Hello Blue, Saudi and Russia are the two biggest producers, if Saudi would cut production my a million barrels and Russia does the same that would cause oil to spike, Iran already sells oil, if they can get 500,000 barrels extra a day it would take 6 months or longer for them to get those wells going and producing. U.S will continue to decline in producing as most producers in the Bakkens 45 to 55 a barrel, transporting my rail is 10 dollars a barrel, i still think we drop my the end of February then we pop, good luck
Russia needs to, their economy is taking a toll on people,,,,,,, NEW YORK (Reuters) - Oil futures surged on Wednesday after Russia indicated there was a possibility of co-operation with OPEC, fanning hopes for a deal to reduce a global oversupply that sent prices to the lowest levels in over a dozen years last week.
A statement from Russia's energy ministry left the door open to talks with OPEC, moments after the head of Russia's pipeline monopoly said officials have decided they should talk to Saudi Arabia and other OPEC members about output cuts.
The top non-OPEC producer, Russia has in the past been unwilling to cut oil output, as it battles for market share with OPEC output leader Saudi Arabia.
"I remain skeptical, at the end of the day, about that happening as the oil producers are looking at the other guy to cut production while maintaining their own levels," Andrew Lipow of Lipow Oil Associates said.
"I think the geopolitical factors in the Middle East are playing a bigger part in the actual oil production than the statements from energy ministers who'd like to see higher prices."
Hints of a possible deal between OPEC members and rival producers had already helped oil rally 4 percent on Tuesday.
Brent crude rose $1.30, or 4.1 percent, to settle at $33.10 a barrel, after touching a session high of $33.49.
U.S. crude settled up 85 cents at $32.30 per barrel, a 2.7 percent gain, having topped out at $32.84.
Oil prices barely budged after the Federal Reserve right before the close left U.S. interest rates where they were and said it still expected downward inflationary pressure from lower energy prices to prove temporary.
The American Petroleum Institute late Tuesday reported that crude supplies climbed by 11.4 million barrels for the week ended Jan. 22, according to sources who reviewed the report. The more closely watched EIA report is due Wednesday. On average, analysts polled by Platts show expectations for a crude supply increase of 3.5 million barrels. Following the API data, March crude CLH6, +0.56% was at $30.51 a barrel in electronic trading, down from the $31.45
The good thing is the build is 11.4 million barrels, if EIA only shows a 5 million barrel build oil shoots up
They do have big spreads, also they blew up Libya oil storage units and they cant get that under control, and Saudi`s and Yemens are at it again today, its to dangerous being short oil over the weekend with whats going on in the middle east
Tripoli (AFP) - Oil facilities in northern Libya were set ablaze Thursday as the Islamic State group launched fresh attacks to seize key export terminals, renewing concerns over the jihadists' growing influence.
Firefighters battle Libya oil facility blaze AFP
IS jihadists attack key Libya oil facility: military AFP
Libya oil storage tanks set on fire during IS assault AFP
Fighting broke out at dawn in the Ras Lanouf region, which along with the nearby Al-Sidra facility is one of the country's main oil export hubs, said the National Oil Corporation (NOC).
"Storage tanks filled with crude have caught fire," it said, adding that nearby high-voltage power lines and electrical towers had also been downed.
"The situation in Ras Lanouf is catastrophic for the enviroment," it said in a statement.
State news agency LANA reported that IS militants were behind the attack and that the storage tankers belonged to Harouge Oil Operations.
Nobody has claimed responsibility for the attack, but Mohamad al-Manfi, the spokesman for NOC in the east, said the jihadists had "fired rockets at the oil tanks".
"Five tanks belonging to the Harouge company are still on fire. Firefighters are at the site trying to extinguish the blaze," Manfi told AFP late Thursday.
"But we don't have sufficient means to put out the fire," he added, describing the situation as a "disaster".
Map of Libya showing oil and gas fields and pipelines, …
Map of Libya showing oil and gas fields and pipelines, and oil refineries. Locates oil facilities ta …
The company has 13 storage tankers with a combined capacity of 6.5 million barrels at its site about nine kilometres (six miles) from the port of Ras Lanouf.
- 'Destroying Libya's future' -
IS, a growi
Baker Hughes Incorporated has posted Weekly Rig Count reports to its Investor Relations website.
BHI Rig Count: U.S. -13 to 637 rigs
U.S. Rig Count is down 13 rigs from last week to 637, with oil rigs down 5 to 510, and gas rigs down 8 to 127.
U.S. Rig Count is down 996 rigs from last year at 1,633, with oil rigs down 807, and gas rigs down 189.
The U.S. Offshore rig count is 29, up 3 from last week, and down 25 rigs year over year.
Tepper was trying to back out of buying Vivint`s home solar, and Blackrock owns 77% and the common shares ,, David Tepper, the billionaire hedge fund manager, is leading the charge for TerraForm Power, arguing in a lawsuit that it's not in the yieldco's best interest to buy residential solar assets as part of the Vivint Solar buyout.
china, also 90% of all wells in North Dakota burn off their natural gas that comes out of oil wells, North Dakota is only known for oil, they are not a natural gas producing state, they have hardly any pipelines for oil let alone natural gas.
Cold winter causes gas well freeze-offs to spike; data can lag by several months
Houston (Platts)--28 Mar 2014 206 pm EDT/1806 GMT
Although the bitter blasts of the just-completed winter resulted in three times as much US gas being shut in due to well freeze-offs as analysts had forecast, federal regulators say freeze-off data can lag by several months and they have no way to compel producers to release data to them.
Platts unit Bentek reports that US dry gas production fell to an average of 65.7 Bcf/d in first-quarter 2014 due to freeze-off curtailments.
"At the height of freeze-offs, January production dipped to 65.0 Bcf/d. In comparison, fourth-quarter 2013 production averaged 65.8 Bcf/d, and November 2013 reached a record high of 66.6 Bcf/d," Bentek said.
Bentek analyst Ryan Smith said the volume of gas shut in during the winter of 2013-14 was more than three times what the firm's analysts had predicted at the start of the winter.
"We had forecasted for the cumulative freeze-offs for the winter to be 43 Bcf. It was 132 Bcf. Normally it's between 35 or 40 [Bcf]," Smith said.
He added that, unlike in previous years when freeze-offs were largely confined to the Midcontinent and Southwest regions, the abnormally cold winter caused significant freeze-offs in producing basins across the country.
"This year was different than previous years because we had freeze-offs in the Northeast and also in the Southeast and those are places that don't normally see freeze-offs. Every now and then, Texas and Oklahoma and some of those places will see freeze-offs if they have a severe winter, but it's not every year that they face severe constraints," he said.
Smith said the most significant difference in the freeze-off picture this winter was that it was the first to see significant freeze-offs in the Marcellus Shale play in the Appalachian Basin. Bentek reports that the total impact of freeze-offs in the play was 21 Bcf.
The major snowstorm aiming at Washington, D.C., and Baltimore will evolve into a blizzard and could rank among the biggest snowfalls on record, should the storm develop to its full potential.
While not impossible, the odds are against a record-breaking storm total snowfall.
From 1 to 2 feet of snow is projected to fall in the metro areas of the two cities, with the greatest amounts likely to be skewed to the west.
Should the storm alter its path or linger long enough, the current forecast amounts could be conservative with more snow possible farther to the east and north.
A mere 15 inches of snow in Washington, D.C., would put the storm this weekend at number eight for total snowfall over a three-day period. For there to be a top 10 snowfall, 14.4 inches will have to fall.
If 18 inches of snow falls in Washington, D.C., then it would eclipse the "Blizzard of 1996" and the "Snowmageddon Storm" of Feb. 5-6, 2010.
The greatest snowfall for a single-day in Washington, D.C., was 21.0 inches on Jan. 28, 1922, during the "Knickerbocker Storm."
Blizzard to unload immobilizing snow from DC to Philadelphia, NYC
In Baltimore, at least 18.0 inches of snow will have to fall to rank in the top 10 biggest storms.
If 18 inches of snow falls on Baltimore, then it would tie the top 10 storm from Dec. 18-19, 2009.
The greatest snowfall for a single-day in Baltimore was 23.3 inches on Jan. 28, 1922.
Snowfall records date back to 1884 at Washington, D.C., and 1892 at Baltimore.
Record-breaking or not, the weekend blizzard will prove to be very disruptive over a broad area of the mid-Atlantic and perhaps part of southern New England as well.
Other cities where the storm has the potential to overach
Hello Blue, rigs up north are equipped with heating, freeze offs dont happen up north only in the South, they dont spend the money to equip well head freeze offs in the south, but when cold weather hits down south is the only time you hear about well head freeze offs
konnikov, sounds like a win situation, i like the long position better then the short position even though prices seem to continue to drop. I think i am still waiting to get into ERX and UGA by the end of February or first part of March.
I think Canada will be the first to shut down, a barrel of oil in Canada is 8 dollars, then the Bakkens are paying for oil companies to take their sour crude away, its only 15,000 barrels,
The oil markets are on edge with oil sinking into the $20s per barrel. And last week we reported on one place where oil is already trading in the single-digits. Canada’s bitumen is selling for just $8 per barrel.
Forget $20 - Oil Prices At $8 Per Barrel In Canada
But even that rock bottom price is higher than what one oil seller earned for a shipment recently. In a bizarre turn of events, Bloomberg reported that Flint Hill Resources, a refining unit owned by the Koch brothers, said that they would purchase sour crude from North Dakota for $-0.50 per barrel.
That’s right: a negative price. Oil has become so depressed that producers are paying buyers to take oil off of their hands.
How can the oil price go negative? This specific type of crude is suffering from a perfect storm of bad news. Obviously, most of the blame has to do with WTI dropping to its lowest level in more than a decade. But the type of crude that Flint Hills is purchasing is sour, which means it has a high-sulfur content. That requires a different type of refining and thus fetches a lower prices. And more importantly, North Dakota Sour has a shortage of pipeline capacity, which further pushes down prices.
Enbridge, for example, does not allow North Dakota Sour on its pipeline system. As a result, North Dakota producers of the high-sulfur blend have had to find other ways to export their prod
Hello konnikov, EIA reporting higher prices to come, i am assuming its based on well depletion,, Natural Gas Prices Expected to Rise
16 mins ago
Energy Media Group
Natural gas prices are expected to rise in the coming months as a national supply glut is drawn down, according to the US Energy Information Administration. Although prices have been low during the first few months of this year’s winter, lower production volumes and cooler weather are anticipated to bring them up slightly in 2016.
As of January 1st of this year, over 3.6 billion cubic feet of gas were stockpiled in the US, which is about 15% higher than average inventories in the past five years. The large amounts of gas in storage, combined with a record amount of natural gas in the ground and technologically advanced, highly efficient extraction techniques, have created a supply overhang. Anticipated Increases
However, gas prices are expected to begin rising again within the next few weeks and months. The peak heating season in the United States (November to March) is only half over, and cooler weather is anticipated in many areas during the rest of the winter, especially in the southern half of the U.S. A recent cold snap has helped draw down some of the excess gas supply; during the last week of December, natural gas supplies fell more than expected, outstripping the forecasts by over 28%. This led to a surge in prices which was further boosted by speculators, counting on cooler weather to increase demand.
Additionally, production growth has slowed recently, to the point that the Energy Information Administration (EIA) predicts that it will be outpaced by consumer demand in 2016, due to increases in industrial use (especially for the chemical sector) and greater demand for residential and commercial heating.
The Whiting refinery in Indiana has it piped from Canada to the Whiting plant which is BP, and yesterday oil from Canada was 8 dollars a barrel, and they are buying all the can which is causing high storage,,,,, By Charles Kennedy
Posted on Thu, 14 January 2016 18:03 | 0
Where is the cheapest crude oil in the world? And how low can you get that barrel of oil?
WTI has declined to $30 per barrel, the lowest level in more than 12 years. But heavy oil producers in Canada would love to have $30 oil.
The price for a barrel of bitumen, the tar-like oil sands that comes from Alberta, fell to just over $8 per barrel this week. That is not a typo. Bitumen traded at $8.35 per barrel on Tuesday.
In fact, Amazon.com sells oil drums – just the barrel, not the oil – for $78, almost ten times the cost of the actual bitumen. To be fair, that drum holds 55 gallons instead of the industry-usual 42 gallons. But even a 30-gallon barrel – again, an empty barrel – costs 7 times more than the oil sands that would go in it.
albert i think what you failed to see, is it takes a lot of investors to get together and find a lawyer that will hear investors, that was accomplish on the MHR CLASS ACTION suit were it would never have happen on the yahoo board, but yes you will have a lawyer represent you in your investment here
The groups decision was to lock out anyone new from joining, the group collected enough evidence to protect our interests and cannot afford a new comer to get our information that could go against us, also as we get represented, true shareholders here will be represented also through the U.S Trustee