Appalachia has accounted for 85% of production growth across the U.S., but it still gets overlooked for the Gulf Coast as the set up shop for petrochemicals.
Shell has been trying to sell the Martinez refinery located in Northern California for a least four years, according to a report by Reuters.
Mexican President Andres Manuel Lopez Obrador reiterated on June 2 the need for oil independence as his government said it would tender six construction contracts in June for a planned oil refinery in the southern state of Tabasco.
Geopolitical concerns and recent data would likely drive up the price of oil, but traders are rattled by concerns that a trade war will unhinge the global economy.
U.S. crude oil inventories rose unexpectedly last week, hitting their highest levels since July 2017, due to weak refinery output, the EIA says.