The U.S. House of Representatives passed the FY17 National Defense Authorization Act (NDAA), which authorizes $602 billion in funding for the Department of Defense and the national security programs of the Department of Energy. While defense spending has little effect on the oil and gas market compared to other factors, there was a provision in the bill that will affect
Libya’s national oil company confirms 660 MBO shipment from Hariga port Oil prices have resumed a familiar behavior: volatility. In the past five days or so, WTI has traded below $46.50 and pushed toward $49 on the 18th and 19th, with a downtick today below $48. Analysts cite unknowns in Canada and an agreement between opposing factions in Libya. Some
In late January the U.S. House of Representatives approved H.R. 351, the LNG Permitting Certainty and Transparency Act. The bill was designed to accelerate the approvals of U.S. liquefied natural gas (LNG) exports. Rep. Bill Johnson (R-OH), Energy and Commerce Committee member wrote the bill “to put an end to the unnecessary obstructive delays” by the Department of Energy (DOE)
While overall U.S. crude oil imports decline, the U.S. continues to increase imports of Canadian crude oil The total amount of crude oil imported into the U.S. has steadily declined since a peak in 2005 when imports averaged 10.1 MMBOPD, but trade of Canadian crude into the U.S. continues to grow. Canadian crude oil accounted for 43% of gross crude
Slowing demand and increasing production puts North America on track for net liquids exports BP (ticker: BP) released its 2016 Energy Outlook – Focus on North America today. In the repost it forecasts that increasing oil and gas production, mixed with lower demand in North America, will lead to net exports by 2021. Liquids consumption is expected to decline by
U.S. posts trade surpluses with OPEC in 10 of the last 12 months as oil prices remain low; a U.S. surplus with OPEC has only happened three times in past 30 years Data released from the U.S. Census Bureau showed a record-setting trade surplus with OPEC for the month of February. Cheap oil, a strong dollar and slow growth abroad
Natural gas production has increased aggressively over the last 10 years after the shale revolution unlocked the door to vast new resource potential. In the U.S., marketed natural gas production has increased from 53.2 Bcf/d in 2006 to 78.9 Bcf/d in 2015, an increase of 48.3% according to EIA statistics. The increase in natural gas production has also created a
New Revenue Source: Iraq ships 10,000 standard cubic feet of gas in first ever export The first ever natural gas export left Iraq’s southern coast yesterday, according to reports from the Associated Press. The historic shipment comes as the Iraq government looks for new sources of funding amid low oil prices and an ongoing battle with ISIS leave the country
With so much oil being produced in the U.S. and nowhere to store it, why are we still importing? Crude oil stocks continued to build last week to levels well above the five-year average as global oversupply persists. Production in both OPEC and non-OPEC countries is beginning to decline, according to information from the IEA, but demand still has not
U.S. remains a net exporter of coal, exporting 74.0 MMst in 2015 Flows of coal in and out of the United States showed a net decline in 2015, with coal exports falling 23% while imports remained relatively unchanged. The U.S. remained a net exporter, however, with 74.0 million short tons (MMst) of net outflows on the year. 2015 marked the
China net fuel exports down 76% month-over-month China’s net fuel product exports fell 76% in January from the final month of 2015 to 350,000 metric tons, the lowest level since June, according to Bloomberg. China’s net exports reached the seven-month low as refiners chose to sell more fuel at home after the government stopped cutting domestic prices. The government had
Exports of both crude oil and natural gas fell; imports of energy products increased The U.S. international trade deficit in goods and services increased to $43.8 billion in June from $40.9 billion in May, according to the U.S. Census Bureau. Exports decreased to $188.6 billion in June from $188.7 billion in May. Goods were $127.6 billion in June, down from
