NEW YORK, May 19 (Reuters) – Several U.S. lawmakers plan to
recommend the shutdown of the BP-operated Atlantis oil and gas
platform in the U.S. Gulf of Mexico until federal regulators
can prove the region’s second biggest rig is operating safely.
A group of lawmakers will urge an expanded investigation by
the Minerals Management Service into Atlantis, which pumps up
to 200,000 barrels per day of crude, according to a draft of
the letter they will deliver to Interior Secretary Ken Salazar
on Wednesday, obtained by Reuters.
NEW YORK (Reuters) – BP’s oil spill could make for one of the highest-stakes U.S. Gulf hurricane seasons on record.
Storms may scuttle clean-up efforts, force containment vessels to retreat, or propel spilled crude and tar balls over vast expanses of sea and beach, scientists said.
NEW YORK (Reuters) – A bill of more than $10 billion to clean up oil gushing from BP’s U.S. Gulf well could be small compared to costs the disaster adds to producing oil offshore in coming years, enough to push world oil prices higher.
As regulators, oil companies and insurers plot their response to the U.S. Gulf disaster, few experts expect offshore drilling to be halted or sharply cut, given its importance to global oil supply. Deepwater output accounts for around 9 percent of the world’s oil, or double its contribution a decade ago, according to industry estimates.
NEW YORK, May 3 (Reuters) – The rate to charter oil and
product tankers in the Caribbean and US Gulf Coast region has
surged by 50 percent or more over the last week as tankers
confront the massive oil spill in the region and brave stormy
seas, shipbrokers and analysts said on Monday.
The day-rate to charter an Aframax tanker in the
Caribbean-USGC region, with capacity to transport around
750,000 barrels of crude, surged to around $13,000 a day by
Monday, up from around $8,700 a week ago, according to the
Dahlman Rose investment bank.
NEW YORK (Reuters) – Major oil and grain shipping channels through the Gulf of Mexico are not being affected by the massive oil slick, officials said on Thursday amid concerns that it could disrupt operations in the region.
While oil traders braced for potential freight restrictions that could curtail crude oil imports to the nation’s refining hub, the Coast Guard sought to prevent the spreading slick from affecting traffic and the nation’s biggest oil import terminal off Louisiana said it did not anticipate a disruption for now.
NEW YORK (Reuters) – Oil steadied below $83 a barrel as declining U.S. gasoline stocks helped offset investor concern about European economies after Standard & Poor’s downgraded Spain’s credit rating.
Gasoline stocks fell unexpectedly in the United States last week even as refineries ramped up operations, the U.S. Energy Information Administration reported in weekly data, a sign of recovering fuel demand in the world’s largest consumer.
NEW YORK (Reuters) – Oil fell more than 2 percent on Tuesday toward $82 a barrel after investors concerned about the Greek debt crisis and rising U.S. crude inventories pulled cash out of energy markets in a flight from risk.
Standard & Poor’s cut Greece’s credit rating to junk status minutes after downgrading Portugal. Concerns surrounding debt-laden European economies have led to a bearish outlook for fuel demand in a key consumption region. The euro extended losses versus the dollar following the downgrades.
NEW YORK, April 22 (Reuters) – The discount for front-month
NYMEX oil futures <CLc1> relative to barrels for delivery in
the next month reached the widest contango spread in four
months on Thursday. June barrels sold for as much as $2.21 less
than July barrels <CL-1=R>, and nearly $6.00 a barrel less than
oil for December.
The WTI contango, which encourages more storage of crude,
is driven by crude stock levels in the U.S. Midwest, or PADD
II, at their highest in over two decades, and a rapid stock
build at landlocked Cushing, Oklahoma, WTI’s delivery point.
NEW YORK, April 15 (Reuters) – Crude storage capacity at the
Cushing, Oklahoma tank hub has grown in recent weeks after
Plains All American <PAA.N> put four new 575,000-barrel tanks
into operation at the hub, according to Genscape, a provider of
energy industry data.
Plains filled the four new tanks with more than 1 million
barrels of crude — to around 50 percent of their capacity –
during the week through April 13, Genscape said in an
intelligence report on Thursday. Genscape uses visible and
infra-red spectrum monitoring techniques to estimate Cushing
NEW YORK (Reuters) – U.S. crude oil futures fell for a fifth straight session on Tuesday, dropping below $84 a barrel, on expectations that crude supplies in the world’s top consumer likely rose to a ten-month high last week.
A Reuters poll of analysts forecast U.S. crude stocks rose for the 11th straight time last week, by 1.6 million barrels to around 357.8 million barrels, their highest level since June of 2009. <EIA/S>