Archive for the ‘oil fundamentals’ Category

MPG OMG! What’s behind the gasoline demand drop?

Over at ESPN, there’s a podcast called “Numbers Never Lie.” 

The name’s something sports types like to throw around when making a point.

Like this: Detroit Tigers slugger Miguel Cabrera is one of only four players with 300 total bases in 11 straight seasons. It would be hard for even a Kansas City Royals fan to punch a hole in that.

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Up or down in OPEC, its oil supply all comes back to the Saudis

Oil prices have found some support from the potential for lower production from OPEC next year, as suggested by the group’s secretary general, Abdalla el-Badri.

Speaking to Platts by telephone from Vienna earlier this week, Badri was at pains to stress that he was not predicting the outcome of OPEC’s next scheduled meeting on November 27. Nor was he talking about a 500,000 b/d reduction in the group’s current 30 million b/d ceiling. He was, he said, talking about an outlook that pegged the call on OPEC crude at 29.5 million b/d. He was not talking about a decision by OPEC.

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EIA analysis: US crude oil stocks increase

The US West Coast was the main driver of the crude oil stock increase this week, partly due to a decrease in refinery runs, which fell 82,000 barrels per day to 2.37 million b/d.

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EIA analysis: big build in US distillate stocks

A big jump in distillate inventories was the highlight of this week’s Energy Information Administration inventory report. You can read our analysis of the numbers here.

US oil refiners and marketers want Jones Act changes…but Capitol Hill doesn’t

Shortly after she was named chairman of the powerful Senate Energy and Natural Resources Committee earlier this year, Senator Mary Landrieu, a Louisiana Democrat, held a press conference to stress her strong support for the Jones Act.

“The Jones Act is a jobs act, pure and simple,” Landrieu said of the nearly 100-year-old law which requires all vessels shipping cargo between two US locations to be US built, majority US-owned and at least 75% of the crew to be US citizens.

Surrounded by shipping industry representatives, Landrieu criticized the Obama administration for attempts to weaken the act’s purpose. “Waiving the Jones Act literally hands over work to foreign shippers,” she said.

Perhaps most surprising about the press conference, one of the few Capitol Hill press events Landrieu has hosted since taking helm of the energy committee, is that it was not in response to new legislation aimed at weakening the Jones Act, nor was it in response to another potential waiver to the act.

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US net oil import dependence tested new lows in June

We hadn’t written about the monthly EIA statistics on US oil supply and demand for a while because they’d gotten kind of dull. The big movements recorded month after month, particularly in product export growth and net import dependence, had fallen into a bit of a predictable range.

That changed in June. The EIA released numbers from that month today.

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EIA analysis: Gulf Coast refineries are cranking it out

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.

EIA analysis: lots of things behind EIA reported build in crude oil stocks

A relatively minor build in crude oil stocks came about as a result of several factors in this week’s EIA inventory report. You can read our analysis of the numbers here. 

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EIA analysis: a big decline in gasoline inventories

This week’s EIA oil inventory data recorded a big drop in US gasoline inventories for last week. You can see our analysis of the numbers here.

EIA analysis: strong runs lead to a drop in crude oil stocks

The weekly EIA report showed a fairly sharp decline in crude oil inventories, led in part by strong refinery operating rates. You can see our analysis here. 

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