Oil Slick Stuff

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[TD="class: econo-reportname, colspan: 2"]EIA Petroleum Status Report
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[TD]		PriorActual
Crude oil inventories (weekly change)
Gasoline (weekly change)
Distillates (weekly change)

[TD="class: econo-releaseinfo"] Released On 12/30/2015 10:30:00 AM For wk12/25, 2015 [/TD]

[TD="class: actual_consensus_box_numbers"]-5.9 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 2.6 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]1.1 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 0.9 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]-0.7 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 1.8 M barrels [/TD]
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[TD="colspan: 2"] Highlights
Oil inventories rebounded in the December 25 week, up 2.6 million barrels to 487.4 million. Gasoline inventories rose 0.9 million barrels while distillate stocks jumped 1.8 million. Refineries operated at 92.6 percent of capacity. U.S. crude oil imports averaged 7.9 million barrels per day last week, up by 566,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.9 million barrels per day, 4.7 percent above the same four-week period last year. [/TD]
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Economic Calendar - Bloomberg
 
After 40 years, first U.S. crude exports about to ship
Let the era of U.S. oil exports begin.
ConocoPhillips Co. COP, +0.65% and NuStar Energy LP NS, +2.64% on Thursday plan to finish loading what will be the first tanker of freely traded U.S. crude oil in 40 years.

Published: Dec 30, 2015 8:26 p.m. ET

The companies have jumped ahead of Enterprise Products Partners LP, which said last week that it would load the first cargo of American crude in Houston during the first week of January.

It has been less than two weeks since President Barack Obama signed legislation lifting the long-standing ban on exporting U.S. oil., which was put into place during the 1970s.
The first shipment of U.S. crude could sail from NuStar’s dock in Corpus Christi, Texas, as early as New Year’s Eve. ConocoPhillips pumped the oil from the Eagle Ford Shale formation in South Texas.[more]
After 40 years, first U.S. crude exports about to ship - MarketWatch
 
First U.S. Oil Export Leaves Port, Marking End of 40-Year Ban

Source: Bloomberg

December 31, 2015 — 5:26 PM EST

The first U.S. shipment of crude oil to an overseas buyer departed a Texas port on Thursday, just weeks after a 40-year ban on most such exports was lifted.

The Theo T tanker has left NuStar Energy LP’s dockside facility in Corpus Christi, Texas, along the western shore of the Gulf of Mexico, Mary Rose Brown, a spokeswoman for NuStar, said in an e-mail. The ship is carrying a cargo of oil and condensate from ConocoPhillips’s wells in south Texas that was sold to Swiss trading house Vitol Group.

A campaign by oil explorers including Continental Resources Inc., Chevron Corp. and Exxon Mobil Corp. to lift the 1970s-era export prohibition culminated in a Dec. 18 congressional decision to end the ban.

Vitol, which owns stakes in refineries from northern Europe to Australia, has a second cargo of U.S.-sourced crude scheduled to depart a Houston port within days.

Read more: First U.S. Oil Export Leaves Port; Marks End to 40-Year Ban - Bloomberg Business
 
And exactly who is this company that bought the first shipment of exported AMERICAN crude oil?

Vitol.

History:

In 2007, Vitol pleaded guilty to grand larceny in a New York court for paying surcharges to Iraq's national oil company during Saddam's regime and circumventing the UN oil-for-food program. Vitol subsequently paid $17.5 million in restitution for its actions.[SUP][23]


[/SUP]

According to an article in the Financial Times, Vitol was the company to organise the first controversial sale of Libyan rebel oil to Tesoro Corporation in early April 2011.[SUP][24][/SUP] According to the Financial Times, the company was approached by the Qatari national oil company to sell a cargo of crude oil supplied by the Libyans in exchange for technological supplies and fuel for the National Transitional Council of Libya.[SUP][25]

[/SUP]

In September 2012, and article in Reuters alleged that the company had bought and sold Iranian fuel oil, bypassing an EU embargo against Tehran.
Vitol bought 2 million barrels using a ship-to-ship transfer off the coast of Malaysia from a National Iranian Tanker Company vessel and sold it to Chinese traders. The article stated that as Vitol is based in Switzerland, which did not implement Western sanctions, Vitol had skirted the charges.[SUP][26]

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In 2013, The Telegraph alleged that the company had been using for over a decade an Employee Benefit Trust, avoiding paying income tax for its UK staff.[SUP][27]

Source:
[url]https://en.wikipedia.org/wiki/Vitol
[/URL][/SUP]
 
[h=1]Saudi Arabia-Iran rift could further disrupt oil prices [/h]
Published: Jan 3, 2016 10:45 p.m. ET

The diplomatic rift between Saudi Arabia and Iran could complicate OPEC’s efforts to calm oil markets if Iran begins exporting up to 1 million barrels a day of extra crude once Western sanctions are lifted as expected early this year.
Read: Saudi Arabia severs diplomatic ties with Iran
Oil prices have fallen over the past year to levels not seen since the financial crisis because supplies have far outstripped demand.

Over that time, the Organization of the Petroleum Exporting Countries abandoned its traditional role of propping up prices with production cuts. But officials in December left open the possibility of an emergency meeting early this year when the impact of Iranian oil could be assessed.[more]
Saudi Arabia-Iran rift could further disrupt oil prices - MarketWatch
 
[h=1]Man who nailed 2015 oil plunge is predicting a dismal 2016 [/h]

Published: Dec 31, 2015 2:14 p.m. ET

As oil-battered investors say farewell to 2015, Tom Kloza, founder and global head of energy analysis at data firm Oil Price Information Service, or OPIS, is offering a pretty dour outlook for crude-oil prices in 2016. Kloza is predicting that West Texas Intermediate crude-oil futures traded on the New York Mercantile Exchange CLG6, +1.21% will hit $32 a barrel.
On Thursday, the final day of the trading year for markets, WTI crude prices were at $37.76, or 3.6% higher. But over the longer term, Nymex-traded oil, the U.S. benchmark, has lost 30% of its value in 2015, while Brent crude, its European counterpart LCOG6, +2.12% fell 34%.
Investors might want to take heed of Kloza’s prognostication. After all, early last year he made a spot on call that crude prices would hit $35 a barrel in 2015.[more]
Man who nailed 2015 oil plunge is predicting a dismal 2016 - MarketWatch
 
[h=1]Brent slides to 11-year low as Iran official warns of oil’s ‘biggest threat’[/h]



Published: Jan 6, 2016 5:32 a.m. ET

Oil prices continued lower on Wednesday, with the Brent benchmark sliding to an 11-year low as investors monitored developments in China and tensions in the Middle East.
Brent for February delivery LCOG6, -3.93% dropped $1.57 , or 4.3%, to $34.85 barrel, setting it on track for its lowest settlement price since the summer of 2004, according to FactSet data.
Crude oil for the same month CLG6, -2.81% gave up $1.12, or 3.1%, to $34.85 a barrel. The front-runner contract managed to close above $37 a barrel before the new year, but has been declining every trading day of 2016. The fall has come as signs emerge of slower economic growth in China and as tensions heighten between Iran and Saudi Arabia, two prominent members of the Organization for the Petroleum Exporting Countries.

The impact of the conflict between the two states is the “biggest threat” to the oil market at the moment, top Iranian official Mehdi Asali said on Wednesday, according to Dow Jones Newswires.[more]
Brent slides to 11-year low as Iran official warns of oil
 
EIA Petroleum Status Report
U.S. Economic Calendar
[TABLE="class: actual_consensus_box"]
[TR="class: actual_consensus_toprow"]
[TD]		PriorActual
Crude oil inventories (weekly change)
Gasoline (weekly change)
Distillates (weekly change)

[TD="class: econo-releaseinfo"] Released On 1/6/2016 10:30:00 AM For wk1/1, 2016 [/TD]

[TD="class: actual_consensus_box_numbers"]2.6 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] -5.1 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]0.9 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 10.6 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]1.8 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 6.3 M barrels [/TD]
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I can surely see it hitting $20 a Barrel, then their underwear will really get tight and they will do something stupid like worldwide limiting of Oil Production, to drive the price up, wait for it.
Inflation_Adj_Oil_Prices_Chart_small.jpg
 
Oil Prices Decline, but Government Prevents Consumers from Benefiting


The West’s leaders have failed conspicuously, yet again, over world oil prices, as they have failed as a group to grapple with almost any serious problem for some years. The latest fiasco is the attempt by the leaders of the democratic world to blame their economic ills on the decline of the world oil price. At sharp points of particular alarm over more than 40 years, our leaders have lamented the rise in oil prices, and have wept Niagaras of tears of sympathy for all who have to put gasoline in their cars or pay for winter heating fuel for their homes. Now that they are getting some relief, the new lamentation is for those who lose from the oil-price decline. The real problem is that in their profligacy and cowardice, our leaders are afraid to cut expenses and have become addicted to bloated taxes on petroleum products. This prevents them from giving full advantage to consumers as these prices are reduced. They shriek like violated banshees as oil prices rise, and in the same stentorian and acoustically irritating volume when they come down. Logically either a rise or a decline in oil prices must be a good thing, but our leaders seek the right to run around screaming for relief as if their hair were on fire whenever the oil price moves sharply one way or another. The notion of a recession owing to oil-price declines, in non-petroleum-exporting countries, is a complete and scurrilous fraud. The late Canadian government of Stephen Harper, which had a very defensible record in most areas, was thrown out in part because it simply shrugged, dropped its arms like a punch-drunk prizefighter, and mumbled that the declining oil price prevented a balanced budget and reduced resources for vote-buying programs. It suffered the fate of fighters who drop their arms when their opponent is not doing so: Harper is an ex–prime minister and ex–party leader, and the government has become the opposition. This was not overtly the chief issue in Canada, though it was often mentioned, and it need not have happened. It is not clear, and we will probably never know the relative importance of the factors that contributed to the Saudi decision to cut oil prices and increase production, inundating the world with a comparative glut in supply.
Read more at: The Oil-Price Decline and the Dysfunction of Western Government
 
So what do they think will happen, will oil get so cheap they will have to stop pumping or just pay consumers for buying it? NAH!:cool:
Glutted oil market faces new flood from Iran


Millions of extra barrels of Iranian crude oil could begin spilling on to world markets next week, adding further to fierce downward pressure on prices, experts have warned.
With the United Nations, which completed inspections at an Iranian nuclear site yesterday, expected to approve the removal of trade sanctions as early as Monday, Iran has pledged to begin pumping up to half a million barrels of extra crude per day within one week.
Glutted oil market faces new flood from Iran | The Times
 
And our Government is helping them.
[h=1]We’ve defeated the shale revolution, claims Opec[/h]Low oil prices finally damage US production
Opec was on the verge of claiming victory over its North American rivals last night after its strategy of squeezing out the shale industry by flooding the markets with oil appeared to be vindicated.
The oil producers’ cartel said that falling prices would force lower production from its rivals by the end of this year, with American and Canadian producers particularly affected.
http://www.thetimes.co.uk/tto/business/industries/naturalresources/article4668809.ece
 
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