Crude Oil , Trade

US Offers 18 Million Barrels of Oil From Larger Strategic Petroleum Reserve Release

The announcement of the sale was expected, after the Biden administration announced it as part of a wider 50 million barrel release from the Strategic Petroleum Reserve. 

December 17, 2021

Investment , Crude Oil , Trade , International

Lower Oil Investment Could Spark Supply Crisis, Saudi Energy Minister Says

“We are set for a period that could be dangerous. If there isn’t more spending on investments to preserve production capacity and increase it, an energy crisis is coming to the world,” Prince Abdulaziz bin Salman al-Saud said.

December 14, 2021

Crude Oil , Trade , Storage

US to Sell 18 Million Barrels of Oil from Strategic Petroleum Reserve

The U.S. holds roughly 600 million barrels of crude oil in giant caverns in Texas and Louisiana. Its current inventory is at its lowest since 2003.

December 13, 2021

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