Monday, 18 June, 2018

Texas Oil Industry Sees Production, Permit Gains

Texas Oil Industry Sees Production, Permit Gains Texas Oil Industry Sees Production, Permit Gains
Debra Rodriguez | 31 August, 2017, 07:20

A market surplus previous year pushed crude oil prices to historic lows, slowed capital streams toward exploration and production and hurt the financial well-being of producers and producing states alike.

Prices, however, pared gains in post settlement trade and Brent crude turned negative as the market was disappointed by industry data from the American Petroleum Institute showing a crude stockpile decline largely in line with expectations and a surprise build in gasoline inventories.

US crude futures settled 98 cents lower at $47.43 a barrel and Brent crude ended down 53 cents a barrel, or 1 percent, at $52.04.

A tropical storm, Harvey, is now advancing towards the oil producing facilities in the Gulf of Mexico, which is anticipated to disrupt output and keep the market tightened for the next few days. The nearest contract in the $50s is September 2020 at $50.03.

A tropical depression is expected to form over the southwestern Gulf of Mexico on Wednesday or Thursday.

US West Texas Intermediate crude futures traded at $48.50 a barrel, down 1 cent.

Sharara recently reached output of 280,000 barrels per day (bpd), but closed earlier this week due to a pipeline blockade.

The Energy Information Administration reported crude stocks dropped by 3.3 million barrels during the week ended August 18, while gasoline stockpiles fell by an unexpected 1.2 million barrels.

Sentiment on oil futures soured, as traders anticipated a rise in supplies of crude oil, the primary input at refineries amid expectations of refinery outages along the U.S. Gulf Coast, after the U.S. National Hurricane Center forecasted Harvey was expected to be a major hurricane when it approaches the middle Texas coast on Friday.

Exports of oil and condensates would also be affected as NuStar Energy (NS.N) and Magellan Midstream Partners (MMP.N) were also shutting down their Corpus Christi terminals ahead of Harvey.

Meanwhile, U.S. crude production has broken through 9.5 million bpd, its highest since July 2015.

John Kilduff from Again Capital said that the danger of PDVSA defaulting on its debt is negligible: it still has US$10 billion in reserves and its debts are mostly to Russian Federation and China, who may be willing to continue supporting it.

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