EIA In the first half of 2020, the United States exported 5.4 million barrels per day (b/d) of petroleum products, a slight increase of 48,000 b/d (1%) from the first half of 2019. Greater exports of propane and other hydrocarbon gas liquids (HGLs) more than offset declines in U.S. exports of transportation fuels such as gasoline, distillate fuel oil, and
In a federal tax refund case with significant implications for the oil and gas industry…
BOE Oil & Gas 360 Publisher’s Note – This is an excellent example of the courts taking one side of the energy market and hurting many people. This is a bad short term decision, and is bad for Canada and the United States. A court decision in Michigan could have major implications for the energy security of Ontario and Quebec. Last
Rystad Energy Following the publication of the upstream industry’s first quarter results, a Rystad Energy analysis reveals a gloomier investment-budget picture than previously thought. Global spending is now forecasted to reach $383 billion this year, the lowest level in 15 years and a staggering 29% decrease of $156 billion compared to 2019. With 2019’s upstream investments calculated at $539 billion, the decline is set
RarePetro Oil & Gas 360 Publishers Note: Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any kind of recovery on our producers. This brings up the question: Should Donald Trump, or Congress, get involved in eliminating
Oil&Gas Impacts are being felt across the energy world, from fuel and power supply to efficiency, with serious implications for energy security and clean energy transitions Oil & Gas 360 Publishers Note: Carla Sertin writes an excellent summary of the world wide impact across all energy sectors. We are seeing even further disruptions and ramifications in other markets coming as
Rare Petro Oil & Gas Publishers Note: This is an outstanding case study from Kevin Olson at Rare Petro. He does a great job covering the global oil demand inflection points. Abstract The dual black swan events of 2020 have thrown supply and demand far out of equilibrium but with China purchasing crude again and various parts of the United
CNBC The U.S. oil industry reacted to cratering oil prices by cutting production by 900,000 barrels a day in just a month in what appears to be the biggest one-month decline since the financial crisis. U.S. government data shows that U.S. production fell to 12.2 million barrels a day last week. That’s off 100,000 barrels in a week, but down
The Economic Times NEW YORK: Phillips 66 Partners LP will offer shippers storage on its Gray Oak crude oil pipeline system in Texas because of an urgent need for tank space, the company said on Friday, as an oil glut in the United States worsens from a sharp falloff in fuel demand. Crude storage space has quickly filled since the coronavirus pandemic has halted
Oil & Gas 360 PRwire Oil & Gas 360 Publishers Note: As we covered on the 360 Digital Closing Bell, President Trump gave a hint about this on his Thursday’s Corona -19 press conference, and then followed through with his Friday morning tweet that affected the markets. President Donald Trump on Friday met with the chiefs of major oil companies
Houston Chronicle Crude oil production and exports soared during the last week of February while U.S. inventories grew slightly, a new report from the Department of Energy showed. During the last week of February, the United States produced a record 13.1 million barrels of crude oil per day and exported nearly 4.2 million barrels of that production, a Wednesday morning
Reuters Oil & Gas 360 Publishers Note: “Light sweet crude contains more naphtha, used in petrochemicals, and also has a lower sulphur content, making it suitable for very low sulphur fuel oil, which has been mandated for shipping since the start of 2020.” This is very critical for world wide use in shipping vessels, and is supplied by the Permian.
