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Interest rates have shot up a lot meaning the bond market is down. Interest rates on the 10-year Treasury note have traded at 2% and above since last week after trading near 1.6% earlier in the month. Interest rates, we all remember, have an inverse relationship to the bond market. When interest rates are up the bond market is down. In all it shows the risk of investing in bonds in such a low interest rate environment. Imagine being an investor who put money into the 10-year Treasury several weeks ago. You bought a bond that was going to have...

Tensions escalated Friday in the nearly two-week strike after picketers were told to get off the Shell Deer Park Refining property. The order puts the strikers in danger because the refinery fronts the feeder road on Texas 225 and there is no sidewalk on which to stand, said Lee Medley, president of the United Steelworkers Local 13-1. He said Shell gave the strikers walking the picket line 30 minutes to get themselves, their chairs, ice chests and other equipment off the property. Shell issued its order in response to unsafe behaviors by the picketers including blocking entrances with picketers and...

More than one month ago, Shell Oil Company sat down at the bargaining table with a negotiating team representing national leaders of the United Steelworkers International Union (USW). Shell’s goals were – and still are – to reach an agreement that respects the needs and interests of our employees and ensures the ongoing safety as well as economic health of Shell refineries and chemical plants. To that end, to date Shell has put seven offers on the negotiating table. The USW International Union leaders have rejected all seven of them. In addition, they have ordered their members to strike at...

American consumers are still enjoying relatively cheap gasoline as the summer driving season gets closer. AAA reports the national average at $2.44 this week, still below the 50-year inflation-adjusted average of $2.50 per gallon. If youÂ’d like cheaper gas, donÂ’t blame the oil and gas industry. ItÂ’s been the United Steelworkers and their strike against Royal Dutch Shell and 11 refineries that ticked gas back up more than anything, although it appears that a settlement has been accepted. Refiners are in their bi-annual season of throttling back production to perform maintenance and retool for the summer blends. So it begs...

Work Stoppage to Begin 12:01 AM Local Time Pittsburgh — The United Steelworkers Union (USW) announced that it is calling for a work stoppage at the following US refineries:LyondellBasell in Houston, TX;Marathon Galveston Bay Refinery in Texas City, TX;Marathon Houston Green Cogeneration facility, Texas City, TX;Marathon Refinery, Catlettsburg, Ky;Shell Deer Park Refinery, Deer Park, TX;Shell Deer Park Chemical Plant, Deer Park, TX;Tesoro Anacortes Refinery, Anacortes, Wash.;Tesoro Martinez Refinery, Martinez, Calif.; andTesoro Carson Refinery, Carson, Calif.All these refineries will go on strike at 12:01 am local time.

(Reuters) - Workers represented by the Building Trades Unions will return to Marathon Petroleum Corp's (MPC.N) refinery in Catlettsburg, Kentucky on Monday, even as a strike by the United Steelworkers drags into a second week, documents obtained by Reuters show. The USW began a strike Feb. 1 at nine refineries and chemical plants, including Marathon's 240,000 barrel-a-day Kentucky plant. Buildings Trades Unions' workers will not be replacing striking workers' running the plant, according to the letter. While the Building Trades Unions say they continue to support the USW's cause, their return work comes at a sensitive time for the steelworkers...

The United Steelworkers union is broadening its nationwide walkout to include two more refineries. Early Sunday, the union is planning to go on strike against two BP facilities in the Midwest, union spokeswoman Lynne Hancock confirmed. That will bring the total number of plants on strike to 11, after union members walked out of nine facilities, including five in the Houston area, a week ago. The latest work stoppages are scheduled to begin 12:01 a.m. Sunday at BP’s refineries in Toledo, Ohio and Whiting, Ind., Hancock said. BP issued a statement saying it is disappointed the union is launching a...

HOUSTON (Reuters) - Union workers were on strike for a second day on Monday at nine U.S. refineries and chemical plants as they sought a new national contract with oil companies covering laborers at 63 plants. The walkouts were the first in support of a nationwide pact since 1980 and targeted plants with a combined 10 percent of U.S. refining capacity. One of the plants, Tesoro Corp's (TSO.N) 166,000-barrel-per-day Martinez, California, refinery, was being shut because it was in the midst of planned maintenance work. The other refineries appeared set to continue running normally as operators initiated contingency plans, calling...

On February 18, an explosion and fire occurred at ExxonMobil's refinery in Torrance, California. The Torrance refinery, the third-largest refinery in Southern California, has about 20% of the region's fluid catalytic cracking capacity and is an important source of gasoline and distillate fuel oil supply for Southern California. Unplanned refinery outages can have noticeable effects on liquid fuel markets, disrupting supplies of gasoline and distillate, particularly in regions that are tightly balanced, such as the West Coast (defined as Petroleum Administration for Defense District (PADD) 5). When refineries undergo planned maintenance, they make arrangements for alternative sources of supply to...

In an open letter to employees, the manager of LyondellBasell’s Houston Refinery is asking its striking employees to come back to work. The workers, who walked out of the refinery on Feb. 1 as part of a nationwide strike after national oil bargaining talks broke down, have left the refinery scrambling to operate with supervisors. The United Steelworkers union is on strike against 11 refineries and chemical plants nationwide, including five in the Houston area. The letter outlined the negotiating efforts both sides made before the strike began and how the company had requested a rolling 24-hour extension to keep...

In fact, the USW enjoys the right to pick which company will head up negotiations and specifically chose Shell this year for its perceived flexibility. Shell forged deals with the union in 2006, 2009 and 2012. Those contracts were considered successes, especially after a months-long walkout in 1980, a time people still talk about as a low point for disputes in the sector. This year, however, was different. John Abbott took over as Shell's refining chief in 2013 and Ben van Beurden became chief executive officer in 2014. This time, there were new faces on the negotiating team from Shell,...

Union leaders called strikes on Sunday at nine U.S. refineries in a bid to pressure oil companies to agree to a new national contract covering workers at 63 plants. The walkouts, the first held in support of a nationwide pact since 1980, target plants that together account for more than 10 percent of U.S. refining capacity. The discord comes as plunging crude prices force oil companies to slash spending. Royal Dutch Shell, the lead industry negotiator, indicated talks had broken down. ... Shell activated a strike contingency plan at its sprawling joint venture refinery in Deer Park, Texas, to keep...

Three of the nine US oil refineries targeted by the largest oil worker refinery strike since 1980 have reported interruptions and unplanned repairs since the United Steelworkers Union (USW) workers went on strike earlier this month. Shell's 327,000 bpd refinery in Deer Park, Texas, is now operating normally after experiencing an upset at a fluid catalytic cracker on February 8. "Shell Deer Park continues to safely operate at planned production rates. While not formally at the negotiating table, the lines of communication remain open. Shell remains hopeful that both parties will reach a mutually satisfactory agreement," Shell said in a...

LyondellBasell announced Tuesday that it has filed an unfair labor practice charge against the United Steelworkers union, alleging that union representatives have made threats against employees who have returned to work and have used abusive language in social media. The company also contends it has witnessed threatening behavior at the gates of its Houston refinery as employees arrive to work, according to a letter to employees from Kevin Brown, executive vice president of global manufacturing, refining, global engineering services and global projects. The company filed the charge with the National Labor Relations Board. “This action by the USW is extremely...

Steelworker strikes that began Sunday at seven U.S. oil refineries and two chemical plants have a slim chance of pumping up gasoline or crude prices dramatically in the near future, analysts say. Talks between the United Steelworkers union and big oil companies led by Royal Dutch Shell broke down Saturday after the two groups couldn’t reach an agreement on – among other contractual issues – the overtime that workers have to take when others are called away to train new recruits, a point “when the fatigue sets in,” union spokeswoman Lynn Hancock said. But the refineries, analysts said, can keep...

The first nationwide oil refinery strike in more than 30 years expanded this weekend in a labor dispute that may start having more of an impact on the price consumers pay for gasoline. The United Steelworkers union (USW) said Saturday that workers at the largest refinery in the U.S., the Motiva Enterprises refinery in Port Arthur, Texas, started their strike at midnight Friday. Employees at two other refineries and a chemical plant in Louisiana started their strike at the end of Saturday. The USW represents workers at 65 refineries that produce about two-thirds of the oil in the U.S The...

At Delta Airlines' Philadelphia refinery, the local chapter of the United Steelworkers Union (USW) and Monroe Energy (a Delta subsidiary) have called in a federal mediator to resuscitate talks between the two parties in the hopes of averting the spread of the largest US oil worker strike in 35 years to the US east coast. National negotiations between Shell (on behalf of the oil companies) and the USW are set to resume Wednesday. In April 2012, Delta acquired the Trainer refinery (located near Philadelphia in Delaware County, PA) from Phillips 66 through subsidiary Monroe Energy for $180 million . The...

The building trades unions have taken exception to disparaging comments the United Steelworkers union have made during contract talks that contractor labor is neither high quality or safe. Many contractors use union-represented skilled crafts workers including electricians, plumbers, welders, iron workers and pipefitters. To resolve the simmering, and growing dispute, the leaders of the United Steelworkers union and the North America’s Building Trades Unions issued a joint statement Wednesday to clarify the scope of contractor responsibilities at the nation’s refineries and chemical plants. “We are issuing this statement to make clear that the scope of work USW is seeking in...

With the West Coast ports labor dispute involving 13,600 unionized dockworkers inflicting pain on 318 million Americans by causing billions of dollars a day in losses to the U.S. economy settling yesterday, now 30,000 unionized refinery workers across America intend to play the same leverage game by cutting off two-thirds of all U.S. diesel and gasoline supplies. Just after US Labor Secretary Tom Perez took to the television circuit to tout how the Obama Administration believes the US economy can “recover quickly” from the nine months-long port turmoil, the United Steel Workers (USW) launched the first nationwide oil refinery strike...

The first nationwide oil refinery strike in more than 30 years was expected to grow by four more plants over the weekend, including the largest refinery in the U.S., the Motiva Enterprises refinery in Port Arthur, Texas. The United Steelworkers union said Saturday workers at the Motiva Enterprises refinery started their strike at midnight Friday. Employees at two other refineries and a chemical plant in Louisiana planned to strike at the end of Saturday. The union said in a statement that it expanded the strike that started Feb. 1 at refineries largely in Texas and California because the industry has...