From Bloomberg Iran-owned tankers continue to haul shipments to bonded tanks, oil held by Iran’s state-owned producer and Chinese companies Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports, creating a hoard of crude sitting on the doorstep of the world’s biggest buyer. Two and a half months after the White House banned the
By Tyler Losier, Energy Reporter, Oil & Gas 360 Vaca Muerta production growth leads to LNG exports In the past few years, Argentina’s natural gas production has been steadily rising, mainly due to an increased focus on the Vaca Mueta shale and tight gas play, located in the Neuquén Basin. Currently, production from the Vaca Muerta accounts for 23% of
By Tyler Losier, Energy Reporter, Oil & Gas 360 The United States has been a net exporter of natural gas since 2017 In the United States, natural gas is one of the most prevalent sources of energy, and according to the EIA, in 2018, 90% of the natural gas consumed by Americans was produced domestically. In general, thanks to the
By Tyler Losier, Energy Reporter, Oil & Gas 360 Two vessels seriously damaged after seemingly intentional strike Two tankers were attacked Thursday near the Strait of Hormuz in the Gulf of Oman, leading to a spike in oil prices as markets opened today. U.S. officials are blaming Iran for the incidents; however the country has vehemently denied any involvement. Source:
Domestic production has reduced imports approximately 83% since peak As of March of this year, the EIA estimates that the United States Gulf Coast imports approximately 1.8 million barrels of crude oil per day (BOPD), the lowest recorded rate since 1986. The highest recorded rate of imports occurred in Mach of 2007 when the average was approximately 6.6 million BOPD.
From Bloomberg Over two million barrels a day of new pipe capacity planned, Storage capacity at Cushing could reach 100 million barrels America’s largest oil hub in Cushing, Oklahoma, is growing even as producers and traders look to move surging West Texas production to the coast for export. The U.S. petroleum industry is planning to build about 4.8 million barrels
From the Grand Junction Sentinel Oregon energy researcher and consultant Robert McCullough has done work in the liquefied natural gas realm while keeping an eye on the controversial Jordan Cove LNG proposal in his home state. “We were watching the hubbub around Jordan Cove and I said, ‘you know, nobody really believes this is going anywhere. Why don’t we write
Guidance: production above, CapEx below By Richard Rostad, analyst, Oil & Gas 360 EOG Resources (ticker: EOG) announced first quarter results today, showing net income of $635 million, or $1.10 per share. EOG reported much smaller derivative losses than many E&P companies this quarter, with derivative losses of only $20.5 million. After adjusting for derivatives and other charges, EOG earned
From Bloomberg Oil trader Paul Vega is at the vanguard of shale’s next revolution. Driving his pick-up truck through the heartland of the Permian basin — the vast tract of west Texas scrub where one of history’s greatest oil booms means miles-long traffic jams — Vega says there’s more crude being pumped than America’s refineries can absorb. Today, the primary
From the Houston Public Media U.S. Secretary of State Mike Pompeo said the United States’ growing energy dominance helps its geopolitical goals. Speaking at the CERAWeek energy conference in Houston last week, Pompeo said the United States is not just exporting energy, but also its commercial values. “Our model matters now, frankly, more than ever in an era of great power rivalry
Soaring imports drive new record in crude and products shipments By Richard Rostad, analyst, Oil & Gas 360 The U.S. has become a major presence in the global petroleum trade, with gross imports and exports reaching an all-time high in 2018. The EIA reports the total U.S. imports and exports of crude and refined products reached 17.5 MMBPD in 2018,
LNG Exports, falling oil imports break 66-year pattern The EIA has released its Annual Energy Outlook, examining major trends in energy in America through 2050. Perhaps the most significant projection made by the EIA in this year’s AEO regards the country’s trade in oil and gas. The U.S. is expected to become a net energy exporter by 2020, a major
