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THIS WEEK IN PETROLEUM REPORT RELEASE – May 16, 2012
This Week In Petroleum
Cushing crude oil inventories at record levels

Crude oil inventories at the Cushing, Oklahoma storage hub reached a record 45.1 million barrels on May 11 (Figure 1), after rising 16.9 million barrels since January 13, a marked contrast to the relatively flat level of inventories over January through April in recent years.

The increases have come ahead of the Seaway pipeline reversal, expected to commence this week, and are largely the result of growing U.S. inland production and increasing imports from Canada. However, with the imminent reversal, the inventory builds have not weighed disproportionately on West Texas Intermediate (WTI) crude oil prices, which have held up relatively well against global crudes such as Brent over the past few months.
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Yes Jim and as soon as they release the pressure in Cushing prices should drop. If the dollar keeps getting stronger commodity prices will start to fall and people will have more money to spend and business will start to prosper and start hiring new employees, but I imagine the Administration won't like that and here comes QE3, down goes the dollar, Up goes gas and oil and UP goes the prices of food, with all that whatever gains that were made in the employment situation will be lost with the rest.
 
Sensei said:
I'm always tempted to use this .gif at work, but somehow I don't think the principal would see the humor.
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Yeah, I can imagine in Japan they are a little stiff in the shirt about Western humor..

But hey, at least you didn't wuss out and put "editied due to content" in your quote of my post to seem like a holy roller and try to make me look bad....:D
 
May 18, 2012, 12:01 a.m. EDT
Don’t completely give up on oil just yet

Iran oil premium shrinks, but WTI prices may touch a floor at $85


By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures have lost nearly 12% so far this month, putting a dent in the confidence of even the most bullish of investors and analysts, but there are still some potential price-lifting factors for oil lurking in the backdrop.
Don
 
Environmental Groups Seek to Halt Shell's Alaska Drilling Plans:nuts:
by Karen Boman
Rigzone Staff

Thursday, May 17, 2012

Several environmental groups on Wednesday filed a lawsuit in the Ninth Circuit Court of Appeals in San Francisco in an effort to halt Shell's drilling plans in the Chuchki Sea offshore Alaska.
Earthjustice is representing the groups that are petitioning the court to review the U.S. Environmental Protection Agency's (EPA) decision to issue a Clean Air Act permit for Shell's operations at the Kulluk conical drilling unit. EPA provided notice of its air permit decision in the Federal Register on May 8.
"In approving the air permit for the Kulluk, EPA violated the Clean Air Act and applicable regulations," the groups said in their filing, noting that the EPA's decision has adversely affected the petitioners and their members.
"The EPA approved these permits without ensuring that all air quality requirements are met and without requiring Shell to install all the controls it should have," said the coalition of organizations in a statement on Earthjustice's website.
The environmental groups participating in the lawsuit include:

  • Earthjustice
  • Alaska Wilderness League
  • Center for Biological Diversity
  • Natural Resources Defense Council
  • Northern Alaska Environmental Center
  • Pacific Environment
  • Resisting Environmental Destruction on Indigenous Lands
  • Sierra Club
  • The Wilderness Society.
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RIGZONE - Environmental Groups Seek to Halt Shell's Alaska Drilling Plans
 
nnuut said:
Environmental Groups Seek to Halt Shell's Alaska Drilling Plans:nuts:
by Karen Boman
Rigzone Staff

Thursday, May 17, 2012


RIGZONE - Environmental Groups Seek to Halt Shell's Alaska Drilling Plans
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Seems only fair, seeing that Shell Oil sued the environmentalists first:

http://www.nytimes.com/2012/03/05/us/shell-files-pre-emptive-lawsuit-over-alaska-drilling.html?_r=2


I predict the judges will throw out both lawsuits, and Shell will plant four wells up there in the next few months. We'll see.
 
You know I really don't want anyone spoiling our environment but, these people are way out of line in more ways than one.
smileytreehugger.gif​
 
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