| WTI Crude | $41.20/bbl | +2.2% |
| Brent Crude | $43.96/bbl | +2.3% |
| HH Nat Gas | $1.76/MMBtu | +1.1% |
| MB Propane | $0.49/gal | +2.1% |
| 3:2:1 Crack | $10.14/bbl | -2.5% |
DuPont didn't operate safely, and now they are paying up
218-year-old Delaware-based chemical corporation, DuPont, has settled on a $3.195 million civil penalty with the EPA, US Department of Justice, and the State of Texas for a chemical release back in 2014. DuPont has now paid over $6 million in settlements since the accident.
What happened back in 2014?
At their La Porte facility, a release of nearly 24,000 pounds of methyl mercaptan led to the death of 4 workers. Exposure to the chemical occurred when responding to a valve leak around 4 AM. The plant never reopened after the incident.
What was leaking exactly?
Methyl mercaptan is commonly used to produce methionine (dietary supplement for animal feed), as a moderator in free-radical polymerization, a precursor in pesticide manufacturing, or as an odorant for natural gas. At this plant, it was being used to produce pesticides.
Read the press release here.
Iran is basically betting on a new US president
Despite US sanctions, Iran has announced that they will continue to develop their oil industry. The Iranian oil minister said in a statement, "We will not surrender under any circumstances ... We have to increase our capacity so that when necessary with full strength we can enter the market and revive our market share,".
Do they have any plans?
Shortly after the announcement, the minister signed a $294 million contract between the National Iranian Oil Company and Persia Oil & Gas to develop the Yaran oil field.
Just to clarify:
Iran's oil production has decreased by 50% and oil exports have decreased by 92% since the sanctions were imposed.
Read more here.
New partnership to develop methanol as marine fuel
Trade association and lobbyist for methanol fuel markets, Methanol Institute (MI), and the China Waterborne Transportation Research Institute (CWTRI) have announced plans to develop research of methanol as a marine fuel.
Why is this news?
China is an enormous economy, if they adopt methanol as their primary IMO 2020 compliant marine fuel it would be huge for the methanol industry.
Why methanol?
Methanol burns cleaner, as in there isn't NOx, SOx, or any particulate emissions. It's commonly made from natural gas (industrial gas companies often use steam reforming or partial oxidation). But it can also be made from renewable sources, making it a viable long-term option.
Read more here.