NEW YORK, March 11 (Reuters) – Most American lawmakers
love to complain about high oil prices.
Taking a pop at “Big Oil” helps politicians project an image
of caring about ordinary people without having to do anything.
Best of all, they can rarely do anything to actually make a
difference, so they cannot be criticized for inaction. Sound and
fury, signifying nothing.
NEW YORK, Feb 20 (Reuters) – Oil major Royal Dutch Shell
and price reporting agency Platts have both come out
with proposals to reform the BFOE, or “paper Brent” market at
the core of the world’s oil benchmark.
About time, some might say. After 2012 began with oil price
spikes and squeezes amid shrinking supplies of Forties blend
crude, the key grade in the BFOE framework, calls for Brent
reform started to get loud in the spring. (See related column:
NEW YORK, Dec 7 (Reuters) – Imports of foreign crude oil by
U.S. East Coast refineries will plunge next year, leaving more
West African light sweet crude oil looking for a home in the
European or Asian markets.
New rail facilities set to open up and down the coast next
year will give regional refiners the chance to replace a
significant chunk — perhaps half or even more– of the roughly
750,000 barrels per day in non-Canadian foreign crude they
NEW YORK, Nov 21 (Reuters) – This week’s stunning collapse
in the price of West Texas Intermediate crude oil at Midland,
Texas, is a stark warning to those betting on a narrowing
Brent-WTI spread for the New Year that a lot can still go wrong
on that trade.
WTI at Midland sank $13 a barrel to change hands near
$20 per barrel below the price of WTI at Cushing earlier
this week as traders dumped barrels ahead of December pipeline
NEW YORK, Nov 13 (Reuters) – So the United States is going
to become a bigger oil producer than Saudi Arabia, according to
the International Energy Agency.
At first glance, this is vindication, both for America’s
hyper-entrepreneurial energy sector, and, paradoxically, for its
infamously incoherent energy policies.
NEW YORK, Nov 6 (Reuters) – As 2012 winds down, traders’
thoughts turn to next year. For many, betting that the yawning
price gap between Brent and West Texas Intermediate crude oil
will narrow, a trade that went horribly wrong this year, looks
too tempting to pass up.
Even those badly burned by past spread trades are salivating
at the opportunity, as the prospect of outsized returns from a
narrowing some time in 2013 is hard to pass up.
NEW YORK (Reuters) – Logistical problems caused by power failures and navigational hazards from storm Sandy continued to roil New York Harbor on Thursday, threatening widespread delays in fuel deliveries off the New York Mercantile Exchange’s futures contracts.
With many New York and New Jersey gasoline stations running dry or without power, oil companies are scrambling to resupply their networks but cannot gain access to millions of barrels of fuel trapped in the region’s terminals. A diesel fuel spill after the storm added to the woes, keeping a key waterway shut.
NEW YORK, Nov 1 (Reuters) – Huge logistical problems from
power failures and navigational hazards roiled the massive New
York Harbor oil hub in the wake of Hurricane Sandy on Thursday,
threatening widespread delays in fuel deliveries off the New
York Mercantile Exchange’s futures contracts.
With regional gasoline stations running dry, oil companies
are scrambling to resupply their networks but cannot gain access
to millions of barrels of fuel trapped in regional terminals.
NEW YORK, Oct 26 (Reuters) – For all the hoopla surrounding
the shale revolution in oil and gas markets, it is worth bearing
in mind that the technology is still in its infancy.
It is hard not to be overwhelmed by the speed of the
transformation hydraulic fracturing, or fracking, is bringing to
global oil and gas markets.
NEW YORK, Oct 25 (Reuters) – Russia’s decade of investment
in new oil export capacity is turning the table on inland
European refineries. Where once they were privileged customers
at the end of a dedicated export pipeline they are now fighting
at a disadvantage for crude.
The situation in the Czech Republic is an excellent example.
Local oil refiner Ceska Rafinerska
has been forced to shut down its Kralupy plant due to a
lack of crude oil.