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Heavy Sweet Oil Rises as Unlikely Star

3rd December 2018

(Bloomberg) — There’s a rising star in the oil world, and it’s heavy and sweet. Dense, low-sulfur oil, known in industry parlance as heavy sweet crude, is fetching increasingly stronger prices relative to benchmark lighter grades. For example, Angola’s Dalia traded at just 10 cents below Brent oil last month, up from a discount of $4.50 in January 2016, according to S&P Global Platts. Australian Pyrenees traded at $4 more than Brent, its widest premium in more than three years, according to trading sources. The shifting values are indicative of the powerful forces that are pulling apart long-held relationships between...

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Blockchain Platform to Revolutionize Oil Trading

3rd December 2018

Crude oil traders are now able to use a blockchain-based platform to finalize their deals. VAKT, a London-based independent company backed by energy majors, commodity traders and banks, announced its launch Nov. 29. It’s the first of its kind in the energy market. The Blockchain platform, a digital ledger used to record transactions and also behind Bitcoin cryptocurrency, has been hailed by many as a way to alleviate challenges in the oil and gas industry. Oil majors BP plc, Equinor ASA and Royal Dutch Shell plc are among first users of the live platform, as it currently is available to trade...

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U.S. Oil, Gas Reserves Hit Record Highs

3rd December 2018

Higher prices and continued shale resource development helped push U.S. crude oil and natural gas proved reserves to new record highs in 2017, the Energy Information Administration (EIA) said in a report on Thursday. Proved reserves of U.S. crude oil jumped by 19.5 percent in 2017 from the end of 2016, reaching 39.2 billion barrels and beating the previous record of 39.0 billion barrels set in 1970. Crude oil reserves reached an all-time in 2017, as higher prices typically raise reserve estimates because exploration and production companies believe that more of their resource bases can be produced. Last year, the average WTI...

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As oil plunges, the real OPEC meeting will be at next week’s G20

26th November 2018

LONDON (Bloomberg) — For the oil market, it looks like the real OPEC meeting will come a week ahead of schedule. The cartel is set to meet on Dec. 6 in Vienna, but days earlier the key decision makers are set to gather on the sidelines of the G20 summit in Buenos Aires in a meeting that may well decide the direction of oil prices in 2019. Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin, who lead the world’s two largest oil exporters and have been working together to manage the oil market for the past two...

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Venezuela fuel shortages worsen as tanker staff said to flee

26th November 2018

CARACAS (Bloomberg) — Venezuela’s fuel shortages are worsening as mass resignations at the state oil company’s tanker fleet have delayed gasoline shipments. Petroleos de Venezuela SA’s refineries are running at less than a quarter of their capacity, forcing the country to rely on imported gasoline. Once the cargoes are unloaded at import docks, smaller ships distribute fuel to terminals along the coast, where its loaded on trucks to refuel inland stations. But as Venezuelan tankers lose engineers and helmsmen, delivery delays are becoming increasingly frequent, according to people with knowledge of the situation. Gasoline lines are one of the challenges...

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Shale boom raises specter of new glut: Gulf Coast oil terminals

26th November 2018

NEW YORK CITY (Bloomberg) — The race to export U.S. shale oil overseas is about to get fierce, with at least nine proposed terminals angling for a piece of a very limited pie. Within 18 months, new pipelines opening in the nation’s most prolific shale basin promise to carry an added 2 MMbpd to the Gulf Coast. But the extra crude will arrive at a time when existing terminals in the Corpus Christi area can already offer about 300,000 bpd of unused capacity. Meanwhile, some of the terminals proposed are being designed to load a supertanker every other day, each...

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Perfect Storm Has Hit the Oil Market

26th November 2018

The perfect storm has hit the oil market. That’s according to Spencer Welch, a director on the Oil Markets and Downstream team at IHS Markit, who made the statement in a CNBC television interview on Thursday. “I think it’s been a bit like the perfect storm has hit the oil market,” Welch said in the interview. “It’s not just the change in tone from the United States in terms of the sanctions, it’s the normal downturn in demand at this time of year because of turnarounds, refineries doing maintenance work, the U.S. has jumped up in terms of production, so...

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Saudis Boosted Oil Exports, Pumped At Record Level In Early November

26th November 2018

Saudi Arabia’s crude oil exports hit their highest in 20 months in September, while the Kingdom’s production in early November appears to have hit the highest on record, on the back of high customer requests made in early October when the market feared a hefty loss of Iranian supply this month. According to data by the Joint Organisations Data Initiative (JODI) database, which collects self-reported oil figures from 114 countries, Saudi Arabia’s crude oil exports in September rose by 219,000 bpd from August to a 20-month high of 7.43 million bpd. This was the highest export level since the OPEC/non-OPEC production cut...

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Pipelines on Wheels: LNG Giant Turns to Trucks

26th November 2018

(Bloomberg) — Gas is in such hot demand in China right now it’s allowing a quirky market to flourish: transporting the fuel on trucks. Call them pipelines on wheels. The country’s top suppliers are loading liquefied natural gas onto tanker trucks and delivering it to users to make up for insufficient pipeline coverage inland. The method is so effective ENN Group is using it as a primary way to move LNG from its new terminal. This new kind of gas market has thrived in China over the past few years as the government’s blue-sky policies boosted demand for the cleaner-burning...

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LNG Hunt Less Likely as Milder Asia Winter Seen

26th November 2018

(Bloomberg) — Prospects for a milder winter in Asia may make the frenzied seasonal hunt for liquefied natural gas less likely this year and hurt the outlook for prices, which have tumbled for the past seven weeks. Weather across North Asia is expected to be warmer this winter than last year, according to four forecasters surveyed by Bloomberg, who added temperatures could come in at or above historical averages. That could weaken demand for the fuel, with storage levels in Japan, China and South Korea near multiyear-highs. Asia’s LNG users have been stocking up on gas well ahead of the...

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