Supply

Oil

European crude hub hits two-year high

Source: 
The Wall Street Journal

A key European oil trading hub was storing 60.6 million barrels of crude oil in June, a two-year high and a sign that the oil glut is not abating, The Wall Street Journal reports.

Oil

Condensate exports double in May from start of 2015, traders say

Source: 
Reuters

U.S. condensate exports have more than doubled since the beginning of 2015, as May volumes hit between 120,000 and 140,000 barrels per day, traders tell Reuters.

Oil

Oil tanker demand and prices increase, but few places to ship

Source: 
The Wall Street Journal

Oil tankers are fetching 25 percent higher lease rates this month, the highest level since January 2014, but analysts say the glut of crude oil and few places to ship it are turning the ships into storage vessels, The Wall Street Journal reports.

Oil

US oil production grows but Bakken flat, Eagle Ford slipping

Source: 
FuelFix

U.S. crude production increased in May by 870,000 barrels a day, according to the Platts forecasting unit Bentek Energy, which added that output in the Eagle Ford Shale declined but remained 21 percent higher than the year-ago period, FuelFix reports.

Photo by Ruhrfisch

Hearing highlights lingering doubts on ending export ban

Lifting the long-standing ban on crude oil exports will lead to higher domestic crude prices and could stress the country's transportation infrastructure, hurting farmers, witnesses and lawmakers said at a House Small Business Committee hearing Wednesday.

While the effort to lift the ban appears to be gaining momentum, with bills set to get committee consideration in both chambers this year, the hearing highlighted that some lawmakers, including Republicans, still need some convincing.

Oil

Oil rises on anticipated demand growth, inventory drop

Expectations that the Energy Information Administration report on crude inventories will show another weekly decline was helping to support oil prices early Tuesday, after a big drop to start the week.

“As the fundamental outlook continues to improve in the States, with economic indicators pointing towards steady demand growth and weekly EIA inventories declining for six straight weeks as the supply overhang is finally being addressed, we could see WTI outperform Brent over the coming week,” said Kash Kamal, senior analyst at Sucden Financial in London.

Oil

Increasing production keeping pressure on oil prices

Source: 
The Wall Street Journal

Earlier predictions that oil prices would start recovering in the second half of the year are being challenged by increasing crude production in OPEC countries and the U.S., The Wall Street Journal reports.

Oil

Indonesia to rejoin OPEC in move to secure oil supplies

JAKARTA, Indonesia (AP) — Indonesia's energy ministry said Friday the country will rejoin the Organization of Petroleum Exporting Countries this year to forge a closer relationship with oil suppliers.

I Gusti Nyoman Wiratmadja Pudja, director-general of oil and gas at the ministry, said Indonesia will reactivate its membership in November after all OPEC members approved its application to rejoin the oil cartel at a meeting in Vienna last week.

Oil

IEA sees jump in oil demand

Source: 
Reuters

The International Energy Agency predicts oil demand will grow as a result of lower prices, but supplies will remain robust with continuing strong production in OPEC countries and the U.S., Reuters reports.

Oil

OPEC keeps oil output target on hold, predicts low prices

VIENNA (AP) — OPEC decided to keep its oil output target on hold Friday and predicted prices would remain low for the foreseeable future — good news for both for oil-hungry international industries and consumers at the gas pump.

The cartel said its output level would remain at 30 million barrels a day despite the fact that prices were still low compared with a year ago. It left it to member states to restrain any overproduction, an acknowledgment of the cartel's inability to enforce its own limits as it struggles to control world supply and prices.

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