All eyes in the US oil market are currently focused on the small town of Cushing, Oklahoma, located 70 miles northeast of Oklahoma City. Available capacity at one of the world’s largest crude oil storage hubs is filling up fast and that has considerable market implications because Cushing is the delivery point for US benchmark… Keep reading →
Bulging inventories are expected to continue to build at the biggest US oil-storage facility, putting more downward pressure on crude prices and adding to calls on the federal government to legalize exports, analysts said. The amount of oil stored at the Cushing Hub in Oklahoma rose to 48.18 million barrels in the week ending Feb.… Keep reading →
The Japanese government has softened its anti-nuclear power strategy, which could open the way to existing reactor restarts and possibly even new plant construction. The post-Fukushima shutdown of the country’s nuclear fleet has led to increased electricity prices, eroded the trade balance and spiked fossil fuel imports, which are unsustainable conditions according to a new… Keep reading →
Louisiana Democrat Mary Landrieu took over as head of the influential Senate Energy Committee yesterday, as outgoing Chairman Ron Wyden took the lead role at the Senate Finance Committee, which was vacated when Max Baucus was confirmed ambassador to China. “Landrieu confirmed that her signature bill to expand the amount of federal offshore oil-and-gas royalty… Keep reading →
Oil prices had risen on hopes of a US debt deal….but have dipped again since a deal was reached. “U.S. futures slid to their lowest since early July, as stockpiles in the Cushing, Oklahoma oil hub reversed a months-long decline and as signs of progress in talks over Iran’s nuclear program pressured prices.” [Reuters] Petrobras workers are striking to protest foreign… Keep reading →
The US became a net-exporter of oil products like gasoline and diesel fuel in 2011 for the first time since 1949 and oil product exports have steadily increased since that point. US refiners found a new lease on life – after several East Coast refinery closures – by purchasing Bakken crude at a discount to… Keep reading →
As new infrastructure is constructed to move oil in and out of the US storage hub in Cushing, Oklahoma, the volume and quality of the crude stored at any given time is becoming increasingly difficult to calculate, confounding traders of benchmark WTI. [Reuters] Former EPA chief Lisa Jackson took a job promoting energy efficiency at… Keep reading →
