Robert's Feed
Mar 29, 2012

Excess optimism threatens oil refining margins-Campbell

NEW YORK, March 29 (Reuters) – Three months of decent oil
refining margins in the Atlantic basin may be enough to save as
many as seven of the 10 plants threatened with closure, which in
turn ought to be enough to crush margins once again.

Only a few months ago, gasoline futures were mired in a deep
depression as shrinking demand for the fuel in North America and
Europe and costly crude combined to wipe out the profitability
of many of the least efficient regional refineries.

Mar 27, 2012

Will RBOB run off a cliff again?-Campbell

NEW YORK, March 27 (Reuters) – RBOB gasoline futures are on
a tear, spurred by bullish bets that a huge cull of Atlantic
basin refineries will tighten supply even as all signs point to
continued deterioration in U.S. gasoline demand.

Barring a major refinery problem the easy profit from this
trade has been extracted. Since the start of the year RBOB
gasoline futures are up more than 27 percent, outstripping a 17
percent gain in Brent crude oil.

Mar 19, 2012

Cushing faces summer hangover from spring oil binge-Campbell

NEW YORK, March 19 (Reuters) – Inventories of crude oil at
Cushing, Oklahoma, the delivery point for West Texas
Intermediate crude oil futures, are almost certain to set a new
record high within weeks before trending lower in the summer.

But the key question is how fast will stocks fall. In spite
of fears last summer that stocks might continue to mount at
Cushing, the North American oil market engineered a big draw
down in supplies.

Mar 15, 2012

Obama nears dropping IEA fig leaf for oil release-Campbell

NEW YORK, March 15 (Reuters) – U.S. President Barack
Obama, itching to pull the trigger on a fresh release from the
strategic oil reserves to quell surging fuel prices, is getting
closer to plunging into the market without backup from other
Western nations.

Opposition to a fresh use of strategic oil stocks has come
from European members of the International Energy Agency,
threatening to slow any stock release.

Mar 12, 2012

Surging U.S. oil exports cannot stay hidden forever-Campbell

NEW YORK, March 12 (Reuters) – America’s periodic
gasoline price debate is usually a mix of willful ignorance and
cynicism that achieves little but oil executives must be hoping
the latest episode dies down before the United States’ massive
fuel exports get much attention.

After all, exports of diesel fuel, and increasingly
gasoline, are now crucial profit centers for many U.S.
refineries, hard pressed by shrinking domestic demand.

Feb 29, 2012

December data underscores weak U.S. gasoline demand-Campbell

NEW YORK, Feb 29 (Reuters) – Monthly data for December
2011 released on Wednesday shows U.S. gasoline demand continued
to come in well below year-ago levels even as the economy
accelerated, suggesting some of the weakness seen in more recent
monthly data may not be out of place.

Analysts have questioned the picture painted of U.S.
gasoline demand by the Energy Information Administration’s
weekly “product supplied” estimate as it has regularly come in
down 5 percent or more from year-ago levels.

Feb 29, 2012

IEA oil release faces bigger logistics hurdle with Iran-Campbell

NEW YORK, Feb 29 (Reuters) – Western policymakers are
itching to release strategic oil stocks after their Iran
policies triggered a potentially damaging surge in crude prices,
but the logistics issues that dampened the impact of last year’s
emergency oil sales are more daunting now.

The temptation to release stocks is great. Leaving aside
election year concerns, Western governments have a legitimate
concern that rising energy costs may derail the still-fragile
economic recovery.

Feb 24, 2012

Rpt-COLUMN-Oil rally runs into first signs of Asian resistance-Campbell

NEW YORK, Feb 23 (Reuters) – Asian crude oil buyers
are starting to balk at increasingly costly Brent crude oil. The
sustainability of the current rally hinges on Asia recovering
its appetite for Atlantic basin crude.

The Brent-Dubai exchange of futures for swaps (EFS) quote
DUB-EFS-1M, the premium holders of Asian benchmark Dubai swaps
must pay over their postion to switch into Brent, is signalling
a growing weariness with the recent spike in Brent prices.

Feb 23, 2012

Oil rally runs into first signs of Asian resistance-Campbell

NEW YORK, Feb 23 (Reuters) – Asian crude oil buyers
are starting to balk at increasingly costly Brent crude oil. The
sustainability of the current rally hinges on Asia recovering
its for Atlantic basin crude.

The Brent-Dubai exchange of futures for swaps (EFS) quote
DUB-EFS-1M, the premium holders of Asian benchmark Dubai swaps
must pay over their postion to switch into Brent, is signalling
a growing weariness with the recent spike in Brent prices.

Feb 17, 2012

Iran tensions expose thin Asia strategic oil stocks – Campbell

NEW YORK (Reuters) – The increasingly tense standoff between the West and Iran must undoubtedly have big Asian oil consumers looking anxiously at their meagre strategic oil stocks.

China, in particular, must feel dangerously exposed to the vagaries of the oil market with Iran threatening to close the Strait of Hormuz, a critical transit point for much of its oil imports.