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Category: US

Goldman Sees U.S. Oil Output Unscathed as Costs Decline

December 17, 2014 Posted by Jordan Smietana

Goldman is reporting that U.S. producers could increase output even further with declining costs. Goldman Sees U.S. Oil Output Unscathed as Costs Decline By: Ben Sharples (Bloomberg) U.S. producers battling OPEC for market share may increase output further from the highest rate in more than three decades as costs decline almost as fast as oil prices, according to Goldman Sachs Group Inc. The slump in benchmark U.S. crude futures, which are down more than 40 percent this year, is driving producers to move drill rigs to lower-cost fields, the bank said in an e-mailed report today. While theres evidence of some rebalancing starting to occur in the market, that isnt sufficient, it said. A decision last month by the Organization of Petroleum Exporting Countries to maintain its output target prompted speculation that the group is willing to let crude slide to a level that would slow U.S. production. Smaller member-nations including Venezuela, which have called for action to support prices,

Posted in Oil, US, OPEC

Shale Boom Redraws Oil Routes as Alaskans Ship to Korea

October 31, 2014 Posted by Chris Wysong

Alaskan oil was shipped to South Korea this month for the first time in eight years, with the expectation of more orders to come. South Korea is looking to reduce its dependance on OPEC and has started to lay the groundwork for a relationship with the U.S. This comes on the heels of mitigated American export rules, while the U.S. is forecasted to export more energy than it imports by 2025. Shale Boom Redraws Oil Routes as Alaskans Ship to Korea By: Heesu Lee (Bloomberg) For signs of how the U.S. shale boom is transforming the global flow of oil, look halfway across the world at South Korea. The Asian nation, which relies on the Middle East for about 86 percent of its oil imports, is benefiting as new output from Texas to North Dakota displaces the crudes that fed U.S. refineries for decades. South Korea received this month a shipment of Alaskan oil for the first time in at least eight years and may buy more, the importing company said. The country was one of the first to receive

Posted in Oil, Policy, US, SouthKorea

Council on Foreign Relations report calls for Keystone approval

October 03, 2014 Posted by Chris Wysong

A recent report from the Council on Foreign Relation is urging for deeper economic ties between the US, Canada, and Mexico - with the hope of a swift approval of the Keystone XL pipeline. The report calls on US leaders to recognize the reality of North American energy and trade relationships as the strongest force in the world countering the rise of China and other Asian economic powers. Council on Foreign Relations report calls for Keystone approval By: Guy Taylor Rather than pivot to Asia, U.S. policymakers should be focusing on a pivot to North America by deepening economic ties with Canada and Mexico and getting serious about swiftly approving the Keystone XL oil pipeline, according to a report released Thursday by the Council on Foreign Relations. The three countries should build on the foundation of the North American Free Trade Agreement (NAFTA), with a specific focus on expanding coordination on trade, energy and security policy, said the report, which was authored by a

Posted in Keystone, US, Canada, Mexico

US R/D Investment Lead Continues to Erode

October 03, 2014 Posted by Chris Wysong

The US is still the global leader in research and development, but the country is losing share in the world R/D game as other countries are making big strides. Patricia Panchak of IndustryWeek details global R/D trends and what these mean for the economic future. US R/D Investment Lead Continues to Erode By: Patricia Panchak The alarms arent going off as in years past, but the U.S. research and development community continues to worry. With the fiscal year 2014 omnibus officially signed into law, some federal funding has been restored, but its growth continues to lag in comparison to other countries investments. The sigh of relief over passage of the Consolidated Appropriations Act of 2014 demonstrates just how bad things could have been. Had the federal budget sequester stayed in effect for the next four years as planned, overall federal RD funding would have been cut by 8.4%, or $57.5 billion, according to the American Association for the Advancement of Sciences estimates. Worse,

Posted in Research, Development, US, World

Big strides in US shale gas deal

September 03, 2014 Posted by Chris Wysong

India and the US have been in talks recently to change current law and enable US exports to India. Jayanta Roy Chowdhury reports that US companies see India as the most viable energy market in the long run and that the US is also working on a long-term strategic and economic partnership with India. Big strides in US shale gas deal By: Jayanta Roy Chowdhury New Delhi, Aug. 3: While the world concentrated on the public spat between India and America that eventually scuppered a new global trade agreement in Geneva last week, the two sides were engaged in a meaningful dialogue to hammer out arrangements that will allow shale gas exports from the US. Indian officials would like to finalise a deal that Prime Minister Narendra Modi and President Barrack Obama can sign in Washington during a visit scheduled in September. The deal would involve an India-specific general waiver to laws which currently restrict US sales of oil and gas only to countries with which it has free trade agreements. The

Posted in US, India, Shale, Exports

US Energy Boom Better Than Sanctions Against Russia

August 28, 2014 Posted by Chris Wysong

In this opinion piece, Chris Faulkner of Breitling Energy Corp. outlines how increased energy exports by the U.S. are the key to helping reduce Russias leverage on Europe and Ukraine. US Energy Boom Better Than Sanctions Against Russia By: Chris Faulkner U.S. oil production is surging, and its helping to cripple the Russian economy. Its a win-win situation With 40 percent of the Russian economy hinging on oil and gas sales, Americas oil and gas boom is doing more to bring President Vladimir Putin to his knees than any of the sanctions being imposed by the U.S. and Europe. Competition in the form of increased U.S. energy exports is the last thing Putin wants to see, so thats exactly what we should do. Russia is currently the third-largest oil producer and the top exporter of natural gas, and you better believe that Putin uses these advantages to push his agenda regionally and globally. Russia needs oil prices to stay above $110 per barrel to keep its budget balanced, but on August

Posted in US, Russia, Exports, Policy

Wood Mackenzie: Third Wave of US Shale to Show Europe the Way Ahead

August 27, 2014 Posted by Chris Wysong

According to Wood Mackenzie, emerging unconventional oil and gas development projects in the United States have the combined potential to produce more than one million barrels of oil equivalent per day by the end of 2020. Jon Mainwaring details the third phase of these processes being used in the US that could show the way ahead in Europe. Wood Mackenzie: Third Wave of US Shale to Show Europe the Way Ahead By: Jon Mainwaring Energy research firm Wood Mackenzie believes the emerging third phase of onshore unconventional oil and gas development in the United States could show the way ahead for shale gas and oil projects in Europe. Wood Mackenzie said that after conducting an in-depth analysis of U.S. unconventional activity over the last decade, it considers that the emerging third phase of the unconventional sector in the Lower 48 States of the United States focusing on brownfield exploration signals a shift in the industrys thinking about what constitutes a successful unconventional

Posted in Shale, US, Europe

US Crude Rises on Supportive Data, Brent Slips

August 27, 2014 Posted by Chris Wysong

In this article from Reuters, the latest numbers for US Crude and Brent Crude are examined. Although durable goods orders jumped to their biggest monthly gain on record, Brent and US crude are on pace for a second straight monthly decline in August. US Crude Rises On Supportive Data, Brent Slips By: Anna Louie Sussman NEW YORK, Aug 26 (Reuters) - U.S. crude rose on Tuesday as supportive U.S. economic data overshadowed concerns about slowed growth in other oil consuming economies and ample global oil supplies. Brent crude futures settled lower and both U.S. and Brent finished off session peaks. U.S. crude drew support from government data showing durable goods orders jumped 22.6 percent in July, the biggest monthly gain on record. Also, the Conference Board, an industry group, reported that consumer confidence rose more than expected in August to its highest level since October 2007. Brent crude fell 15 cents to settle at $102.50 a barrel, after reaching $103.40 during the session. U.S.

Posted in Crude, US, Brent

Mexico's Pemex poised to import light crude from U.S.

August 18, 2014 Posted by Chris Wysong

The U.S. oil boom is causing Mexicos state-owned oil company to rethink their stance on self-sufficiency. Mexico last imported crude in the late 1990s, but in this article from Reuters, David Alire Garcia and Noe Torres explain why Pemex is analyzing the option of importing light crude from the U.S. in an effort to generate more value from Mexicos six domestic refineries. Mexicos Pemex poised to import light crude from U.S. By: David Alire Garcia and Noe Torres Mexicos state-owned oil company, Pemex, is poised to abandon a decades-old devotion to self-sufficiency in crude oil, entering talks with U.S. companies about importing light crude from its northern neighbor, where output is booming. Chief Executive Emilio Lozoya said in an interview late on Thursday that Pemex was very likely to start importing light crude from the United States in the next few months, to generate more value from the Mexicos six domestic refineries. Lozoya said importing light crude from the United

Posted in Mexico, US, Crude, Import
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