ENERGY

Via The Cradle

Iran has revealed plans to build a new oil refinery in Syria's Homs governorate with a capacity of 140,000 barrels per day (bpd) as part of a memorandum of understanding (MoU) signed with Damascus and the government of Venezuela.

"A tripartite memorandum was signed between Iran, Venezuela, and Syria for a new 140,000 barrel refinery to be built in Syria," Jalil Salari, the Managing Director of the National Iranian Oil Refining and Distribution Company (more…)

After their tumble overnight yesterday amid bearish risk appetites, oil prices have soared back to new cycle highs as traders mulled the effects of rapidly tightening supplies after API reported yet another weekly drawdown in stocks at the Cushing hub.

All eyes will be the official data this morning for confirmation of Cushing's ongoing drain…

API

• Crude +1.6mm (-600k exp)

• Cushing -828k

• Gasoline -70k (-200k exp)

• Distillates -1.7mm (-1mm (more…)

Authored by Mario Loyola via RealClear Wire,

The U.S. Supreme Court’s ruling in West Virginia v. EPA last year was a historic defeat for the Environmental Protection Agency. Not only did the Court rule that the 2015 Clean Power Plan, President Obama’s signature climate regulation, was unconstitutional; it also dramatically limited EPA’s power to regulate carbon emissions under the Clean Air Act (CAA) moving forward. 

That left the agency with two courses of action. (more…)