This weekly news column is for the growing number of private investors wishing to keep their finger on the pulse of the ever changing energy business, and is provided as a free informational service.
Senate likely to vote on allowing crude oil exports in 2015
Ending the US crude oil export ban will produce such significant energy, economic, and geopolitical benefits that it appears likely to come to a Senate vote during 2015, Energy and Commerce Committee member John Hoeven predicted. continue reading
Texas tackles local fracking bans
With the sweep of his pen, Texas Gov. Greg Abbott signed into a law legislation Monday that effectively wipes out individual city rules on hydraulic fracturing. Roughly, one-third of Texas’ 950-plus cities have passed some measure to contain – or outright ban, in the case of Denton – fracking within their city limits. House Bill 40 by state Rep. Drew Darby, R-San Angelo, designed a four-prong test to determine whether those ordinances are in line with state intent. If they fail the test, the city rule is pre-empted by the new state law. The bill passed both the House and the Senate with the bipartisan support from more than two-thirds of state lawmakers. HB 40 is the third House bill the governor has signed this year; it becomes effective immediately. continue reading
Are U.S.drillers actually making a comeback
Oil prices have rebounded strongly since March. The benchmark WTI prices soared by more than 36 percent in two months, and Brent has jumped by more than 25 percent. There is a newfound bullishness in the oil markets – net long positions on Brent crude have hit multi-year highs in recent weeks on a belief that US supply is on its way down. continue reading
Talisman come up dry on their well north of the Varg Field
The well was drilled in the central part of the North Sea about six kilometres north of the Varg field and 220 kilometres southwest of Stavanger. The purpose of the well was to prove petroleum in Upper Jurassic reservoir rocks (the Ula and Sandnes formations) and in Middle Jurassic reservoir rocks (the Hugin and Sleipner formations). continue reading
Came across this rather interesting article which considers the potential reporting errors of global supply and demand which leads us to examine the whereabouts of approx 100 million barrels of oil.
Oil-market watchers are struggling to reconcile the large estimated oversupply in the market with the much smaller buildup of reported inventories and narrowing contango in futures prices. Some blame the barrel counters who compile official statistics on supply, demand and stocks. But the truth is that information on the world oil market is incomplete and it is easy for hundreds of millions of barrels of oil to disappear from the supply chain without being counted. continue reading
Environmental & Safety News
Burst pipeline leaks 21,000 gallons of oil off California coast
Its never good news when we hear of an oil spill, either on land or at sea. And when it happens in your own back yard it really makes you consider the impacts more deeply. Unfortunately we had just that happen off the coast of Santa Barbara on Tuesday around midday. Clean up crews have done a superb Job in containment thus far. continue reading.
Also 84 workers evacuated from serious fire onboard an offshore vessel
5 Fire Engines were last night tackling a serious fire onboard an offshore construction vessel docked at Peterhead Harbour. continue reading
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