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Tag Archives: sweet crude

Hedge funds aggressively bearish towards U.S. crude: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – A relatively small group of hedge fund managers has placed a record bet on U.S. oil prices declining further in the months ahead. Hedge funds and other money managers had accumulated gross short futures and options positions totalling 163 million barrels in the main NYMEX ...

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Exxon adapts to light crude refining in Texas, could more follow?

Exxon Mobil will extend the capacity for processing light crude at its Beaumont, Texas, refinery in order to capitalize on U.S. production. United Press International reported that Exxon intends to increase production capacity by roughly 6 percent (20,000 barrels per day) in order to take in more crude produced by the regional shale sector. “This project will grow our capacity ...

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Bakken oil trains roll across Columbus

Almost 1.4 million Ohioans live within a half-mile of railroad lines where some of the most-volatile crude oil in North America rolls by each week, a Dispatch analysis has found. Those people, about 12 percent of the state’s population, are at risk of being forced from their homes should a train hauling crude oil from the Bakken shale fields of ...

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North Dakota lawmakers anxiously await revenue forecast

BISMARCK, N.D. — Slumping prices for oil and farm commodities have North Dakota lawmakers preparing for a lukewarm revenue forecast that will be used to craft the state’s upcoming two-year budget. State budget analysts and the economic consultancy Moody’s Analytics on Wednesday are slated to present new North Dakota tax collection forecasts to Legislature, which has idled major spending bills ...

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New ND revenue forecast assumes $4B shortfall in oil revenue

BISMARCK, N.D. — North Dakota lawmakers have adopted a revised revenue forecast that reflects a more than $4 billion shortfall in oil revenue due to the slumping price of crude. The House Appropriations Committee voted 22-1 on Thursday to accept the revised figures for the next two-year budget cycle. The final revenue forecast is slated to be presented in mid-March. ...

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Even with low prices, US oil industry pushing for exports

WASHINGTON — Never mind dropping oil prices. U.S. producers are pushing harder than ever for the right to sell U.S. crude oil overseas. It might seem counterintuitive: Oil prices are as low as they have been at any point since 2009 and the height of the Great Recession, and some say they could drop even further. But oil producers are ...

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North Dakota regulator says falling oil prices not all gloom

BISMARCK, N.D. — North Dakota’s top oil regulator says there is a “little bit of gloom but no doom” for the state’s petroleum industry. Department of Mineral Resources Director Lynn Helms told the House Appropriations Committee on Thursday that low oil prices already have halted several rigs in the past month. Helms says the current rig count stands at 166. ...

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U.S. oil production will be falling by end of 2015: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON, Jan 7 – Unless prices recover, U.S. oil production will start falling before the end of 2015 as new drilling is insufficient to replace declining output from wells completed in 2013 and 2014. Future production depends on the rate of decline from existing wells (known as ...

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ND lawmakers somber as low oil prices loom for Legislature

BISMARCK, N.D. — Some North Dakota lawmakers were somber Monday as they descended on the state Capitol faced with crude prices that have slipped to a more than five-year low and below a threshold that could threaten billions of dollars of oil tax revenue for the state. Oil prices “are without a doubt” the single biggest concern for lawmakers as ...

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ND lawmakers may halt pork spending amid slipping oil prices

BISMARCK, N.D. — Before North Dakota’s treasury was overflowing with oil revenues, state lawmakers in the ultra-conservative state were notoriously stingy in spending taxpayer money. “In the 1980s, 1990s and 2000s, it was tight and we were tightfisted — we had to be,” Republican Senate Majority Leader Rich Wardner said. “We just said, “We don’t have the money and we’re ...

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