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Shell Starts Production At New FPSO In Pre-Salt Brazilian Field
by Zainab Calcuttawala
26 May 2017 at 2:57pm
Royal Dutch Shell?s Brazilian subsidiary BG E&P Brasil and partners began production in a deepwater field in the Santos Basin on Friday, according to a new report by World Oil. The floating production storage and offloading vessel (FPSO) P-66 sits at a depth of 2,150 meters and can extract 150,000 barrels of oil and six million cubic meters of natural gas per day. The vessel is the first in a series commissioned by Petrobras to exploit the BM-S-11 block within a consortium. ?Achieving production at Lula South is an important accomplishment?

The Top 10 Nations Exporting Oil To The U.S.
26 May 2017 at 2:53pm
U.S. has brought crude oil from 80 nations into its refineries In the past 30 years, the U.S. has imported more than 91 billion barrels of oil, drawing from a large variety of sources. The EIA began carefully tracking American oil imports in 1986, meaning there is now a significant amount of historical data. From 1986 to 2016 the U.S. imported 91.2 billion barrels of crude oil, in just under 244,000 individual records. In total, the EIA lists 80 different countries from which the U.S. has imported crude oil. The top ten countries are listed below?

1.2 Million BPD Capline Pipeline Could Be Retired by 2021
by Zainab Calcuttawala
26 May 2017 at 2:53pm
New pipelines with similar routes may drive Plains All American LP?s Capline pipeline, from Louisiana-to-Illinois, obsolete, according to a new report by Reuters. The 1.2-million-barrel-per-day pipeline, was once the nation?s largest, but a bank report from the company?s latest investor presentation shows steep drops in volume over the past few years as competing facilities siphon off the line?s demand. Capline will be ?idled as redundant pipeline capacity,? which also transfers crude supplies from Cushing, Oklahoma,?

Saudi Arabia To Trim Oil Exports To US To Force Inventories Lower
by Zainab Calcuttawala
26 May 2017 at 2:47pm
Riyadh plans to purposely reduce exports to the United States to force a reduction in the latter?s sizeable inventories, which are preventing a greater rise in global oil prices, according to Saudi Oil Minister Khalid Al-Falih. Just one day after OPEC announced a nine-month extension to its November production cut deal, the top oil official told reporters on Friday that ?exports to the U.S. will drop measurably.? Two sources close to the matter told Bloomberg that starting next month, Saudi crude supplies to American importers?

The Big Data Revolution In Oil Is Accelerating
by Irina Slav
26 May 2017 at 2:42pm
It was about time big data entered the lives of Big Oil. Yet it?s not happening exactly as expected. Oil companies are not making a mad dash to collect and process unstructured data in order to make sense of it and use it to expand or improve their business. No, it?s individuals and startups that are leveraging the potential of these unstructured data to supply it in a structured and useful way to oil traders. The oil industry is notoriously opaque, especially those parts of it that are grouped in the Organization of Petroleum Exporting?

Texas Shows No Sign Of Slowing Production Growth
by Ron Patterson
26 May 2017 at 2:38pm
(Click to enlarge)The Chart above compares several different combinations of past (vintage) data to estimate output. The dotted line is based on the most recent 8 months (August 2016 to March 2017) of data saved from the RRC website, the blue solid line is based on the past 12 months of data, and the yellow line is based on the most recent 3 months of data. Each estimate uses the most recent 24 months of data from each month. A significant change in the size of the correction factors began in August 2016, which is the basis of the 8 month Corrected?

How Close Are Kurds To Establishing Full Independence?
by ISN Security Watch
26 May 2017 at 1:12pm
OK, so how close are Iraqi Kurds to establishing their own independent state in Northern Iraq? In this article, Gallia Lindenstrauss and Adrien Cluzet analyze the myriad factors that have to be addressed if a truly autonomous or South Sudan-like homeland is to appear. In all cases, our authors are confident that such an entity would be pro-Western, have a favorable attitude towards Israel, and remain lukewarm to the idea of creating a Greater Kurdistan In February 2016, Masoud Barzani, President of the Iraqi Kurdistan Region, announced his desire?

Uzbekistan To Increase Its Refining Capacity By 50%
26 May 2017 at 1:09pm
Uzbekistan revealed in late April that it had begun building a new $2.2 billion oil refinery that would produce fuel for sale domestically and abroad. Official news sources stated perfunctorily that oil supply agreements had already been reached with Kazakhstan and Russia, although the finer details still in fact need to be decided. The ambition is formidable. The refinery being built in the Jizzakh province, which lies adjacent to the South Kazakhstan Region, is being designed to process up to 5 million tons of oil annually, an almost 50 percent?

It?s Not Over For OPEC Just Yet
by Dan Dicker
26 May 2017 at 12:59pm
OPEC extended production cuts that were originally agreed in December 2016 for another 9 months, delivering both OPEC members and Russian discipline that will last well into the Spring of 2018. And still the Saudis and OPEC continue to get no respect at all, like Rodney Dangerfield. The oil markets, in fact, after a two-week boom in prices, used the actual date of the meeting to retreat from their highs, ending the day below $50 a barrel. This could be a reaction to the very late speculative players trying to take advantage of a decision that was?

The Reaction To The OPEC Deal Extension Is Logical, But Flawed
by Martin Tillier
26 May 2017 at 12:58pm
Those new to financial markets, and energy trading in particular, were probably somewhat puzzled by the price action in oil futures this week following the announcement by OPEC and some influential non-OPEC nations that they are extending the production cuts agreed last year for another nine months, until the end of Q1 2018. The logical reaction to that news would have been a spike in oil, but instead we saw a dramatic decline of around five percent once the announcement was made. That is easily explained in terms of trading dynamics, but one question?

The OPEC Elixir Wasn?t Potent Enough
by Editorial Dept
26 May 2017 at 12:58pm
Friday May 26, 2016 In the latest edition of the Numbers Report, we?ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we?ll dig into some data and provide a bit of explanation on what drives the numbers. Let?s take a look. 1. Oil market unimpressed with OPEC extension (Click to enlarge) - OPEC extended their cuts for another nine months, and put on a display of unity both amongst each other and with non-OPEC countries like Russia. - However, because OPEC has routinely tried?

Global Energy Advisory May 26th 2017
by Editorial Dept
26 May 2017 at 12:55pm
The biggest oil news of the week was certainly the OPEC announcement of an extension of the crude oil production cuts until March 2018. This additional 9-month lifeline is - according to the Saudi Energy Minister - ?the safe bet that should do the trick? of rebalancing the market. It also gives another 9-month ?reprieve? to U.S. shale as well. The initial November agreement has failed to restore global market balance. There were doubts over the past month as to whether the extension would happen, but more and more OPEC members?

Expect Choppy Oil Markets As Markets Digest OPEC?s Decision
by Jim Hyerczyk
26 May 2017 at 12:55pm
July Natural Gas Weekly Recap Natural gas prices continued this week?s price slide on Thursday after U.S. government data showed that natural gas supplies in storage rose more than expected last week. According to the U.S. Energy Information Administration, natural gas storage rose by 75 billion cubic feet in the week-ended May 19. This was slightly above the pre-report forecast for a build of 71 Bcf. Last week?s report showed a build of 68 Bcf. The EIA also said that natural gas in storage currently stands at 2.444 trillion cubic feet.?

Goldman: OPEC Needs To Do More To Restrain Shale Oil
by Irina Slav
26 May 2017 at 12:48pm
Goldman Sachs analysts have warned that OPEC?s job is not over with the announcement of an extension to its November agreement. Now the group needs to convince markets that even with the cut, U.S. shale output growth can maintain the global glut, with a view to curbing capital inflows into shale production. ?OPEC needs to create a credible threat that the oil market may return into surplus to finally slow the capital inflows into shale. This could be achieved by both expressing the goal of growing future production, and gradually ramping?

Naive Hedge Funds Bet Too Big On An OPEC Cut
by Tom Kool
26 May 2017 at 11:45am
It seems that hedge funds and money managers had built up too big a bullish position before the OPEC deal, send oil prices down when the 9-month extension was announced. Friday, May 26, 2017 (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge)OPEC and non-OPEC members secured a nine-month extension of their deal, pushing the combined 1.8 million barrels per day in reductions through to the first quarter of 2018. The cohesion among the disparate members was notable,?

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