USA TODAY Published 12:05 PM EDT Oct 8, 2018 Hurricane Michael formed Monday morning in the Caribbean Sea and is heading for a landfall as a major hurricane with 120-mph winds along the Gulf Coast by midweek. Maximum sustained winds have increased to near 75 mph with higher gusts, the National Hurricane Center said. Steady to rapid strengthening is forecast during the next day or so, and Michael is forecast to become a major hurricane by Tuesday or Tuesday night. "Michael could produce three life-threatening hazards along portions of the northeastern Gulf Coast: storm surge, heavy rainfall, and hurricane-force winds," according to the hurricane center. A hurricane watch has been posted for the Florida Gulf Coast, all the way from the Alabama-Florida border to Suwannee River, Florida. A storm surge of up to 12 feet is forecast for a large section of the Florida coast. According to the hurricane center, a potential impact from a Category 3 hurricane … [Read more...] about Hurricane Michael forms, heads for landfall on U.S. Gulf Coast
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Doyle Rice USA TODAY Published 3:07 p.m. UTC May 25, 2018 The first named storm of the 2018 Atlantic hurricane season has formed, the National Hurricane Center said. Subtropical Storm Alberto developed Friday morning and is located about 55 miles south of Cozumel, Mexico. It has winds of 40 mph and is moving to the north-northeast at 6 mph. "Alberto could bring tropical storm conditions and storm surge to portions of the central and eastern Gulf Coast later this weekend and early next week," the hurricane center said. The storm will also dump heavy rain across much of the southeastern United States through Memorial Day weekend. The storm is forecast to bring between six and 12 inches of rain to the Northwest Florida area, and there is the possibility of 12 to 24 inches of rain in some areas, the National Weather Service in Mobile, Ala., said. The downpours could dampen Memorial Day, the unofficial start of the summer tourist season along Gulf beaches. Along with … [Read more...] about Subtropical Storm Alberto forms in Caribbean, heads for U.S. Gulf Coast
The price differential between the two most important crude oil benchmarks is widening again, a reflection of a divergence in the supply fundamentals between the U.S. and the rest of the world. At the beginning of 2017, WTI and Brent traded closely, with just a slim price differential. The spread blew out in late summer after Hurricane Harvey, which devastated the U.S. Gulf Coast and put refineries and ports out of business for several weeks. That led to a buildup of crude oil along the Gulf Coast because it had nowhere to go, resulting in a temporary glut that pushed down the WTI benchmark relative to Brent. However, earlier this year, the gap narrowed sharply. The oil market continued to tighten, despite financial volatility. Also, inventories in the U.S. fell significantly in the latter part of 2017, taking away some of the surplus that had dragged down U.S. oil prices. Another reason for the shrinking price differential was because some additional pipeline capacity took oil away … [Read more...] about Why Is U.S. Oil So Cheap?
By and April 7, 2018, 8:59 PM EDT Updated on April 8, 2018, 12:00 AM EDT Saudi Arabia signaled its intent to expand chemical production along the U.S. Gulf Coast and potentially double the size of North America’s biggest oil refinery.The kingdom’s state-owned crude producer is joining with U.K. oilfield-services firm TechnipFMC Plc to assess the potential for producing ethylene, a key component in plastics, Saudi Aramco’s Motiva Enterprises LLC unit said in a statement Saturday. A second accord with Honeywell International Inc. could lead to the construction of a new manufacturing complex in the heart of the U.S. petrochemicals industry.In a separate presentation at a lavish reception for Saudi Crown Prince Mohammed bin Salman in Houston, Motiva said it’s considering doubling the size of its refinery in Port Arthur, Texas. The announcement comes less than a year after Aramco paid $2.2 billion to Royal Dutch Shell Plc to gain sole control of the Port … [Read more...] about Saudis See Chemical, Oil-Refining Bonanza Along U.S. Gulf Coast
Saudi Arabia’s state oil company will sign an agreement this weekend with a British oilfield services firm to explore building chemical facilities in Texas, according to people familiar with the matter.The agreement with TechnipFMC Plc involves a study for a potential chemical unit on the U.S. Gulf Coast that would be able to produce materials used in gasoline and as industrial solvents, said the people, who asked not to be identified because the matter isn’t public. There will also be a study on a facility that can make ethylene, a key compound for making plastics. Saudi Aramco, through its Motiva Enterprises LLC subsidiary, owns North America’s largest refinery, in Port Arthur, Texas.Crown Prince Mohammed bin Salman, heir to the throne of the world’s largest oil exporter, is wrapping up a three-week tour of the U.S. to promote his effort to open up the Saudi economy through his “Vision 2030” and has announced several development projects. While in … [Read more...] about Aramco Plans Chemical Complex Project Study in U.S.