By Dan Murtaugh and Sarita Williams (Bloomberg) -- Oil cavern space at the Louisiana Offshore Oil Port sold for 10 cents a barrel a month at an auction on Tuesday, offering a glimpse into the value of storage as domestic crude supplies swell to a record. The sale of more than 11 million barrels of room in a cavern at LOOP LLC’s Clovelly hub in Louisiana was part of CME … [Read more...]
Oil Imports to Louisiana Offshore Oil Port Reveal New Truth
By Dan Murtaugh, Zain Shauk and Lynn Doan Nov. 5 (Bloomberg) -- Things are slowing down at the U.S.’s largest oil-import hub. Just six years after importing more than 1 million barrels a day from countries including Saudi Arabia, Nigeria and Iraq, the Louisiana Offshore Oil Port is receiving just half of that from overseas, highlighting a nationwide trend at harbors from … [Read more...]
Shale Seen Shifting Flows at America’s Biggest Oil Port
By Dan Murtaugh July 10 (Bloomberg) -- For more than 30 years, the Louisiana Offshore Oil Port LLC has been a symbol of U.S. dependence on foreign oil, pumping Nigerian and Saudi Arabian crude from the world’s biggest supertankers into underground storage caverns beneath the marshes of southern Louisiana. Now, with domestic production at a 28-year high, LOOP’s managers … [Read more...]