Saturday, August 17, 2019

Oil Exports News

U.S. Crude Exports Reach a Record of 3.16 mln bpd

File image: A crude vessel alongside and loading at the U.S. port of Corpus Christi, Texas

U.S. crude oil exports surged 260,000 barrels per day (bpd) in June to a monthly record of 3.16 million bpd as South Korea bought record volumes and China resumed purchases, data from the U.S. Census Bureau showed on Friday.South Korea surpassed Canada to become the biggest purchaser of U.S. crude at about 605,000 bpd. China purchased about 292,000 bpd, the most since June last year and was the third-largest buyer of U.S. crude in June, the data showed.China, once the top buyer of U.S. crude, had slashed its purchases last year as a trade war between the world's two largest economies has dragged on.U.S.

For China, U.S. Soybeans are Small Fry

File Image: AdobeStock / © Igor Strukov

China's purchase of some U.S. soybeans is being viewed as a tentative sign of a little détente in the dispute between the world's two largest economies, but real progress would be a resumption of what had been a burgeoning energy trade.U.S. and Chinese negotiators are meeting for two days of talks in Shanghai starting on Tuesday amid modest expectations for progress to resolve the trade imbroglio that has resulted in tit-for-tat tariffs being imposed on billions of dollars worth of imports and exports.One of the areas where some positive movement has been seen is China's commitment to buy more U.S.

Light Sweet Crude Exports Jump at LOOP

Photo: LOOP

The Louisiana Offshore Oil Port (LOOP) exported a record 283,333 barrels per day of light sweet crude last month, according to trade sources, as prices weakened against global Brent.LOOP, which exports mostly medium sour grades produced in the U.S. Gulf of Mexico, last month exported more than twice the amount of light sweet from the prior month. Overall exports of U.S. crude hit a record 3.77 million barrels per day (bpd) one week in June, U.S. government data showed.A decline in oil imports at the facility, stemming from record U.S.

Venezuela Sells Oil to Tiny Turkish Firm

© Anatoly Menzhiliy / Adobe Stock

With U.S. sanctions blocking Venezuela from selling oil to the United States, state-owned energy firm PDVSA has turned to several little-known buyers that include a tiny Turkish company with no refineries but ties to President Nicolas Maduro's government, according to internal documents and a PDVSA source.Until recently, some of the world's largest petroleum and refining firms, including U.S. companies Chevron and Valero Energy, lined up to take Venezuelan oil cargoes and PDVSA had a rigorous vetting process to ensure potential buyers had the capacity to pay.But U.S.

OPEC+ Extends Output Cuts

© Shah / Adobe Stock

OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars.The alliance, known as OPEC+, has been reducing oil supply since 2017 to prevent prices from sliding amid increasing competition from the United States, which has overtaken Russia and Saudi Arabia to become the world's top producer.Asked by reporters whether agreement had been reached, Saudi Energy Minister…

U.S. Court to Decide Who Will Control Citgo

AdobeStock / © Renaschild

A U.S. court will decide whether a board of directors appointed by Venezuelan President Nicolas Maduro or one backed by his rival, opposition leader Juan Guaido, runs the eighth-largest U.S. refiner, Citgo Petroleum Corp.A lawsuit filed by Maduro's representatives on Tuesday in Delaware Chancery Court seeks to reassert control over Citgo , along with other U.S. subsidiaries of PDVSA , the Venezuelan state-run oil company.Citgo, Venezuela's most important foreign asset, has been caught in a tug-of-war as U.S.

Oil Prices Mixed Ahead of US Crude Sstock Data

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Oil prices were mixed on Tuesday ahead of data expected to show U.S. crude stocks declining, outweighing investors' concerns that U.S.-China trade tensions could dampen fuel demand.Benchmark Brent crude futures settled up 19 cents, or 0.3%, at $65.05 a barrel.U.S. crude futures fell 7 cents, or about 0.1%, at $57.83 a barrel.Investors shrugged off U.S. President Donald Trump's comments on Tuesday that the United States would obliterate parts of Iran if it attacked "anything American."Oil-market…

Brent Oil Climbed 5% This Week

© Pavel Ignatov / Adobe Stock

Brent oil rallied above $65 per barrel on Friday and was on track for a 5% gain this week on fears of a U.S. military attack on Iran that would disrupt flows from the Middle East, which provides more than a fifth of the world's oil output.Brent crude was up $0.69, or 1.07%, at $65.14 a barrel at 1210 GMT. The global benchmark jumped 4.3% on Thursday and is on course for its first weekly gain in five weeks.U.S. West Texas Intermediate crude was up 24 cents, or 0.42%, at $57.31 a barrel. The U.S.

Oil Prices Jump 2% After Tanker Attacks

(Photo: Islamic Republic News Agency)

Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings, analysts said.Such a disruption "could further exacerbate the supply problem…

Pemex's Oil Exports Tumble

Pemex's oil exports dropped by 11% in April compared to the previous month, while production slipped by 0.9%, data from the Mexican state oil firm showed on Friday.Exports of Maya crude, the only type Pemex has been selling abroad for almost a year, fell to 1.023 million barrels per day (bpd) in April from 1.150 million bpd in March, the data showed. Crude output dipped to 1.675 million bpd from 1.691 million bpd.Pemex has been struggling to cope with financial debts of some $106 billion and years of dwindling output.

Oil Price Risks Rise

Image: Saudi Aramco

Supply disruptions in the Middle East on top of an already tight crude market could send oil prices violently upward, said the energy research firm Rystad Energy.Two Saudi Arabian oil tankers were reportedly attacked off the coast of the United Arab Emirates this weekend, sending crude futures up sharply May 13.Bjørnar Tonhaugen, Head of Oil Market Research at Rystad Energy, says: “In the short term, the perceived risk of supply disruptions from the area will only add to the premium of short-dated oil contracts compared to deferred contracts on the futures curve…

U.S. Energy Hits Records in 2018: EIA

Graph: U.S. Energy Information Administration

U.S. energy consumption, production, and exports have reached record highs in 2018, said U.S. Energy Information Administration (EIA).The United States produced a record amount of energy from various sources in 2018, reaching 96 quadrillion British thermal units (quads), an 8% increase from 2017. This increase in production outpaced the 4% increase in U.S. energy consumption, which also reached a record high of 101 quads.At the same time, U.S. energy exports increased 18% to a record high of 21 quads in 2018, reducing net energy imports into the United States to a 54-year low of 4 quads, or less than 4% of U.S.

Oil Falls Near 2% as U.S.-China Trade War Intensifies

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Oil prices slipped nearly 2 percent on Tuesday, on track to fall to their lowest levels in over a month as renewed doubts over U.S.-China trade talks stoked concerns over global growth and demand even though U.S. sanctions on Iran and Venezuela tightened supply and helped stem losses.Brent futures were down $1.36, or 1.9 percent, at $69.88 a barrel by 10:39 a.m. EDT (1439 GMT), while U.S. West Texas Intermediate crude was down $1.14, or 1.8 percent, at $61.11 per barrel.If the futures close at their current levels, it would be the lowest settle for Brent since April 4 and WTI since March 29.U.S.

IEA Says Oil Markets Adequately Supplied

Image: IEA/Shutterstock

The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.Further tightening of sanctions on Iran will have an impact on its export capacity. Iranian shipments of crude and condensates are running around 1.1 million barrels a day (mb/d) in April, 300 000 barrels a day lower than March, and 1.7 mb/d lower than May 2018.As a result of OPEC’s high compliance rate with the agreed supply cuts in the OPEC+ group…

Oil Hits 2019 High

© Pavel Ignatov / Adobe Stock

Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market, in a big way," said John Kilduff, a partner at Again Capital LLC in New York. "Most, if not all, legitimate commercial interests will avoid Iran oil purchases.

Oil Hits 2019 High on U.S. Plan to Tighten Squeeze on Iran

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Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market, in a big way," said John Kilduff, a partner at Again Capital LLC in New York. "Most, if not all, legitimate commercial interests will avoid Iran oil purchases.

Oil Hovers Near Five-Month Highs

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Oil prices steadied on Wednesday after Brent pushed towards a nearly five-month high of $70 a barrel on OPEC-led supply cuts and U.S. sanctions, with gains capped by a surprise increase in American inventories.Brent futures had moved up 24 cents, or 0.35 percent, to $69.61 by 1220 GMT. They earlier reached $69.96 - the highest since Nov. 12, when they last traded above $70.U.S. West Texas Intermediate crude rose a cent to $62.59, having briefly hit $62.99, the highest since Nov. 7."The psychologically important $70 a barrel threshold has proved a tough nut to crack for the Brent benchmark over the past few weeks…

Oil Rises 2 Percent

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Oil rose nearly 2 percent on Tuesday as attention centered on geopolitical factors tightening supplies that are leading to falling exports from Venezuela and declining U.S. inventories.Despite concerns about weaker demand due to an economic slowdown, oil prices have risen more than 25 percent this year, supported by supply curbs by the Organization of the Petroleum Exporting Countries plus allies, and losses due to U.S. sanctions on Iran and Venezuela.Venezuela's main oil export port of Jose and its four crude upgraders have been unable to resume operations following a massive power blackout on Monday…

Petrobras, Açu Petróleo Sign for Ship to Ship Operation in Port of Açu

Photo courtesy of Açu Petróleo

Petrobras and Açu Petróleo (a partnership of Prumo Logística and Oiltanking) signed a contract to carry out ship to ship operations at the company's Petroleum Terminal (T-OIL), located in the Complex of Port of Açu, in the north of the state of Rio de Janeiro.The contract establishes up to 48 operations with Suezmax and VLCC (Very Large Crude Carrier) vessels and lasts for 24 months, which may be extended for the same period. Petrobras currently operates only at their own terminals: Angra dos Reis (TEBIG) and São Sebastião (TEBAR) for oil exports.Last week…

Oil Prices Reach 2019 Highs

© pichitstocker / Adobe Stock

Oil prices rose to new 2019 highs on Tuesday, supported by OPEC supply cuts and falling output from Iran and Venezuela because of U.S. sanctions.Brent crude oil futures were up 16 cents at $67.70 a barrel at 1415 GMT, having earlier risen to a 2019 peak of $68.20, their highest since November 2018.U.S. West Texas Intermediate (WTI) futures were at $59.17, up 8 cents from their last settlement. They also touched their highest since November at $59.57.The Organization of the Petroleum Exporting Countries on Monday scrapped its planned meeting in April…