-The price of U.S. crude oil jumped more than 10% on Thursday driven by recovering equity markets and depleted crude supplies. Via CNBC, it was the biggest one-day gain since March 2009, when crude prices rose 11.1%. The recovery was fueled in part by reports of more crude drawdowns at Cushing, Oklahoma, and a force majeure declared by Shell on Nigerian oil exports. It remains to be seen how an expected heavy refinery maintenance season this fall will affect oil prices.
-Meanwhile, Shell halted its drilling operations in the Chukchi Sea due to high winds and seas. Shell secured final permission earlier this month to resume its Arctic drilling program.
-A man was injured this morning after falling from a piece of construction equipment at Valero’s Memphis refinery. Via the Memphis Commercial Appeal, local authorities disputed a previous report that the man was trapped in a machine in a ditch.
-PDVSA has restarted the FCCU at its Amuay refinery in Venezuela after an unplanned shutdown in July, the Oil & Gas Journal reports. The unit was idled following problems with its regenerator and associated equipment. Repairs have been completed and the unit was brought back on line as of Aug. 25.
-The White House has denied a report by a Canadian newspaper that President Obama would formally reject the Keystone XL pipeline before Labor Day. The Financial Post reported Obama was set to deny the pipeline on the grounds it would make it difficult to rally other countries toward a new greenhouse gas reduction deal and the U.S. has enough of its own oil. Canada could see renewed support for domestic east-west pipelines in the absence of Keystone XL.
