US gasoline inventories jumped an unexpected 3.015 million barrels last week, driven by a rise in production and imports, data released by the US Energy Information Administration showed Wednesday. The data was bearish for NYMEX RBOB futures, with stocks on the Atlantic Coast –- home of the New York-delivery point for RBOB –- rising to their highest level since February 2012. You can read Platts’ analysis here.
Archive for the ‘oil fundamentals’ Category
By News Desk | May 22, 2013 05:04 PM Comments (0)
By John Kingston | May 22, 2013 12:01 AM Comments (3)
The release of Ohio’s 2012 production figures last week by the state hit the market with a thud, disappointing just about any analyst who checked in with their views. “Bust” was a commonly-heard theme about the Utica, supposedly the next-great US shale play.
So it took a few days, but there’s now an alternative voice, put forth by Sandy Fielden of our friends from RBN Energy. Fielden, in a just-released analysis, makes two points: it’s too early to get too worked up, and the Utica play is going to benefit from preparing for a rush of condensate production.
By News Desk | May 15, 2013 01:43 PM Comments (0)
By Melanie Wold | May 14, 2013 12:01 AM Comments (0)
Once the darling of hedge funds, commodities are now looking like a poisoned chalice. Last year, hedge funds such as BlueGold, which specialized in crude oil; Centaurus, in natural gas; and Fortress Commodities, across all raw materials, shut down. Several commodities fund of funds also closed last year after clients fled.
Commodities trading, it seems – and in particular oil – is not for the faint of heart. The field is littered with failed ventures and prison sentences.
International sanctions on exporting countries such as Iran can make trading crude an even more dangerous game. On May 9, the US Treasury said it was penalizing Sambouk Shipping for contravening these sanctions. Sambouk is allegedly associated with Dimitris Cambis, who, along with a network of front companies, was executing ship-to-ship transfers of Iranian oil to obscure its origin.
By News Desk | May 13, 2013 03:41 PM Comments (0)
By John Kingston | May 13, 2013 02:59 PM Comments (0)
Some notes from day 1 of the Platts London Crude Oil Summit:
By John Kingston | May 10, 2013 05:41 PM Comments (0)
A few random things at the end of the week:
By News Desk | May 8, 2013 03:11 PM Comments (0)
By News Desk | May 6, 2013 12:01 AM Comments (1)
The wide Brent-WTI spread has meant enormous profits for US refiners lucky enough to take advantage of it. But it’s not as wide now, and that is bringing a new set of issues for those same companies. Janet McGurty looks at the issue in this week’s Oilgram News column, Petrodollars.