Most Clicked API SmartBrief Stories
1. Futures analysis may indicate crude oil rally
API SmartBrief | Jan 05, 2009
If history repeats itself this year, crude oil prices could mirror the rally that took place 10 years ago. Bloomberg reports that the "forward curve" of futures contracts indicates that crude oil will rise 28% to $60.10 a barrel by December. Investors are already becoming more bullish about the market as OPEC attempts to stabilize prices by cutting output and banks put trillions of dollars into the global financial system. Bloomberg (01/05)
2. New energy leaders comfortable with high-priced gasoline
API SmartBrief | Jan 05, 2009
If consumers were angry about $4-a-gallon gasoline, imagine how they will feel if it reaches $8 under President-elect Barack Obama's watch, writes Ben Lieberman, senior policy analyst in the Heritage Foundation's Thomas A. Roe Institute for Economic Policy Studies. The incoming administration and new Congress have indicated that they may reverse pro-domestic oil drilling measures. Energy Secretary-nominee Steven Chu has said that the U.S. needs to discourage driving by boosting gasoline prices to European levels. Washington Times, The (01/05)
3. SEC rule mandates that oil, gas firms report all reserves
API SmartBrief | Dec 30, 2008
A rule from the Securities and Exchange Commission that is supported by the energy industry directs oil and gas companies to report probable and possible reserves, in addition to proven reserves that are already reported in securities filings. The change also orders companies to calculate the value of reserves based on average price for the previous 12 months, rather than the price at the end of the year. Reuters (12/29)
4. Laid-off workers will have to wait out decline
API SmartBrief | Dec 31, 2008
Slowdowns, shut-ins and project delays have prompted layoffs in the oil and natural gas work force as the industry's down cycle continues. API chief economist John Felmy says it is difficult to predict when conditions for both downstream and upstream will improve. The recovery depends on what happens with the global economy, the effect of OPEC production cuts and how cold the winter will be, Felmy says. Victoria Advocate (Texas) (12/30)
5. Utah refinery maintains operations despite bankruptcy filing
API SmartBrief | Dec 31, 2008
Flying J's Big West Oil refinery in North Salt Lake City, Utah, has been able to maintain normal operations on a day-to-day basis since the refiner filed for bankruptcy Dec. 22. "We are still working things out to continue to receive our crude supply," said plant manager Joel Elstein. Bloomberg (12/30)
6. Diesel market helps refiners recover lost profits
API SmartBrief | Dec 30, 2008
Refiners are making up for the drop in U.S. demand for ordinary gasoline by boosting production of diesel. The world market for diesel is growing rapidly. Houston Chronicle (12/29)
7. Sharper drop in rigs expected
API SmartBrief | Jan 05, 2009
Because rig count is an indicator of how supply and demand are being balanced, investors are waiting to hear how many rigs were dropped in the last two months of 2008. In September, experts expected a decline of 400 to 500 rigs this year, but now analysts project 700 or more to be dropped before recovery begins late next year. Reuters (01/02)
8. Shell Oil exec sees solid future for shale
API SmartBrief | Dec 30, 2008
Shell Oil's communications and sustainability manager, Tracy Boyd, says development of Western U.S. shale-oil deposits will not be deterred by falling oil prices. "Considering the magnitude of this resource -- it is so huge relative to other hydrocarbon resources around the world -- it merits taking a look at trying any method we can, safely and responsibly, to get at it," Boyd told the Los Angeles Times. Rigzone.com (12/29)
9. French vessel hijacked off Niger Delta
API SmartBrief | Jan 05, 2009
A French vessel en route to a Royal Dutch Shell oilfield was hijacked Sunday off Nigeria's Niger Delta by gunmen in five speedboats. No group has yet claimed responsibility. New York Times, The (01/04)
10. Domes salt away gas for another day
API SmartBrief | Jan 05, 2009
Atlanta-based AGL Resources is drilling into a vast Texas salt dome to create the first of two caverns that will increase storage for natural gas. Such storage ensures that gas is available when demand increases, says API chief economist John Felmy. Salt caverns, such as the $310 million AGL project near Spindletop, work better than other kinds of storage because operators can inject and withdraw natural gas more often, according to the U.S. Energy Information Administration. Houston Chronicle (01/03)
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