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Seaway pipeline sends oil to Texas in historic reversal - Reuters

2012-05-20T08:07:50Z

HOUSTON (Reuters) - The Seaway pipeline began pumping crude from Cushing, Oklahoma, oil tanks to the heart of the U.S. refining industry in Houston on Saturday, marking a historic shift in the way oil flows across the United States.

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The startup is the first direct link from Cushing to the Gulf Coast, the biggest U.S. refining center. Cushing is the delivery and storage point for the U.S. benchmark oil futures contract, which represents a blend of crudes from the Midwestern states. It has been landlocked in Cushing and steeply discounted to world prices as a result. The average motorist will not see much, if any, difference in gasoline pump price but oil producers and Gulf Coast refiners expect profits to improve. Many argue the reversal is the start of a trend toward reduced U.S. dependence on crude from the Middle East and elsewhere overseas.

Seaway pipeline sends oil to Texas in historic reversal - Reuters

Oil prices slide to 6-month low on Greece turmoil - San Francisco Chronicle

2012-05-19T10:34:16Z

Oil dropped Friday to a six-month low in New York on concern that Greece will have to exit the euro system, compounding Europe's debt troubles and curbing fuel demand.

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Futures declined 1.2 percent after German Finance Minister Wolfgang Schaeuble said market turmoil caused by the euro-zone crisis may last two more years. Crude capped its third weekly decline as U.S. consumer confidence fell and oil supplies rose to a 22-year high. Prices are down 11 percent this quarter after climbing 4.2 percent during the previous three months. Crude oil for June delivery fell $1.08 to $91.48 a barrel on the New York Mercantile Exchange, the lowest settlement since Oct. 26. Prices retreated 4.8 percent this week are down 7.4 percent this year.

Oil prices slide to 6-month low on Greece turmoil - San Francisco Chronicle

Oil prices decline on debt crisis concerns; Brent spread narrows - Washington Post (blog)

2012-05-18T20:34:51Z

Top 5 oil producers: Iran and these four other countries are the world’s biggest oil producers, according to 2010 data from the U.S. Energy Information Administration.

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May 18 (Bloomberg) -- Oil headed for its third weekly decline in New York and fell to this year’s low in London on concern that demand will falter as Europe’s debt crisis worsens.

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West Texas Intermediate futures were little changed after closing at the lowest price in more than six months yesterday. Greece was downgraded by Fitch Ratings, while Moody’s Investors Service cut credit ratings of 16 Spanish banks and manufacturing in the Philadelphia region unexpectedly shrank in May. Enbridge Inc. and Enterprise Products Partners LP reversed the Seaway pipeline to alleviate a glut in the U.S. Midwest, causing Brent crude’s premium to WTI to narrow.

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Oil prices decline on debt crisis concerns; Brent spread narrows - Washington Post (blog)

Oil Near Six-Month Low on Economy; Brent Premium Narrows - Bloomberg

2012-05-18T06:23:34Z

Oil traded near the lowest price in more than six months on concern fuel demand will falter amid signs that Europe ’s debt crisis is worsening and the U.S. economy is slowing.

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Crude for June delivery was at $92.55 a barrel, down 1 cent, in electronic trading on the New York Mercantile Exchange at 11:12 a.m. Sydney time. The contract yesterday fell 25 cents to $92.56, the lowest close since Nov. 2. Prices are 3.7 percent lower this week and down 6.4 percent this year. Brent oil for July settlement fell 71 cents, or 0.7 percent, to $106.78 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium to West Texas Intermediate for the same month of $13.87, compared with $14.55 yesterday.

Oil Near Six-Month Low on Economy; Brent Premium Narrows - Bloomberg

Oil edges further below $93 in Europe as traders monitor Greek turmoil's ... - Washington Post

2012-05-17T16:34:50Z

Globe and Mail

Oil edges further below $93 in Europe as traders monitor Greek turmoil's ...
Washington Post
Oil prices edged further below $93 a barrel on Thursday, extending a sharp two-week sell-off, as traders monitored Europe's debt crisis and its potential impact on global growth. By early afternoon in Europe, benchmark oil for June delivery was down 4 ...
OIL FUTURES: Crude Steady; Nymex Climbs Back Above $93/BblWall Street Journal
Oil dips further below $93 on euro crisis concernThe Associated Press
Ruby Crude Sold at Lower Premiums; Murban Oil Falls: Asia CrudeBloomberg

all 1,618 news articles »

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Oil edges further below $93 in Europe as traders monitor Greek turmoil's ... - Washington Post

Crude oil prices continue to fall as supplies grow - USA TODAY

2012-05-17T02:35:25Z

NEW YORK – The price of oil continued to decline Wednesday on the expectation that world markets will be flush with extra supplies this year.

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Benchmark U.S. crude fell by $1.17 to finish at a seven-month low of $92.81 per barrel on the New York Mercantile Exchange . Oil is down nearly 13% since the beginning of May. Prices fell as a report showed that U.S. crude supplies had climbed to the highest level in 22 years. Supplies grew last week by 2.1 million barrels, according to the Energy Information Administration . That's a bigger increase than analysts expected, and more could be on the way.

Crude oil prices continue to fall as supplies grow - USA TODAY

OIL FUTURES: Crude Falls Sharply On US Stocks, Greece Worries - Wall Street Journal

2012-05-16T12:35:26Z

SINGAPORE (Dow Jones)--Crude-oil futures fell more than a dollar in Asian trading on Wednesday, reflecting expectations of a sharp rise in U.S. inventories and dollar strength, with fresh elections in Greece also keeping prices under pressure.

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Nymex crude for June delivery fell below $93 a barrel, reaching a six-month low ahead of a closely watched Department of Energy survey of weekly U.S. oil stockpiles, due at 1430 GMT. Data from trade industry group American Petroleum Institute released late Tuesday showed inventories rose by 6.6 million barrels, nearly five times the 1.4 million-barrel rise forecast by analysts surveyed by Dow Jones ...

OIL FUTURES: Crude Falls Sharply On US Stocks, Greece Worries - Wall Street Journal

OIL FUTURES: Oil Closes Down On Fears Of US Supply Build - Wall Street Journal

2012-05-15T22:34:49Z

HOUSTON (Dow Jones)--Crude-oil futures finished below $94 for the first time in five months as European political turmoil dimmed prospects for economic growth.

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Concerns about the European economy and rising global oil supplies have weighed on the market for more than a week and brought prices for Nymex crude to a fresh settlement low for the year--and the lowest level since December 2011. HOUSTON (Dow Jones)--Crude-oil futures finished below $94 for the first time in five months as European political turmoil dimmed prospects for economic growth.

OIL FUTURES: Oil Closes Down On Fears Of US Supply Build - Wall Street Journal

Oil Falls Near Five-Month Low on Greece, Saudi Price Call - Bloomberg

2012-05-14T18:34:34Z

Oil fell to the lowest level in almost five months amid growing speculation Greece may leave the euro currency union and as Saudi Arabia’s oil minister said prices should decline further.

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Futures dropped as much as 2.6 percent after Greece failed to agree on a unity government and European Union officials considered its possible exit from the euro. Saudi Arabia wants crude prices lower than they are now, Oil Minister Ali al-Naimi said yesterday in Adelaide, Australia . The kingdom is pumping at its highest rate in almost three decades, OPEC data show.

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Crude for June delivery fell $1.43, or 1.5 percent, to $94.70 a barrel at 11:27 a.m. on the New York Mercantile Exchange after declining to $93.65, the lowest front-month intraday price since Dec. 19. Futures are down 14 percent from this year’s closing high of $109.77 on Feb. 24.

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Oil Falls Near Five-Month Low on Greece, Saudi Price Call - Bloomberg

Iraq Oil Output Beating Iran Ends Saddam Legacy - BusinessWeek

2012-05-14T04:34:23Z

Iraq, seeking to more than double oil output by 2015, is poised to overtake Iran as OPEC’s second- largest producer by the end of the year as sanctions hobble crude production in its Persian Gulf neighbor.

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Iraq is pumping at the highest rate since Saddam Hussein seized power in 1979, supported by foreign investors such as Exxon Mobil Corp. and BP Plc (BP/) that are developing new fields and reworking older deposits. The country produced 3.03 million barrels a day in April, 7.7 percent more than in March, while Iranian production declined to 3.2 million barrels a day, according to an OPEC monthly report on May 10. Iraq’s output last exceeded Iran’s in 1988, when the countries ended their eight-year war, statistics compiled by BP show. With oil supplies rising from Libya and Saudi Arabia, the recovery of Iraq’s biggest foreign-currency earner is helping to alleviate concern that a European Union embargo on Iranian crude starting July 1 will squeeze global output. Tensions over Iran’s nuclear program and the prospect of curbs on its oil sales pushed Brent crude to a 3 1/2-year high of $128.40 a barrel on March 1. Oil fell to as low as $111.40 on May 11.

Iraq Oil Output Beating Iran Ends Saddam Legacy - BusinessWeek

Sudan's conflict with South Sudan cuts both ways - Los Angeles Times

2012-05-13T14:34:54Z

The nations' failure to resolve a border dispute and a row over oil revenue has hit both economies hard, with businesses facing collapse and prices soaring.

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A Sudanese worker inspects the damage to an oil-processing facility in Heglig last month. South Sudan seized Sudan’s main oil field in the town in April, sparking intense fighting. Under strong international pressure, South Sudan withdrew.

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Sudan — It has come to this: The Sudanese government is sending out text messages to the population begging for donations to help the cash-strapped military.

Sudan's conflict with South Sudan cuts both ways - Los Angeles Times

Argentina's renationalization of YPF: A push to manage oil on its own terms - Christian Science Monitor

2012-05-13T00:34:35Z

Many have criticized Argentina's move to renationalize its oil as a populist bid likely to isolate it from the global economy. But the takeover is in line with changing power dynamics in the region.

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Supporters of Argentine President Kirchner gathered for a rally in Buenos Aires in April, after she announced a government takeover of a foreign oil company. As glitter rained down over 100,000 screaming fans in a Buenos Aires soccer stadium late last month, President Cristina Fernández de Kirchner trumpeted her government's takeover of Argentina 's biggest oil company, YPF.

Argentina's renationalization of YPF: A push to manage oil on its own terms - Christian Science Monitor

Iran Oil Exports Fall In April As Sanctions Tighten-IEA - Wall Street Journal

2012-05-12T10:24:10Z

AFP

Iran Oil Exports Fall In April As Sanctions Tighten-IEA
Wall Street Journal
By James Herron Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Iranian exports of crude oil fell sharply again in April and could be down by as much as 1 million barrels a day this quarter as many countries reduce imports ahead of sanctions that come into ...
Iraq Oil Output Beating Iran Ends Saddam LegacyBloomberg
Oil likely to stay high despite good supply: IEAReuters
IEA: Global oil demand growth acceleratingOil & Gas Journal
MarketWatch (press release) -AFP
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Iran Oil Exports Fall In April As Sanctions Tighten-IEA - Wall Street Journal

OIL FUTURES: Crude Falls 1% As Bearish News Piles Up - Wall Street Journal

2012-05-12T02:07:20Z

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HOUSTON (Dow Jones)--Crude-oil futures settled lower on a spate of negative news Friday, including word of ample crude supply, discouraging signs for economic growth and revelations of a $2 billon trading loss at J.P. Morgan Chase & Co. (JPM). Top business executives have begun mobilizing and plan to be more vocal in urging Congress to reach a bipartisan deficit-reduction deal by the end of the year.

OIL FUTURES: Crude Falls 1% As Bearish News Piles Up - Wall Street Journal

Oil likely to stay high despite good supply - IEA - Reuters

2012-05-11T11:56:27Z

May 11 (Reuters) - Oil prices are likely to stay high due to tension between the West and Iran, despite a dramatic improvement in world supply resulting in a big build in stocks, the International Energy Agency (IEA) said on Friday.

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The agency, which advises 28 industrialised nations on energy policy, said soaring global oil supply from OPEC countries and the United States far outpaced global demand, curbed by poor economic activity in developed nations.

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The agency said global oil supply rose 600,000 barrels per day (bpd) to 91 million bpd in April and was now 3.9 million bpd over year ago levels, with 90 percent of the increase coming from OPEC.

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Oil likely to stay high despite good supply - IEA - Reuters