Joshua's Feed
Jan 12, 2011

Alaska pipeline restarts at low rates to prevent freezing

NEW YORK (Reuters) – In an emergency measure to keep it from freezing, Alaska’s largest oil pipeline resumed oil shipments at reduced rates late Tuesday following a small leak that had shut the line since Saturday and halted around 12 percent of U.S. oil production.

The temporary restart of the 800-mile (1,300-km) line comes as operator Alyeska and regulators scramble to prevent oil and water from freezing in the pipes, which could pose major problems for restarting the line on a permanent basis. The pipe normally carries about 640,000 barrels per day of crude from Alaska’s North Slope.

Jan 11, 2011

Chevron oil platform restarts, inspectors to visit

NEW YORK, Jan 11 (Reuters) – Chevron (CVX.N: Quote, Profile, Research, Stock Buzz) quickly
restored oil output at a U.S. Gulf of Mexico platform after an
incident caused a brief shutdown on Monday, the company said on
Tuesday.

The platform, which pumps Eugene Island crude, was shut
down for an hour on Monday, Chevron spokesman Scott Walker said
without offering details on what caused the outage.

Jan 10, 2011

Analysis: Alaska pipe restart could be fast, but risks remain

NEW YORK (Reuters) – The shutdown of Alaska’s main oil pipeline poses only a minor threat to U.S. crude supplies, but any snag delaying its restart could send West Coast refiners scrambling for substitute crude and drive up prices.

The 800-mile Trans Alaska Pipeline System (TAPS), which carries over 600,000 barrels per day (bpd) or 12 percent of U.S. oil output, was shut on Saturday after a 10 barrel leak was discovered in a pump station.

Jan 10, 2011

Alaska pipeline restart unknown; oil up, BP dips

ANCHORAGE/NEW YORK (Reuters) – The Trans Alaska Pipeline was shut for a third day on Monday with no timeline for resuming oil flows after a leak forced producers to cut Prudhoe Bay output from 630,000 barrels per day to a trickle.

Oil prices rose 1 percent on Monday as the outage halted nearly 12 percent of U.S. crude output, and shares in BP, the major stakeholder in pipeline operator Alyeska Pipeline Service Co, fell 1.25 percent.

Dec 15, 2010

Energy co spending to jump 11 pct in 2011-Barclays

HOUSTON/NEW YORK, Dec 15 (Reuters) – Global oil and natural
gas exploration and production spending will jump 11 percent to
$490 billion next year, Barclays Capital forecast on Wednesday,
the highest level in more than 25 years of surveys.

The spending spree, expected to boost profits at oil
service companies worldwide, will be most evident in emerging
markets such as Latin America, the Middle East/North Africa
region and Southeast Asia, the semiannual survey of more than
400 oil companies found.

Dec 3, 2010

Oil hits 25-month high on cold spell, weaker dollar

NEW YORK (Reuters) – Oil rose to a new 25-month high on Friday, gaining for a fourth day, as a weaker U.S. dollar spurred more commodities investment and a cold spell in Europe tightened fuel supplies.

U.S. crude futures for January rebounded from an earlier decline to rise $1.0 to $89.08 a barrel by 1:06 p.m. in New York, after rising as high as $89.18.

Dec 3, 2010

Oil flow from US Midwest surged, huge EIA revision seen

NEW YORK, Dec 2 (Reuters) – Far greater volumes of crude
oil than previously reported have flowed this year from the
U.S. Midwest into the Gulf Coast states, which will lead to a
large revision in U.S. Energy Information Administration data,
an EIA official told Reuters.

The data gap — of perhaps 100,000 barrels per day (bpd) –
is small in the U.S. market that consumes around 19 million
barrels a day, but could have a significant impact on oil
markets.

Dec 2, 2010

Oil surge from US Midwest to prompt data revision

NEW YORK, Dec 2 (Reuters) – Far greater volumes of crude
oil than previously reported have flowed this year from the
U.S. Midwest into the Gulf Coast states, which will lead to a
large revision in U.S. Energy Information Administration data,
an EIA official told Reuters.

The data gap — of perhaps 100,000 barrels per day (bpd) –
is small in the U.S. market that consumes around 19 million
barrels a day, but could have a significant impact on oil
markets.

Dec 2, 2010

Much more oil flowed from US Midwest than reported

NEW YORK, Dec 2 (Reuters) – Far greater volumes of crude
oil than previously reported have flowed this year from the
U.S. Midwest into the Gulf Coast states, a U.S. Energy
Information Administration (EIA) official told Reuters.

The data gap — of perhaps 100,000 barrels per day (bpd) –
may seem small in the U.S. market that consumes around 19
million barrels a day.

Nov 30, 2010

U.S. proved natural gas, crude oil reserves soar – EIA

NEW YORK (Reuters) – U.S. natural gas reserves increased by the most in history last year, and crude reserves also rose, as companies drilled frantically into shale rock formations with new technology, the Energy Information Administration said in an annual report on Tuesday.

U.S. net proved natural gas reserves rose 11 percent, or 28.8 trillion cubic feet (tcf), in 2009 to total 284 tcf, underscoring the dramatic impact that new gas pumped from shale rock formations is having on world energy supply.