‘Liquid Freedom’ Sails From Texas, Tilting Power in Global Oil

By Joe Carroll and Harry R. Weber (Bloomberg) -- The sea stretched toward the horizon last New Year’s Eve as the Theo T, a red-and-white tug at her side, slipped quietly beneath the Corpus Christi Harbor Bridge in Texas. Few Americans knew she was sailing into history. Inside the Panamax oil tanker was a cargo that some on Capitol Hill had dubbed “Liquid American Freedom” … [Read more...]

Traders Eye Alaskan Crude Exports to Asia with Ban Lifted

By Jacob Gronholt-Pedersen and Liz Hampton SINGAPORE/HOUSTON, Jan 8 (Reuters) - Oil traders in Asia are running the numbers on importing Alaskan crude, after the end of a four-decade ban on U.S. exports also eliminated a costly tanker requirement for shipping North Slope oil overseas. Although Alaskan crude was one of the few domestic varieties effectively exempt from the … [Read more...]

Oil Companies Rush to Exploit End of U.S. Crude Export Ban

By Valerie Volcovici and Catherine Ngai Dec 23 (Reuters) - U.S. energy group Enterprise and oil trader Vitol raced to exploit the end of a 40-year ban on most U.S. crude exports, the first of many firms eager to "stress test" last week's historic opening. Despite a sudden change in global oil market conditions that many oil traders say has eliminated the economic … [Read more...]

First Export of U.S. Crude Oil Booked After Ban Lifted

By Dan Murtaugh and Sheela Tobben (Bloomberg) -- It took years to lift a ban on most U.S. oil exports. It took a week for the first shipment to be announced. Enterprise Products Partners LP will load 600,000 barrels of domestic crude onto a tanker in the Houston Ship Channel during the first week of January. It sold the cargo to merchant trading giant Vitol Group, which … [Read more...]

U.S. Oil Is Too Good, Too Pricey and Too Far for Asia Buyers

By Debjit Chakraborty, Yuji Okada and Serene Cheong (Bloomberg) -- In the world’s biggest oil market, buyers have better options than U.S. crude. As the country inches towards ending the last restrictions on exports, Asian buyers will probably have a limited appetite for the quality of crude on offer. Many of the region’s refiners are geared to process heavier, cheaper … [Read more...]