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Tag Archives: U.S. crude

Louisiana oil port, made for import, rents domestic storage

 BATON ROUGE, La. — Louisiana’s offshore oil port, with huge underground storage caverns, was built to handle imported oil but is now leasing space to traders who need to store U.S. crude. The Louisiana Offshore Oil Port recently auctioned 11.3 million barrels of monthly storage space and has scheduled another auction Tuesday, The Advocate reported. “For us, it’s an innovative ...

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Oil drops on glut worries, weak dollar limits downside

NEW YORK – Oil prices were under pressure for a fourth straight day on Tuesday on expectations of a 10th week of record builds in U.S. crude, although a weaker dollar limited the market’s downside. Traders and investors have forecast that crude stocks in the United States rose last week to above 452 million barrels, a Reuters poll showed. That ...

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Energy agency sees more oil declines, potential for conflict

LONDON — Oil prices have further to drop with no signs of slowing production in the U.S., according to a global energy agency. The International Energy Agency, a watchdog group based in Paris that represents the world’s main oil-importing nations, said in its monthly report Friday that the recent stabilization in oil prices is “precarious.” “Behind the facade of stability, ...

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Oil up sharply, posts first monthly gain since June

NEW YORK – Crude oil rose sharply on Friday as Brent and U.S. futures posted their first monthly gains since June, supported by an improving demand outlook and supply outages. On its way to contract expiration, March New York ultra-low sulfur diesel (ULSD) gained more than 7 percent in volatile trading, and the 36 percent February increase was the biggest ...

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Oil edges up ahead of U.S. rig count data

TOKYO, Feb 20 – Oil markets edged up on Friday to halt a two-day decline, helped by expectations that data later in the day would show a continuing decline in the U.S. oil rig count, a clear sign of the pressure the tumble in crude is putting on oil producers. The Baker Hughes survey is likely to show that the ...

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Mexico’s Pemex proposes to import US crude

MEXICO CITY — Mexico’s state oil company wants to import about 100,000 barrels of light U.S. crude a day to mix with this country’s heavier oil as a way to improve refinery processes. State-owned Pemex said Thursday that the deal was proposed last year and would simply trade heavier Mexican crude for light U.S. oil. While the deal has not ...

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