Oil Slick Stuff

Sort by newest Sort by date
Man!! Lots of spilling going on in the USA. I could say a few things but don't want to politicize the news.:sick:
 
Oil prices slip from 2-year high as traders brace for OPEC meeting

Published: Nov 27, 2017 3:53 a.m. ET

U.S. oil futures pulled back from two-year highs on Monday, as investors turned their attention to OPEC meeting and hopes for an extension to a production-cut deal later this week.
West Texas Intermediate crude futures for January delivery CLF8, -0.92% eased 54 cents, or 0.9%, to $58.41 a barrel. On Friday, the U.S. benchmark shot up 1.6% to $58.95, settling at a level not seen in more than two years. On June 30, 2015, crude settled at $59.47 a barrel.
Brent oil LCOF8, -0.20% slipped 26 cents, or 0.4%, to $63.59 a barrel.
WTI crude prices have been driven higher in recent sessions as U.S. inventory data showed crude stockpiles falling and on disruption to the Keystone pipeline in the U.S. after an oil spill in South Dakota.
For now, investors are looking ahead to Thursday’s meeting of members of the Organization of the Petroleum Exporting Countries and nonmember oil producers.[more]

https://www.marketwatch.com/story/o...-as-traders-brace-for-opec-meeting-2017-11-27
 
Oil Slips as Industry Report Said to Show Surprise Storage Build

by Bloomberg
|
Jessica Summers
|
Tuesday, November 28, 2017

(Bloomberg) -- Oil extended its drop after an industry report was said to show a surprise increase in U.S. crude stockpiles.
Futures edged lower from the settlement in New York after the American Petroleum Institute was said to report U.S. oil inventories rose by 1.82 million barrels last week. That conflicted with the 2.95 million-barrel decline expected in a Bloomberg survey before the Energy Information Administration releases its tally on Wednesday.
Last week’s 2.3 million-barrel withdrawal from the U.S. Strategic Petroleum Reserve probably helped bloat commercial inventories, said Kyle Cooper, director of research at IAF Advisors. “There was a big draw from the SPR, so part of it was that,” Cooper said by phone. “That’s a little on the bearish side.”
Oil declined during Tuesday’s session amid uncertainty about Russia’s stance on the OPEC-led effort to extend supply curbs well into next year. While all OPEC members support prolonging production caps beyond their March expiration, Russia hasn’t yet committed to the proposal, according to people familiar with the matter.
A meeting of the Joint Technical Committee of OPEC and non-OPEC nations recommended the supply accord be extended until the end of 2018, according to a delegate. Iraqi Oil Minister Jabbar Al-Luaibi told reporters in Vienna Tuesday that OPEC is in general agreement to extend its cutbacks and several options are being discussed for the duration, including six months, nine months and one year. Meanwhile, United Arab Emirates Oil Minister Suhail Mohammed Al Mazrouei said that he’s “optimistic” on extending the cuts.
“Everyone’s focus is on OPEC,”’ said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, in a telephone interview. “The takeaway is, it’s not going to be a clean nine-month extension and that’s why you are seeing downward pressure here. We know that the Russian oil companies are pushing back on extending this thing through all of next year.”
Russia’s Stance




Oil Slips as Industry Report Said to Show Surprise Storage Build Â*|Â*Rigzone
 
E10 holding at $2.16 a gallon in Boiled Peanut GA!! Not much price action happening since the Hurricanes, someone is holding the the recovery back, should be lower.
 
In my area E10 dropped to $2.01 over the weekend...now back to $2.07..In REAL GASOLINE TERMS, that is about $2.45/gal
 
[h=1]US Judge Orders Oil-Spill Response Plan For Dakota Access Pipeline [/h] by Reuters

|
Valerie Volcovici
|
Monday, December 04, 2017

WASHINGTON, Dec 4 (Reuters) - A federal judge ordered Energy Transfer Partners LP to coordinate with local tribes and the Army Corps of Engineers to create an oil-spill response plan for the controversial Dakota Access Pipeline by next April, a decision he said will allow oil to keep flowing and prevent spills.
The order on Monday by U.S. District Judge James Boasberg came nearly six months after he ruled that the Army Corps of Engineers review of the project, which transports oil from North Dakota near Native American reservations to Illinois, was inadequate before it granted federal permits.
In October the judge ruled that crude oil can continue to flow through the 1,170-mile (1,900-km) North Dakota-to-Illinois pipeline while the review is conducted. It has shipped crude since June.
The order met the requests of the Standing Rock Sioux and Cheyenne River Sioux tribes to get an independent, third-party auditor to share data obtained during the review. The order must be implemented by April 1.
“While we think that the pipeline should have been shut down, we are gratified that the federal court has put measures in place to reduce risks and provide some independent oversight to reduce the risk of a spill from this project," said Standing Rock Chairman Mike Faith.[more]

US Judge Orders Oil-Spill Response Plan For Dakota Access Pipeline  | Rigzone
 
[h=1]Oil Climbs as OPEC Tightening Dovetails With US Supply Drop [/h] by Bloomberg
|
Jessica Summers
|
Tuesday, December 05, 2017

(Bloomberg) -- Crude rose as lower OPEC production and signs of shrinking U.S. oil inventories bolstered expectations for an end to the global surplus.
Futures gained 0.3 percent Tuesday in New York. Output by the Organization of Petroleum Exporting Countries last month slid to the lowest in half a year, evidence the cartel is succeeding in reducing a glut. Oil stockpiles in the U.S. probably declined for a third week, according to a survey of analysts before the release of government data on Wednesday.
OPEC members “continue to abide by their cuts,” Gene McGillian, a market research manager at Tradition Energy in Stamford, Connecticut, said by telephone. “Signs that U.S. inventory levels continue to come down and demand stays strong will probably get the market to restart its rally.”
Oil has advanced the last three months as OPEC and allied producers curbed output and last week pledged to extend supply limits through all of 2018 to whittle down global inventory levels. Goldman Sachs Group Inc. forecasts oil prices will retain strength at least through next year. Bank of America Merrill Lynch sees Brent crude rising to $70 a barrel by the middle of 2018.
“Our forecast is that, as expected, if you extend the production-cut agreement through the end of 2018, that surplus will basically erode away, which will be a good thing for oil prices in the long-term,” Rob Thummel, managing director at Tortoise Capital Advisors LLC, which handles $16 billion in energy-related assets, said in a Bloomberg Television interview.[more]

Oil Climbs as OPEC Tightening Dovetails With US Supply Drop  | Rigzone
 
Crude Drops in Face of Gasoline Hoard Traders 'Can't Hide From'

by Bloomberg
|

Jessica Summers
|
Wednesday, December 06, 2017

(Bloomberg) -- Oil had its worse day in two months as a surge of gasoline supplies held in U.S. storage tanks signals refiners will need less crude.
West Texas Intermediate oil futures slid 2.9 percent, while gasoline tumbled to its lowest in almost seven weeks. American gasoline inventories rose by 6.78 million barrels last week, the most since January, the U.S. Energy Information Administration said. That exceeded the estimates of every analyst in a Bloomberg survey and overshadowed a third weekly slide in crude stockpiles. Meanwhile, U.S. refineries boosted operating rates for a seventh straight week, contributing to the excess supplies shunted into storage.
Although U.S. gasoline stockpiles typically expand at this time of year, last week’s increase was “a bigger number than people were looking for,” Craig Bethune, a senior portfolio manager at Manulife Asset Management, said by telephone. “Can’t hide from that.”
Oil topped $59 a barrel last month for the first time since mid 2015 as production cuts by the Organization of Petroleum Exporting Countries and allied producers such as Russia chewed into a worldwide glut. Meanwhile, U.S. shale explorers have been a thorn in the side of the OPEC-led coalition, boosting output on an almost-weekly basis all year long.[more]

Crude Drops in Face of Gasoline Hoard Traders 'Can't Hide From'  | Rigzone
 
Gas prices around me have gone crazy. Between $2.05 and $2.49 per gallon, two stations within one mile of each other.
 
[h=1]OPEC Starts Working On Oil Supply Cut Exit Strategy - Sources [/h] by Reuters
|
Alex Lawler and Rania El Gamal
|
Thursday, December 21, 2017

LONDON/DUBAI, Dec 21 (Reuters) - OPEC has started working on plans for an exit strategy from its deal to cut supplies with non-member producers, two OPEC sources said, a sign that an eventual winding down of the deal is coming onto producers' radar, at least in theory.
The Organization of the Petroleum Exporting Countries, Russia and other non-OPEC producers on Nov. 30 extended an oil output-cutting deal until the end of 2018 to finish clearing a glut. But the market is increasingly interested in how producers will exit the deal once the excess is cleared.
Two OPEC sources said the group's secretariat in Vienna has been tasked to work on a plan with different options and it was too early now to say what the plan would look like.
"It's a continuity strategy, rather than exit," one of the OPEC sources said.[more]

https://www.rigzone.com/news/wire/o..._strategy_sources-21-dec-2017-152895-article/
 
You must log in or register to reply here.
Back
Top