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Keyword: crude

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  • Oil shippers are hiding Russian cargoes by paying in Chinese yuan, exchanging weapons for crude, and 'going dark'

    06/28/2022 10:29:27 AM PDT · by george76 · 15 replies
    Yahoo ^ | June 27, 2022 | Zahra Tayeb
    Oil shippers are using several tactics to hide that they're carrying Russian crude exports.. Using China's yuan instead of the dollar in trading and exchanging weapons or food for supplies are just two. Russian oil exports bought by India and then re-exported may end up in European gas stations.. ... as Europe and the US try to stem imports. At the same time, concerns are growing that India, which has snapped up Russian oil at discounted prices, has the potential to be used as a "back door" for those supplies to enter Europe ... Yuan-ruble trading volumes have soared 1,067%...
  • Crude oil down 10% in past week

    06/20/2022 3:24:20 PM PDT · by ChicagoConservative27 · 26 replies
    Newsnationnow ^ | 06/20/2022 | Nick Smith
    NewsNation) — There’s some good news when it comes to the price of gas, but it may take a while for drivers to see it. Gasoline futures hit an all-time high on June 8 and have fallen steadily ever since — the price of crude oil has dropped 10 percent since last Monday. Yet while companies are now paying 28 cents per gallon less, the nationwide average has increased by a penny since actual prices began to fall.
  • Brent crude breaks $120 a barrel as gas prices soar

    05/30/2022 7:33:43 AM PDT · by ChicagoConservative27 · 27 replies
    The hill ^ | 05/30/2022 | Alexander Bolton
    Brent crude, the international oil benchmark, has surpassed $120 a barrel, reaching a two-month high as gasoline and diesel fuel prices continue to rise. The U.S. oil benchmark, West Texas Intermediate, also rose, reaching more than $116 a barrel. The price spike comes at a time when demand in the United States is expected to rise with the start of the summer driving season and European leaders are trying to reach agreement on a Russian oil embargo.
  • Novak: Russia’s Crude Production Up In May

    05/10/2022 6:08:09 AM PDT · by JonPreston · 9 replies ^ | 5/10/22 | Julianne Geiger
    Russia’s crude oil production is on the rise so far in May, Deputy Prime Minister Alexander Novak told TASS news agency on Monday.
  • Heatwave Triggers Indian “Power Crisis” As State Firms Seek Russian Crude To Secure Supplies

    04/29/2022 7:07:20 PM PDT · by blam · 24 replies
    Nation And State ^ | 4-29-2022
    India is one of those G-20 members not bowing down to US pressure to halt purchases of Russian energy products. The South Asian country’s power grid is dominated by fossil fuels, particularly coal and crude, and has come under severe stress as one of the worst heatwaves in years causes widespread blackouts. Another devastating heatwave has parched large swathes of India this week (after record heat in March), resulting in power blackouts. In the capital New Delhi, high temperatures hit 104 Fahrenheit and could increase even more through the weekend.Fossil fuels power about 75% of India’s power grid, and the...
  • Oil trades above $80 a barrel, hitting a 7-year high

    10/12/2021 1:52:20 AM PDT · by blueplum · 8 replies
    The Hill ^ | 11 October 2021 | ZACK BUDRYK
    U.S. oil prices hit a seven-year high Monday, marking an increase of more than 120 percent from just under a year ago. On Monday morning, American crude prices increased 2 percent to hit $81.50 a barrel, dropping slightly to $81.15 by midday before closing at $80.49, the first time since October 2014 that U.S. crude closed at more than $80 a barrel. An international natural-gas shortage could soon extend to the oil market, according to The Wall Street Journal. American natural-gas futures reached $6.31 per million British thermal units last Tuesday, the highest in nearly 13 years,
  • Developer officially cancels Keystone XL pipeline project blocked by Biden

    06/09/2021 5:35:05 PM PDT · by Coronal · 43 replies
    Reuters ^ | June 9, 2021
    A $9 billion oil pipeline that became a symbol of the rising political clout of climate change advocates and a flash point in U.S.-Canada relations was officially canceled on Wednesday. Keystone XL, which was proposed in 2008 to bring oil from Canada's Western tar sands to U.S. refiners, was halted by owner TC Energy Corp (TRP.TO) after U.S. President Joe Biden this year revoked a key permit needed for a U.S. stretch of the 1,200-mile project. Opponents of the line fought its construction for years, saying it was unnecessary and would hamper the U.S. transition to cleaner fuels. Its demise...
  • Breaking: Crude Oil Prices Spike on Saudi and OPEC Surprise

    03/04/2021 8:34:01 AM PST · by AAABEST · 37 replies
    Daily FX ^ | March 4, 2021 | Justin McQueen
    Oil prices are soaring on the back of Saudi Arabia and OPEC’s decision to roll over existing cuts throughout April. Like many and including myself, this was the lowest likely outcome with the consensus set for a 500kbpd increase in production. However, that is what has turned out and as a result, WTI and Brent crude futures are up a lofty 5% with the latter at the highest level since January 2020. In light of this outcome, there seems to be little in the way that prevent Brent crude futures hitting $70 in the very short term. It is important...
  • #JoeChina’s Keystone XL Kill Helps Buffet, Russia, China And Hurts Environment

    02/08/2021 9:18:57 AM PST · by raptor22 · 7 replies
    Noisy Room ^ | February 7, 2021 | Daniel John Sobieski
    If President Trump had been colluding with Russia, the first thing he would have done would have been to cancel the Keystone XL pipeline and otherwise prevent our achieving energy independence. Russia was once described as being a gas station masquerading as a country. Its only commodities of value are weapons and oil. Building Keystone XL and unleashing fracking was Trump’s way of screwing with Putin’s ambitions, not rewarding them. We would have to wait for Joe Biden to collude with Russia on energy by banning Keystone XL and declaring war on fracking. As Helen Raleigh, writing in The Federalist,...
  • Trump directs Mnuchin, Energy secretary to create plan to support oil, gas industries as selloff deepens

    04/21/2020 7:20:49 AM PDT · by tatown · 22 replies
    CNBC ^ | 4/21/2021 | Mike Calia
    President Donald Trump on Tuesday ordered key figures in his administration to put together a plan to get funding to the struggling U.S. oil and gas industries as a historic selloff in crude continued. “I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!” Trump tweeted Tuesday morning, as West Texas Intermediate crude futures for May delivery again traded in negative territory.
  • Stocks Decline as Oil Prices Collapse to Record Lows

    04/20/2020 10:33:08 AM PDT · by tatown · 103 replies
    The Street ^ | 4/20/2020 | Joseph Woelfel
    U.S. crude futures for May delivery, the near-term contract, sank to their lowest level on record ever Monday, falling below $10 a barrel as traders fretted over the capacity of storage facilities both in the U.S. and abroad. At last check, West Texas Intermediate crude fell 74% to $4.72 a barrel. Contacts for June delivery declined 23%. "In my view, the plunge in oil prices speaks to the decline of global growth as demand dries up," said Dan Russo, chief market strategist at Chaikin Analytics, a quantitative investment research firm based in Philadelphia. "This could be a concern for investors...
  • Price For A Large Pizza: $14.99. Price For A Barrel Of Oil In The United States: $11.50

    04/20/2020 6:40:04 AM PDT · by Enlightened1 · 28 replies
    Oil Price ^ | 04/20/20
    Think I am going to be topping off my gas tank every time I go out. I saw a report the other day where there was a gas station in the Midwest that had 12 cents a gallon. Right now ever gas station is filled. The gas trucks are on hold ,and we even have ships that cannot deliver sitting off the coasts because there are no trucks and port is full. It's a good time to buy the dip. Nevertheless, this economy needs to be turned back on.
  • Why oil prices are dropping this summer

    06/08/2019 6:49:48 AM PDT · by yesthatjallen · 44 replies
    The Hill ^ | 06/08/19 | Ellen R. Wald
    The financial world is watching for further contentiousness between United States and Chinese negotiators, as oil traders fear a potential global economic slowdown. Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) is trying to push oil prices higher. There was a time when OPEC would have been able to do that. However, the oil markets are facing several supply disruptions and yet the price is dropping. As OPEC prepares to meet at the end of this month and hopes to prop up the price of oil, we can thank U.S. oil production for the lower prices. Because of the 12.4...
  • Will Newsom end oil drilling in California? Many environmentalists are betting YES

    04/24/2019 8:24:04 AM PDT · by Red Badger · 42 replies ^ | April 23, 2019 01:00 AM, Updated April 23, 2019 09:11 AM | By PHIL WILLON
    SACRAMENTO, Calif. California’s legacy of oil drilling should be just that, many environmentalists argue – relegated to the history books. They are urging Gov. Gavin Newsom to ban new oil and gas drilling in California and completely phase out fossil fuel extraction in one of the nation’s top petroleum-producing – and gasoline-consuming – states. At the least, they want the state to impose buffer zones prohibiting new oil and gas wells near schools, hospitals and residential neighborhoods and also require monitoring for potentially hazardous emissions from abandoned or plugged wells, proposals already being considered by state lawmakers. “It sure would...
  • Goldman: The Oil Market Can Handle Iran Outages

    10/09/2018 9:32:13 AM PDT · by bananaman22 · 5 replies ^ | 10-09-2018 | Nicholas
    Oil prices cooled off in recent days as fears of an acute shortage of supply stemming from sanctions on Iran started to subside. At least two companies in India have lined up oil shipments for November, the month that sanctions on Iran take effect. The 9 million barrels of oil secured for next month translate into nearly 300,000 bpd of supply. Meanwhile, other reports suggest that the U.S. is softening its zero tolerance approach to sanctions, and could issue waivers to some importers who make significant reductions but struggle to cut imports to zero. Taken together, the oil market is...
  • Crude-By-Rail Could Save The Permian Boom

    08/15/2018 10:11:22 AM PDT · by bananaman22 · 14 replies ^ | 08-15-2018 | Justin
    Crude-by-Rail (CBR) has been a savior for North American producers seeking higher returns for heavily discounted crudes caused by a lack of pipeline take-away capacity. And CBR, once again, is on the rise. North American shipments of petroleum and petroleum products are up over 10% year-to-date compared to 2017. In May 2018, nearly 200,000 barrels per day were shipped by rail from Canada to the U.S., nearly five times that of June 2016. But, the story of CBR is really about how price differentials became so large in certain regions.
  • Ghetto mama attacks an older woman on NYC subway (Profanity alert)

    06/03/2018 10:54:56 PM PDT · by Enterprise · 33 replies ^ | 6-3-18 | Unknown
    Ghetto mama attacks an older woman on NYC subway
  • Citi: U.S. To Become World’s Top Oil Exporter

    05/05/2018 6:44:39 AM PDT · by bananaman22 · 16 replies ^ | 05-03-2018 | Tim
    As global oil markets shift their attention from U.S. shale oil production back to a resurgent Saudi Arabia and Russia and geopolitical concerns bearing down on oil prices, Citigroup said last Wednesday that the U.S. is poised to surpass Saudi Arabia next year as the world’s largest exporter of crude and oil products. The U.S. exported a record 8.3 million barrels per day (bpd) last week of crude oil and petroleum products, the government also said Wednesday. Top crude oil exporter Saudi Arabia’s, for its part, exported 9.3 million bpd in January, while Russia exported 7.4 million bpd, the bank...
  • Trump's revenge: U.S. oil floods Europe, hurting OPEC and Russia

    04/24/2018 11:09:46 AM PDT · by Berlin_Freeper · 52 replies ^ | April 23, 2018 | Olga Yagova, Libby George
    As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude.
  • Saudi Oil Minister Tired Of Shale Hype

    01/30/2018 4:39:34 PM PST · by nickcarraway · 27 replies
    OILPRICE ^ | Jan 25, 2018 | Nick Cunningham
    “I was not disputing the amazing revolution of shale . . .[but] in the overall global supply demand picture it’s not going to wreck the train,” al-Falih said, charging that the IEA is overstating the role of shale in a global market. “We should not be scared,” he added. “That’s the core job of the IEA, not to take it out of context.” Al-Falih has clearly become annoyed at all the pestering from reporters and market analysts about the prospect of U.S. shale spoiling OPEC’s plans this year. He put on a brave face and dismissed questions about OPEC losing market share as...