LONDON, March 26 (Reuters) – Air strikes by Saudi Arabia and
its allies in Yemen have sparked a modest rise in oil prices of
$3 per barrel, even though Yemen plays a marginal role in the
global oil market.
Yemen produces just 130,000 barrels per day, according to
the U.S. Energy Information Administration (EIA), about 0.1
percent of global production and the same as Italy or Kansas.
LONDON, March 25 (Reuters) – Traffic on U.S. highways has
hit a new record as the economy recovers and the lower cost of
gasoline and diesel encourages more travel.
Cars and trucks drove a record 3.050 trillion miles on U.S.
highways in the 12 months ending in January, passing the
previous peak of 3.039 trillion set in the 12 months to November
2007, according to the Federal Highway Administration (link.reuters.com/vyj44w).
LONDON, March 24 (Reuters) – Traders do not appear worried
that rising oil stocks in the United States will cause storage
space to run out in the next few months, despite the rapid
accumulation of inventories at Cushing in Oklahoma.
The term structure of futures contracts has remained broadly
stable since the end of January (link.reuters.com/xyg44w).
LONDON, March 23 (Reuters) – Hedge funds have turned
super-bearish about U.S. oil prices as concerns about running
out of storage trump the drop in the number of rigs drilling new
Money managers had amassed a record number of short
positions in futures and options contracts linked to WTI (West
Texas Intermediate) by the end of March 17, equivalent to 209
million barrels of oil, according to the U.S. Commodity Futures
Trading Commission’s (CFTC) latest commitments of traders report
published on Friday.
LONDON (Reuters) – Trains carrying oil or ethanol have derailed and caught fire at more than a dozen locations across the United States and Canada in the last five years.
Train fires have prompted a fierce debate about the risks of moving large volumes of highly flammable liquids across the rail network and who should be responsible for improving safety.
LONDON (Reuters) – Demand for oil is intimately connected to the demand for transportation in the United States and the other advanced industrial economies.
Cars, trucks, airlines, railways and shipping accounted for 71 percent of total U.S. oil consumption in 2013, according to the U.S. Bureau of Transportation Statistics.
LONDON, March 17 (Reuters) – Demand for oil is intimately
connected to the demand for transportation in the United States
and the other advanced industrial economies.
Cars, trucks, airlines, railways and shipping accounted for
71 percent of total U.S. oil consumption in 2013, according to
the U.S. Bureau of Transportation Statistics.
LONDON, March 16 (Reuters) – Fuel demand in Texas is growing
strongly as lower oil prices encourage motorists to use their
vehicles more and buy larger replacements.
Receipts of motor fuel taxes in February 2015 were 6 percent
higher than in the same month in 2014, according to the Texas
Comptroller of Public Accounts.
LONDON, March 12 (Reuters) – Britain’s North Sea oil and gas
operators are mounting an impressive lobbying campaign to win
tax concessions and other government help ahead of the final
budget of this parliament on March 18.
In an editorial in Thursday’s Financial Times newspaper
endorsed the idea of “a new deal to keep North Sea oil flowing”.
The newspaper wants the complex system of tax allowances to be
simplified, rates cut, and more risk-sharing between exploration
companies and taxpayers.
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).