LONDON, Nov 5 (Reuters) – Total stocks of crude oil and
refined products in commercial storage across the United States
dropped for the second week running last week, the first
back-to-back fall since May, according to the U.S. Energy
Information Administration (EIA).
More than 1.4 million barrels per day (bpd) of refinery
capacity is still offline for routine maintenance and upgrades
after the end of the summer driving season.
LONDON, Nov 3 (Reuters) – Freight carried by major U.S.
railroads fell by 7 percent in the second quarter of 2015
compared with the same period in 2014, confirming that large
parts of the industrial economy are in recession.
The major Class 1 railroads carried 431 billion ton-miles of
freight in the three months ending June, down from 463 billion
ton-miles in 2014, according to the U.S. Surface Transportation
LONDON, Oct 30 (Reuters) – Crude oil prices have been more
volatile this year than at any time since the financial crisis
of 2008/09 and before that 1991, according to standard measures
of price variability.
Some of the increase in volatility is more apparent than
real, however, as every $1 per barrel move translates into a
larger shift in percentage terms now that prices have halved
from $100 per barrel to less than $50.
LONDON, Oct 26 (Reuters) – U.S. diesel consumption has been
flat this year after growing strongly in 2013 and 2014,
mirroring a slowdown in inland freight movements and the
worldwide slowdown in the raw materials sector.
Diesel consumption measured by the Energy Information
Administration’s data on distillate supplied is closely
correlated with freight movements measured by the Bureau of
Transportation Statistics’ transportation services index (reut.rs/1LwAFoI).
LONDON, Oct 26 (Reuters) – Reported stocks of crude and
refined fuels continue to climb in the United States, pressuring
on oil prices, but the stock build is concentrated in specific
parts of the complex.
Most of the stock build has occurred in crude petroleum and
the middle distillates used for road diesel and home heating
oil, while gasoline stocks have remained relatively normal.
LONDON, Oct 20 (Reuters) – The resilience of U.S. shale
producers has surpassed all expectations as they have wrung
extra efficiencies out of their operations and pulled rigs back
to the most prolific sections of existing plays.
The shale sector’s ability to cut costs and sustain their
output in the face of plunging prices has been extraordinary and
testament to the entrepreneurial spirit and technical skill of
the independent producers.
LONDON, Oct 19 (Reuters) – Hedge funds have unwound most of
the record short position they established in U.S. crude futures
and options between June and August amid signs that the oil
market is rebalancing.
Hedge funds and other money managers had cut their gross
short position in the main NYMEX WTI futures and options
contract to 90 million barrels by Oct 13 (reut.rs/1LxSDoK).
LONDON (Reuters) – Who is the top forecaster in the oil market? The surprising answer is that nobody knows because the accuracy of predictions is never properly tracked and measured after they are made.
Banks, consultancies, government agencies and even journalists routinely issue predictions about what will happen to oil supply, demand and prices in future.
LONDON, Oct 9 (Reuters) – Timespreads for West Texas
Intermediate (WTI) and Brent futures have strengthened
significantly over the last month as fears about another big
build up in crude oil stocks eased.
The discount for WTI delivered in November 2015 rather than
May 2016 has shrunk from $3.33 per barrel to $2.75 since Sept.
14. The discount for Brent has narrowed even more, from $4.50 to
just $3.00 (link.reuters.com/haz75w).
LONDON, Oct 8 (Reuters) – Oil, gas and mining accounted for
nearly nine percent of all new greenfield foreign direct
investment (FDI) projects announced over the last decade.
Oil, gas and mining FDI has played a large role fuelling
growth over the last decade, especially in developing countries.