More Economics & Oil Market News

Texas Petro Index sets record for 7th straight month

The Texas Petro Index (TPI), a composite index based on a comprehensive group of upstream economic indicators released by the Texas Alliance of Energy Producers (TAEP), continued to produce record highs last month amid an “economic tsunami.”

EIA: Weekly US refinery inputs set new record in July

Refinery inputs reached a record-high of 16.8 million b/d in each of the past 2 weeks, exceeding the previous record from summer 2005, according to the US Energy Information Administration. Inputs at refineries in the Midwest and Gulf Coast have been particularly high, reflecting these refineries’ access to lower-cost crude oil, expansions of refining capacity, and increases in both US demand and exports.

MARKET WATCH: Crude oil prices climb slightly on New York, London markets

Crude oil futures rose slightly on both New York and London markets July 23, and one analyst called Brent oil prices “subdued” while market participants await emerging geopolitical developments in the Russia-Ukraine conflict and also anticipate increasing oil supply from Libya.

MARKET WATCH: NYMEX crude oil futures drop modestly awaiting inventory

Crude oil futures fell modestly on the New York market July 22 as traders and analysts awaited a weekly US government report on petroleum inventories and as participants across international oil markets awaited developments in the Russia-Ukraine conflict.

CERI: Costs up for oil sands production

The costs of producing bitumen and synthetic crude in the Albertan oil sands have increased over the past year, says the Canadian Energy Research Institute in an annual report that projects steady growth in output.

MARKET WATCH: Oil futures climb on concerns about Russia, Ukraine conflict

Crude oil futures prices climbed on the New York and London markets July 21 upon the likelihood that the European Union might impose tighter sanctions against Russian businesses in response to suspicions that pro-Russia separatists contributed to the crash of a Malaysia Airlines passenger jet.

MARKET WATCH: Oil prices off slightly at week’s end, but still elevated on Russia-Ukraine conflict

Crude oil futures prices declined slightly in trading July 18 but remained elevated for the week on news of continued conflict between Russia and Ukraine.

MARKET WATCH: Crude oil futures prices jump again

Crude oil futures prices jumped again July 17—the second dollar-plus gain in as many days.

SAFE: Report’s ‘flash points’ emphasize US transportation fuel problem

A proliferation of global oil geopolitical “flash points” makes it even more urgent for the US to aggressively reduce its dependence on crude oil for transportation fuels, according to speakers discussing a report issued by Securing America’s Future Energy (SAFE).

API: US petroleum demand up in June, second quarter

Total US petroleum deliveries, a measure of demand, rose 1.5% in June vs. a year ago to average just above 19 million b/d, according to the American Petroleum Institute’s most recent Monthly Statistics Report. For the second quarter, petroleum demand increased 1.5% compared with the same period last year.

Australia repeals carbon tax legislation

Australia’s Parliament has repealed the carbon tax legislation that this year imposed $24.15 (Aus.)/tonne of carbon dioxide emissions.

MARKET WATCH: NYMEX oil futures rebound on big US inventory draw

Crude oil futures prices rebounded on the New York market on July 16 after a weekly government inventory report showed a bigger drop in US oil supplies than analysts had expected.

India making ‘significant efforts’ to diversify crude oil imports

Indian companies have made “significant efforts” to diversify their crude oil supply sources, according to India’s Press Information Bureau.

US should be ready if Petro Caribe tightens credit terms, study says

The possibility that Venezuela’s financial support for energy imports in the region could erode quickly makes it imperative for the Obama administration to adopt a wide range of policies to avoid an energy crisis in the Caribbean and Central America, a recent Atlantic Council report said.

MARKET WATCH: NYMEX crude oil drops below $100/bbl on higher Libyan production

Crude oil prices dropped nearly $1/bbl on both the New York and London markets in July 15 trading with oil settling on the New York market at under $100/bbl on reports that Libya’s oil production was growing faster than expected.

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Offshore Middle East Conference & Exhibition

January 26, 2015
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