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Category: Crude

Repeal Of Oil Export Ban Passes U.S. House

October 13, 2015 Posted by Chris Wysong

Last Friday the House passed a bill that would repeal the 1975 crude export ban; the bill now goes to the Senate. Jeff Reed from Oil Pro analyzes the factors that led to this vote while providing context around the original EPCA. Repeal Of Oil Export Ban Passes U.S. House By: Jeff Reed (Oil Pro) In a 261 to 159 vote, the U.S. House of Representatives voted early Friday afternoon to repeal the general ban on oil exports imposed in 1975 amid the Arab oil embargo. The bill will now go to the Senate, where its prospects are less certain. The Genesis Of Fridays Vote In early September, H.R. 702, sponsored by Rep. Joe Barton (R-Tex), was passed by the House Energy and Power subcommittee by a voice count. The following week, the legislation was taken up and passed by the full Energy and Commerce committee. This past summer, House Speaker John Boehner pledged his support for ending the ban, saying that he hoped repealing the prohibition would be a key piece of an energy legislation package

Posted in Oil, Oil Ban, Policy, Crude

Ending oil export ban could help little guys, too, small businesses tell House committee

June 18, 2015 Posted by Chris Wysong

Much of the talk surrounding the crude export ban has focused on large domestic proudcers but several small firms recently told the House Small Business Committee that they would benefit as well. Ending oil export ban could help little guys, too, small businesses tell House committee By: Jennifer A. Dlouhy WASHINGTON The campaign to export U.S. crude has been dominated by large domestic producers hoping to fetch higher oil prices, but on Wednesday, the spotlight was on small businesses with income tied to domestic oil development. Representatives of those firms, including Roswell, New Mexico-based Read and Stevens, told the House Small Business Committee that overseas oil sales would help sustain their firms, by modestly lifting domestic crude prices. The current depressed oil price and the associated cutback in drilling new wells which would create new revenue for us has had a very strong adverse impact on our financial situation, said Rory McMinn, president of Read and Stevens,

Posted in Policy, Crude, Oil

Lift oil-export ban and build more pipelines

June 16, 2015 Posted by Chris Wysong

Chris Lafakis of Moodys Analytics gives his argument for lifting the crude export ban and building more pipelines that would pipe oil from the middle of the country to coastal refineries. Lift oil-export ban and build more pipelines By: Chris Lafakis (Philly.com) The U.S. shale revolution has created jobs, improved the balance of trade, spurred billions of dollars of both foreign and domestic investment, reduced carbon emissions, and lowered oil and gas prices. And from the shale gas fields in Williamsport to the refineries in the Philadelphia region, new energy technologies have had a profound local impact. This revolution could do even more if the United States allowed crude oil exports and expanded its pipeline system. There has been a ban on U.S. crude oil exports since the 1973 Yom Kippur War, though domestic refiners are free to export gasoline and other petroleum products. Lifting this ban would amplify the benefits of the energy revolution at little cost. However, removing

Posted in Oil, Crude, Policy, ExportBan

U.S. should ditch 'outdated' oil export ban - Harvard

June 15, 2015 Posted by Chris Wysong

A recent study by Harvard Business School and Boston Consulting Group concluded that lifting the U.S. fracking boom would add billions to the economy, create jobs, and give the U.S. more influence overseas. U.S. should ditch outdated oil export ban - Harvard By: Richard Valdmanis (Reuters) BOSTON, June 10 The United States must lift anoutdated ban on oil exports to take full economic andgeopolitical advantage of its hydraulic fracturing boom,according to a study by Harvard Business School and BostonConsulting Group released on Wednesday. Lifting the 40 year-old ban imposed after the Arab oilembargo and easing restrictions on liquefied natural gas exportterminals would add $23 billion to the economy by 2030, createtens of thousands of jobs, and provide the United States withadditional clout overseas, the paper said. Our energy resources have given the U.S. important newdiplomatic tools that can aid allies and counteract the abilityof unfriendly countries to use oil and gas access

Posted in Crude, Oil, Policy, Exports

Why This Shale CEO Isn’t Afraid of OPEC or Low Oil Prices

June 15, 2015 Posted by Chris Wysong

Bloomberg profiles Apache CEO John Christmann and how he plans to use efficient production to contend with OPEC and low prices. Why This Shale CEO Isnt Afraid of OPEC or Low Oil Prices By: Bradley Olson (Bloomberg Business) Apache Corp. CEO John Christmann didnt just get a new job when he took charge of one of the worlds biggest shale producers in the dark days of the oil market crash in January, he signed on to a corporate makeover. In the past six months Christmann has focused on transforming Apache from a high-flying global explorer into a ruthlessly efficient production machine rooted deeply in West Texas shale fields. Under his watch, Apache has set the pace for an industry intent on moving beyond basic cost-cutting to reset priorities on regions and projects that can thrive with $50-a-barrel oil. Christmann has now accomplished what none of his other major peers have yet managed: hes making more cash from operations than hes spending. That compares to the two years preceding

Posted in Oil, OPEC, Crude, Production

Exporting U.S. Crude Oil is a Moral Obligation

June 12, 2015 Posted by Chris Wysong

The economic benefits of exporting crude oil seem obvious, but Forbes Jude Clemente weighs in on how adequate energy supplies can solve major problems in undeveloped countries. Exporting U.S. Crude Oil is a Moral Obligation By: Jude Clemente (Forbes) CO2 is not emitted in a socioeconomic vacuum. CO2 is emitted as the inevitable by-product of combusting fossil fuels, sources that makeup 85% of the worlds energy economy. We must therefore strike a balance in the equation both an assessment of the dangers posed to the atmosphere by CO2 emissions and the powerful benefits created by the energy usage that results in these emissions. Through much of the 20th and now the 21st centuries, the ascension from poverty begins as countries build electricity networks based on fossil fuels and construct extensive petroleum-based transportation infrastructure. These systems achieve immense economies of scale that provide immense amounts of energy at low cost. Such abundant and reliable supplies of

Posted in Policy, CrudeExports, OilExports, Oil, Crude

Barclays: Expect production to rise for a few companies taking advantage of cheap oil

June 05, 2015 Posted by Chris Wysong

Several mid-cap producers are increasing their production forecasts for this year based on rising crude prices. Barclays: Expect production to rise for a few companies taking advantage of cheap oil By: Collin Eaton (Fuel Fix) HOUSTON A handful of oil companies have expressed a renewed sense of optimism as U.S. crude has hovered around $60 a barrel, with some saying they have even raised their annual production forecasts, according to Barclays. In a report on mid-cap oil producers Wednesday, Barclays said the oil companies, especially those in the Permian Basin and the Appalachian region, say theyre more upbeat about their cash levels and their ability to spend more on drilling. The bank said it has reason to believe more productive wells, lower costs and easy access to capital could keep U.S. production elevated even amid cheap oil. We believe capital spending plans have not fully incorporated cost savings that may be realized from lower service costs and efficiency gains, Barclays

Posted in Oil, Crude, OilProduction

The U.S. Shale Boom Takes a Break

May 29, 2015 Posted by Chris Wysong

Jim Krane and Mark Agerton of Foreign Affairsexamine the anatomy of Americas shale boom. The U.S. Shale Boom Takes a Break By: Jim Krane and Mark Agerton (Foreign Affairs) Texas used to be the worlds swing producer of oil. In the first half of the twentieth century, the Texas Railroad Commission enforced production quotas to balance markets and keep prices and profits stable. Texas lost that job to OPEC in the 1970s, though, and never gained it backuntil now. The momentous shift became evident in the weeks after OPECs November decision to hold oil production steady in the face of weakening prices. It was time, Saudi oil minister Ali Naimi said, for another producer to idle his rigs. With Saudi Arabia standing firm, prices plummeted. Crude lost half its value between June and December 2014. Within a few weeks, it became apparent that someone would heed Naimis command, and that OPECs do-nothing strategy would succeed, at least in the short term. Starting in January, scattered roughnecks

Posted in Shale, ShaleDrilling, Fracking, Crude, CrudePrices

CERAWeek: Regulatory hurdles still threaten US shale, CEOs say

April 28, 2015 Posted by Chris Wysong

At CERAWeek, several shale CEOs called for crude export bans to be lifted. CERAWeek: Regulatory hurdles still threaten US shale, CEOs say By: Matt Zborowski (OGJ) Leaders of prominent US shale producers came together on Apr. 21 to drive home whats emerged as a primary theme during this years IHS CERAWeek in Houston: The urgent need to lift the export ban on US crude oil. Its time to give the green light to US oil exports, stated John Hess, chief executive officer of Hess Corp., during an upstream panel discussion alongside two other prominent US-based chief executives. Hess emphasized that the US already exports high quantities of petroleum products3.8 million b/d in 2014 according to the US Energy Information Administrationso why not crude? Mexico and Canada export crude, he said. Why not the US? Harold Hamm, chief executive officer of Continental Resources Inc., echoed those sentiments, but thinks its going to take a while to change the mindset of Americans from one of scarcity

Posted in Crude, Shale, Policy

U.S. Seen Becoming Net Energy Exporter on Shale Output

April 16, 2015 Posted by Chris Wysong

New EIA estimates on crude output are fueling predicitions that U.S. energy exports will exceed imports within 15 years. U.S. Seen Becoming Net Energy Exporter on Shale Output By: Mark Shenk (Bloomberg Business) The U.S. government said for the first time that the nation will become a net energy exporter within 15 years as the shale boom bolsters crude oil production. U.S. energy exports will exceed imports from 2029 through 2032, and from 2037 through 2040, the Energy Information Administration said Tuesday in its Annual Energy Outlook. The agency raised its oil output forecasts for 2025 and 2040, while cutting total energy demand estimates for the same years. The forecast doesnt anticipate any change in U.S. law that bans most exports of crude. Advanced technologies are reshaping the U.S. energy economy, EIA Administrator Adam Sieminski said in an e-mailed statement. With continued growth in oil and natural gas production, growth in the use of renewables and the application of

Posted in Energy, Exports, Imports, Crude, Shale

Kemp: US Oil Production Is Probably Peaking Right Now

April 10, 2015 Posted by Chris Wysong

Reuters analyst John Kemp cites recent EIA forecasts in predicting that 2015 U.S. crude production will reach its peak in April and May. Kemp: US Oil Production Is Probably Peaking Right Now By: John Kemp (Reuters) John Kemp is a Reuters market analyst. The views expressed are his own LONDON, April 8 (Reuters) - U.S. crude production will peak this month, according to revised forecasts published by the countrys Energy Information Administration (EIA). Output will average 9.37 million barrels per day (bpd) in April and the same in May before falling to 9.33 million bpd in June and 9.04 million bpd by September, the EIA predicted in the April edition of its Short-Term Energy Outlook (STEO). Production is expected to peak a month earlier and 10,000 bpd lower than the EIA forecast in the January STEO, reflecting continued low wellhead prices and a sharper-than-expected slowdown in new well drilling. Production is forecast not to exceed this months level for another 18 months. The EIA

Posted in Crude, Forecasts

MARKET WATCH: NYMEX, Brent crude oil prices surge

April 08, 2015 Posted by Chris Wysong

Paula Dittrick of OGJ reports on encouraging market signs from the past week including crude price spikes and a supply drawdown. MARKET WATCH: NYMEX, Brent crude oil prices surge By: Paula Dittrick (OGJ) Crude oil prices for May delivery spiked to close $3/bbl higher on the New York market Apr. 6, marking the biggest one-day gain since Feb. 3. Analysts said the $52.14/bbl Apr. 6 settlement for light, sweet crude was the highest since Feb. 17. Brent prices for May delivery were up $3.17/bbl on the London market. The rally followed the long Easter holiday weekend in which Saudi Arabia raised its crude price for delivery to Asian buyers while the dollar fell in value, making dollar-based crude oil less expensive to buyers using foreign currencies. US and European futures markets were closed Apr. 3 in observance of Good Friday. Genscape Inc. told the Wall Street Journal that supplies in Cushing, Okla., fell by nearly 300,000 bbl during Mar. 31 to Apr. 3, marking the first draw in supplies

Posted in Crude, Brent, Oil, OilPrice, Energy

Schlumberger CEO: 'Oil Price Decline Not Due To Overcapacity'

April 07, 2015 Posted by Chris Wysong

Schlumberger CEO Kibsgaard says the drop in oil prices is not due to overcapacity but rather a battle for market share. As Casey Hoerth reports, the implications of this means that the drop in crude prices might not be long-lived. Schlumberger CEO: Oil Price Decline Not Due To Overcapacity By: Casey Hoerth (Seeking Alpha) Every year, Schlumberger (NYSE:SLB), one of the two biggest oil service companies by market cap, presents at the Howard Weil Energy Conference. While about a dozen companies present at these conferences, the Schlumberger presentation has been particularly valuable every year because it gives excellent big picture insight on the industry as a whole. Unsurprisingly, this year, Paul Kibsgaard, the CEO of Schlumberger, dedicated a good bit of his presentation to crude oil prices and global capacity. Kibsgaard does not believe the drop in prices is due to global overcapacity, but instead is simply a battle for market share. At first glance that might not seem like a very

Posted in Crude, OilPrices, Oil

Kemp: Oil Market Shrugs Off Worries About Crude Stocks

March 13, 2015 Posted by Chris Wysong

Reuters analyst John Kemp writes on why he doesnt think traders see danger of a storage crisis in the second half of the year. Kemp: Oil Market Shrugs Off Worries About Crude Stocks By: John Kemp (Reuters) LONDON, March 11 (Reuters) - Oil watchers have spent much of the last two months speculating about whether overproduction and the rapid accumulation of crude oil inventories in the United States would cause storage space to run out and trigger another fall in spot prices. Commercial crude stocks held at refineries, tank farms and in pipelines across the United States have surged by more than 63 million barrels, an average of more than 6 million barrels per week, this year and are at their highest since the 1930s, according to the U.S. Energy Information Administration (EIA). The volume of crude in storage last week was almost 80 million barrels higher than the corresponding week in 2014, and 106 million barrels above the 10-year average. (http://link.reuters.com/qym34w) Storage

Posted in Crude, Oil, Market

Oil Ends Mixed After Mild Rig Count Drop, Heating Oil Spikes

February 23, 2015 Posted by Chris Wysong

Barani Krishnan of Reuters reports on how brutal winter weather on the East Coast is affected crude prices and rig counts. Oil Ends Mixed After Mild Rig Count Drop, Heating Oil Spikes By: Barani Krishnan (Reuters) NEW YORK, Feb 20 (Reuters) - Crude prices ended mixed on Friday as the number of U.S. rigs drilling for oil fell far less than expected this week, while heating oil jumped 6 percent after severe winter cold crimped output at three refineries. After many bets that crude would rally on Friday from another plunge in the rig count, and short-covering before the expiry of the front-month in West Texas Intermediate (WTI) futures, the action was in refined products instead. News that at least three refineries, accounting for more than two-thirds of the U.S. East Coasts refined output, are being disrupted by single-digit temperatures sent heating oil futures to six-month highs. Its sell crude, buy products today, said Dominick Chirichella, senior partner at the Energy Management

Posted in Oil, Crude, OilPrices, RigCounts

BP Predicting Slowdown for US Shale Oil Production

February 20, 2015 Posted by Chris Wysong

BP released its annual global Energy Outlook report this week and predicted growing demand for OPEC crude as U.S. shale production begins to slow. BP Predicting Slowdown for US Shale Oil Production By: Agence France-Presse LONDON - Booming U.S. shale output, which helped spark slumping oil prices, will continue over the next 20 years but start to slow, increasing demand for OPEC crude, BP forecast Tuesday. The British energy giant revealed its verdict in an annual global Energy Outlook report which covers the period 2013-2035. The current weakness in the oil market, which stems in large part from strong growth in tight oil production in the U.S., is likely to take several years to work through, BP said in the report. World oil prices have collapsed by 60% between last June and January, hit by a global supply glut exacerbated by surging U.S. shale production. In reaction, the global energy sector has slashed investment. At a time when our industry is focused on the rapid response

Posted in Oil, Crude, Shale, OPEC

Crude oil volatility indicates a bottom: Traders

February 16, 2015 Posted by Chris Wysong

Traders Jim Iuorio and Anthony Grisanti believe the volatility that crude prices are experiencing right now prove that a bottom is in sight. Crude oil volatility indicates a bottom: Traders By: Alex Rosenburg The incredible plunging commodity, crude oil, has become even more volatile of late. But according to traders Jim Iuorio and Anthony Grisanti, that could actually indicate that a bottom is in sight. Crude oil settled 4.2 percent higher on Thursday at $50.48 per barrel, in a day that saw a nearly $5 range. The jump comes after oil fell 8.7 percent on Wednesday and rose 7 percent on Tuesday. I like volatility as much as the next guy, but 6 or 7 percent moves in a day is a little tough on a 50-year-olds heart, joked Chicago-based trader Iuorio. Indeed, the CBOE Crude Oil Volatility Index, which measures the expected volatility of crude, continues to rise drastically. The index hit a new multiyear high on Thursday. I think this is part of the bottoming process, Iuorio said Thursday

Posted in Oil, Crude, OilPrices

IHS: "Tight-oil test' under way in US amid lower oil prices

November 24, 2014 Posted by Chris Wysong

A recent report by IHS says that tight-oil capacity will remain profitable even with current crude prices. IHS: Tight-oil test under way in US amid lower oil prices By: OGJ Editors The vast majority of potential US tight-oil production growth remains economical in the current crude oil price environment, according to a recent report by IHS. About 80% of potential gross US tight-oil capacity additions in 2015 would remain resilient at West Texas Intermediate prices dropped to $70/bbl, the report said. IHS examined the outlook for US tight-oil growth in light of the recent drop in oil prices, which have fallen by nearly a third since summer. IHS estimates 2015 US tight-oil production growth at about 700,000 b/d at an average 2015 price of $77/bbl. Though this would represent a slowdown from 2014 tight oil-growth of more than 1 million b/d, the amount of growth remains significant, the report said. Since 2008 the cumulative growth in US tight-oil production has been 3.5 million b/dfar

Posted in Crude, Oil

Oil Servicers Say Tumbling Crude Hasn't Changed Outlook

October 20, 2014 Posted by Chris Wysong

Rising North American output and falling demand forecasts have driven down crude prices in recent days. However, executives from two of the worlds largest oil servicers are not flinching in their expectation of growth for the market. Oil Servicers Say Tumbling Crude Hasnt Changed Outlook By: David Wethe The recent tumble in crude oil prices hasnt shaken the faith of two of the worlds biggest providers of drilling and production services. Baker Hughes Inc. (BHI) said yesterday that oil would have to continue falling to $75 a barrel and stay there for a few months before energy companies will cut back spending. Schlumberger Ltd. (SLB) described the drop as fear of short-term oversupply and said it wasnt changing a long-term view that it will almost double earnings from last years level by 2017. Booming North American output and reduced demand forecasts from the International Energy Agency sank oil prices in recent days. West Texas Intermediate, a U.S. benchmark, rebounded today after

Posted in Oil, Crude, OilPrice

Schlumberger CEO: Oil will recover, spur E&P spending

October 20, 2014 Posted by Chris Wysong

Crude prices have been falling in recent days as fear of oversupply looms. Schlumberger CEO Paal Kibsgaard is dispelling these fears of oversupply and falling investment levels, ensuring the market that Crude will recover and predicting that the current growth forecasts will prove true. Collin Eaton of Fuel Fix reports. Schlumberger CEO: Oil will recover, spur EP spending By: Collin Eaton HOUSTON The slow but steady global economic recovery is still intact, and absolute oil demand has changed little despite fears of oversupply that have sent crude prices hurtling downward in recent days, Schlumbergers chief executive told investors on Friday. We expect Brent to recover and stabilize, Schlumberger CEO Paal Kibsgaard said in an earnings conference call. Oil demand is currently set to increase by 1.1 million barrels per day in 2015, which will require growth in exploration and production investments. Spending levels by oil and gas producers is the metric oil field services companies

Posted in Oil, Crude, OilPrices
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