Archive for the ‘oil’ 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.

Read the rest of this entry »

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.

Read the rest of this entry »

The shipping business gets ready — with new fees — for the dawn of cleaner fuels

The bunker fuel market in the Atlantic Basin is just a bit more than 100 days away from the next shift in the sulfur emissions cap on ships traveling within 200 miles of shore in North America and North West Europe, a designated Emissions Control Area. And some of its impact on costs is starting to show up.

After several months of vague rumblings about higher costs, we’re beginning to see a clearer picture of just how much more shippers expect to pay to comply with this stricter rule. MSC on Monday became what we believe is the third company to announce per-container surcharges intended to offset its expected higher fuel bills come January.

Read the rest of this entry »

China hails new deepwater natural gas find, done all on its own

China National Offshore Oil Corp. has plenty to get excited about these days. After years of touting the unexplored and hidden depths of the South China Sea, the company has finally scored a coup with its first independent deepwater discovery.

The company earlier this week announced the success of the Lingshui 17-2-1 wildcat well, hailing it as a major breakthrough in exploration efforts.

Read the rest of this entry »

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.

Read the rest of this entry »

Petrodollars: What do Russian oil companies do in the wake of sanctions?

Sanctions against Russia are moving closer to the country’s big oil companies. In this week’s Oilgram News column Petrodollars, Rosemary Griffin looks at the choices that companies such as Rosneft face.

Read the rest of this entry »

Fracking dollars help save a sports icon in fracking-free New York

Another chapter in the never-ending love/hate relationship between New York and fracking. The former has banned the latter, as we’re sure you know.

Read the rest of this entry »

More bearish oil market signals from IEA as demand growth forecasts slashed

The closely watched monthly oil market report from the International Energy Agency confirmed a continued trend of oil demand growth slowdown on Thursday, adding a renewed bearish sentiment to already low oil prices.

There was nothing in the report to suggest prices could rebound from their current 16-month lows. The IEA described the recent slowdown in world oil demand growth as “nothing short of remarkable.”

And it is China — considered the key barometer for world oil demand growth — that the IEA said was one of the main causes of its most recent revisions.

Read the rest of this entry »

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.

Scotland independence vote sets North Sea oil industry on edge

Scotland’s independence vote has received a last-minute jolt of energy as polls show a surge by the Nationalist camp, which has effectively countered a mostly downbeat “No” campaign and picked holes in London’s claims to be a responsible custodian of North Sea oil.

A week ahead of the September 18 referendum and with oil remaining a major issue, pro-Union politicians and the financial community in London have been alarmed by polls showing the Nationalists level-pegging, after months in which the “Better Together” camp had a comfortable lead.

Read the rest of this entry »