reuters
US became net exporter of crude to Nigeria for the first time, EIA says
July 22 (Reuters) - The United States became a net exporter of crude oil to Nigeria in February and March, as crude demand on the U.S. East Coast slowed due to refinery maintenance and the Dangote refinery drove up Nigeria's demand for inputs, the U.S. Energy Information Administration said in a note on Tuesday. This is the first time that the U.S. has exported more crude oil to Nigeria than it imported. Nigeria is generally considered a source for U.S. crude oil imports, ranking ninth last year. Nigeria's Dangote oil refinery – the largest in Africa, located on the outskirts of Lagos – began processing crude in January 2024 after years of delays. The refinery is set to reach full capacity of 650,000 b/d this year, according to the EIA. Gross U.S. exports of crude to Nigeria touched 111,000 b/d in February and 169,000 b/d in March. Imports, which were at 133,000 b/d in January, dropped to 54,000 b/d and 72,000 b/d in February and March respectively. The decline in imports is largely due to maintenance at the Phillips 66 Bayway refinery New Jersey, per the EIA. However, imports increased later in the year as the Bayway refinery resumed normal operations in April, and Dangote underwent some unplanned maintenance. This trend seems more a snapshot of a very fluid market, rather than a permanent realignment, according to Eli Tesfaye, senior market strategist at RJO Futures. "The new refinery in Nigeria and some issues in securing domestic supplies played a role for those unique flows earlier this year. But going forward, with the refinery now aiming to secure domestic flows, and probably looking at other crude grades, it is difficult to forecast if the volume flowing from the U.S. to Nigeria will persist," agreed Giovanni Staunovo, an analyst at UBS.
Indian Express
14 hours ago
- General
- Indian Express
Centre to assess green nod for Etalin dam in Arunachal, days after China breaks ground on world's largest hydel project
An expert panel of the Union environment ministry is slated to consider next week environmental clearance for the 3,087-MW Etalin hydel project in Dibang valley, Arunachal Pradesh, days after China officially kick-started work on the world's largest hydroelectric project (of 60 gigawatt) on the Yarlung Zangbo river upstream of India. The ministry on June 20 granted in-principle approval for the diversion of 1,175 hectares of prime forest land in Dibang Valley, Arunachal Pradesh, for the Etalin project. The forest area is classified as subtropical pine forest, wet evergreen, semi-evergreen, montane wet temperate, and moist alpine scrub. The area is also home to wide-ranging biodiversity of wildlife and plants. The forest area to be used is largely community-owned, and 2.7 lakh trees will be axed. Etalin has been proposed as a run-of-the-river project on the Dri and Talo rivers, involving the construction of concrete gravity dams to divert water through two separate waterway systems. A run-of-the-river project involves negligible or no water storage. The Dri and Talo rivers are tributaries of the Dibang river, which feeds into Brahmaputra's waters. China's project has raised concerns that it will affect the water regime and security in the Brahmaputra basin downstream. The Central Electricity Authority has concurred on 13 hydroelectric projects in Arunachal Pradesh, with a total planned installed capacity of 13,798 MW, as per the Union power ministry's reply to the Lok Sabha on April 3. Besides, the Subansiri Lower, Dibang multipurpose, and Lower Kopli (Assam) projects are under construction, totalling a planned capacity of 5,000 MW. The project developer, Satluj Jal Vidyut Nigam (SJVN) Ltd, has placed the project proposal for clearance before the environment ministry's expert appraisal committee (EAC) on river valley and hydroelectric sector. The EAC recommended the project for environmental clearance in 2017. However, since the in-principle forest clearance was received only last month, the committee will appraise the project again. This is based on clarifications issued by the ministry in three office memorandums regarding the process to be followed if forest clearance is given over three years after a proposal was initially recommended for environmental clearance. The ministry's office memorandums state that if the data collected for the preparation of an environmental impact assessment (EIA) report is over three years old, the proposal has to be referred back to the EAC for a relook. An EIA report is a detailed pre-clearance study that assesses a project's impact on environmental, wildlife, ecology and communities likely to be impacted. The Etalin project's EIA report dates back to 2015. 'In such a situation, the EAC may get fresh data collected and, based on that and after due diligence, either reiterate its earlier recommendations or decide to reappraise the project proposal on valid grounds, as the case may be,' as per three previous office memorandums of the environment ministry. As far as a fresh public hearing is concerned, the ministry's expert panel can ask for a fresh one to be conducted as well as seek additional documents and information. In 2022, the environment ministry's forest advisory committee rejected forest approval for the Etalin project and asked for a fresh proposal on account of wildlife and biodiversity concerns. '18 villages and 216 households to be affected' SJVN has submitted baseline data from December 2024 for the winter season and April 2025 for the pre-monsoon period, documents submitted to the ministry show. 'To ensure that outdated baseline data does not hinder the EAC in reiterating its recommendation, fresh baseline data has been collected for two seasons and compared with the data collected in 2012,' the company said in documents filed with the ministry. SJVN has submitted an addendum to the 2015 EIA report and environment management plan for the committee's consideration. Eighteen villages and 216 households will be affected due to land acquisition for the project, as per this new submission. If approved, the Etalin project will be the largest run-of-the-river hydroelectric project in India. Even though the Upper Siang storage-based hydel project will be more massive, with a proposed capacity of 10,000 MW, it is yet to take off with a pre-feasibility report under preparation amid strong local protests on displacement concerns. An award-winning journalist with 14 years of experience, Nikhil Ghanekar is an Assistant Editor with the National Bureau [Government] of The Indian Express in New Delhi. He primarily covers environmental policy matters which involve tracking key decisions and inner workings of the Ministry of Environment, Forest and Climate Change. He also covers the functioning of the National Green Tribunal and writes on the impact of environmental policies on wildlife conservation, forestry issues and climate change. Nikhil joined The Indian Express in 2024. Originally from Mumbai, he has worked in publications such as Tehelka, Hindustan Times, DNA Newspaper, News18 and Indiaspend. In the past 14 years, he has written on a range of subjects such as sports, current affairs, civic issues, city centric environment news, central government policies and politics. ... Read More
Hindustan Times
17 hours ago
- General
- Hindustan Times
Tree loss due to Bengaluru metro construction less than feared, at 6,800: Report
Bengaluru's Metro expansion plans have sparked intense debate over the impact on the city's greenery, but new figures indicate the loss of trees may not be as severe as once anticipated. Officials with the Bengaluru Metro Rail Corporation Ltd (BMRCL) announced on Monday that, after a detailed internal review, approximately 6,800 trees are expected to be affected by the Phase 3 construction, down significantly from the earlier projection of 11,000, The Times of India reported. An aerial view shows the Namma Metro train of Bengaluru Metro Rail Corporation Limited (BMRCL), riding over a flyover in Bengaluru.(AFP) Kanakaraj MH, BMRCL's assistant environment engineer, spoke to the publication and clarified that not every tree identified will necessarily be removed. He explained that some trees will be cut down, others will be transplanted to new locations, and several are likely to remain in place, depending on the developments encountered during building. READ | BJP's R Ashoka backs SIT for Dharmasthala burial claims, urges neutrality in investigation: Report The reassessment follows heightened pressure from local environmental advocates, who voiced concerns about the broader ecological toll of the metro's growth. Monday's public consultation meeting became a forum for activists to demand precise accounts of tree felling, pruning, relocation, as well as details about where transplanted trees will go and which species and tree ages are involved, the report stated. An environmental campaigner emphasized the need for concrete data rather than general assurances. She demanded to know the exact numbers — how many will be preserved, how many pruned or relocated, and the specifics on species and age, while reacting to the meeting's discussions. READ | Bengaluru Tech Summit 2025 set for Nov 18-20 at BIEC with theme 'Futurise': Report Questions were also raised about the cumulative effects of metro-related construction on Bengaluru's air and noise quality, especially following earlier phases. Kanakaraj conceded that metro developments contribute to these challenges, though he noted other sources also play a role and the impact is not uniformly high. Responding to calls for accountability, BMRCL reaffirmed its commitment to reforestation, promising to plant 10 saplings for every tree removed. These new trees will be planted within city limits and maintained for a minimum of three years. Nonetheless, activists remain doubtful — seeking updates on the success of earlier compensatory planting and data about the survival rate of relocated trees, the report said. BMRCL's Environmental Impact Assessment (EIA) for the new construction phase is nearing completion, according to officials. Input from residents and non-governmental organizations is being gathered, with publication of the EIA anticipated by October following final reviews.
