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Record gasoline output to curb biggest US oil glut in 85 years

by charlie on April 9, 2015

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.

With prices yesterday in the high $53’s at one point, oil is having its biggest weekly gain since February 2011.

Industry News

Could the US depose Saudi Arabia and become the global ‘swing’ producer?
Douglas-Westwood (DW), UK’s energy business strategy, research and commercial due-diligence services provider, commented on “U.S. Shale – Gearing up for a price recovery” in its latest edition of DW Monday. read more.

US refiners can bulk up to consume more domestic oil
The United States can boost its consumption of the light oil increasingly flowing out of domestic wells today, a new government report finds, even as it warns that potential changes to the nation’s longstanding ban on raw crude exports risk undermining those investments. article here

Company News

EVEP to divest their interest in Utica, East Ohio for $575Million.
EV Energy Partners LP has signed a definitive agreement to divest its entire 21% interest in Utica East Ohio Midstream LLC (UEO) to Utica Gas Services LLC, a subsidiary of Williams Partners LP (NYSE: WPZ), for a total cash consideration of $575 million. read more

Market News

Liquefied Natural Gas projects are being nixed amid lower oil prices
In a recent report, Moody’s Investor Services said that Liquefied Natural Gas (LNG) suppliers are curtailing capital budgets, amid low oil prices and a coming glut of new LNG supply from Australia and the US. read here

Big oil companies brace after weak quarter due to falling oil prices
The world’s big oil companies and their investors are bracing for some of the worst quarterly financial results in recent memory as the first three months of the year closed with oil trading at about half of its 2014 peak. read here

Downstream News

Record gasoline output to curb biggest US oil glut in 85 years
Refiners are poised to make gasoline at a record pace this year, keeping the biggest U.S. crude glut in more than 80 years from overflowing storage.They’re enjoying the best margins in two years as they finish seasonal maintenance of their plants before the summer driving season. They’ll increase output to meet consumer demand and they’ve added more than 100,000 barrels a day of capacity since last summer, when they processed the most oil on record. Full article


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