Oil output halted at three Gulf of Mexico platforms on pipeline outage, Shell says
Top U.S. Gulf of Mexico oil producer Shell said it had halted production at three of its U.S. Gulf of...
Top U.S. Gulf of Mexico oil producer Shell said it had halted production at three of its U.S. Gulf of Mexico deepwater platforms after a leak shut pipelines connecting the platforms.
Shell said its Mars, Ursa, and Olympus platforms have been shut-in. The three are designed to produce up to 410,000 barrels of oil per day combined, according to data on the company's website.
The three platforms deliver Mars sour crude, a grade prized by oil refiners in the United States and Asia. Shell said it was evaluating "alternative flow paths" to move the oil to shore via other pipelines
14,000-gallon oil spill contaminates La.'s Terrebonne Bay
Nearly 14,000 gallons of crude oil leaked into Terrebonne Bay in Louisiana on Monday after a Hilcorp...
Nearly 14,000 gallons of crude oil leaked into Terrebonne Bay in Louisiana on Monday after a Hilcorp Energy storage tank collapsed into the water. The Coast Guard has deployed vessels and a containment boom to clean up the spill, and it is testing water and investigating in partnership with the Louisiana Department of Wildlife and Fisheries and other agencies.
Changing trade patterns, coupled with increased demand and limited availability, have pushed daily shipping...
Changing trade patterns, coupled with increased demand and limited availability, have pushed daily shipping rates for mid-size Aframax oil tankers on the US Gulf Coast-to-Europe route to nearly $57,000 this week, the highest in two years and a twelvefold increase since the beginning of the year, data from the Baltic Exchange show. "Because of the reallocation of trade that's had to take place, a lot more Aframax cargoes have been bringing crudes from elsewhere, like the US Gulf into Europe to replace lost Russian barrels," said E.A. Gibson Shipbrokers Head of Research Richard Matthews.
Switch from Gas Boosts Oil Demand, but Economic Headwinds Loom: IEA
Sweltering summer temperatures and...
Sweltering summer temperatures and soaring gas prices have boosted the use of oil in power generation, the International Energy Agency (IEA) said on Aug. 11, increasing demand but masking weakness in economies beset by recession fears.
"Natural gas and electricity prices have soared to new records, incentivizing gas-to-oil switching in some countries," the Paris-based agency said in its monthly oil report in which it raised its outlook for 2022 demand by 380,000 bbl/d.
"These extraordinary gains, overwhelmingly concentrated in the Middle East and Europe, mask relative weakness in other sectors," the IEA warned.
You can likely forget about another 75-basis-point rate hike from the Fed
So far this year, the central bank has increased benchmark rates four times, starting with 25 basis points,...
So far this year, the central bank has increased benchmark rates four times, starting with 25 basis points, ramping up further to 50 and finally two 75 basis point bumps in June and July.
Investors are now betting that the Fed will tone it down, with the next rate hike to be 50 basis points when the FOMC meets in September. Fed funds futures show that investors think the odds of another 75 basis point hike have come down significantly.
