US Gulf Coast refineries operated at a record rate last week, according to the Energy Information Administration. You can see our analysis of the latest numbers here.
By News Desk | August 20, 2014 02:10 PM Comments (0)
By Lisa Miller | August 19, 2014 04:03 PM Comments (0)
Since I’m based in California and work the last US shift of the day with the Platts Central Editing Desk, it falls to me to watch for possible news items as the sun rolls out of the American sky and into Asia.
So nearly every evening, unless I’m so flat out with other work that I can’t, I troll Google to see if something wild has happened in the commodities world that I ought to cover for us.
This has me regularly searching for words such as “spill” and “explosion” and “fire.”
(And yes, I am absolutely expecting Homeland Security to come to my place any day now. It will be interesting to see how my company’s bean counters respond when they see the bail bond charge on my expense bill.)
By James Bourne | August 18, 2014 12:01 AM Comments (1)
By Tim Worledge | August 15, 2014 12:01 AM Comments (2)
The onset of the First World War underlined the seismic change that was engulfing every aspect of life in the early part of the 20th century. As Europe’s great powers tumbled over the precipice into a catastrophic four years of carnage, few could envision the role that powered transportation would play in the conflict, or the toll that mechanized, industrialized warfare would extract from its youth.
In a war that left such an indelible mark on society, oil would for the first time play a significant role. To that end, the First World War is a significant landmark in the formation of corporations that came to dominate the 20th century. The age of the majors had dawned.
By Tom Balcerek | August 14, 2014 10:07 AM Comments (2)
What would happen if the American consumer, the most voracious buyer the world has ever seen, becomes more efficient at purchasing?
That is the question that could shape our future economics as the sharing of goods and services continues to proliferate with the aid of smart phones and social media.
Will ride sharing services like Uber and Lyft put taxis out of business? Will Airbnb, which connects vacationers to people with rooms — or castles — to rent, put hotels out of business?
By Elizabeth Bassett | August 14, 2014 12:01 AM Comments (6)
We’re still waiting on tenterhooks to find out where the United Kalavrvta is going, but we wanted to share some of the comments we got from our readers on the latest posting of The Oil Big Five.
Again, we urge our readers to comment at any point on the posts (and on any post on The Barrel) and tell us what you think of the top issues as picked by our Platts editors and analysts. We welcome comments anytime on Twitter, too, and make sure we see your thoughts by using the tag #oilbig5.
By News Desk | August 13, 2014 02:57 PM Comments (0)
By Stuart Elliott | August 12, 2014 10:37 AM Comments (0)
The International Energy Agency on Tuesday cut its oil demand growth forecast for 2014 for a number of reasons, not the least of which is a weaker global economic outlook than previously thought and lower oil supplies in the second quarter.
But even though the world won’t need as much oil this year as IEA earlier thought, that doesn’t mean it won’t need more crude from OPEC.
By Alex Froley | August 12, 2014 06:54 AM Comments (0)
The UK gas market is looking comfortably supplied at present and wholesale prices reflect this. The average daily gas price assessed by Platts across July 2014 was 37.52 pence/therm, down 5% from June’s 39.50 p/th average, and down a huge 43% from the 65.28 p/th average for July last year.
The shift downwards has been evident throughout the year. The average day-ahead price to date this year is 49.80 p/th, down 27% compared with a 67.99 p/th average across 2013 as a whole.
By Starr Spencer | August 12, 2014 12:01 AM Comments (0)
Perhaps the most striking thing upstream companies revealed in their recent round of second quarter calls was the astounding production increases from US unconventional plays brought about by an array of tweaks to well drilling and completion techniques.
One tactic they’re using to eke more hydrocarbons from the ground is optimized well spacing — configuring wells as close as possible to best drain the reservoir without interference. Other techniques are placing hydraulic fracture sections or “stages” closer together and using more proppant to hold fractures open so oil and gas can flow more easily from the reservoir.
It’s taken a few years for operators to figure it all out, but about four years after they began widespread exploitation of unconventional oil plays, which are the current focus of most large companies, they are largely approaching full development mode. In the meantime, they have seen staggering production growth, especially on the crude oil side.