Commodityworld™ is very much like The Rolling Stones, full of energy and gathering no moss. Seeing a recent picture of the Stones got me wondering about which commodity best represented each of them (welcome to my world…). Keith was easy to choose, but as for Mick I couldn’t get no satisfaction, well, you’ll see…here’s the wrinkled […] More »
Oil prices are above $98 a barrel today after an industry report showed U.S. crude supplies fell more than expected.
For airlines, more efficient jets will reduce their biggest expense. For passengers, it means fares won’t jump around as much with the price of oil.
Refinery utilization rates peaked in July or late June in four of the past five years, then declined as plants prepared for maintenance in September. Imports tumbled during the seven days ended June 24 to a 12-year low for the end of that month.
Crude had been rising since last week, nearly recovering from a late-June drop to around $90 a barrel following the announcement that the U.S. and other countries would release 60 million barrels of crude into world markets. Some investment banks said prices would head higher anyway as world supplies tightened later this year. By Wednesday investors were again focused on short-term concerns about the global economy. More »
Martin Midstream Partners is build a $25 million terminal to receive crude oil from the Eagle Ford shale via a recently announced pipeline.
Martin also will build storage for 300,000 barrels of crude oil and will have the ability to expand the terminal’s capacity by an additional 600,000 barrels. The terminal will be connected by a 24-inch pipeline to a barge dock and deep-water tanker dock at the port.
Conditions on the river have prevented a thorough assessment and hampered efforts to find the cause of Friday’s break in the 12-inch pipeline, which spilled an estimated 1,000 barrels of crude oil. The river was flowing too high and swiftly for crews to reach some oiled areas. More »
Federal regulators now have 30 days to finish reviewing Shell’s proposal to drill up to four exploratory wells in the Beaufort Sea near Alaska. More »
Barclays Capital raised its price forecast for 2012. And Goldman Sachs said the International Energy Agency’s decision at the end of June to release 60 million barrels of oil from its reserves won’t cool off prices as much as originally thought. More »
Exxon Mobil intensified its cleanup of tens of thousands of gallons of spilled crude and pledged to do “whatever is necessary” to find and mop up oil from the 12-inch pipeline that broke at the bottom of the river over the weekend.
The cause of the spill has not yet been determined, but company and government officials speculate that high waters in recent weeks may have scoured the river bottom and exposed the pipeline to debris that could have damaged it.
Teams of federal and state workers were out today along Montana’s Yellowstone River to gauge the environmental damage from a burst Exxon Mobil pipeline that spewed tens of thousands of gallons of crude into the waterway.
A… More »
An ExxonMobil pipeline runnning under the Yellowstone River near Billings in south-central Montana ruptured and dumped an unknown amount of oil into the waterway, prompting temporary evacuations along the river this morning.
Prices have persistently declined since May, following a similar drop in oil prices. More »
By late 2012, so many rigs in the U.S. will be drilling for oil that natural gas supplies could decline, helping lift prices, analysts with Barclays Capital said.