By Timothy Gardner WASHINGTON, Feb 28 (Reuters) - The U.S. Energy Department said on Thursday it is offering up to six million barrels of sweet crude oil from the national emergency reserve in a sale mandated by a previous law to raise funds to modernize the facility. A law U.S. President Donald Trump signed last year requires the department to hold sales to fund $300 … [Read more...]
Tanker Analysts Shrug Off Market Woes
By Firat Kayakiran (Bloomberg) -- It’s never ideal if you own a fleet of crude tankers and the world’s oil producers remove millions of barrels of cargo from the market to avert a glut. Nor is a collapse in charter rates normally the best news. While both those things happened in the past few months, the people paid to evaluate the shipping industry’s prospects are … [Read more...]
How OPEC Is Helping U.S. Oil Reach a Tipping Point
By Julian Lee (Bloomberg Opinion) -- The U.S. Energy Information Administration has published its first detailed monthly oil forecast for 2020 and it shows something that should strike fear into the hearts of OPEC ministers — from the fourth quarter, America will export more oil than it imports. This won’t make the U.S. independent of the global supply chain. It … [Read more...]
Oil Tanker Owners Find Solace in Shale as OPEC Prepares New Cuts
By Firat Kayakiran (Bloomberg) -- America’s shale boom could be about to spare the world’s oil tanker owners from a typical OPEC ravaging. The producer group and allies decided on Dec. 7 to restrict output from the start of next year by about 1.2 million barrels a day, adding to deeper cuts two years earlier. Under normal circumstances, that would be a dire turn of … [Read more...]
China Imports First U.S. Crude in Two Months But Traders Still Wary
By Florence Tan and Chen Aizhu SINGAPORE/BEIJING, Dec 3 (Reuters) - China imported its first U.S. crude oil cargo in around two months last week, according to industry sources and Refinitiv Eikon data - a deal made by an independent "teapot" refiner as larger players held off amid trade tensions. Chinese buyers have largely avoided U.S. oil during the two countries' trade … [Read more...]