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The World’s Top Crude Trader Sees Brent Crashing To $45

October 18, 2017 Julianne Geiger 0

The world’s largest oil trader sees the price of the Brent barrel falling almost $14 to $45 in 2018, from its current price of $58.01, according to Ian Taylor, CEO of Vitol Group. Taylor is predicting a surge in oil production from US drillers—an event that would likely drag oil prices downward in 2018 to $45 per barrel. Despite the general optimism in the industry regarding oil prices, Taylor sees this optimism as false hope. “I think there’s a chance oil could fall closer to $40 than $50, because I think there’s…

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Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw

October 17, 2017 Julianne Geiger 0

Crude oil inventories are still coming down. The American Petroleum Institute (API) reported a huge draw of 7.130 million barrels in United States crude oil inventories, compared to an S&P Platts’ survey of analysts that expected inventories would draw down by 3.9 million barrels for the week ending October 13. Gasoline inventories, according to the API, saw a surprise build of 1.941 million barrels for the week ending October 13, against an expected draw of 340,000 barrels. Both WTI and Brent benchmarks were up on Monday on concerns…

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Oil Prices Rise Amid Falling U.S. Rig Count

October 13, 2017 Julianne Geiger 0

The number of active oil and gas rigs in the United States decreased this week by 8 rigs. The total oil and gas rig count in the United States now stands at 928 rigs, up 389 rigs from the year prior, with the number of oil rigs in the United States decreasing by 5 this week and the number of natural gas rigs decreasing by 2. Miscellaneous rigs decreased by a single rig. The oil rig count now stands 311 above the count one year ago, shedding a total of 20 oil rigs in the last eight weeks. (Click to enlarge) The spot price for WTI rose earlier on…

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Husky Energy Set To Restart Pipeline

October 12, 2017 Julianne Geiger 0

Husky Energy (TSE: HSE) received a greenlight to restart its pipeline after successfully undergoing testing, inspection, and evaluation of a previously ruptured pipeline, according to local media. Last July, Husky’s pipeline leaked about 225,000 liters of heavy oil mixed with a diluent, about 40 percent of which made its way into the North Saskatchewan River. That was 15 months ago, and the pipeline has been idle ever since. The Saskatchewan government gave the go-ahead to restart the pipeline on Wednesday, but the approval doesn’t…

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Oil Throwback: BP Is Bringing Back The Amoco Brand

October 12, 2017 Julianne Geiger 0

It’s back! After almost a decade on the bench, BP is reviving its Amoco brand in response, the company said, to some internal marketing studies that suggest the brand still resonates with some American consumers. In BP’s words, the Amoco brand will “help resolve local, competitive station conflicts in markets where there may already be one or more BP stations in close proximity.” In non-corporate-speak, that means that BP will put Amoco stations next to BP stations to gain a bigger presence—as opposed to having too…

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Surprise Oil Inventory Build Shocks Markets

October 11, 2017 Julianne Geiger 0

The American Petroleum Institute (API) reported a surprise build of 3.097 million barrels in United States crude oil inventories, compared to an S&P Platts’ survey of analysts that expected inventories would draw down by 400,000 barrels for the week ending October 6. Gasoline inventories, according to the API, saw a decrease of 1.575 million barrels for the week ending October 6, against an expected build of 1.4 million barrels. Both WTI and Brent benchmarks were up on Tuesday as much of US offshore production remains offline after more…

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Over 1 Million Bpd Remain Offline In Gulf Of Mexico

October 10, 2017 Julianne Geiger 0

Both WTI and Brent benchmarks were up on Tuesday as about 58 percent of U.S. Gulf of Mexico crude oil production is still offline, according to the Bureau of Safety and Environmental Enforcement (BSEE) in its Tuesday update on Tropical Storm Nate. That 58 percent still offline equates to 1.024 million barrels of oil per day. Roughly half of the Gulf’s natural gas production remains offline as well, according to the BSEE, or 1485 million cubic feet per day. “Based on data from offshore operator reports submitted as of 11:30 CDT today,…

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World’s No.1 Oil Trader: U.S. To See Final Oil Output Spike In 2018

October 10, 2017 Julianne Geiger 0

The best is yet to come for US oil production—but it will be a short-lived hurrah, according to Ian Taylor, head of oil trading giant Vitol. US oil production has steadily increased throughout 2017 as US drillers regained their footing after the oil price crash. What started out at 8.946 million bpd of crude oil production in the first week of January has now reached an average of 9.561 million bpd as of September 29, according to the EIA. The EIA is expecting US oil production to reach 9.8 million bpd in 2018, according to the latest Short…

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U.S. Oil Rig Count Falls As Prices Falter

October 6, 2017 Julianne Geiger 0

The number of active oil and gas rigs in the United States fell this week by 4 rigs. The total oil and gas rig count in the United States now stands at 936 rigs, up 412 rigs from the year prior, with the number of oil rigs in the United States decreasing by 2 this week and the number of natural gas rigs decreasing by 2. The oil rig count now stands 320 above the count one year ago. The spot price for WTI fell earlier on Friday as traders feared further rises in U.S. crude oil inventories as refineries in the US once again brace for stormy weather,…

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Oil Markets React Stoically On Rising Oil Rig Count

September 29, 2017 Julianne Geiger 0

The number of active oil and gas rigs in the United States rose this week by 5 rigs. The total oil and gas rig count in the United States now stands at 940 rigs, up 418 rigs from the year prior, with the number of oil rigs in the United States increasing by 6 this week and the number of natural gas rigs decreasing by 1. The oil rig count now stands 325 above the count one year ago. While there is typically a significant lag for correlation between oil prices and rig count movement, the recent rise in oil prices will no doubt encourage US shale…

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