Crude Oil , Trade , International , Shale Plays

BP Backs Adding WTI Midland Oil Grade to Brent

“BP strongly believes that the inclusion of WTI Midland, executed correctly, is the best solution for enhancing liquidity, retaining Brent as a well-supplied and trusted light, sweet benchmark,” according to a document seen by Reuters.

December 6, 2021

Markets , Trade

Texas Cuts $9,000 Power Price Cap after February Freeze

“After the extreme weather events of February 2021, the price cap of $9,000 per MWh has proven to be a liability on market participants,” the Public Utility Commission of Texas said in its proposal.

December 5, 2021

Crude Oil , Trade , International

White House Welcomes OPEC’s Plans to Pump More Oil

“We appreciate the close coordination over the recent weeks with our partner Saudi Arabia, the UAE and other OPEC+ producers to help address price pressures,” said White House spokesperson Jen Psaki.

December 2, 2021

Crude Oil , Trade , International

US Pressure Trumps Virus: OPEC+ Agrees to Maintain Oil Output Hike

The United States has repeatedly pushed OPEC+ to accelerate output hikes as U.S. gasoline prices soared and President Joe Biden’s approval ratings slid.

December 2, 2021

Crude Oil , Trade , International

Russia, Saudi Signal No Rush on Omicron Ahead of OPEC+ Meeting

OPEC+ postponed two committee meetings from that were planned for Nov. 29-30 to later during the week to “buy time to review matters” surrounding the new variant, Prince Abdulaziz said.

November 29, 2021

Crude Oil , Trade , International

China Non-committal on US ‘Drop in the Ocean’ Oil Release

The U.S. has made the largest commitment for a reserves release at 50 million barrels of pre-approved sales along with loans to the market, but without China, the action would have less impact.

November 29, 2021

Liquefied Natural Gas (LNG) , Trade , International

Japan's JERA Buys on LNG Spot Market to Ensure Winter Power Supply

To ensure fuel supply, JERA plans to keep its LNG inventory level at 1.7 million tonnes during December and February, 0.2 million tonnes higher than usual, Noguchi said.

November 24, 2021

Crude Oil , Policy & Regulations , Trade

US Releases 50 Million Barrels of Crude from Strategic Oil Reserve

The move is a coordinated effort between energy-consuming nations including China and Japan to combat the rapid rise in energy prices.

November 23, 2021

Crude Oil , Trade

What’s Affecting Oil Prices This Week? (Nov. 22, 2021)

Increased supply from OPEC+ and non-OPEC producers, strengthening of US dollar and uptick in COVID cases will lead to further downward pressure on oil prices, Stratas Advisors said in its latest forecast.

November 22, 2021

Petrochemicals , Trade , International

Venezuelan Petrochemicals Arrive in U.S. Despite Washington Trade Curbs

The shipments represent an unreported effort by Venezuela to boost revenues despite U.S. sanctions on its oil industry.

November 19, 2021