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Uh-Oh Canada!

Authored by Nick Cunningham via OilPrice.com, Oil from Canada’s oil sands is now selling at a $27-per-barrel discount relative to WTI, the sharpest difference in more than four years. Western Canada Select (WCS), a benchmark for oil from Alberta’s oil sands, has plunged in December, falling to just $30 per barrel at the end of […]


The Great Oil Swindle

Authored by Chris Martenson via PeakProsperity.com, … is leading us to destruction. When it comes to the story we're being told about America's rosy oil prospects, we're being swindled.  At its core, the swindle is this: The shale industry's oil production forecasts are vastly overstated. Swindle:  Noun  – A fraudulent scheme or action. And the swindle […]


The ‘Unknown Unknowns’ That Threaten U.S. Shale

Authored by Tsvetana Paraskova via OilPrice.com, Three years after the oil price crash, the U.S. shale patch is on its second growth phase and is expected to continue to increase its production, at least through the next five years. The global oil markets have become increasingly dependent on U.S. tight oil supply – and the […]


Nebraska Regulators Approve Keystone Pipeline Route Days After South Dakota Leak, Shutdown

TransCanada received its final required pipeline route approval, winning Nebraska’s permission to build its long-delayed Keystone XL crude oil pipeline across the state… just days after a 5,000 barrel spill in South Dakota shut the pipeline. The decision will almost certainly be challenged in court. Just a few short days after 210,000 gallons of crude […]


The Coming Economic Downturn In Canada

Authored by Deb Shaw via MarketsNow.com, Canadian GDP growth has outperformed this year, helping the Canadian dollar As GDP growth slows and the Bank of Canada turns neutral, catalysts turning negative Crude oil and real estate look set for a downturn, with negative implications for the currency Given its natural resource-based economy, Canada is a […]


Keystone XL Pipeline Shut Down After 5,000-Barrel Spill In South Dakota

Well this is awkward.  After months/years of protests targeting the Keystone XL pipeline from environmentalists worried about oil spills, TransCanada has now been forced to shut down the pipeline following…drum roll please…a 5,000 barrel oil spill in South Dakota.  According to The Hill, the pipeline was taken offline at 6am this morning following a leak […]


The 4 Factors Driving Next Year’s Oil Markets

Authored by Stratus Advisors, via OilPrice.com, With earnings season in full swing, we thought it helpful to outline what we are looking for in oil and gas production and refining company statements and earnings calls. Several key topics will dominate oil markets next year, and how companies are thinking about those topics now will likely […]


US Oil Rig Count Rises Most In 3 Months

With US crude production having rebounded back to near cycle highs in its lagged response to the oil rig count, this week's rebound in the oil rig count (+6 to 750) is notably the largest addition in almost 3 months. As Bloomberg details, explorers renewed their search for U.S. crude as oil entered a bull […]


WTI/RBOB Sink After Surprise Gasoline Build, Crude Production Rise

Amid record crude exports, DOE reported a surprise draw for crude inventories and surprise build for gasoline inventories which along with another rise in crude production sent both WTI and RBOB lower in the initial market reaction.   DOE Crude -1.85mm (+3.1mm exp) Cushing +1.18mm (+750k exp) Gasoline +1.1mm (-1.1mm exp) Distillates -814k (-2.05mm exp) […]


WTI Hovers Above $50 As US Oil Rig Count Slides To 3-Month Lows

With crude production rebounding back to pre-Harvey levels, and refinery demand coming back on-line, WTI has trod water around $50 all week. The US oil rig count dropped for the 6th straight week (down 5 to 744), back at its lowest level since early June. *U.S. OIL RIG COUNT DOWN 5 TO 744 , BAKER […]


WTI Crude Tops $50, Breaks Above Key Technical Level

For the first time since August 10th, WTI crude is trading back above $50 (following the biggest crude inventory build in 6 months and a rebound in production last week). The gains seem driven by refinery restarts and increased IEA/OPEC demand forecasts, and improved OPEC production cut compliance. This move also follows China’s lowest crude […]


Crude Is Getting Slammed After China Headlines

WTI crude is suddenly tumbling. While it's unclear of the specific catalyst (storms outweighing most other events), desk chatter suggests it is due to a story in The FT that China is striving to reduce capacity of its 'teapot' oil refineries – thus cutting demand notably. Beijing’s push to use crude import quotas and licences […]


Hurricane Irma Could Destroy Oil Demand

Authored by Nick Cunningham via OilPrice.com, About half of the shuttered refining capacity along the Gulf Coast could be back up and running by Thursday, assuaging concerns about the possibility of acute gasoline shortages in much of the U.S. The disruptions of more than 4 million barrels per day of refining capacity have been cut […]


25 Oil Tankers Stuck In Gulf, Unable To Offload Due To Harvey Port Closures

According to ship-tracking data compiled by Bloomberg, coupled with MarineTraffic real-time tracking, at least 25 tankers carrying almost 17 million barrels of imported crude oil are drifting near Texas and Louisiana ports, unable to offload because of closures from Tropical Storm Harvey. Source: MarineTraffic A Bloomberg further details, 20 Aframaxes, 3 VLCCs, 2 Suezmaxes are […]