Posts Tagged ‘EIA’

Mixed signals: Weighing the fate of US shale oil supply

Aside from a brief blip, oil prices have remained stubbornly below $50/b in recent weeks despite fresh concern over global demand and rising geopolitical tensions. On the supply side, the market’s gaze has gravitated to that most closely watched of oil market variables — the response of US shale output to weaker oil prices.

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Has US shale rendered spare capacity irrelevant? At the Wellhead

In this week’s Oilgram News column, At the Wellhead, Herman Wang  looks at how the resilience of shale and the proliferation of US oil production has pushed the US into a new role as the world’s swing producer.

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US crude oil export state of play

On Thursday, a House Energy and Commerce subcommittee passed HR 702, which would repeal all limits on US crude exports. The US Energy Information Administration claims that a crude export policy shift would likely have a relatively minimal impact on overall export levels, causing, at most, 1.5 million b/d of crude exports over current levels, but only in the most extreme case the agency looked at.

Still, the policy has ignited a fierce lobbying battle between producers, who claim they need access to the world market to compete in the current low-price environment, and some refiners, who claim a policy change will hinder the domestic refining industry.

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Bragging rights: So who is the world’s top oil producer?

Earlier this month, BP’s latest Statistical Review unintentionally reopened a debate into whether the US has regained the crown as the world’s top oil producer after decades of being out-gunned by Saudi Arabia and Russia.

Ostensibly a straight-forward measure of which country tops the leaderboard on oil output, BP’s widely-read yardstick has the US eclipsing both Saudi Arabia and Russia for the first time last year since 1975. Fueled by booming shale oil, BP said, US oil output hit 11.64 million b/d last year, a narrow but decisive margin over Saudi Arabia’s 11.51 million b/d.

The devil is in the detail, however, and BP’s numbers raise the long-standing and slippery issue of what actually counts as oil.

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Canadian oil producers need to learn lessons from Keystone XL saga: New Frontiers

Canada is pursuing projects that will have a major impact not only on national production, but on the North American oil landscape as a whole, as Ashok Dutta explains in New Frontiers, this week’s Oilgram News column.

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US crude build not seen since 2001 shakes up prices: EIA analysis

US commercial crude oil stocks lifted to 482.393 million barrels for the week ended April 3 after adding 10.949 million barrels, the largest weekly build since 2001, according to the latest data from the US Energy Information Administration.

Even before the bearish data came out, NYMEX crude oil futures were trading in the red this morning, but the front-month contract dipped as low as $51.46/b after the news, falling $2.52/b. To read the full Platts analysis of the data, click here.

Crude oil stocks at Cushing, Okla., continue growing: EIA analysis

Total US commercial crude oil stocks built for the 12th consecutive week, rising 4.766 million barrels for the week ended March 27, according to data released today by the US Energy Information Administration.

Stocks now top more than 471 million barrels, and stocks at Cushing, Oklahoma, increased 2.63 million barrels to 58.94 million barrels. Since mid-June 2014, when NYMEX crude oil future prices began falling, production has decreased on a weekly basis only five times, indicating that the wave of US oil is no joke. (The terrible April Fools’ allusion was required.) To read the full Platts analysis — with a promise of no more terrible jokes — click here.

US commercial crude stocks continue build: EIA analysis

While US crude oil production was almost flat for the week ended March 20, total commercial stocks increased 8.170 million barrels to 466.678 million barrels, according to data released today from the US Energy Information Administration.

Refineries were slightly more active during the week, with the utilization rate increasing 0.9 percentage point to 89% of operable capacity. Maintenance season has kept utilization rate under 90% since January 16, with the exception of one week. To read a total breakdown of the latest EIA data, see the Platts analysis here.

EIA analysis: US oil stockpiles, production rose last week

The latest data from the US Energy Information Administration shows US crude oil stockpiles rose 9.62 million barrels during the week ended March 13, again surpassing analysts’ expectations about the build. At 458.51 million barrels, US stockpiles for this time of year are at the highest level seen in at least 80 years, the EIA said. Learn more about crude oil production, imports, refinery demand and regional stocks in our latest Platts analysis, which you can read here.

EIA analysis: US crude stocks grow, likely to continue building

After a few weeks of higher-than-expected stock builds, analysts did a great job of pegging the build to US commercial crude  stocks for the week ended March 6.

According to the latest data from the US Energy Information Administration, stocks rose 4.5 million barrels for the week, just a bit above analysts’ expectations. The inventories now come in at 448.9 million barrels, pushing further into record-high territory. The data was also released just a day after the EIA said it expects US crude oil production to increase to 9.35 million b/d in 2015 and 9.49 million b/d in 2016 and that inventories are likely to continue growing over the next couple of months.

For the full Platts analysis of the latest EIA oil data, click here.