Crude oil inventories rose last week…but not by much. US inventories continue to remain less than last year’s levels, and the five-year average. You can read Platts’ analysis of the numbers here.
Posts Tagged ‘crude oil’
By News Desk | February 20, 2014 02:15 PM Comments (0)
By Jamie McDuell | January 30, 2014 06:55 AM Comments (1)
In January, Iraq found itself once more beset by a wave of insurgency, as Sunni extremists took hold of large areas of Ramadi and all of Fallujah, the two main cities in Anbar province. Given its strategic importance to global oil supply, our Design and Production team have put together this map detailing the complex web of Iraq’s oil and gas infrastructure.
By News Desk | January 29, 2014 05:21 PM Comments (0)
US commercial crude oil stocks jumped 6.4 million barrels, data released Thursday by the US Energy Information Administration showed. The surge in stocks comes despite ramped-up run rates as units came back online after an intense period of cold weather that caused US refiners to shutter some units. You can see our analysis here.
By News Desk | January 23, 2014 05:50 PM Comments (0)
A rise in US crude oil imports and a sharp drop in domestic refinery utilization rates led to a build in US commercial crude oil stocks, data released Thursday by the US Energy Information Administration showed. US refiners pulled back run rates to 86.5% of capacity, which could be due in part to the start of a refinery maintenance period. You can see our analysis here.
By Joshua Brown | January 22, 2014 12:48 AM Comments (0)
The January 22 start-up of TransCanada’s Gulf Coast Pipeline Project – originally the southern tail of the delayed Keystone XL pipeline — could not have come at a better time for the refining hub on the US Gulf Coast.
Dwindling production from Mexico and increasing domestic growth has flooded PADD III with light crudes while slowing some imports of heavy crudes, a disadvantage for the most complex refineries in the world.
Crude inputted into PADD III refineries was averaging an API gravity of 29.9 in 2013, according to the most recent data from the Energy Information Administration. That is a big difference between USGC-produced crudes such as Louisiana Light Sweet (34-41 API) and Eagle Ford (46 API).
By Esa Ramasamy | January 16, 2014 12:56 PM Comments (5)
Looking over the numbers, and knowing the way the North American oil market works, it’s becoming increasingly apparent to me that current US crude oil production cannot be sustained unless the Department of Commerce begins to permit exports beyond Canada.
By News Desk | January 15, 2014 02:59 PM Comments (0)
US crude stocks tumbled 7.7 million barrels last week, led by a drop on the Gulf Coast, data released Wednesday by the US Energy Information Administration showed. Gulf Coast stocks fell 5.3 million barrels last week, as imports dropped 375,000 b/d to 3.09 million b/d, the region’s lowest since September 2008. You can see our analysis here.
By Starr Spencer | December 6, 2013 12:01 AM Comments (0)
Raging snow and ice storms and temperature plunges across much of the US’ midsection last week brought to mind Hardin’s First Law of Human Ecology, as unruly winter weather debuted early in West Texas’ rapidly expanding Permian Basin.
The law was named for Garrett Hardin, who observed the interconnectedness of human behavior and events. It was Hardin who theorized the now often-repeated maxim that “You can never do just one thing.” He was basically postulating that unintended consequences can stem from one event — typically human behavior — which touches off or falls prey to assorted other events and eventually causes impacts that were never initially envisioned.
By Margaret McQuaile | December 5, 2013 03:09 PM Comments (0)
OPEC has often been criticized in the past for failing to cut crude output until the tide of oversupply is washing up at its shores. On Wednesday, the cartel ignored all the latest tidings of doom and gloom and rolled over for at least another six months the 30 million b/d output ceiling that has been in place since January last year. What else could it have done?
Undoubtedly, there is a long list of possible developments that could put heavy downward pressure on oil prices.