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ADDITIONAL INSIGHT
Policy
COVID-19 and the LCFS: Groundhog Day
April 15, 2020
For the past month, the Stillwater LCFS team has been publishing regular reports on how COVID-19 is affecting the LCFS program and the fuels markets governed by the program. This is the latest of that series. You can read our previous updates here. Want to receive updates like this and other in-depth analysis of the LCFS...
Wisdom from the Downstream Wizard
West Coast Gasoline – Inventories Rise, Prices and Crude Runs Drop
April 15, 2020
(This article has been updated from the original April 14th version) When was the last time you filled up? For me, it was about a month ago. Since then, I’ve driven maybe 50 miles, mostly to the store and back. I used to fill up about once a week; now my next fill-up could be...
News
Rebalancing Refinery Jet Production for Covid-19 – How Low Can You Go?
April 15, 2020
For U.S. refiners, profitability is tightly linked to production of the three major “light” petroleum fuel products – gasoline, diesel, and jet fuel. Individual refineries are typically configured to optimize the yield of these three products with the most economical crudes available in their region and demand in accessible markets. Relative demand for the three...
Policy
COVID-19 and the LCFS: Ain’t No Sunshine
April 6, 2020
Note: The title of today’s analysis pays tribute to onetime Navy aircraft mechanic and three-time Grammy Award winner Bill Withers who died March 30th. As AP reporter Mark Kennedy observed, Withers’ “death comes as the public has drawn inspiration from his music during the coronavirus pandemic, with health care workers, choirs, artists and more posting their own...
Policy
Oh, What a Month! What does COVID-19 mean for the LCFS Credit Bank and Prices?
March 23, 2020
A month ago, WTI crude oil price closed at $52.10 per barrel, the Dow Jones closed at 29,232 and the S&P at 3,370. Yesterday, these values were $25.22, 20,087 and 2,409 respectively. Clearly, the past month has been unprecedented for both the crude oil and financial markets. Socially, almost everyone in the U.S. has had...
Policy
Stationary Source Cap & Trade Benchmark Cost is Way Down due to Increased Allowances
March 11, 2020
Stillwater publishes our proprietary daily benchmark price to demonstrate the cost of California’s Stationary Source Cap & Trade (SSC&T) program to refiners. Our readers may have observed that the benchmark SSC&T cost has recently dropped significantly, which begs the question: Why? On December 6, 2019, the California Air Resources Board (CARB) released its 2020 Cap...
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