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Oil Buyers Guide

U.S. Refining Operations at Seasonal High Before Driving Season

May 21, 2015

U.S. refineries boosted operations to the highest level for this time of year in the run-up to the peak driving season. Plants used 16.5 million barrels a day of crude and other liquids last week, the highest seasonal level in EIA weekly data going back to 1989. Crude-oil stockpiles decreased for a

Goldman Sees $45 Oil After ‘Self-Defeating’ Rally

May 19, 2015

BY BEN SHARPLES Oil is poised to slump to $45 a barrel by October as a surplus of crude and producers’ easy access to cash weigh on the market, according to Goldman Sachs Group. A recovery in prices to near $60 a barrel from a six-year low in March is premature, analysts including

Conoco Ready to Supply U.S. Oil to the World

May 18, 2015

BY SHARON CHO AND ANN KOH ConocoPhillips said it’s capable of supplying U.S. oil to the global market and reiterated a call to end the nation’s ban on crude exports. The U.S. shale boom has resulted in a glut of light-sweet crude, as production outpaces demand from refineries, Ryan Lance, CEO of

Shell Wins Approval to Seek Oil Off Alaska’s Arctic Coast

May 12, 2015

By Mark Drajem Royal Dutch Shell won U.S. approval to resume oil exploration off Alaska’s Arctic coast after regulators imposed safety conditions meant to avoid the mishaps that plagued the company three years ago. Environmental groups decried the decision. The Interior Department on Monday endorsed Shell’s plan to have two rigs drill up to six exploratory wells in

Russian Gas Fields Key to Crude After Sanctions

May 5, 2015

BY DINA KHRENNIKOVA AND STEPHEN BIERMAN With Siberia’s aging oil fields slowly running dry, Russia is turning to a natural gas by-product to help maintain crude production and meet President Vladimir Putin’s target of 10 million barrels a day. As companies including Gazprom, Novatek and Rosneft get new Siberian gas fields up and

Cushing Stock Build Reverses for First Time Since Nov.

April 30, 2015

BY MARK SHENK The danger the U.S. would run out of space at its crude storage hub receded, as inventories at Cushing, Oklahoma, declined for the first time since November. Stockpiles at Cushing, the delivery point for crude traded in New York, slipped 514,000 barrels to 61.7 million last week,

Traders Seen Mispricing Oil Amid Spending Slump

April 28, 2015

BY BILL LEHANE Oil traders are mispricing crude futures for later this decade because they’re underestimating how a collapse in spending will affect supplies, according to consultants who advise energy producers and analysts. Prices could rise to about $100 a barrel by 2019, about 34 percent above where Brent crude

Big Oil’s Fear: A Price Shock After $114 Billion of Cuts

April 22, 2015

By Bradley Olson, As the oil patch grows accustomed to a new world of $50 to $60 a barrel crude, it’s now looking ahead to a different but equally daunting sort of cliff. Oil companies are warning there will be a price to pay — a much higher price —

Oil ETF Holders Cash Out For First Time in 7 Months

April 14, 2015

BY MOMING ZHOU Oil investors are cashing out of funds that track prices for the first time in seven months after crude rebounded. Holders of the three biggest U.S. exchange-traded products that follow oil have withdrawn almost $300 million so far in April, leaving the funds poised for their first monthly outflow since September.

Iran Oil Return May Be Slow Amid Competition for Cash

April 7, 2015

BY JAVIER BLAS AND BRADLEY OLSON Iran’s full return to world oil markets will be hindered by strong competition for foreign investment dollars from rival producers including Iraq, Mexico and Brazil, among others. In a world of surplus supply, $50 a barrel crude and deep cuts to capital expenditures by oil companies, Iran