Filed under: maps, Uncategorized | Tags: crude oil supply, Cushing, EIA, energy, oil pipelines, oil transportation, petroleum products, pipeline map, refineries, US oil production, WTI
Filed under: Uncategorized | Tags: Brent, crude oil, Cushing, James Hamilton, peak oil, Seaway pipeline, spread, WTI
Blue is Brent, black is WTI, green is the spread between them.
A relatively recent phenomenon explained by James Hamilton:
West Texas Intermediate is a particular grade of crude oil whose price is usually quoted in terms of delivery in Cushing, Oklahoma. Brent is a very similar crude from Europe’s North Sea. As similar products, you’d expect them to sell for close to the same price, and up until 2010 they usually did. But an increase in production in Canada and the central U.S. combined with a decrease in U.S. consumption has led to a surplus of oil in the central U.S. This overwhelmed existing infrastructure for cheap transportation of crude from Cushing to the coast, causing a big spread to develop between the prices of WTI and Brent.
Filed under: Uncategorized | Tags: Brent, Cushing, Gulf Coast leg, Keystone XL, NYMEX, oil pipelines, pipelines, TransCanada, WTI
Doesn’t need fed approval for that.
TransCanada said Monday that a 700,000 barrel-per-day Gulf Coast leg originally part of the Alberta-to-Texas Keystone XL proposal is now a separate $2.3-billion US project that doesn’t require a cross-border presidential permit. Obama denied Keystone XL a construction permit in January, following a delay of the project last November caused by an extension of U.S. environmental review.
The link between an oversupplied Oklahoma oil storage hub and the world’s largest refining market in Texas will help relieve a glut in crude supply in the U.S. Midwest upon startup in mid to late 2013, the company said.
Filed under: Uncategorized | Tags: Brent, crude oil prices, Cushing, EIA, feedstock, refineries, refinery, refinery acquisition costs, This Week in Petroleum, US refineries, WTI
The cost of the raw material varies greatly around the country. This is the featured chart on EIA’s This Week in Petroleum.