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Tag Archives: cushing OK

Oil tanker laden with North Dakota crude reaches Netherlands

North Dakota crude reached the Netherlands at the Port of Rotterdam. The Bakken crude shipment, sold by Hess Corp. is the first light crude to be shipped out from the U.S. since the oil export ban was lifted last December. (Image: Bart via Flickr)

BISMARCK, N.D. (AP) — A petroleum tanker laden with 175,000 barrels of North Dakota crude was being offloaded in Europe on Wednesday, the first such overseas shipment of the state’s oil since Congress lifted a 40-year ban on crude exports in December. North Dakota’s congressional delegation and industry officials hailed Hess Corp.’s shipment as a milestone that could open more markets in ...

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U.S. crude rises after inventory drawdown at Cushing hub

TOKYO – U.S. crude futures rose from multi-week lows in thin early Asian trade on Wednesday after an industry group reported that stocks fell at the Cushing hub in Oklahoma, the delivery point for U.S. oil contracts. Crude stocks at the Cushing delivery hub fell by 748,000 barrels, data from the industry group, the American Petroleum Institute, showed late on ...

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Oklahoma agency reveals new well plans in the Cushing area

CUSHING, Okla. — The Oklahoma Corporation Commission says it is imposing new operating guidelines for oil and gas wastewater disposal wells in an area of north-central Oklahoma that has experienced frequent earthquakes. The commission says the plans were developed following an analysis of disposal well and seismicity data in the Cushing area. Officials say the guidelines will change the operation ...

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Midwest now ships more crude than it receives

The Midwest has become a net shipper of crude oil, reports the Energy Information Administration (EIA). Due to increased rail shipments and pipeline reversals, the Midwest region now ships out more crude oil than it receives. Without these rail movements, according to the EIA, the Midwest would still be a net recipient. Beginning in the first few months of 2013, ...

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Oil falls on prospect of increasing Iranian exports

NEW YORK – Oil prices fell on Wednesday on expectations increased exports from Iran will add to a global supply glut and on rising inventories at the delivery hub at Cushing, Oklahoma. Tuesday’s agreement on Tehran’s nuclear program between six world powers and Iran is expected to result in the lifting of sanctions in early 2016 which have limited sales ...

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Bakken oil prices: Major players to take the win

The price differential between oil produced in the Bakken region and the oil stored in Cushing, Oklahoma, and on the Gulf Coast is beginning to positively impact shale producers such as Hess Corp., Whiting Petroleum, and Continental Resources, according to The Street. Oil prices in the United States are generally based on the benchmark quotes of the West Texas Intermediate ...

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Oil extends gains after U.S. fuel stocks drop

LONDON – Brent crude oil rose above $67 a barrel towards five-month highs on Wednesday after U.S. crude stockpiles fell for a second straight week, suggesting the world’s biggest oil market is rebalancing. U.S. crude oil stocks fell by 2.2 million barrels to 484.84 million barrels last week, the Energy Information Administration (EIA) said. Stocks at the key delivery hub ...

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Futures prices point to more balanced oil market in second half: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON – Professional commodity traders watch spreads (differences between the prices for adjacent futures contracts) rather than spot prices as the best indicator of the balance between supply and demand. In crude, the narrowing spreads for both Brent and West Texas Intermediate (WTI) indicate a closer balance ...

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