February 24, 2016
CRUDE OIL INVENTORY/’000 bbls
(Week Ended 2/19/16)
Current: 507,607
Actual Build/(Withdrawal): 3,502
Economist Average Estimate: 2,417
Previous: 504,105 |
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CRUDE OIL IN THE MEDIA
Shell Oil Company President Marvin Odum to Retire – Oil & Gas 360
Royal Dutch Shell (ticker: RDS.A; Shell.com) has announced that after a 34-year career with the company, Unconventional Resources Director and U.S. Country Chair, Marvin Odum, will leave Shell at the end of March. Since joining Shell as an engineer in 1982, Odum held a number of commercial and technical leadership roles. He has held the position of U.S. Country Chair and President of Shell Oil Company since 2008, and joined Royal Dutch Shell’s Executive Committee as Upstream Americas Director in July 2009. – Read More
Oil Prices Tumble as Saudi Oil Minister Says ‘No Chance’ of Production Cuts – Oil & Gas 360
Both U.S. and international benchmark crude tumbled more than 4% this morning after making gains in the last week. The culprit was the comment from Saudi Arabian Oil Minister Ali al-Naimi that production cuts are not coming from OPEC’s largest producer. Hopes that a surprise deal to freeze production among Saudi Arabia, Russia, Qatar and Venezuela might be the first step towards eventual production cuts were overturned as Naimi made clear that Saudi Arabia would not seek to cut production. – Read More
PDC Energy Continues Growth with Strong Balance Sheet – Oil & Gas 360
PDC Energy (ticker: PDCE, PDCE.com) released its year-end 2015 and fourth quarter operating and financial results, showing increased reserves, production and cash from operations for the year. According to the company’s press release, production from continuing operations increased 65% to 15.2 million barrels of oil equivalent, or 42,100 barrels of oil equivalent per day, from 2014. – Read More
Oil Pares Losses as EIA reports 3.5M Barrel U.S. Crude Stockpile Build – CNBC
Oil futures slightly pared losses as government data showed a much smaller build in U.S. crude inventories than an earlier industry report suggested. Commercial crude stockpiles rose by 3.5 million barrels to a total of 507.6 million barrels, according to the Energy Information Administration. The American Petroleum Institute (API), an industry group, said on Tuesday crude inventories rose by 7.1 million barrels last week, far exceeding expectations of a 3.4-million-barrel rise. – Read More
Iran oil minister says output freeze plan is ‘laughable’
A proposal by global oil producers to coordinate a production freeze is “laughable” because it does not allow Iran to regain the market share it lost during sanctions, Iran’s oil minister was quoted as saying on Tuesday. “Some of our neighbors have increased their production to 10 million barrels a day in recent years and export this amount, and now they have the nerve to say we should all freeze our production together,” Bijan Zanganeh was quoted as saying by the Iranian student news agency ISNA. “So they should freeze their production at 10 million barrels and we should freeze ours at 1 million barrels — this is a laughable proposal,” he said. – Read More
Low oil prices affecting Suez canal – ShareCast News
Canals were the latest industry to be affected by the downturn in oil, with new analysis from Port Overview suggesting the Suez was being particularly affected. Both cellular overcapacity and low bunker fuel costs have led carriers to divert multiple sailings away from the primary arteries and around the southern African cape over the last year, the report shows. Since the end of October last year, 115 vessels on Asia-US East Coast and Asia-North Europe sailings had made the trip around the Cape of good Hope, rather than through the canals, despite using them on the head-haul legs. “Normally, 78 of those voyages would have gone through the Suez Canal,” the Port Overview report said. – Read More
US Election 2016: Democratic Proposals To Ban Drilling On Federal Lands Would Hamper US Oil Output – International Business Times
The U.S. could hit record levels of oil production in the next five years, but whether that happens might depend on who wins the White House this fall. Hillary Clinton and Bernie Sanders, the Democratic presidential contenders, have both vowed to end fossil fuel development on federal lands to combat climate change. A ban on new oil and gas leases would eliminate substantial future U.S. oil supplies and reverse the country’s rise as one of the largest energy producers in the world, critics said. – Read More
The Trickle of U.S. Oil Exports Is Already Shifting Global Power – Bloomberg
The sea stretched toward the horizon last New Year’s Eve as the Theo T, a red-and-white tug at her side, slipped quietly beneath the Corpus Christi Harbor Bridge in Texas. Few Americans knew she was sailing into history. – Read More
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