More Economics & Oil Market News

First QER proposals include local gas system improvement assistance

The White House recommended that the US Department of Energy concentrate on modernizing the nation’s energy transportation, storage, and distribution (TS&D) systems in its initial proposals under the recently established Quadrennial Energy Review. The Apr. 21 report also posed that DOE financially assist states in providing incentives for natural gas utilities to replace and improve local distribution systems (LDS).

LNG export limits violate US free trade tradition, ExxonMobil executive says

The US should remove the national interest demonstration requirement for LNG exports to countries with which it does not have a free-trade agreement before it loses one of its biggest energy and economic opportunities in its history, an ExxonMobil Corp. executive said.

New energy-rich African nations want to avoid mistakes, forum told

Lower crude oil prices may give African nations more time to develop new supplies, speakers said at a Center for Strategic and International Studies forum. The primary question is whether countries will avoid or repeat mistakes of the past, they said.

CERAWeek: Murkowski to introduce bill this year to lift oil export ban

US Sen. Lisa Murkowski (R-Alas.) told IHS CERAWeek in Houston that she plans this year to introduce legislation to repeal the decades-old ban on US exports of crude oil.

MARKET WATCH: NYMEX crude oil climbs modestly on reduced storage concerns

Crude oil prices for May delivery climbed modestly on the New York market Apr. 20, which analysts attributed to reports of reduced concerns for now about high US oil storage levels. The Brent crude oil price settled Apr. 20 on the London market unchanged from the Apr. 17 price.

CERAWeek: Executives emphasize innovation during oil-price downturn

ConocoPhillips Chairman and Chief Executive Officer Ryan Lance told IHS CERAWeek that ConocoPhillips is prepared for oil-price swings going forward, and it has positioned itself to ramp up its core US unconventional investments when it appears feasible.

MARKET WATCH: NYMEX oil price falls as market’s direction ebbs

Crude oil prices for May delivery fell nearly $1/bbl on Apr. 17, ending a six-session gain on the New York market during a week that experienced the highest settlement price of the year at $56.71/bbl, which was set on Apr. 16.

BLM proposes higher onshore oil, gas royalty rates

The US Bureau of Land Management is proposing changes to federal onshore oil and gas royalty rates, rental payments, lease sale minimum bids, civil penalty caps, and financial assurances, US Interior Secretary Sally Jewell announced. Comments on the Advanced Notice of Possible Rulemaking (ANPR) will be accepted for 45 days following its publication in the Federal Register next week.

API: US demand for petroleum rose in March, first quarter

Total US petroleum deliveries, a measure of demand, averaged 19.2 million b/d in March, up 3.4% from a year ago and the highest level for the month since 2011, according to the American Petroleum Institute’s monthly statistics for March. Total demand in the first quarter gained 2.2% year-over-year.

More rig day rate, fleet use declines seen

Drilling contractors, onshore and offshore, face further declines in day rates and fleet utilization this year as operators slash activity in response to a crude-price slump that shows no sign of early recovery, warns Fitch Ratings.

MARKET WATCH: NYMEX, Brent continue upward momentum

Crude oil prices for May delivery climbed for a sixth consecutive day on both New York and London markets Apr. 16, which analysts attributed to signs of a possible slowing in US oil production.

Second Mid-Atlantic sale needed in next OCS plan, House panel told

The US Department of the Interior should schedule a second Mid-Atlantic Outer Continental Shelf oil and gas lease sale—and hold it earlier than in 2021—as it prepares its final 2017-22 OCS management plan, witnesses told a US House Natural Resources subcommittee.

ANGA urges US to scrap dual approvals for LNG export projects

The US could lose an important global opportunity if it doesn’t move more quickly on its LNG export decisions, America’s Natural Gas Alliance said in a new study. “This is not about trying to get 20 export facilities quickly built,” ANGA Pres. Martin J. Durbin told reporters as the study was released. “It’s about making the process more certain and predictable so more of them can move ahead.”

MARKET WATCH: NYMEX oil price soars to 2015 high

Crude oil prices for May delivery soared by more than $3/bbl on the New York market Apr. 15 to close above $56/bbl, a high for 2015, while the Brent contract for May delivery closed on the London market at above $60/bbl.

IEA forecasts higher 2015 global oil demand

In its April Oil Market Report, the International Energy Agency raised its forecast of 2015 global oil demand by 90,000 b/d to 93.6 million b/d, a gain of 1.1 million b/d on the year and a notable acceleration of the 700,000-b/d growth in 2014, as the global economy slowly gains momentum.

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