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 →
Record setting US oil production growth is altering physical oil flows, flipping supply-demand fundamentals and leaving market observers searching for tools that can provide insight into these new price formation elements. Pipeline reversals and infrastructure expansion along the Gulf has debottlenecked the Cushing, Oklahoma storage hub, which has redrawn traditional oil grade basis differentials. Energy market… 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 →
Head of TransCanada’s Keystone XL project Les Cherwenuk has faulted Republicans for delaying the completion of the Keystone XL pipeline. A Republicans mandate in 2012 requiring President Obama to make a decision on the pipeline was issued before materials needed for approval were complete, he said. “He couldn’t [approve the project] fundamentally , since the work… Keep reading →
By Sri Jegarajah The risk of a disorderly decline in benchmark U.S. crude futures is growing after a four-week rally sent prices to 16-month highs and money managers amassed record bullish bets, defying an economic slowdown in China and the North American shale energy supply boom. WTI (West Texas Intermediate, the oil grade underpinning the U.S. crude futures… Keep reading →
US tight oil production has already helped to shave somewhere on the order of $20-$25 per barrel from Brent crude oil prices, and continued output growth has the potential to further impact global pricing, according to Energy Information Administration (EIA) Administrator Adam Sieminski. The uptick in US oil production – which rose to 6.5 million… Keep reading →
