Oil Trading in U.S. Gulf Dries Up as Tanker Rates Skyrocket

By Sheela Tobben (Bloomberg) --Soaring oil-tanker costs are drying up activity in the U.S. export market as sellers are slow to lower offers and buyers are skittish, according to market participants. Some sellers have held back from offering cargoes, while others have yet to reduce their offers enough to accommodate the rising cost of shipping oil, according to 10 market … [Read more...]

China Tariffs on U.S. Oil to Pressure Exports, Gulf Coast Prices

HOUSTON, Aug 23 (Reuters) - China's threat on Friday to slap a 5% tariff on U.S. oil imports could further soften demand for physical crude at hubs along the U.S. Gulf Coast, where exporters already have taken to shipping crude overseas without firm buyers, traders said. PADD 3 inventories last week rose to the highest in a month, at 225.1 million barrels, and were 12.4 … [Read more...]

Refiner Phillips 66 Enters U.S. Offshore Oil Export Race

By Collin Eaton HOUSTON, June 19 (Reuters) - U.S. oil refiner Phillips 66 is proposing a deepwater crude export terminal off the U.S. Gulf Coast, challenging at least eight other projects aiming to send U.S. shale oil to world markets, according to a memo and a source who asked not to be named. The project, called Bluewater Texas Terminal LLC, signals another major expansion … [Read more...]

Enterprise Products Says Crude Volumes at Marine Terminals Hit Record

By Devika Krishna Kumar NEW YORK, May 1 (Reuters) - Enterprise Products Partners LP said on Wednesday volumes at its crude marine terminals jumped to a record of nearly 900,000 barrels per day (bpd) in the first quarter, despite a disruption on the Houston Ship Channel. A petrochemical fire and fog halted vessel traffic for several days and disrupted movements in the … [Read more...]

U.S. Oil Flowing Freely to China Again

By Serene Cheong (Bloomberg) -- It seems Asia’s biggest oil buyer can’t stay away from crude pumped in the world’s fastest-growing supplier for long. A supertanker laden with U.S. oil is floating off China’s eastern coast, awaiting discharge at one of the Asian nation’s busiest ports. The vessel will soon be joined by more ships that will make the two-month voyage from … [Read more...]