Last week President Trump unveiled his budget blueprint, which detailed savage cuts to most areas of discretionary spending while boosting defense outlays by a whopping $54 billion. Nearly all government agencies were major losers under the President’s budget, except for those dealing with defense and border security. The Department of Energy would see a 5.6 percent cut, or a reduction of $1.7 billion. But digging into those numbers, certain areas of DOE were winners while others were losers. Areas of DOE dealing with clean energy, smart…
There was a time when if a Canadian exploration and production (E&P) company bought out a foreign-controlled competitor, it was not only good for the country but financially beneficial because it qualified for government incentives. That Canada’s E&P industry was in the hands of too many foreign operators was regarded as a big problem in the National Energy Program of 1980. Patriating this key industry became a priority if not an obsession. Thirty-seven years later, this is clearly not an issue. However, industry watchers must reflect…
The coal industry may be dying, but the skeletons left behind in the form of abandoned mines can provide new life. The water left behind by the once industrious business is planned to be used by the state of Virginia, in the development of pumped storage hydroelectric power plants. However, this particular strategy to source water has been receiving some criticism. The bill to support the building of the power plants received nearly unanimous support in both the state Senate and the House of Delegates. However, researchers, coal reclamation experts,…
Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered …The post US <b>crude oil</b> stocks rise 4.5 million bbls: API appeared first on c…
The market sentiment we described in January anticipated the recent 10 percent move in crude oil — as did the Elliott Wave pattern.The post <b>Crude Oil</b>: Ready to Slide Revisit appeared first on crude-oil.news.
After last week’s surprise draw (but big build at Cushing), API reports a bigger than expected crude (and Cushing) build and bigger than expected draw in Gasoline inventories. For now, both WTI and RBOB kneejerked higher but WTI faded very rapidly.
- Crude +4.539mm (+3mm exp)
- Cushing +1.968mm
- Gasoline -4.934mm (-2.4mm exp)
- Distillates -883k
Another big Cushing build and another big gasoline draw…
And the immediate reaction in WTI and RBOB – after both sold off today despite Russian jawboning –
“The catalyst is concern over demand due to potential difficulties with President Trump getting his pro-growth agenda through,” Bart Melek, the head of global commodity strategy at TD Securities in Toronto, says by phone. “The crude market acted technically here.”
“We’re still pretty high when it comes to inventories and if they keep getting higher, it’s only going to put more pressure on the market,” Carl Larry, principal consultant for Oil Outlooks and Opinions in Houston, says by phone
The post WTI/RBOB Pump’n’Dump After Surprise Inventory Data appeared first on crude-oil.news.
Authored by Carey Wedler via TheAntiMedia.org,
Eight-hundred families of 9/11 victims and 1,500 first responders, along with others who suffered as a result of the attacks, have filed a lawsuit against Saudi Arabia over its alleged complicity in the 20…
The post 800 Families File Lawsuit Against Saudi Arabia Over 9/11 appeared first on crude-oil.news.
Chevy Bolt discounting proves its ‘dead,’ says Tesla bull Trip Chowdhry.
The post Chevy Bolt discounting proves its ‘dead,’ says Tesla bull appeared first on crude-oil.news.
Saudi Arabia’s state oil giant Saudi Aramco is planning to issue around $2 billion worth of bonds as early as the second quarter this year, in its first bond sale ahead of a much-anticipated initial public offering next year, Bloomberg reported on Tuesday, citing people familiar with the discussions. Aramco is eyeing the issue of riyal-denominated Islamic bonds, the so-called sukuk, as part of its plans to raise as much as $10 billion in bonds before listing a small portion of the oil giant, currently slated for some time in 2018. The debut…