US drillers cut rigs.

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US drillers cut rigs. May 23rd 2016, 00:00 US oil drillers cut rigs for an eighth week in a row to the lowest level since October 2009, oil services company Baker Hughes said, even with futures at six-month highs as some energy firms focus on completing wells rather than drilling new ones. Drillers cut 10 oil rigs in the week to May 13, bringing the total rig count down to 318, Baker Hughes said in its closely followed...

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In oil price war, Saudi's biggest rival is next door.

In oil price war, Saudi's biggest rival is next door. Kuwait, Saudi Arabia's traditional Gulf ally, is challenging its bigger neighbour in an increasingly competitive battle for market share as it sells oil to buyers in Asia at the widest discount to a comparable Saudi grade in 10 years.Kuwait's price cut to Asia, and cuts by other Middle East producers including Saudi Arabia and Iraq, have underscored competition for oil sales to the region as a...

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Warning on oil supply.

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Warning on oil supply. Sep 21st 2014, 23:00 THE chief executive officer of Saudi Aramco, the world's biggest oil producer, said that worries such as rising oil-sector costs and global turmoil could lead to a lack of oil supplies down the line, if oil companies fail to make sufficient investments."The factors I just highlighted are likely to put downward pressure on supplies over the longer term, if the industry fails to make prudent and...

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Oil export prospects boon for stabilisers.

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Oil export prospects boon for stabilisers. Sep 14th 2014, 23:00 Orders have surged for a type of oilfield equipment primarily used for to make a light variety of crude safe for pipelines, after a federal ruling signaled that the specialised units also offered a workaround for companies eager to export oil from the US shale boom.The units, known as stabilisers, process that type of crude, known as condensate, just enough to qualify it for export as a...

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Oil markets tighten on Saudi cut: IEA.

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Oil markets tighten on Saudi cut: IEA. Apr 2nd 2013, 23:00 World oil markets are tightening as Chinese fuel demand increases and the Organization of the Petroleum Exporting Countries' (Opec) supplies fall, draining inventories, the West's energy agency said on Friday, in a trend that could put extra upward pressure on prices.

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Don't hope for gas prices to drop, says oil economist

By Ángel González
Seattle Times business reporter

John Felmey, of the American Petroleum Institute(pic)

Most drivers think $4 per gallon of gasoline is too much to pay in a weakening economy. Sales for sport-utility vehicles are plummeting. And people are actually driving less.

But don't expect prices to fall anytime soon despite slackening domestic demand, American Petroleum Institute chief economist John Felmy said Wednesday. The API, based in Washington, D.C., represents the U.S. oil and gas industry.

Gasoline prices are driven by the high cost of crude oil, which surpassed $125 a barrel on Wednesday. That's in large part because the slowdown in U.S. oil demand is being offset by growing consumption in China, India and the Middle East, said Felmy, who came here for a speech to the Seattle Economics Council.

"You have 2 billion people who want cars," he said.continue.....

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Oil prices spike to record above $117 a barrel

By THOMAS HOGUE

BANGKOK, Thailand (AP) — Oil prices spiked to a record above $117 a barrel Monday in Asia following an attack on a key pipeline in Nigeria at the end of last week.

Comments over the weekend by an OPEC official that the group isn't likely to increase production also supported prices.

Abdullah el al-Badri, secretary-general of the Organization of Petroleum Exporting Countries, said Sunday that oil prices would likely go higher and that the group was ready to raise production if the price pressure was due to a shortage of supply — something he doubted.

"Oil prices, there is a common understanding that has nothing to do with supply and demand," al-Badri said on the sidelines of an energy conference in Rome.

Light, sweet crude for May delivery rose as high as $117.05 a barrel in Asian electronic trading on the New York Mercantile Exchange early Monday. At midday in Singapore, the contract was trading at $116.73 a barrel, up 4 cents from the end of last week.

On Friday, May crude surged $1.83 to $116.69 a barrel following the attack on the Royal Dutch Shell PLC pipeline by the Movement for the Emancipation of the Niger Delta — the main militant group in Nigeria's restive south.

The group also promised further attacks on the petroleum industry in Africa's largest producer of crude oil.

Last Friday, Shell confirmed a pipeline leak that it said appeared to have been caused by explosives. It said it had isolated the line for repairs and that a small quantity of production had been shut.

Attacks since early 2006 on Nigerian oil infrastructure by the militant group have cut nearly one-quarter of the country's normal petroleum output, boosting oil prices. Nigeria is a major supplier of oil to the U.S.

A host of other supply and demand concerns in the U.S. and abroad, along with the dollar's weakness, have served to support prices, even as record retail gasoline prices in the United States appear to be dampening demand. Crude prices rose nearly 6 percent last week.

Analysts believe the weaker dollar is the primary reason oil has soared well past $100 a barrel this year. A sinking dollar draws investors to hard commodities such as oil and gold as hedges against inflation. Also, a weak dollar makes the commodities less expensive for buyers operating in other currencies.

OPEC Secretary-General al-Badri said Sunday that the group "will not hesitate" to increase production if it thought the higher prices were due to shortages. But he said more oil will not solve the high prices.

Also over the weekend, Iran's hard-line President Mahmoud Ahmadinejad was quoted Saturday as saying crude oil prices at $115 a barrel are too low, and that oil must "discover its real value."

"The oil price of $115 a barrel in today's global markets is a deceiving figure. Oil is a strategic commodity that needs to discover its real value," the Web site of Iran's state-run television quoted Ahmadinejad as saying.

The Iranian president made the remarks during a visit to an oil and gas exhibition in Tehran late Friday.

In other Nymex trading, heating oil futures were flat at $3.2923 a gallon while gasoline prices fell 0.18 cent to $2.9875 a gallon. Natural gas futures rose 1.3 cent to $10.60 per 1,000 cubic feet.

Brent crude futures for June rose 3 cents to $113.95 a barrel on the ICE Futures exchange in London.

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Oil Falls a Second Day on Signs Prices Will Curb U.S. Demand

By Christian Schmollinger

April 11 (Bloomberg) -- Crude oil fell for a second day in New York on signs that high prices and a slowing economy will curb U.S. fuel consumption.

The four-week average of implied U.S. fuel demand was less than last year for the 10th straight week, the Energy Department reported on April 9. Gasoline use may drop this summer for the first time in 17 years, the agency said. Crude reached a record $112.21 a barrel on April 9.

``You look at the supply and demand fundamentals in the transportation fuel market, demand has been weak,'' said Victor Shum, senior principal at Purvin & Gertz Inc. in Singapore. ``The fundamentals don't support the rally in oil pricing so some caution has returned to the market.''

Crude oil for May delivery fell as much as 62 cents, or 0.6 percent, to $109.49 a barrel in after-hours trading on the New York Mercantile Exchange. It was at $109.92 at 2:59 p.m. Singapore time. Yesterday, futures fell 76 cents, or 0.7 percent, to settle at $110.11 a barrel. Prices are up 77 percent from a year ago.

Crude oil in New York rose to a record $112.21 a barrel on April 9 after an unexpected decline in U.S. oil inventories.

``The demand situation is deteriorating all the time,'' said Rowan Menzies, head of research at Commodity Warrants Australia Ltd. in Sydney. ``There is a disconnect between the price of oil right now and what the data is telling us in terms of demand slowing down.''

Weak Dollar

Brent crude for May settlement was at $108.29 a barrel, up 9 cents, on London's ICE Futures Europe exchange at 3 p.m. Singapore time. The contract yesterday declined 0.3 percent to settle at $108.20, after reaching a record $109.98.

Oil prices also fell as the euro declined from a record against the dollar. The dollar's drop has encouraged investors to buy commodities and made oil cheaper for buyers in other currencies.

Federal Reserve officials anticipated the U.S. economy will shrink in the first half of the year and expressed some concern about ``a prolonged and severe economic downturn'' as they cut interest rates last month, according to minutes of the March 18 Federal Open Market Committee meeting, released April 8.

U.S. implied fuel demand averaged 20.5 million barrels a day in the past four weeks, down 0.4 percent from a year earlier, the Energy Department said.

``Everyone seems to be blithely ignoring the fundamentals of supply and demand at the moment,'' said Commodity Warrants' Menzies. The economic situation in the U.S. ``should be having an impact on people's perceptions of what demand will do in the next three months.''

Crude oil may fall next week as imports increase and U.S. refiners operate at below-average rates, bolstering inventories.

Fifteen of 28 analysts surveyed by Bloomberg News, or 54 percent, said prices will drop through April 18. Eleven of the respondents, or 39 percent, said futures will rise and two forecast that prices will be little changed. Last week, 47 percent said oil would decline.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net.

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What Would Be the Fuel for Tomorrow?

Engineers and scientists see a transformation to totally electric vehicles by the middle part of the 21st Century. Much like carriages and steam engines are exhibited, internal combustion-powered vehicles will be consigned to museums, parades and shows.

Today's present vehicles make use of state-of-the-art technologies to attain the low level of emissions requested by government regulations and public health. For some vehicles, advanced and sophisticated computer software is being used to make it run smoothly and consistently reliable for thousand of miles while maintaining its peak condition.

Nevertheless the vehicles of today are 140 times cleaner than those of the pre-emissions era of the late 1960s. The impressive accomplishment in emission reduction gives right to the industry to be proud of this success, but there are is much pressure for the industry to search for other alternative technologies to activate the vehicles in the future.

For the industry, issues like global warming, petroleum supplies and energy dependence, international trade, world population among others are the key areas in which solutions should be drawn. Any substitute merchandise that goes in the marketplace must also please the expectations of the consumers regarding the sector for safety, comfort and economy. Reasonable prices should benefit the consumers as well as quality auto parts like VW cabriolet parts which would ensure them of top vehicle performance.

About the Author
Benjamin Hudson works as a supervisor at one of the top engineering firms in the business district of Louisiana. He is also a freelance journalist and has passion for anything automotive.

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