The weekly EIA report, released earlier today, showed a significant draw in crude oil stocks. That didn’t matter to the price; like all commodities recently, it continued to plunge. But we’ll leave our analysis to the fundamentals, and you can read that here.
Posts Tagged ‘crude oil’
EIA analysis: bullish crude oil numbers, but market slides anyway
By News Desk | April 17, 2013 03:49 PM Comments (0)
Growing Russia-China links could hurt ESPO crude oil trade
By Richard Swann | April 11, 2013 12:47 PM Comments (1)
This month’s IEA oil market report highlighted some interesting developments in Russian oil production and exports, drawing attention to the possibility that stronger links with China could have a knock-on effect of cutting the amount of crude traded in international spot markets.
Recent agreements between Moscow and Beijing to double the amount of Russian oil being supplied to more than 600,000 b/d are likely to make China Russia’s top crude buyer but raise a number of big logistical challenges, the IEA said in its report.
At the very least, these are likely to prompt a reallocation of Russian crude flows until 2018 and affect spot-based ESPO blend exports via the Pacific coast port Kozmino.
Recent crude-carrying train derailments in US heat up crude by rail safety debate
By Bridget Hunsucker | March 29, 2013 06:16 PM Comments (0)
Two trains carrying crude oil derailed in the US this month, making headlines that garnered more attention to a recent debate over the in-vogue shipping method’s environmental impact.
The popularity of crude by rail shipments has opponents of major proposed crude pipeline projects (like Transcanada’s Keystone XL) asking the question: is rail transport safe?
China unveils oil pricing reforms, but lacks complete clarity
By Yen Ling Song | March 27, 2013 09:51 AM Comments (0)
China’s long-awaited oil pricing reforms have finally been unveiled. But the system may have become less, not more, transparent.
First, some background. In 2008, the government introduced a system of setting retail prices which in theory would raise or cut regulated prices of gasoline, gasoil and kerosene if the rolling 22-working day average of a basket of Cinta, Brent and Dubai benchmark crudes fluctuated more than 4%.
The aim was to move domestic prices closer in line with international crudes so they would reflect the crude procurement costs that refiners bear. This was particularly pressing given the dramatic boost in China’s crude imports, from 30% of its total needs in 2000 to just under 58% last year.
In reality, the system only worked well under two conditions: when oil prices were around $100/barrel and when inflation in China was relatively benign. In much of 2011, when record inflation loomed, the government, worried about the impact on economic growth, made little move to adjust prices upward. That resulted in refiners bleeding at the pump and in some cases curbing production, causing shortages in some areas.
EIA analysis: US crude stocks fall 1.314 million barrels as refiners up runs
By News Desk | March 20, 2013 04:39 PM Comments (0)
US crude inventories fell 1.314 million barrels last week as refiners raised runs, data from the US Energy Information Administration showed Wednesday. Refiners pushed utilization up 2.5 percentage points to 83.5% of capacity, with the Midwest leading the way. Read the Platts analysis.
EIA analysis: maintenance season impact is clear
By News Desk | March 13, 2013 05:44 PM Comments (0)
This week’s Energy Information Administration statistics are sort of what you’d expect during heavy maintenance season: a build in crude stocks, a drop in product stocks, and a decline in refinery runs. You can read Platts’ analysis here.
The issue of crude oil exports is getting closer, according to Ed Morse
By John Kingston | February 28, 2013 11:24 PM Comments (2)
A year ago at the Platts North American Crude Oil Marketing conference, much of the talk was about how growing supplies of US-produced crude oil were disrupting markets in the lower 48.
At the event this year, the scope of the discussion got a little bigger. It was more about the whole world.
Citi’s Ed Morse, a long-time observer and analyst of the oil industry, said the growing surge of US production is going to hit Washington with a quandary soon: what is the US going to do about growing imbalances that can probably only be fixed by exporting crude oil, specifically the light sweet kind that comes out of the Bakken and Eagle Ford deposits?
“Washington needs to come to grips with what to do with this surplus,” Morse said. “The current restrictions will be the focus of a major debate.”
EIA analysis: another build in crude oil stocks
By News Desk | February 27, 2013 04:01 PM Comments (0)
On the same day that the Energy Information Agency reported the lowest US net petroleum import dependence since the early 90′s, the same agency reported yet another build in crude oil stocks. The two aren’t really linked: the import dependence figure is from December, and the stocks are from last week. But it’s all part of a decent level of supply for the US. Read the Platts analysis.
EIA analysis: big build in crude oil stocks
By News Desk | February 21, 2013 05:27 PM Comments (0)
Crude stocks in the US soared last week, as refineries went into maintenance and the US continued to produce more crude. Read the Platts analysis.
EIA/API analysis: small rise in crude output, but back over 7 million b/d
By News Desk | February 13, 2013 03:13 PM Comments (0)
This week’s Energy Information Administration numbers don’t show any huge shifts, but it’s the third time in past few weeks that US crude production topped 7 million b/d. You can read Platts’ analysis this week here.