US crude oil stocks surged 6.2 million barrels the week ended March 7 on a cut in US refinery utilization rates and an increase in oil imports, according to data released Wednesday by the US Energy Information Administration. You can read our analysis here.
By Joshua Brown & Richard Capuchino | March 12, 2014 02:12 PM Comments (0)
The first domino of what could be a new page in the shifting international crude market fell in late February when Cosmo Oil imported a cargo of Mexican crude to its refinery in Japan.
This seemingly insignificant transaction actually tells yet one more story in the larger tale about the changes in crude exports, especially for countries that once had a firm grasp on the US marketplace.
By Colin Richardson | March 11, 2014 04:29 PM Comments (0)
The precipitous plunge in spot iron ore prices early this week saw derivatives trading over the Singapore Exchange surge, data from the bourse showed.
SGX cleared around 3.6 million mt of swaps and futures Monday, and 180,000 mt of options, according to the exchange and London-based brokers.
This was the biggest trading day in the history of iron ore derivatives, surpassing the previous record, set June 5, 2013, by 5.2%, according to The Steel Index, a specialist pricing unit of Platts operating under its own methodology. Owned by Platts, TSI’s iron ore prices are used as settlement basis by SGX.
By William Powell | March 11, 2014 01:45 PM Comments (1)
What a difference a few months can make. Russia ended 2013 with record natural gas supplies to Europe, reaching perhaps a third of European demand. Now, with the end of the first quarter not yet in sight, Cold War rhetoric is clouding the gas export giant’s future.
Western politicians on either side of the Atlantic have aired views on the positive role that US LNG could play in reducing the European Union’s reliance on it, while those in the east have focused more on the need to protect national interests if they are threatened in a neighboring state.
By Ashok Dutta | March 10, 2014 12:01 AM Comments (0)
By News Desk | March 7, 2014 01:52 PM Comments (0)
The recent increase in the price of oil certainly isn’t happening because of any shortfall coming out of OPEC, at least not in February. Our monthly report on the production numbers, and our analysis, can be found here.
By Michael Rieke | March 7, 2014 12:01 AM Comments (4)
The simple answer to that question is that there is no simple answer.
Historically, LNG prices were linked to oil because LNG was displacing oil and that practice continued until US LNG export projects were proposed. Buyers from the US export projects will get LNG based on Henry Hub gas prices because in most cases they will be responsible for buying US gas and transporting it by pipeline to their contracted export projects to be liquefied.
That access to those Henry Hub-priced supplies has spurred buyers to seek gas-indexed prices in their new purchase contracts, displacing traditional oil-indexed prices.
A number of buyers, especially in Japan, are pushing proposed British Columbia export projects to use the US benchmark Henry Hub gas price as the index for LNG.
By News Desk | March 5, 2014 02:08 PM Comments (0)
Our analysis/forecast of this week’s Energy Information Administration inventories predicted a build of about 1.5 million barrels. That’s just about where it came in. You can read our analysis here.
By Katharine Fraser | March 5, 2014 01:33 PM Comments (4)
Let’s try to avoid “the U word.”
That was the polite suggestion of an IHS consultant Wednesday in ironically opening a panel discussion on Russian gas exports at the IHS CERAWeek conference in Houston, ongoing while the U word–Ukraine–continues to simmer.
“Diplomatic crisis come and go,” Thane Gustafson, senior director of IHS’ Russian and Caspian energy group said and a man who has been commenting on Soviet and Russian energy affairs for many years.