LONDON, April 22 (Reuters) – The White House likes to claim
a share of the credit for the drilling revolution that has
transformed North America’s energy production and security.
Except the revolution has largely taken place on private
rather than public land, and energy producers feel frustrated
about the numerous obstacles and long delays in obtaining
permission to drill in areas directly controlled by the
LONDON, April 17 (Reuters) – Combined production of crude
oil, gas and condensates in the United States is on course to a
hit a record this year, passing the previous peak set in 1972.
The rise in output has confounded the famous forecast made
by Shell geologist M King Hubbert who predicted that U.S. oil
and gas production would peak in the 1970s and then decline.
LONDON, April 15 (Reuters) – Electro-Motive Diesel, the
world’s largest diesel locomotive manufacturer, has taken
delivery of the first of four specially designed liquefied
natural gas (LNG) tenders ultimately destined for use on the
Canadian National railroad.
The remaining tenders, each equipped with a fuel tank
capable of carrying 45,500 litres of LNG, are due to be
delivered before the end of June, according to specialist
industry publication “Railway Age”.
LONDON, April 14 (Reuters) – Extreme winter weather and
increased congestion have slowed rail shipments on large parts
of the U.S. network to a crawl since the start of the year,
prompting farmers and other rail users to complain.
“(We) are growing increasingly concerned about the
deterioration in service that is now occurring over significant
areas of your system,” regulators at the Surface Transportation
Board (STB) wrote in a letter to Burlington Northern Santa Fe
(BNSF) railroad at the beginning of February.
LONDON, April 11 (Reuters) – U.S. exploration and production
companies are finding accumulations of crude and condensates
twice as fast as they are producing them, according to
statistics published on Thursday.
Proved reserves of crude stood at 30.5 billion barrels at
the start of 2013.
If condensates are included, proved reserves reached 33.4
billion barrels, the highest since 1976, according to a new
report from the U.S. Energy Information Administration (“U.S.
crude oil and natural gas reserves proved reserves” April 10).
LONDON, April 9 (Reuters) – The United States has replaced
OPEC as the marginal petroleum supplier to the world thanks to
the shale revolution and improvements in automotive fuel
Net U.S. imports of crude and products have halved over the
last five years, or by an amount equivalent to the entire daily
crude exports of Saudi Arabia.
LONDON, April 7 (Reuters) – The oil market has rarely been
so quiet. Benchmark Brent has traded in a narrow range of $5
either side of $110 per barrel since the summer of 2012.
Price volatility has fallen to some of the lowest levels
since crude futures markets were established in the early 1980s.
LONDON, April 4 (Reuters) – Exceptionally cold weather
coupled with fuel shortages and equipment failures pushed the
U.S. electricity grid close to emergency conditions repeatedly
during January and February, according to a bleak assessment
issued by regulators.
In its report on winter operational performance, published
on Tuesday, the Federal Energy Regulatory Commission (FERC)
paints a picture of a gas and electricity system which struggled
LONDON, April 2 (Reuters) – Investors are turning their back
on commodities as returns from futures, options and other
derivatives fail to live up to expectations.
They heyday of commodities as a separate “asset class”
appears over. In future, growth will be concentrated in physical
arbitrage strategies, where trading houses and the trading arms
of energy companies and utilities rather than banks and hedge
funds have an advantage.
LONDON, April 1 (Reuters) – Lifting the ban on U.S. oil
exports would cut gasoline and diesel prices for motorists,
boost the national economy and create up to 300,000 new jobs,
according to a study commissioned by the American Petroleum
Allowing exports would boost national output by $38 billion
per year by 2020, equivalent to adding an economy the size of
North Dakota, according to the consultants who wrote the report
on “The impacts of U.S. crude oil exports on domestic crude
production, GDP, employment and trade”, published on Monday.