Posts Tagged ‘crude oil’

Oil demand, prices and decelerating US supply

Global oil supply and demand forecasts for 2015 have changed significantly recently, but these changes have largely cancelled each other out: the outlook is still one of a market roughly in balance. However, this ignores the tectonic shifts taking place under the surface. US output growth is decelerating. If futures markets pre-empt this, as they did in February, they risk reversing it, which could produce another drop in prices, as Ross McCracken, managing editor of Platts Energy Economist, explains.

Read the rest of this entry »

Infographic: Platts Light Houston Sweet

Much has been made of the domestic light sweet crude flooding US markets, and we attempted to capture some key points about some of that oil in this infographic centered on one of Platts key price assessments: Light Houston Sweet. For a limited time, we’ll be sharing weekly LHS wraps in the Light Houston Sweet Analysis feature, and we’re also sharing the daily price assessment of Light Houston Sweet and how much it rose/fell on Twitter with the hashtag #PlattsLHS. Click on the infographic to see a larger version.

Read the rest of this entry »

EIA analysis: Production, lower crude oil runs boost US stocks

US refineries scaled back for the week ended February 20 as part of the ongoing maintenance season, contributing to US commercial crude oil stocks building to a record 434.1 million barrels, according to the latest data from the US Energy Information Administration.

The stocks increased 8.4 million barrels, more than double the amount expected by analysts surveyed by Platts on Monday. Production also rose, and more details of the latest EIA data can be found in the Platts analysis here.

Desperate times call for inventive measures in Japanese crude buying

Huge inventory losses brought on by the plunge in oil prices in the second half of last year prompted Japanese refiners, desperate to eke out margins, to switch away from some of their staple heavy crude imports from the Middle East in favor of spot barrels from Russia and even far-away Mexico.

Read the rest of this entry »

New Frontiers: Price drops could reset African crude production expectations

With spending cutbacks already taking their toll on global upstream activity, oil companies are being forced to rethink their approach to Africa’s vulnerable high-risk, high-reward exploration frontiers.

Read the rest of this entry »

EIA analysis: Crude oil stocks at Cushing, Oklahoma, climb toward record level

After rising yet again, US crude oil stocks totaled 425.6 million barrels for the week ended February 13, according to the most recent data from the US Energy Information Administration. The release of the data was delayed due to Presidents Day.

Read the rest of this entry »

Will crude prices weigh on the US export debate?

There’s relatively widespread consensus among analysts and academics that the White House is unlikely to do anything on crude exports in the near term, and many believe President Obama may not touch the issue before he leaves office in January 2017.

What’s less clear is how the newly-Republican controlled Congress will deal with the issue and how crude prices will influence the possible debate.

Will the recent plunge in crude oil prices bolster the case for an end to restrictions on US exports or could relatively low prices deflate the argument for loosening the long-standing US crude export regime?

On the other hand, will crude prices have little to no impact on domestic export policy?

Read the rest of this entry »

EIA analysis: Keeping the streak alive, US crude stocks set another record

For the third week in a row, US crude oil stocks as reported by the US Energy Information Administration set a record. Stocks totaled 417.9 million barrels for the week ended February 6, according to the latest data, up 4.9 million barrels from the previous week and surpassing analysts’ expectations. The rise also comes despite refineries running at higher rates than usual for this time of the year. To read the full Platts analysis of the latest data, click here.

Australian oil and gas producers tighten belts

Just as their bigger international counterparts have moved quickly and decisively to cut capital expenditure by around 25% in the wake of the recent rout in oil prices, Australia’s oil and gas players have also been tightening their belts and reassessing asset values.

Amid moves that have left some analysts mildly surprised at the speed of the global industry’s reaction to the current downturn, the major Australian players have hit the pause button on spending.

Read the rest of this entry »

At the Wellhead: Considering Russia’s crude oil production in 2015

Russia’s status in the global oil world is hard to top, but that doesn’t mean the country’s production is guaranteed. As Rosemary Griffin explains in this week’s At the Wellhead column from Oilgram News, questions abound about whether Russia’s current oil production (and profit) trends can continue. Read the rest of this entry »