Yesterday, oil prices rallied towards their highest levels this year after the Department of Energy (DOE) reported a weekly drop in US crude oil inventories. Also, the prospect of losing Iranian supply added to concerns over the delicate balance between consumption and production.
Read MoreEverything’s Bigger in Texas
Earlier this week the EIA stated that oil terminals on the Texas Gulf Coast exported more crude oil than they imported in April of this year; surpassing imports by 15,000 bpd. A month later, the spread between imports and exports in Texas widened to 470,000 bpd which contributed to the U.S.’ record setting crude oil […]
Read MoreSouth Koreans Snap up Crude
There’s been a lot of talk about the U.S. increasing its domestic crude oil production for the sake of exportation, but where exactly is that crude oil being shipped to? A large portion of the exports will be going to the world’s fifth-largest oil importer, South Korea. South Korean imports of U.S. crude are expected […]
Read MoreU.S. Becomes World Largest Oil Producer?
Early in 2018, United States crude oil production was around 9.492 million barrels per day. Since that time, U.S. crude output has remained above the 10 million barrel a day mark and currently stands around 10.7 million over the last month. The rapid increase in U.S. production is due to the thriving shale industry. However, […]
Read MoreRetracement?
On May 22nd WTI Crude nearly reached $73 / barrel and since then prices have dipped almost 10%.
Read MoreA Barrel of Oil: More Than Just Fuel
While the implications of the United States withdrawing from the Iran nuclear deal are still unknown, the oil industry as a whole is watching ever so closely. The Trump campaign claims that sanctions are to be put back on Iran, which could limit the crude oil exports from their country. One of crude oil’s heaviest […]
Read MoreNorth Sea Forties Pipeline System at a Hault
The big story this week is North Sea Forties Pipeline System halt for maintenance. The pipeline supplies 40% of UK crude supply and supported the Brent/WTI price spread.
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