The United States became a net oil exporter last week for the first time in almost 75 years, a significant step toward achieving “energy independence and dominance,” as promoted by President Donald Trump. The United States had been a net oil importer since 1949. In the last week of November, however, weekly U.S. net imports […]
Texas Exports More Oil Than It Imports for First Time Ever…
The Texas Gulf Coast oil terminals sent abroad more crude than they received in April, the Energy Information Administration said this week. During that month, crude oil exports from the Houston-Galveston port district exceeded imports by 15,000 bpd. Over the next month, the advantage of exports over imports welled further, to an impressive 470,000 bpd. […]
U.S. Crude Oil and Natural Gas Hits Record…
Crude oil and natural gas production hit a new record in June with the highest production ever in the U.S. Production of crude topped 10.7 million barrels per day with production of natural gas hitting 4 million barrels per day, according to an analysis released by the American Petroleum Institute (API). Highlights from the June […]
US Spy Satellite Captures Chinese Ships Illegally Selling Oil to North Korea…
It has long been known that China has helped North Korea evade international sanctions while professing faithful compliance with United Nations resolutions. Now, U.S. spy satellites reportedly captured photos of Chinese ships illegally selling oil to North Korean boats on dozens of occasions. China has again professed innocence. The Chosun Ilbo reported that the photos […]
Outlook for Oil Looks Bleak, Prices Hit 7-Month Low…
Crude oil started the week with a loss, which may be extended today as U.S. shale drillers continue to add rigs, and Libya and Nigeria ramp up production, undermining their fellow OPEC members’ efforts to reduce output and support prices. Oil prices are now at a 7-month low. Oil prices were pressured when last Friday, […]
Gulf States Launch Naval Blockade Of Qatar…
In what has emerged as the most significant escalation to result from the Qatar diplomatic crisis – which pits two of OPEC’s largest oil producers, Saudi Arabia and the UAE, against the world’s biggest exporter of liquefied natural gas and further disrupts stability in the region – the biggest Middle East oil and container ports […]
One Of The World’s Biggest Oil Hedge Funds Just Liquidated All Its Longs…
“Market participants remain extremely focused on micro developments like US crude inventories while the big picture has been telling us a different supply story for quite some time,” he wrote. “In fact, the gradual tightening of crude oil spreads has led to the release of expensive onshore and offshore inventories globally”…
The Billion Barrel Oil Swindle: 80% Of U.S. Oil Reserves Are Unaccounted-For…
U.S. crude oil storage is filling up with unaccounted-for oil. There is a lot more oil in storage than the amount that can be accounted for by domestic production and imports…
An Oil Pipeline Leak in Alabama is About to Affect the Entire East Coast…
If you drive a car, you may want to fill up your tank sooner rather than later. A major pipeline that serves 13 states on the East Coast has been closed after a massive spill was discovered on Sept. 9, 2016…