Thursday, July 27, 2017

Wow, Bringing Coal To Newcastle -- Huge Story -- July 27, 2017

Updates

Later, 1:25 p.m. Central Time: see first comment --
But here's the rub: market prices don't bear out what the Peak Oilers claim.

Eagle Ford condensate sells at only a $1.00 per barrel discount to Eagle Ford crude, and Eagle Ford crude sells at no discount to West Texas Intermediate (WTI). 
https://s1.postimg.org/tfhmxhrzz/Captura_de_pantalla_1282.png

In Canada, Edmonton condensate sells at no discount to WTI, and sells at a premium to Canadian Light crude. 
https://s11.postimg.org/wt1m9wbkj/Captura_de_pantalla_1281.png
Original Post
 
UAE will import first crude oil cargo ever from the United States. Link here.
To repeat: The United Arab Emirates will import the country's first oil cargo from the US as the OPEC producer sought substitutes to replace Qatari condensate supplies after a diplomatic row.

Wow.

Every Arab for himself.
Enbridge, 1 -- Chippewas, 0. Link here, data points:
  • Canadian Supreme Court rules in favor of Enbridge
  • Chippewas of the Thames First Nation in Ontario using same argument as their colleagues in Standing Rock
  • Enbridge's Line 9, running between Sarnia, Ontario, and Montreal, through "what the Chippewas regard as their traditional territory" 
US crude oil, gasoline stocks fall sharply: link here. Reposting from yesterday. WTI is down almost one percent in pre-market trading today. Still 38 weeks to re-balance at this rate of drawdown, and the US driving season will soon be ending. US gasoline demand has hit records
twice in the past three weeks, and barely missed a record that third week.

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