Oil Buyers Guide

Cushing Pipeline Outflow Increases, Genscape Data Shows

November 18, 2014

Crude pipeline outflow from the Cushing, Oklahoma, storage hub increased by an average of 82,338 barrels a day last week, Genscape said in a report. Both the TransCanada Gulf and Seaway pipelines carried more crude from Cushing last week. Seaway flow increased by 21,890 barrels a day to average 284,922 barrels last week, remaining below the 300,000 barrel-a-day level for the

Cushing Pipeline Outflow Decreases Steeply, Genscape Said

November 11, 2014

Total pipeline outflow from the Cushing, Oklahoma, storage hub fell steeply last week after three weeks of increases, Genscape said in a report. Total outflow from Cushing fell by an average of 280,082 barrels a day, with Seaway flow down by 45,017 barrels a day to average 263,032 barrels. The TransCanada Gulf Coast line saw its pumping rate almost

Options Show WTI Has Less Potential for Rally Than Analysts’ Forecasts

November 4, 2014

  Bloomberg’s Commodity Forecast Monitor shows that there is a higher implied probability of a rally in WTI to $90 a barrel than a drop to $70. The monitor uses the volatility surface of WTI options to track implied probabilities. The monitor’s current results are less bullish than analysts’ forecasts for the fourth quarter — forecasts collected by

Shell Wants 5 Years to Solve Arctic Oil Problem

October 28, 2014

BY JIM SNYDER Royal Dutch Shell Plc is asking the Obama administration for five more years to explore for oil off Alaska’s coast, saying setbacks and legal delays may push the start of drilling past the 2017 expiration of some leases.Shell, which has spent eight years and $6 billion to

Cushing Crude Pipeline Outflow Increased Last Week, Genscape Data Show

October 21, 2014

Pipeline outflow from the Cushing, Oklahoma storage hub increased last week after falling for the previous two weeks, as flow on both the TransCanada Gulf Coast and Seaway lines rose, Genscape said in a report. The EIA will release its weekly report on Cushing inventories tomorrow. Total outflow from Cushing rose by an average of 238,456 barrels a

Oil Demand Growth Weakest Since ’09, IEA Says

October 14, 2014

BY GRANT SMITH Oil demand will expand at the slowest pace since 2009 this year as global economic growth weakens, the International Energy Agency said. The adviser to governments also cut its estimates for 2015. Oil consumption will increase by about 650,000 barrels a day this year, the Paris-based agency said in its monthly

Occidental Said to Sell Bakken Assets for $3 Bln

October 7, 2014

BY BRADLEY OLSON AND MATTHEW MONKS Occidental Petroleum Corp., the U.S. oil producer that is restructuring to focus on its most profitable operations, is seeking to sell oil assets in North Dakota for as much as $3 billion, people with knowledge of the matter said. Occidental is working with investment bank Tudor Pickering

Eon, Enel Bid in Algeria’s Biggest Energy Auction

September 30, 2014

BY SALAH SLIMANI AND BRUCE STANLEY EON SE, Enel SpA and Dragon Oil Plc are among international companies poised to bid today in Algeria’s biggest auction of exploration rights for oil and natural gas, officials said. Algeria, Africa’s largest gas producer, is selling energy licenses for 31 areas comprising an area the size

OPEC Output Not Yet Agreed: UAE Oil Minister

September 23, 2014

BY MAHER CHMAYTELLI OPEC nations have yet to decide to cut their collective oil-production target, the UAE’s energy minister said, days after the group’s chief suggested its 12 members may lower the ceiling in 2015. “It’s not a one-man decision,” Suhail Al Mazrouei told reporters today in Abu Dhabi. “It’s a decision by

Islamic State Delays Iraq Oil Pipeline Project

September 16, 2014

BY MAHER CHMAYTELLI Islamic State’s onslaught in Iraq is forcing the OPEC producer to delay its first project finance deal, a 1 million barrel-a-day oil pipeline to the Red Sea through Jordan that would bypass the Persian Gulf’s Strait of Hormuz shipping chokepoint. Iraq has agreed to postpone bids to build the export