Reuters HOUSTON – Vastly slower U.S. oil growth this year and the prospect of a plateau for the world’s top oil producer have signaled a new and unfamiliar era of self-restraint for the go-go shale industry. Spending cuts and production declines common to shale wells mean U.S. output growth is expected to brake from 2019’s pace that pushed domestic production
Houston Chronicle Oil held above $60 a barrel before U.S. government data forecast to show that crude stockpiles declined again, mitigating concerns that global markets face a renewed surplus next year. Futures rose 0.4 percent in New York. American crude inventories fell by 1.7 million barrels last week, according to a Bloomberg survey before Energy Information Administration data on Friday
Reuters LONDON – Oil edged higher on Wednesday as Iran-related tensions escalated but receding hopes for a quick solution to the U.S.-China trade war which has dented global growth dragged on prices. West Texas Intermediate crude futures CLc1 traded up 23 cents, or 0.42%, to $55.44 a barrel by 1225 GMT. Brent crude futures LCOc1 were at $61.23 a barrel,
Wall Street Journal The U.S. blacklisting of the Cosco tankers set tanker freight rates on fire, but maritime fundamentals will keep prices high Crude oil exporters and users probably should get used to high shipping costs. The freight-rate roller coaster that was triggered by geopolitical events in September may have leveled off, but fundamentals in the shipping industry are only
Houston Chronicle Houston pipeline operator Enterprise Products Partners reported a $1 billion profit during the third quarter but missed Wall Street revenue expectations amid weaker commodity prices for crude oil, natural gas and natural gas liquids such as ethane, propane and butane. Enterprise reported a $1 billion profit on nearly $8 billion of revenue during the third quarter. The figures
Source: EIA As U.S. crude oil export volumes have increased to an average of 2.8 million barrels per day (b/d) in the first seven months of 2019, the number of destinations (which includes countries, territories, autonomous regions, and other administrative regions) that receive U.S. exports has also increased. Earlier this year, the number of U.S. crude oil export destinations surpassed the
Reuters: U.S. crude exports to Asia, which have slumped due to record freight costs, stirred on Thursday as rates slid and the premium in Asia for Russia’s ESPO Blend oil sent buyers back to U.S. grades, according to market sources. Oil shipping costs for United States Gulf Coast to Asia cooled this week from record highs on the prospect of
Source: Reuters LONDON (Reuters) – Oil prices fell on Thursday as industry data showed a larger-than-expected increase in U.S. inventories but losses were limited after Britain and the European Union announced they had reached a deal on Brexit. Global benchmark Brent crude LCOc1 was down 37 cents at $59.05 a barrel by 1330 GMT. U.S. WTI crude CLc1 was also
Source: Houston Chronicle Soaring oil-tanker costs are drying up activity in the U.S. export market as sellers are slow to lower offers and buyers are skittish, according to market participants. Some sellers have held back from offering cargoes, while others have yet to reduce their offers enough to accommodate the rising cost of shipping oil, according to 10 market participants.
Eagle LNG Partners LLC (“Eagle LNG”) announced that the U.S. Federal Energy Regulatory Commission (“FERC”) has issued the order granting authorization for siting and constructing its proposed on-water Jacksonville LNG Export Facility. The liquefied natural gas (“LNG”) export facility and terminal, planned in Jacksonville, Florida, will have a production capacity of approximately 1.65 million LNG-gallons per day with 12 million
Source: Reuters – Decades ago, a distiller in Scotland discovered the marketing power of “single malt” whisky, untouched by blending – a technique now being embraced by sellers of Texas crude oil. The United States is selling more oil overseas than ever, and refiners in Europe and Asia are scrutinizing the quality of that oil after some shipments of U.S.
From CNBC An escalating trade war between the world’s two largest economies is negatively impacting the outlook for U.S. crude shipments, energy analysts have warned, amid fears that China could soon dramatically reduce its intake of American oil. Trade tensions between Washington and Beijing prompted some external observers to warn the outlook for China-bound U.S. crude shipments was firmly skewed
