Oil Slick Stuff

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In reversal, Obama admin to block oil drilling in Atlantic

Published March 15, 2016 Associated Press
In a major reversal, the Obama administration says it will not allow oil drilling in the Atlantic Ocean.
Interior Secretary Sally Jewell made the announcement Tuesday on Twitter, declaring that the administration's next five-year offshore drilling plan "protects the Atlantic for future generations.":laugh:
In reversal, Obama admin to block oil drilling in Atlantic | Fox News




 
Oil extends rise after Fed decision, hopes for output curb

Published: Mar 17, 2016 8:14 a.m. ET
Oil futures extended gains Thursday, a day after the Federal Reserve dialed back its expectations for rate increases and major oil producers set a meeting date to discuss a supply freeze.
On the New York Mercantile Exchange, light, sweet crude futures for April delivery CLJ6, +1.09% gained 46 cents, or 1.2%, to $38.92 a barrel. May Brent crude LCOK6, +0.77% on London’s ICE Futures exchange rose 32 cents, or 0.8%, to $40.65 a barrel.
The gains follow a two-day policy meeting by the Fed that ended with central bankers pushing back their timeline for interest rate increases in the U.S, pointing to risks posed by weak global growth and volatility in financial markets.

Easy-money policies by central banks tend to boost the attractiveness of riskier assets like commodities. In addition, the Fed’s stance pushed down the U.S. dollar, with the WSJ Dollar Index BUXX, -0.69% recently down 0.1%, after tumbling more than 1% during U.S. trading hours Wednesday. A weaker greenback often lifts the price of dollar-denominated crude.
“Fund managers will be looking for risk to put on,” said Stuart Ive, a financial adviser at brokerage OM Financial Ltd.[more]
http://www.marketwatch.com/story/oi...fed-decision-hopes-for-output-curb-2016-03-17
 
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Crude oil inventories (weekly change)
Gasoline (weekly change)
Distillates (weekly change)

[TD="class: econo-releaseinfo"] Released On 3/23/2016 10:30:00 AM For wk3/18, 2016 [/TD]

[TD="class: actual_consensus_box_numbers"]1.3 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 9.4 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]-0.7 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] -4.6 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]
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[TD="colspan: 2"] Highlights
Oil inventories continue to bloat to new record levels, rising by a large 9.4 million barrels to 532.5 million in the March 18 week. Total motor gasoline inventories decreased by 4.6 million barrels, drawn down by strong demand, with the 4-week average product supply of 9.4 million barrels per day up by 7 percent on from the same period last year. Inventories of distillates rose slightly by 0.9 million barrels during the latest week, as demand by industry for distillate fuel products remains weak, averaging 3.6 million barrels over the last four weeks, down 8 percent from a year ago.
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[TD="class: econo-defaultpara, colspan: 2"] Definition
The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products. Why Investors Care [/TD]
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Economic Calendar - Bloomberg
 
TransCanada Shuts Keystone Pipeline

Source: Wall Street Journal

TransCanada Corp. said Monday that it had shut down its Keystone oil pipeline due to a possible leak in South Dakota.

Workers found signs of oil on a small patch of ground about 4 miles from the company’s Freeman pump station after the incident was reported Saturday, the Canadian pipeline operator said in a statement.

TransCanada said regulators have been notified and that the company is cooperating with those agencies on the investigation. It said no significant environmental impact has been observed.

The pipeline will remain shut while the investigation is under way.

<more>

Read more: TransCanada Shuts Keystone Pipeline - WSJ
 
[h=1]Keystone Pipeline Spill Nearly 100 Times Bigger Than Originally Estimated[/h]Nadia Prupis, Common Dreams | April 9, 2016

The oil spill that shut down a portion of the Keystone 1 pipeline in South Dakota last weekend is much bigger than initially estimated, TransCanada admitted on Thursday—almost 100 times bigger, in fact. The fossil fuel company said the “potential volume” of the spill in Freeman, discovered by a passerby on Saturday, was about 18,600 gallons, or 400 barrels. That estimate comes just days after TransCanada initially claimed the spill totaled about 187 gallons, or approximately 4.5 barrels. “The fact that the damage is even bigger than first reported proves there is no such thing as a safe pipeline,” Lindsay Meiman, communications coordinator for the climate group 350.org, told Common Dreams.

more: Keystone Pipeline Spill Nearly 100 Times Bigger Than Originally Estimated


A full week after discovery, and the pipeline company is not yet sure where the leak is coming from.
 
So, James+zip, what is the solution? No pipelines? Trains of tank cars haven't been exactly trouble free. Everyone drive a "zero mission" coal powered car? Is the electric power grid ready to support that without fossil fuel generated power? Thanks for reporting it. You love to report on where the fossil fuel industry screws up but rarely come up with a workable solution for the present.

PO
 
World’s biggest oil producers meet to discuss possible freeze on production

Rare off-scheduled meeting between Opec and non-Opec suppliers will focus on what they can do to staunch the continued global surplus of crude oil
The world’s biggest oil producers will huddle in Doha on Sunday in a rare off-scheduled meeting where discussion about what they can do to staunch the continued global surplus of crude oil that’s weighed on prices for nearly two years.

Hopes that members in the Organization of Petroleum Exporting Countries cartel and non-Opec oil suppliers, mostly notably Russia, may agree to freeze production pushed crude oil prices to their highest levels this year ahead of a meeting between the two groups.
“It’s quite significant because meetings like these, not one of the planned two annual meetings that Opec tends to have, is clearly showing the nervousness within Opec and showing … an increased level of awareness within Opec to do something with this surplus,” said Abhishek Deshpande, lead oil market analyst with Natixis.[more]
World
 
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[TD="colspan: 2"] Economic Calendar - Bloomberg[more]
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[TD]		PriorActual
Crude oil inventories (weekly change)
Gasoline (weekly change)
Distillates (weekly change)

[TD="class: econo-releaseinfo"] Released On 4/27/2016 10:30:00 AM For wk4/22, 2016 [/TD]

[TD="class: actual_consensus_box_numbers"]2.1 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 2.0 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]-0.1 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 1.6 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]-3.6 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] -1.7 M barrels [/TD]
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[TD="colspan: 2"] Highlights
Oil inventories continue to build, up 2.0 million barrels in the April 22 week to another record, at 540.6 million. Product inventories are mixed with gasoline up 1.6 million barrels and distillates down 1.7 million. Refinery demand, which fell in the week, contributed to the build in oil as production of both gasoline and distillates declined. Refineries, however, may be boosting gasoline output in coming weeks based at least on the report's demand indications where gasoline is up a year-on-year 5.6 percent which is very strong for this reading. WTI, near $44.25, is down about 50 cents in initial reaction to the report.
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[TD="class: econo-defaultpara, colspan: 2"] Definition
The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products. Why Investors Care [/TD]
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[TD] As is evident from the chart, crude oil stocks can fluctuate dramatically over the year. When oil prices nearly reached $50 per barrel in August 2004, financial market players began to monitor crude oil inventories. It is not surprising to see sharp price hikes in crude oil when inventories are falling. Conversely, one would expect price declines when inventories are rising.
Data Source: Haver Analytics[/TD]
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EIA Petroleum Status Report
Economic Calendar - Bloomberg
[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 5/18/2016 10:30:00 AM For wk5/13, 2016 [/TD]

[TD="class: actual_consensus_box_numbers"]-3.4 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 1.3 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]-1.2 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] -2.5 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]-1.6 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] -3.2 M barrels [/TD]
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