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Tag Archives: crude oil
You Can Only Choose One: Cheap Oil or a Weak Dollar
You Can Only Choose One: Cheap Oil or a Weak Dollar When the price of oil rises to the point of pain, just remember the handy-dandy discount mechanism: a much stronger US dollar. Glance at this chart of the trade-weighted U.S. dollar, and note the swing highs and lows in the price of oil per […]
First Glimpse Of Harvey Impact Shows Biggest Crude Build In 5 Months, Smaller Gasoline Draw Than Expected
First Glimpse Of Harvey Impact Shows Biggest Crude Build In 5 Months, Smaller Gasoline Draw Than Expected Amid all the chaos of Harvey’s outages and Irma’s expectations, tonight’s API inventory seems relatively irrelevant but we are sure the machines will be all over it – no matter that it will be guesstimated more than normal. […]
China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold
China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian […]
America’s “Soaring” Gasoline And Oil Demand Was Just An Illusion: How The EIA Fooled The Algos
America’s “Soaring” Gasoline And Oil Demand Was Just An Illusion: How The EIA Fooled The Algos When it comes to “real-time” measurements of crude demand and supply, the data is notoriously bad (and perhaps, according to some, intentionally manipulated). We pointed this out most recently in early March when we that according to IEA data, crude […]
Peak Oil: Are We Not Better Than This? Pt 7
Peak Oil: Are We Not Better Than This? Pt 7 I began last week’s post with a variation of these questions: How do optimistic projections from ExxonMobil’s “The Outlook for Energy: A View to 2040” report—which I highlighted in that post—square themselves in the face of the oil production challenges suggested by the news excerpts which were also […]
Why Saudi Arabia Will Not Win The Oil Price War
Why Saudi Arabia Will Not Win The Oil Price War Crude oil prices continued to surprise on Tuesday, with the U.S. benchmark adding another 4 percent to $44.60 a barrel. West Texas Intermediate is now up 65 percent since hitting 13-year lows below $27 a barrel February 11. It’s a performance only bettered by the […]
“China Is Hoarding Crude At The Fastest Pace On Record”
“China Is Hoarding Crude At The Fastest Pace On Record” In the aftermath of China’s gargantuan, record new loan injection in Q1, which saw a whopping $1 trillion in new bank and shadow loans created in the first three months of the year, many were wondering where much of this newly created cash was ending up. We […]
“We Haven’t Seen This Is In Our Lifetimes” – CEO Says “Alberta Is In A Depression”
“We Haven’t Seen This Is In Our Lifetimes” – CEO Says “Alberta Is In A Depression” Regular readers know that we’ve covered Alberta’s decline at length (refresher here), so there is no need to give much of a backstory other than to say that the situation seems to get worse for the Canadian province as each […]
China Stockpiling Oil At Highest Rate In Over A Decade
China Stockpiling Oil At Highest Rate In Over A Decade China might be in the midst of another round of stockpiling, stepping up crude oil imports to fill its strategic petroleum reserve (SPR). The slowdown in oil demand in China is one of the chief concerns regarding the state of oversupply in global oil markets. […]
“China Is Hoarding Crude At The Fastest Pace On Record”
“China Is Hoarding Crude At The Fastest Pace On Record” We now know where most of it went: soaring imports of crude oil. We know this because as the chart below shows, Chinese crude imports via Qingdao port in Shandong province surged to record 9.86 million metric tons last month based on data from General Administration of Customs. As […]
Peak Oil: Time To Get Serious Pt 2
Peak Oil: Time To Get Serious Pt 2 If nothing else, we’ll need to recognize that, like climate change, Peak Oil is not some event looming on a distant horizon. Peak Oil is happening now. We must guard against the notion that Peak Oil’s impact (like climate change) is just a one-time, cataclysmic episode “scheduled” […]
Supply Outages in OPEC Countries Push Up Oil Prices
Supply Outages in OPEC Countries Push Up Oil Prices Much of the current oil price rally – up about 50 percent in less than two months – is due to the growing optimism in the markets. That is, the price surge is driven by speculative movements, bets that oil prices will rise. However, the speculators […]
“They Should Leave Us Alone”: Iran Wants No Part Of Oil Freeze Until Output Higher
“They Should Leave Us Alone”: Iran Wants No Part Of Oil Freeze Until Output Higher On Tuesday, Kuwait’s oil minister Anas al-Saleh delivered a rather stark warning to the rest of OPEC when he said the following about the much ballyhooed crude output freeze: “I’ll go full power if there’s no agreement. Every barrel I […]
