Free Republic 3rd Quarter Fundraising Target: $88,000 Receipts & Pledges to-date: $78,831
89%  
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Keyword: oil

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  • Senior Western official: Links between Turkey and ISIS are now 'undeniable'

    07/29/2015 6:53:49 AM PDT · by McGruff · 12 replies
    Yahoo News ^ | 7/28/2015 | Natasha Bertrand
    A US-led raid on the compound housing the Islamic State's "chief financial officer" produced evidence that Turkish officials directly dealt with ranking ISIS members, Martin Chulov of the Guardian reported recently. The officer killed in the raid, Islamic State official Abu Sayyaf, was responsible for directing the terror army's oil and gas operations in Syria. The Islamic State (aka ISIS, ISIL, or Daesh) earns up to $10 million a month selling oil on black markets.
  • Changing US oil dynamics and cheaper gasoline

    09/04/2015 8:33:16 AM PDT · by thackney · 14 replies
    Fuel Fix ^ | September 4, 2015 | Matt Smith
    ‘Clack! cla-cla clack-clack clack-clack CLACK!!’ (today’s fanfare for Nonfarm Friday was played on football helmets to celebrate the start of college football season). It is the first Friday in September, which means we see official US employment data, aka nonfarm payrolls. Today’s report has showed 173,000 jobs were created in August, which was less than the expected 220,ooo, but has been offset by a drop in the unemployment rate to 5.1%. Given the market response, it believes this report is good enough to usher in an interest rate hike later in the month….and crude is heading lower. Elsewhere in the...
  • Clinton Foundation looked to bring in sanctioned Malaysian oil company CEO (what did Obama know?)

    09/03/2015 9:42:26 AM PDT · by Liz · 12 replies
    NYPOST.COM ^ | 9/3/15 | Geoff Earle
    The Clinton Foundation sought but failed to receive State Dept approval for the CEO of a Malaysian oil company doing business with Iran to come to the US, unsealed emails reveal. The Foundation wanted Shamsul Azhar bin Abbas, CEO of state-owned Petronas, to attend the annual meeting, despite the company’s sanctioned Iran dealings ......sanctions Clinton, himself, signed as president in 1996. Foundation employee Amitabh Desai's August 2012 email to Cheryl Mills, Hillary's COS, made the request. David Bossie's Citizens United, got the ­errant email through a FOIA lawsuit.
  • Saudi Khurais oilfield expansion expected to be delayed, start-up date unclear

    09/03/2015 10:26:43 AM PDT · by thackney
    GDN Online ^ | 02 Sep 2015 | Reuters
    Khobar: The expansion of Saudi Arabia's Khurais oilfield is expected to be delayed from the originally planned timeframe of 2017 and the start-up date is now unclear, industry sources said. The sources said authorities had not given reasons for the delay. However, since global oil prices started to fall sharply last year, national oil giant Saudi Aramco has slowed some projects, shelving less important ones and asking for discounts on some contracts which it had awarded. "The project is important because of the associated gas that comes with the expansion of the oilfield ... but Aramco has stretched the timeframe...
  • The Mirage Of An Iranian Oil Bonanza

    09/03/2015 8:56:31 AM PDT · by bananaman22 · 1 replies
    Oilprice.com ^ | 03-09-2015 | Willem van Oranje
    The P5+1 agreement with Iran on Iran’s nuclear program has generated (sometimes fevered) anticipation of an Iranian oil bonanza at the end of the nuclear agreement rainbow, both in terms of the increase in Iranian crude output and the business opportunities for foreign firms in driving the increase. The anticipation comes from several sources. Iran’s crude potential is one. According to the U.S. Energy Information Administration (EIA), Iran’s proven crude reserves, 158 billion barrels, are the world’s fourth largest (and among the cheapest to produce at $8-to-$17/barrel, depending on the source,). Iranian public statements expressing determination to increase crude output...
  • Opec oil output in August falls to 31.71mn bpd

    09/03/2015 7:50:56 AM PDT · by thackney · 1 replies
    Gulf Times ^ | 2 Sept 2015 | Reuters
    Opec oil output fell in August from the highest monthly level in recent history, a Reuters survey found on Wednesday, as disruptions to flows on Iraq's northern pipeline halted supply growth from the group's second-largest producer. Largely stable output from Saudi Arabia and other Gulf members of the Organisation of the Petroleum Exporting Countries indicated they are not wavering in their focus on defending market share instead of prices. Opec supply fell in August to 31.71mn barrels per day (bpd) from a revised 31.88mn bpd in July, according to the survey, based on shipping data and information from sources at...
  • Canada PM pledges rebound as recession rocks reelection bid

    09/03/2015 7:08:22 AM PDT · by mac_truck · 3 replies
    Reuters ^ | 9/1/2015 | Leah Schnurr
    OTTAWA (Reuters) - Having staked his reputation on strong economic management, Canadian Prime Minister Stephen Harper has decided that the best way to win re-election when the headlines say recession is to convince the country it is no longer in one. Tuesday brought the worst kind of news for a prime minister campaigning for a rare fourth term in office: government data that confirmed Canada's economy contracted for the second quarter in a row, the technical definition of recession. But Harper shrugged off the data from the first half of the year, saying Canada had a "couple of weak months,"...
  • Venezuela's Maduro Tells Putin he has Ideas on Stabilizing Oil Prices

    09/03/2015 6:05:22 AM PDT · by thackney · 7 replies
    Rig Zone ^ | September 03, 2015 | Reuters
    Venezuelan President Nicolas Maduro said on Thursday he would talk to Russian President Vladimir Putin about what could be done to stabilize world oil markets and prices. Maduro made the comments as the two men, both leaders of major oil producing countries, began talks in Beijing, after attending a military parade to mark 70 years since the end of World War Two in Asia. "We can talk about what we can do to stabilize oil market and stabilize prices, what would allow us to overcome the current conditions," Maduro told Putin at the start of the meeting.
  • Texas and North Dakota grew at a torrid pace in 2014 — before crude busted

    09/03/2015 5:43:07 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | September 2, 2015 | Joshua Cain
    Robust oil and gas activity helped several states grow their economies in 2014, with the fastest growing states all heavy energy industry players, according to Commerce Department data released Wednesday. The Texas economy grew the second most among the states last year after it saw its gross domestic product increase 5.2 percent, making it one of a handful of states to outpace the U.S. economy overall. Only North Dakota was ahead of Texas last year after its GDP grew 6.3 percent. Wyoming, West Virginia and Colorado rounded out the top five. The steep fall in the price of U.S. crude...
  • Crude Swap with Mexico – The Heavy and The Light

    09/02/2015 9:52:19 AM PDT · by thackney · 10 replies
    drilling info ^ | September 1, 2015 | Eric Roach
    On August 14 the Obama Administration announced that the Commerce Department would approve applications to export up to 100,000 barrels of light crude per day to Mexico in a swap arrangement for an equivalent volume of heavy crude from Mexico. This type of export has previously been available between The US and Canada, and perhaps indicates willingness to eventually repeal the crude export ban. Here’s a quick little recap and analysis of the situation. WHY IS THIS A BIG DEAL? After the 1975 oil shock, The United States banned the export of crude oil in order to stabilize the price....
  • Why Did Oil Prices Just Jump By 27 Percent In 3 Days?

    09/02/2015 9:28:45 AM PDT · by bananaman22 · 13 replies
    Oilprice.com ^ | 02-09-2015 | volatile
    Oil prices have posted their strongest rally in years, jumping an astounding 27 percent in the last three trading days of August. While much of the recent price movement defies reason and is enormously magnified by speculative movements by traders to take and cover their bets on oil, still, there were a series of rumors, events, and fresh data that helped contribute to the spike. For example, on August 31, the oil markets woke up to the news that Russian President Vladimir Putin will meet his counterpart from Venezuela to discuss “possible mutual steps” to stabilize oil prices. The meeting...
  • Engineering firm director: Industry is “living in the past”

    09/02/2015 8:24:10 AM PDT · by thackney · 41 replies
    Fuel Fix ^ | September 2, 2015 | Jordan Blum
    Engineering and construction companies must finally embrace technology in order to meet the demand of petrochemical and manufacturing projects along the Gulf Coast, industry experts said. There are $147 billion in petrochemical and manufacturing projects underway or planned in the U.S. through 2023, according to the American Chemistry Council, and most of the companies that will construct the projects are still failing to utilize technological advances that could speed things up, said John Fish, director of project support services for Louisiana-based Ford, Bacon & Davis engineering and construction firm. “Our industry — I hate to say it — we’re living...
  • Venezuela Says China to Give $5 Billion Oil Loan

    09/02/2015 4:58:55 AM PDT · by thackney · 10 replies
    Wall Street Journal ^ | Sept. 1, 2015 | Associated Press
    Venezuela’s government, facing a cash crunch amid a slump in oil prices, signed a deal to receive a $5 billion loan from China, President Nicolás Maduro said Tuesday. The funds will go to increase oil production in Venezuela in the coming months, Mr. Maduro said without offering more details during an address from China that was broadcast on Venezuelan state television. Support from Beijing—which also renewed a separate $5 billion loan to Venezuela earlier this year—may offer some relief to bond markets, where Venezuela’s debt securities are rated among the world’s riskiest. Wall Street analysts say the country could default...
  • Oil exports could lower gas prices, federal study says

    09/02/2015 4:56:44 AM PDT · by thackney · 22 replies
    The Washington Times ^ | September 1, 2015 | Ben Wolfgang
    The Obama administration confirmed Tuesday that ending the nation’s 40-year-old ban on crude oil exports will not drive up domestic gasoline prices and could even save consumers money at the pump. Tuesday’s report from the Energy Information Administration puts even more pressure on Mr. Obama, who so far has been reluctant to reverse the export ban and allow oil and gas companies to sell fuel abroad. The White House last month did approve limited crude oil sales to Mexico, but critics say the president should go much further and allow the U.S. energy industry — which has revitalized economies across...
  • Saudi Arabia refuses to bow to pressure to cut oil production

    09/02/2015 4:48:02 AM PDT · by thackney · 5 replies
    Market Watch ^ | Sept 1, 2015 | Myra P. Saefong
    Market share continues to be Saudi Arabia’s main concern—and not even $40 oil prices will make it give into peer pressure to cut production. Major oil producers have been trying to convince Saudi Arabia, the Organization of the Petroleum Exporting Countries’ biggest producer, to take the lead and cut production to stem the price declines. But output from the nation instead climbed to about 10.45 million barrels a day in July from 10.1 million in April, according to an estimate from Platts, even though West Texas Intermediate and Brent oil prices are down roughly 15% year to date on the...
  • Canada officially enters recession

    09/01/2015 10:53:08 AM PDT · by Java4Jay · 15 replies
    Reeling from low oil prices, Canada fell into a recession in the first half of the year. The economy contracted 0.5 percent in the second quarter after retreating 0.8 percent in the previous three months. It is Canada's second recession in seven years. The data reflects fears about the health of the global economy as more gloomy evidence emerged of a slowdown in China, a main engine of growth worldwide.
  • Crude oil prices dive 7%

    09/01/2015 10:16:59 AM PDT · by thackney · 23 replies
    September 1, 2015 | Matt Egan and Chris Isidore
    A 7% dive to $45 a barrel comes after prices soared higher to close Monday above $49 a barrel -- a nearly 30% rise in three days. Just a week ago, oil plummeted below $38 a barrel for the first time since 2009. The drop in prices Tuesday following the Chinese factory report seemed to make more sense than the rapid rebound. Concerns about a slowdown in Chinese economic growth has been one of the factors driving prices lower. Concerns in markets about a supply glut may have been eased a bit on Monday with a new government report that...
  • The World’s First Clean Oil Sands Project: An Interview With Dr. Gerald Bailey

    09/01/2015 9:29:52 AM PDT · by bananaman22 · 1 replies
    Oilprice.com ^ | 09-01-2015 | sjiek
    fter decades of exhaustive attempts to overcome the dirty reputation of oil sands, we finally have an environmentally-friendly and low cost method to tap into these vast resources in the state of Utah—good news both for Mother Nature and all oil and gas investors. MCW Energy Group’s CEO, former Exxon President of the Arabian Gulf region, Dr. R. Gerald Bailey, tells Oilprice.com in an exclusive interview that his hunt for an innovative technology that simultaneously makes money and cleans up the environment is over. The race to capitalize on Utah’s vast oil sands resources is on, and only the ‘clean’—both...
  • Oil, America's Inexhaustible Resource

    09/01/2015 7:06:58 AM PDT · by Kaslin · 11 replies
    Townhall.com ^ | September 1, 2015 | Stephen Moore
    "The United States of America cannot afford to bet our long-term prosperity, our long-term security on a resource that will eventually run out, and even before it runs out will get more and more expensive to extract from the ground." -- Barack Obama, 2011. In August 1859 on the eve of the Civil War, Col. Edwin Laurentine Drake completed the first commercial oil well in the United States on Oil Creek just outside of Titusville, Pa. Over the next century and a half, oil and gas companies have extracted tens of billions of barrels of oil from the ground...
  • The Saudis Gambled and Texas Won

    09/01/2015 5:42:24 AM PDT · by thackney · 23 replies
    Wall Street Journal ^ | Aug. 31, 2015 | GLENN HEGAR
    In November 2014, the leaders of Saudi Arabia made one of the biggest bets in history. Their strategy was flawed, and they’ve already lost. In an OPEC meeting that month, Saudi Arabia announced it would maintain high oil-production levels despite falling prices. The Saudis were betting that by keeping prices low they could protect their market share and kill America’s energy renaissance—a rebirth driven largely by Texas, which produces 37% of America’s oil and 28% of its marketed natural gas. The Saudi strategy seemed to make sense. The conventional wisdom was that energy producers working in “tight” shale formations would...
  • GE’s Lufkin Industries closing plant, making layoffs

    09/01/2015 5:28:23 AM PDT · by thackney · 14 replies
    Fuel Fix ^ | August 31, 2015 | Jordan Blum
    GE Oil & Gas is closing a plant in Lufkin and eliminating 262 positions at the plant and at one other facility. This is the third major job reduction by GE’s Lufkin Industries this year and the second at its Foundry plant, which is being closed through this mass layoff, the company said in a letter to the Texas Workforce Commission. Many oil field services companies have implemented major job cuts during the ongoing oil downturn. The reduction of 176 of the 187 jobs at the Foundry plant will begin Sept. 10 and conclude at the end of the month....
  • Business Insider: The Latest Oil Price Crash has ‘Everyone on Pins and Needles’ in Texas

    08/31/2015 8:32:28 AM PDT · by E. Pluribus Unum · 18 replies
    Breitbart ^ | 08/31/2015 | Breitbart Texas
    Editor’s Note: This story by Miles Udland first appeared online on BusinessInsider.com. We reprint in part here.Manufacturing activity in Texas collapsed in August. And the fear is all about oil.The latest manufacturing index from the Dallas Fed came in at -15.8, way below expectations.
  • Oil, America’s inexhaustible resource Welcome to the age of energy abundance

    08/31/2015 6:52:10 AM PDT · by bestintxas · 24 replies
    wash times ^ | 8/31/15 | s moore
    “The United States of America cannot afford to bet our long-term prosperity, our long-term security on a resource that will eventually run out, and even before it runs out will get more expensive to extract from the ground. — Barack Obama, 2011. In August 1859 on the eve of the Civil War, Col. Edwin Laurentine Drake completed the first commercial oil well in the United States on Oil Creek just outside of Titusville, Pa. Over the next century and a half, oil and gas companies have extracted tens of billions of barrels of oil from the ground from California to...
  • King Salman of Saudi Arabia to visit White House next week

    08/31/2015 5:41:36 AM PDT · by thackney · 12 replies
    CNN ^ | August 27, 2015 | Kristen Holmes
    President Barack Obama will host King Salman bin Abdulaziz Al Saud of Saudi Arabia at the White House next week for his first trip to Washington since ascending the throne. The visit, scheduled for September 4, comes just before Congress is scheduled to vote on the Iran deal, which Saudi Arabia has endorsed but expressed concern over.
  • Canadian Oil Sands Halts Crude Production at Oil-Sands Giant Syncrude {Fire}

    08/31/2015 5:33:50 AM PDT · by thackney · 5 replies
    Wall Street Journal ^ | Aug. 31, 2015 | CHESTER DAWSON
    Canadian Oil Sands Ltd., the largest owner of the giant Syncrude oil-sands project, said on Sunday that it has halted production after a fire damaged equipment at its synthetic crude oil processing facility in northern Alberta. The company said the fire, which occurred early Saturday and was extinguished without any injuries, affected pipes connected to a water treatment unit at Syncrude’s heavy oil upgrader on the site of its Mildred Lake oil-sands surface mine. The cause of the blaze is under investigation, it said. While the upgrader’s core machinery wasn’t damaged and the strip mine continues to operate, Canadian Oil...
  • Will Iran Get a Better Deal Than U.S. Oil?

    08/29/2015 7:02:58 AM PDT · by thackney · 11 replies
    The Daily Beast ^ | 08.28.15 | Will Marshall
    If the Iran deal goes through, the country’s oil exports will resume. Meanwhile, U.S. producers will still be banned from doing so. As Congress takes up the Iran nuclear deal next month, it ought to confront this paradox: The agreement allows the Iranians to do something Americans can’t—sell oil to the rest of the world. Don’t get me wrong. I support the deal, under which Tehran would stop enriching weapons-grade uranium for the next 15 years in return for relief from economic sanctions. It’s not perfect, but President Obama is right that it’s better than what we’d have if his...
  • Shell share price: Company declares force majeure on Nigeria exports

    08/29/2015 7:00:39 AM PDT · by thackney · 6 replies
    Invezz ^ | 28 Aug 2015 | Veselin Valchev
    Royal Dutch Shell Plc (LON:RDSA) declared a force majeure on Nigerian Bonny Light oil exports yesterday, as it shut down two key pipelines to the coast. Shell did not give further details and did not provide a timeline for reopening the pipelines, but traders argued that the unexpected developments were unlikely to last long, Reuters reported. Nigeria’s oil industry is in dire need of greater investment in maintenance whilst also having to deal with numerous instances of oil theft. Shell sold its stake in the Nembe Creek pipeline earlier this year, alongside several other interests in the country, as part...
  • Why $40 oil is killing Iraq, Venezuela and others, but not Russia

    08/29/2015 6:57:57 AM PDT · by thackney · 6 replies
    Reuters ^ | August 28, 2015 | John Lloyd
    It’s not the economy, stupid. At least it isn’t where hearts are warmed by the fiercer flame of nationalism, rather than rising living standards. Oil prices as low as $40 a barrel are separating the oil haves from the oil have-nots. The oil producers happily rode a wave of high oil prices for years, buying popularity with increased state spending while excusing themselves from the hard pounding of legitimate economic reform. The oil-buyers — like India and Egypt — now enjoy prices as low as a third of those they paid as recently as two years ago and can cut...
  • Graham: ISIS Loves Trump Seize Oil Idea

    08/28/2015 10:06:29 PM PDT · by 2ndDivisionVet · 72 replies
    Breitbart Television ^ | August 28, 2015 | Pam Key
    Friday on Newsmax TV’s “The Steve Malzberg Show,” Republican presidential candidate Sen. Sen. Lindsey Graham (R-SC) said ISIS loves his rival, Republican presidential front-runner Donald Trump’s idea of “seize oil for the benefit of America” because it would be a huge “recruiting opportunity.” Graham said, “Well number one, Donald Trump’s plan to destroy ISIS is the most ill-conceived, insanely dangerous idea I have ever heard. Worse than Obama. I never thought I would hear myself say that there is a Republican running for office that’s got a worse idea when it comes to radical Islam than Obama. So here is...
  • Chinese Oil Companies Brace for Turbulent Second Half

    08/28/2015 4:54:12 AM PDT · by thackney · 4 replies
    Wall Street Journal ^ | Aug. 26, 2015 | BRIAN SPEGELE
    Chinese oil companies say they are bracing for a turbulent second half and no relent of the low oil prices that have sent their earnings plunging. Amid weak global economic growth that is constraining demand for everything from oil to natural gas and iron ore, first-half results on Wednesday underscored the magnitude of a spending pullback by China’s oil majors. In releasing interim results, Chinese oil companies Cnooc Ltd. and Sinopec Corp. said they had little expectation for a sharp rebound in oil and natural gas prices. “There is little optimism in the world’s macro-economic environment,” Cnooc Chairman Yang Hua...
  • OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?

    08/27/2015 4:24:05 PM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 27-08-2015 | Endree
    Despite low oil prices, Saudi Arabia is maintaining its investment in its oil industry. Saudi Aramco Chairman Khalid Al-Falih indicated in March that Saudi Aramco would not cut investment. James Crandell, a Cowen & Co. oil analyst cited in this article, who has tracked oil companies’ budgets for many years, estimates that Aramco and its Kuwaiti and UAE counterparts will increase their investment in oil exploration and production in 2015 by 4.5 percent to $38.1 billion. (If proportional to output, the Saudi share would be $24.5 billion). On it’s website, the Saudi Arabian General Investment Authority (SAGIA) identifies Saudi Arabia...
  • U.S. Oil Prices Post Biggest Rise on Percentage Basis Since 2009

    08/27/2015 12:54:40 PM PDT · by abb · 17 replies
    The Wall Street Journal ^ | August 27, 2015 | Christian Berthelsen
    U.S. oil prices soared 10% on Thursday, as a rally in Chinese and U.S. stocks and better-than-expected U.S. economic data prompted a rush by traders to bail out of bearish bets that the market would fall. Traders and analysts at hedge funds, banks and brokerages said supply-and-demand conditions in the oil market remained weak and there appeared to be little fundamental justification for such a strong rally, or expectations of more price gains in the near future. Rather, they said, it appeared to be set off as investors with so-called short positions that profit from falling prices closed those bets...
  • McDermott CEO sees Saudi contract as step in turnaround

    08/27/2015 12:50:13 PM PDT · by thackney
    Fuel Fix ^ | August 27, 2015 | Robert Grattan
    Offshore engineering company McDermott International’s stock shot up by more than 30 percent Wednesday after the company said it had landed a $1.5 billion-plus contract with Saudi Aramco. McDermott CEO David Dickson called the contract an important step in a turnaround for the Houston-based company, which as recently as 2013 had been struggling to build offshore platforms and support structures profitably. Investors sent the company’s shares up $1.03 to $4.49 in midday trading Thursday. “We had a tough time through the end of 2013; 2014 was a real turnaround,” Dickson said in an interview with FuelFix. He joined McDermott in...
  • Recently announced crude oil swaps with Mexico likely to provide economic and environmental benefits

    08/27/2015 10:29:10 AM PDT · by thackney · 20 replies
    Energy Information Administration ^ | August 26, 2015 | Energy Information Administration
    Recently announced crude oil swaps with Mexico likely to provide economic and environmental benefits Under licenses approved earlier this month by the Bureau of Industry and Security (BIS), an office within the Department of Commerce that administers export controls on crude oil, volumes of crude oil produced in the United States and Mexico up to the approved volume cap will be exchanged. These swaps will likely involve U.S light sweet crude, such as the growing output from shale formations in the United States, and Mexican heavy sour crude. The approved swaps are expected to be both economically and environmentally beneficial...
  • Saudi Budget Cuts a Sign of Resolve, Not Wavering

    08/27/2015 5:43:16 AM PDT · by thackney · 2 replies
    Real Clear Energy ^ | August 27, 2015 | Nick Cunningham
    Nine months after OPEC decided to leave its production target unchanged and pursue market share instead of trying to prop up prices, the group is facing a set of complex problems and decisions going forward. At first blush, the collapse of oil prices and the resiliency of U.S. shale appears to hand OPEC, and its most powerful member in Saudi Arabia, a stinging defeat. U.S. oil production has leveled off but has not dramatically declined. Meanwhile, oil prices are at their lowest levels since the financial crisis and the revenues of OPEC members have fallen precipitously along with the price...
  • BP Whiting Restarted: Will Crude Avoid Maduro $30 Forecast?

    08/27/2015 5:37:14 AM PDT · by thackney · 9 replies
    Zacks ^ | August 26, 2015 | Nilendu Saha
    With crude prices hovering around $40 a barrel, the broader market is on tenterhooks. West Texas Intermediate (WTI) crude futures fell almost 7% in the past week. The troubles grew as oil prices hovered close to its lowest level in almost seven years. The bearish mood is compounded by Venezuelan President Nicolas Maduro’s opinion that the commodity is slated to fall to $30 per barrel or less. Whiting Refinery Unit Restarted Amid the gloom, the news that BP Plc (BP - Analyst Report) has restarted the largest of three crude distillation units (CDUs) in its refinery in Whiting, IN., cast...
  • Oil’s Down, Gasoline Isn’t — What’s Up With That?

    A little more than a year ago, oil prices were above $100 a barrel. The national average for gasoline was in the $3.50 range. In late spring, oil was $60-ish and the national average for gas was around $2.70. The price of a barrel of oil has plunged to $40 and below—yet, prices at the pump are just slightly less than they were when oil was almost double what it is today. Oil and gasoline prices usually travel up or down in sync. But a few weeks ago the trend lines crossed and oil continued the sharp decline while gasoline...
  • As oil price slump continues, companies get creative with staff schedules to avoid layoffs

    08/25/2015 5:27:45 AM PDT · by thackney · 2 replies
    FINANCIAL POST via Calgary Herald ^ | 08.18.2015 | GEOFFREY MORGAN
    As oilpatch layoffs mount and companies struggle to retain staff, Trilogy Energy Corp. has been able to keep its staff and cut costs at the same time. This summer management at the oil and gas producer asked employees to work a four-day week and apply for work share coverage, a form of employment insurance, through Service Canada. Trilogy confirmed its eligible employees recently received government approval for their work share compensation after applying back in May. “Reducing hours, we thought, was a better alternative than laying off staff,” Trilogy president and chief operating officer John Williams said. The Calgary-based company,...
  • DW: Saudi Arabia Hit by Low Oil Prices, Faces Difficult Decisions

    08/24/2015 10:38:24 AM PDT · by thackney · 22 replies
    Rig Zone ^ | August 24, 2015 | Douglas-Westwood
    Douglas-Westwood, an energy business strategy, research and commercial due diligence services provider, commented in its latest edition of DW Monday that low global crude prices have hit Saudi Arabia hard. With a considerable budget deficit, Saudi has been forced to begin borrowing from capital markets – $4 billion in July. The kingdom is highly reliant on oil – accounting for more than 90 percent of budget revenues. Cuts have not been made to capital expenditure and Saudi has engaged in an expensive conflict within Yemen. Consequently, the decision to ride out lower prices has put a huge strain on finances...
  • 1st U.S. tar sands mine set to open for business in Utah

    08/24/2015 5:18:20 AM PDT · by thackney · 26 replies
    Fuel Fix ^ | August 22, 2015 | Associated Press
    BOOK CLIFFS, Utah (AP) — On a remote Utah ridge covered in sagebrush, pines and wild grasses, a Canadian company is about to embark on something never before done commercially in the United States: digging sticky, black, tar-soaked sand from the ground and extracting the petroleum. The impending opening of the nation’s first tar sands mine has become another front in the battle across the West between preservationists and the energy industry. U.S. Oil Sands has invested nearly $100 million over the last decade to acquire rights to about 50 square miles, obtain permits and develop what it says is...
  • Russia's ruble falls to lowest this year, market drops over 4%

    08/24/2015 3:32:11 AM PDT · by elhombrelibre · 33 replies
    AFP ^ | 24 Aug 15 | Unknown
    Moscow (AFP) - Russia's battered ruble dropped Monday to its lowest point this year as Asian and European stock markets nose-dived over concerns about the Chinese economy. Russia's dollar-denominated RTS index fell 4.21 percent at opening as the ruble tumbled to 70.92 against the dollar, its weakest against the greenback since December 2014. The ruble-denominated Micex meanwhile dropped by 1.76 percent. The plunge in oil prices and Western sanctions over Moscow's role in the Ukraine crisis have pummelled the Russian economy in recent months, with the ruble collapsing in value. Russia's recession worsened in the second quarter as the gross...
  • Dow futures fall 160 points (possible massive sell off today)

    08/24/2015 2:24:49 AM PDT · by Enlightened1 · 35 replies
    CNBC ^ | 08/23/15 | Fred Imbert
    U.S. stock futures opened lower on Sunday after Wall Street recorded its worst day since 2011. Dow Jones industrial average futures opened down about 80 points and shed as much as 163 points before holding at about 124 points lower. S&P 500 futures opened down 12.50 points and fell as much as about 18 points before holding at about 14 points lower. Nasdaq futures fell 33 points at the open before falling as much as 44 points and were last down about 35 points. Asian shares sold off dramaticallyat their open as well, with Tokyo sharply lower and all eyes...
  • Report: Most Canada Oil Sands Crude Produced At A Loss

    08/23/2015 12:29:40 PM PDT · by thackney · 34 replies
    Reuters via Rig Zone ^ | August 20, 2015 | Nia Williams
    More than three-quarters of Canada's daily output of 2.2 million barrels of crude from oil sands is being produced at a loss at current prices, research from analysts at TD Securities shows, although producers are unlikely to halt operations. Only two mining and upgrading projects - Canadian Natural Resources Ltd's Horizon project and Suncor Energy's Millennium mine - are producing synthetic crude for less than its current outright price around $36 a barrel, analyst Menno Hulshof said on Thursday. Every thermal oil sands player is bleeding cash on every barrel produced with U.S. crude around $41 and the Canadian heavy...
  • Oil falls near $39 per barrel

    08/21/2015 10:14:04 AM PDT · by thackney · 37 replies
    Fuel Fix ^ | August 21, 2015 | Robert Grattan
    U.S. oil fell closer to $39 per barrel on Friday, as traders continued a rout that is likely to hand the next-month contract its longest string of consecutive weekly losses since the bust of 1986. Fears that China’s economy may be sputtering and signals that global production is on the rise have driven oil lower for the past seven weeks, and barring a large recovery Friday, soon to be eight weeks. Those concerns combined once more on Friday as an early economic indicator in China came in at a six-year low. “(China’s) stock market problems, their currency problems, all these...
  • BP Whiting refinery unit may restart soon, avoiding long outage

    08/21/2015 6:22:28 AM PDT · by Obadiah · 3 replies
    BP Plc's Whiting, Indiana, refinery, whose partial closure nearly two weeks ago has roiled global oil markets, may restart a key crude oil unit weeks earlier than expected, according to sources and a published report. The plant may restart the 240,000-barrel-per-day (bpd) Pipestill 12, the largest crude oil unit at Whiting, as soon as this weekend after it was able to make temporary repairs, industry publication Energy News Today reported. The unit shut on Aug. 8 after a leak in a heat exchanger, and early reports suggested it could remain offline for one or two months.
  • In downturn, frackers turn to toilet water in drought-prone Texas

    08/20/2015 11:01:40 PM PDT · by Citizen Zed · 4 replies
    Reuters ^ | 8-21-2015 | Anna Driver
    Pioneer is the first oil and gas company to sign a long-term wastewater supply contract with Odessa, a city of about 110,000 people. The Dallas-based company recently began construction on a pipeline network that will transport the treated water from the city's sewage plant to one of its oilfields about 20 miles away. "The money has been approved," said Stephen McNair, president of Pioneer's water management group. Pioneer's goal is to eliminate the use of fresh water in fracking in 5 to 10 years, said McNair. The municipal reclaimed water the company intends to use comes from sewage plants that...
  • Saudis Could Face An Open Revolt At Next OPEC Meeting

    08/20/2015 4:22:13 PM PDT · by bananaman22 · 7 replies
    Oilprice.com ^ | OPEC collapse
    OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia’s role of guarantor of $100+/bbl oil. Despite the intense financial and economic pain this decision has inflicted on Saudi Arabia, its fellow OPEC members, and other oil producers, the Saudis have given no indication they plan to alter course. In fact, Saudis have downplayed the impact of lower prices on their country, asserting that the kingdom has the financial...
  • Robert Menedez floats ‘strategic’ crude exports

    08/20/2015 7:59:36 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | August 19, 2015 | Jennifer A. Dlouhy
    The United States should consider allowing “strategic” crude exports to allies abroad while renegotiating the nuclear deal with Iran, Sen. Robert Menendez said. The New Jersey Democrat’s comments, part of a speech Tuesday at Seton Hall University to explain his opposition to the agreement, marked a shift in his approach to oil exports. Menendez historically has opposed moves to loosen the longstanding ban on exporting U.S. crude. But on Tuesday, Menendez highlighted oil exports as a geopolitical tool — a way for U.S. oil to compete in markets that might be customers for Iranian crude if the nuclear accord is...
  • Citigroup report: Worries of $33 oil leaving markets “nervy”

    08/20/2015 7:43:09 AM PDT · by thackney · 22 replies
    Fuel Fix ^ | August 19, 2015 | Jordan Blum
    There’s a “conceivable reality” U.S. oil prices may plummet to a new 11-year low of $33 a barrel or lower this year, according to a Citigroup report released Wednesday as oil prices dipped to a six-year low near $40.50 per barrel. The new “How low can oil go?” report contends that capital markets are “getting nervy” and one of the only ways to stop this downward trend is for North American shale companies to lose more access to capital during the next phase of borrowing negotiations in October, called redetermination. In February 2009, closing U.S. oil prices last bottomed out...
  • The Balance Between Crude Oil Supply And Demand

    08/19/2015 12:18:20 PM PDT · by ckilmer · 11 replies
    valuewalk.com ^ | August 19, 2015 11:11:56 AM
    The Balance Between Crude Oil Supply And Demand Posted By: Guest PostPosted date: August 19, 2015 11:11:56 AMIn: BusinessNo Comments The Balance Between Crude Oil Supply And Demand by Causeway Capital Management Executive Summary: The Current Supply/demand Imbalance From peak to trough, crude oil prices plunged about 60% in 2014 – and slid again recently, testing lows of earlier this year. Excess supply, combined with a market expectation for softening global demand, has weighed on oil prices. Unlike past behavior, the Organization of the Petroleum Exporting Countries (OPEC) has not cut production to support the market price. This appears to...