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Yahoo
4 days ago
- Health
- Yahoo
Delaware City Refinery continues toxic chemical release. Here's what we know
The Delaware City Refinery has been continuously releasing more than permitted amounts of toxic sulfur dioxide into the air for a week now, yet there are still more questions than answers. Here's what we know. The Delaware City Refinery is located on 5,000 acres just north of Delaware City, along the Delaware River, with a New Castle address. It's owned by PBF Energy, "one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States," according to the company's website. The Delaware City Refinery is "one of the largest and most complex refineries on the East Coast," the website says, and can process up to 180,000 barrels of oil per day. Historically, the Delaware City Refinery has been the state's biggest polluter, frequently cited for air pollution violations. In October 2024, the Delaware Department of Natural Resources and Environmental Control found that the refinery had deviated from its permit standards nine times between September 2022 and August 2023 and fined the refinery $75,000. More than 86,000 people live within a 5-mile radius of the refinery, over half of whom are people of color and 20% of whom are lower-income, according to EPA data. Due to concerns with diversity, equity and inclusion, earlier this year, the EPA canceled a $500,000 grant that would have allowed the nonprofit Clean Air Council to monitor air pollution in the area of the refinery. Sulfur dioxide is a gas composed of sulfur and oxygen. It forms when fuel such as oil, like at the Delaware City Refinery, is burned. Background: Air monitor shows pollutant from Delaware City Refinery in acceptable range: DNREC Sulfur dioxide can make it hard to breathe and harm the human respiratory system, according to the Environmental Protection Agency. It can also harm animals and plants. Delaware Environmental Release Notification System, which reports on the Delaware City Refinery releases, says sulfur dioxide "may cause death or permanent injury after very short exposure to small quantities." Signs of acute sulfur dioxide exposure include symptoms such as coughing, shortness of breath, wheezing, fatigue, chest discomfort, nausea, vomiting, stomach pain and cyanosis, the reports say. People with asthma, subnormal pulmonary functions or cardiovascular disease are at a greater risk than others. The fossil fuel industry is the largest contributor of sulfur dioxide into the atmosphere, according to the EPA. Refineries like the Delaware City Refinery are typically allowed to emit certain amounts of pollutants into the air and water through state and federal permits. The release of sulfur dioxide is ongoing and will continue "until the repairs are made," a May 31 Delaware Environmental Release Notification System report says. The refinery's air quality permit doesn't appear to be available online, so how much sulfur dioxide the company is normally permitted to release is unknown. According to reports publicly posted on the Delaware Environmental Release Notification System website, the following amounts of sulfur dioxide were released by the Delaware City Refinery since May 25. 11:30 p.m., May 25: "over 100 pounds" 12:01 a.m., May 26: "greater than 500 pounds" 9:55 a.m., May 28: 500 pounds per hour 11:16 a.m., May 29: 1,450 pounds per hour 10:05 a.m., May 30: 1,450 pounds per hour 9 p.m., May 31: "greater than 500 pounds" The Delaware Department of Natural Resources and Environmental Control issued a news release related to these incidents on May 31. It noted information from an air monitoring station east of the refinery on Route 9, but didn't state the direction in which the wind was blowing at the time the information was recorded. Related: Delaware City Refinery 'deviated' from its permit 7 times in 2024 with no violations The "health standard" for sulfur dioxide, according to the news release, is 75 parts per billion. The highest hourly measurement during "this incident" was 25 parts per billion for 6 a.m. on May 31, the release said. The highest-recorded daily average sulfur dioxide level was 2.5 parts per billion on May 26. When the news release was issued on May 31, the average was 7.33 parts per billion. Since the news release was issued, more data has become available on the department's Air Quality Monitoring Network website. It shows a new highest hourly measurement of 29 parts per billion at midnight on June 1. Some DERNS reports cite "a boiler failure." DNREC and PBF representatives did not immediately respond to questions. DERNS sends out notifications of chemical releases, but only to people who have signed up. DNREC spokesman Michael Globetti said concerning a past chemical release that DERNS is "not intended to be an emergency notification system, but rather a system to allow citizens to stay informed." The Department of Emergency Management Agency has sent out notifications of past chemical releases, but Director A.J. Schall said they haven't sent out any releases related to the current refinery incident. It's unknown. DNREC and PDF representatives did not immediately respond to questions. Molly McVety contributed to this story. Shannon Marvel McNaught reports on southern Delaware and beyond. Reach her at smcnaught@ or on Facebook. This article originally appeared on Delaware News Journal: Delaware City Refinery continues to release toxic chemical into air
Yahoo
29-05-2025
- Business
- Yahoo
Asia jet fuel exports to US West Coast to hit 1-year high in May
By Trixie Yap and Shariq Khan SINGAPORE/NEW YORK (Reuters) -Asia's jet fuel exports to the U.S. West Coast are expected to hit at least a one-year high in May, according to shiptracking data and three trade sources, as refinery outages in California boosted prices and import demand. The exports for May, mostly from South Korea, are pegged at nearly 600,000 metric tons (4.28 million barrels), according to shiptracking data from Kpler and estimates from two of the sources. The exports were last at similar levels in February of last year, the Kpler data showed. "The main reason behind the increasing volume of imports into the USWC region is primarily associated with unexpected outages in local refineries," said consultancy Wood Mackenzie's research analyst Rodrigo Jacob. The surge in imports comes at the start of the American summer travel season, potentially impacting travel costs and highlighting the vulnerabilities of U.S. West Coast supply. Motorist association AAA said near-record numbers of domestic airline passengers were expected to have flown over the May 22-26 Memorial Day holiday period this year. This year's forecast represents a 2% increase over last year and is just shy of 2005's record of 3.64 million passengers, AAA said. Outages at refineries in California owned by PBF Energy and Valero Energy since early this year have limited overall U.S. West Coast fuel production. [REF/OUT] "These outages combined with a decline in local inventories, drove local prices higher and triggered increased interest from traders in sourcing cargoes for import, predominantly from North Asia," Jacob said. ARBITRAGE The strength in U.S. jet fuel prices against Asia's opened the arbitrage window last month, traders said. The spread averaged more than $17 a barrel in April, Reuters calculations showed, while the average cost of chartering a medium-range vessel carrying 300,000 barrels of jet fuel for the roughly 30-day voyage was $5.50 a barrel, ship broking data showed, providing a good margin for Asian sellers. In the near term, strong jet fuel supply from China could depress benchmark prices in Singapore and keep arbitrage export trade to the U.S. open, said Matias Togni, an analyst at market insights provider Next Barrel. China's jet fuel exports hit a 13-month high in April, official customs data showed, while industry estimates for May volumes were above 2 million tons. "China prioritised jet fuel above other products in their export quotas, flooding Singapore storage tanks and forcing South Korea to redirect their flows towards the U.S. West Coast," Togni said. However, U.S. West Coast refinery use rates rose to a two-month high of 82.6% in the week ended on May 16, U.S. government data showed, potentially limiting import demand for June. Still, the permanent closure of two refineries on the U.S. West Coast from end-2025 could lift the region's jet fuel imports by up to 100,000 tons per month, analysts said. 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
Reuters
29-05-2025
- Business
- Reuters
Asia jet fuel exports to US West Coast to hit 1-year high in May
SINGAPORE/NEW YORK, May 29 (Reuters) - Asia's jet fuel exports to the U.S. West Coast are expected to hit at least a one-year high in May, according to shiptracking data and three trade sources, as refinery outages in California boosted prices and import demand. The exports for May, mostly from South Korea, are pegged at nearly 600,000 metric tons (4.28 million barrels), according to shiptracking data from Kpler and estimates from two of the sources. The exports were last at similar levels in February of last year, the Kpler data showed. "The main reason behind the increasing volume of imports into the USWC region is primarily associated with unexpected outages in local refineries," said consultancy Wood Mackenzie's research analyst Rodrigo Jacob. The surge in imports comes at the start of the American summer travel season, potentially impacting travel costs and highlighting the vulnerabilities of U.S. West Coast supply. Motorist association AAA said near-record numbers of domestic airline passengers were expected to have flown over the May 22-26 Memorial Day holiday period this year. This year's forecast represents a 2% increase over last year and is just shy of 2005's record of 3.64 million passengers, AAA said. Outages at refineries in California owned by PBF Energy (PBF.N), opens new tab and Valero Energy (VLO.N), opens new tab since early this year have limited overall U.S. West Coast fuel production. "These outages combined with a decline in local inventories, drove local prices higher and triggered increased interest from traders in sourcing cargoes for import, predominantly from North Asia," Jacob said. The strength in U.S. jet fuel prices against Asia's opened the arbitrage window last month, traders said. The spread averaged more than $17 a barrel in April, Reuters calculations showed, while the average cost of chartering a medium-range vessel carrying 300,000 barrels of jet fuel for the roughly 30-day voyage was $5.50 a barrel, ship broking data showed, providing a good margin for Asian sellers. In the near term, strong jet fuel supply from China could depress benchmark prices in Singapore and keep arbitrage export trade to the U.S. open, said Matias Togni, an analyst at market insights provider Next Barrel. China's jet fuel exports hit a 13-month high in April, official customs data showed, while industry estimates for May volumes were above 2 million tons. "China prioritised jet fuel above other products in their export quotas, flooding Singapore storage tanks and forcing South Korea to redirect their flows towards the U.S. West Coast," Togni said. However, U.S. West Coast refinery use rates rose to a two-month high of 82.6% in the week ended on May 16, U.S. government data showed, potentially limiting import demand for June. Still, the permanent closure of two refineries on the U.S. West Coast from end-2025 could lift the region's jet fuel imports by up to 100,000 tons per month, analysts said.
Yahoo
06-05-2025
- Business
- Yahoo
Why PBF Energy Inc. (PBF) Soared on Monday
We recently published a list of Why These 10 Firms Soared on Monday. In this article, we are going to take a look at where PBF Energy Inc. (NYSE:PBF) stands against other Monday's best performers. The stock market kicked off the trading week on a negative note as investors sold off on a new round of uncertainties from President Donald Trump's tariff policies. The Nasdaq fell by 0.74 percent, while the S&P 500 dropped 0.64 percent and the Dow Jones was down by 0.24 percent. Over the weekend, Trump told reporters that the US was negotiating with many countries, 'but at the end of this, I'll set my own deals — because I set the deal, they don't set the deal.' He added that he had no intentions to talk with Chinese President Xi Jinping, dampening hopes of a potential negotiation between the two of the world's largest economies. Beyond the major indices, 10 companies stood out with strong gains amid a flurry of fresh developments. In this article, we name Monday's 10 best performers and detail the reasons behind their gains. To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume. Why PBF Energy Inc. (PBF) Soared on Monday Aerial view of an oil refinery, with smoke billowing from its chimneys. PBF Energy Inc. (NYSE:PBF) PBF Energy, an oil refining company, saw its share prices rally by 5.19 percent on Monday to end at $18.44 apiece as investors cheered the company's cost-saving measures to achieve profitability. In its latest earnings release, PBF Energy Inc. (NYSE:PBF) said it expects to save more than $200 million of annualized, run-rate sustainable cost savings by year-end 2025. 'Since then, we have generated over 500 cost savings ideas through more than 40 idea generation sessions. Our teams are building out these ideas with actionable, quantifiable, and measurable plans,' the company said. As a result of the ongoing measures, PBF Energy Inc. (NYSE:PBF) is now programming between $750 million and $775 million in capital expenditures. The amount excludes the costs to restore the fire damage to the Martinez Refinery last February. In the first quarter of the year, PBF Energy Inc. (NYSE:PBF) swung to an attributable net loss of $401.8 million from a net income of $106.6 million in the same period last year. Revenues declined by 18 percent to $7.07 billion from $8.64 billion year-on-year. Overall, PBF ranks 5th on our list of Monday's best performers. While we acknowledge the potential of PBF as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than PBF but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
Yahoo
01-05-2025
- Business
- Yahoo
PBF Energy (PBF) Reports Q1 Loss, Tops Revenue Estimates
PBF Energy (PBF) came out with a quarterly loss of $3.09 per share versus the Zacks Consensus Estimate of a loss of $3.50. This compares to earnings of $0.86 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 11.71%. A quarter ago, it was expected that this refiner would post a loss of $2.68 per share when it actually produced a loss of $2.82, delivering a surprise of -5.22%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. PBF Energy , which belongs to the Zacks Oil and Gas - Refining and Marketing industry, posted revenues of $7.07 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 9.25%. This compares to year-ago revenues of $8.65 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. PBF Energy shares have lost about 35.3% since the beginning of the year versus the S&P 500's decline of -5.3%. While PBF Energy has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for PBF Energy: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.70 on $7.38 billion in revenues for the coming quarter and -$5.85 on $28.89 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Delek US Holdings (DK), has yet to report results for the quarter ended March 2025. The results are expected to be released on May 7. This refinery operator is expected to post quarterly loss of $1.75 per share in its upcoming report, which represents a year-over-year change of -326.8%. The consensus EPS estimate for the quarter has been revised 3.6% higher over the last 30 days to the current level. Delek US Holdings' revenues are expected to be $2.43 billion, down 24.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PBF Energy Inc. (PBF) : Free Stock Analysis Report Delek US Holdings, Inc. (DK) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
