Wednesday, February 12, 2014

Tuesday -- Oil Hovering At $100; Some Expect It To Go Higher

Active rigs:


2/12/201402/12/201302/12/201202/12/201102/12/2010
Active Rigs19518320316592

RBN Energy: Jones Act, Gulf Coast
In the first episode in this series we described the regulations of the Jones Act that restricts marine transport between US inland and coastal ports to US Flag vessels. In episode two we began a deep dive look at the Jones Act self-propelled tanker fleet and its ownership covering Crowley Maritime, Seabulk Tankers and the recent Kinder Morgan acquisition American Petroleum Tankers. In Episode Three we rounded out coverage of the Jones Act tanker fleet owners with a look at Overseas Shipping Group and the ExxonMobil, BP and Conoco Alaska fleets. This time we turn our attention to the large Ocean going articulated tank barge (ATB) fleet that also operates in the coastwise trade.
The Wall Street Journal

What can new pilots make? Near minimum wage

Some small businesses see little relief in delayed Obamacare.

Oil hovers at $100.
Prices for the benchmark U.S. oil contract have risen more than 9% since early January. The gains were fueled by the opening of a new pipeline connecting America's biggest oil-storage hub with the main refining zone on the Gulf Coast. In Tuesday's trading, March futures ended 12 cents lower at $99.94 a barrel on the New York Mercantile Exchange.
Futures settled on Monday above $100 a barrel for the first time since December.
The rally is the latest example of how the boom in North American oil output is no guarantee of abundant—or cheap—U.S. crude.
The increasing number of barrels that are making it to Gulf Coast refiners are being processed into fuels and exported to other countries. Meanwhile, a cold winter is helping to drive up consumption of distillates, a category of fuel that includes heating oil, at home. "The recent rise is a healthy sign of some of the bottlenecks loosening up," said John Brynjolfsson, chief investment officer of hedge fund Armored Wolf LLC, which manages about $1 billion.
Mr. Brynjolfsson is wagering that U.S. oil futures on Nymex will increase, outperforming Brent, a benchmark for European crude that many investors use as a gauge of global oil prices.

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I hope this story gets wide coverage, especially down south: don't come to North Dakota without plan, a job, and a place to live.

The Dickinson Press brings us up to speed on the challenges of coming to western North Dakota looking for a job without a plan. It isn't easy.

I'm not going to quote the article: there is nothing new being reported. Just another reminder, North Dakota is not a place to be, especially in the winter, if one has no job, no place to live, and no plan.

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