Andy Lipow on Oil

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Last quote by Andy Lipow on Oil

The last place that we have an excess supply of oil is actually in the U.S. and you saw week ago we exported record amounts of that oil and that trend's going to continue for the rest of this year.feedback
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Oct 13 2017
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All quotes by Andy Lipow on Oil

We're about to get close to 1.4 million barrels a day of refining capacity starting up imminently, if not already in the throes of starting up.feedback

Part of it is Dallas is supplied by a pipeline from Corpus Christi, and of course those pipelines have been down. There was a social media explosion of panic, so everyone went to the gas station. Supplies are going to be tight but they're going to get better.feedback

I'm actually quite concerned about Beaumont-Port Arthur because they just got a huge amount of rain in 24 hours, and we've already seen flooding within the refineries themselves, so we don't know exactly how bad it's going to be. If it is bad, you're looking at six to eight weeks of outages over in Beaumont-Port Arthur.feedback

Before all is said and done with, 31 percent of the nation's refining capacity is significantly affected, resulting in a reduction of crude oil processing in excess of five million barrels a day.feedback

They're making a very minimal amount of petroleum products, if any at all. They can't get crude in, and the pipelines out are mostly shut.feedback

The biggest driver of how much this will increase gas prices is how much rain falls in Houston during the next three days. We are in a wait-and-watch mode.feedback

If we get rapid accumulation in 24 hours the refineries simply can't pump the water fast enough out of the location. That could lead to damage to electric pumps in refineries, potentially requiring repairs that could take weeks or months, he added.feedback

This is much more impact on refining especially if it becomes a flooding event. They may be forced to reduce runs if they are not able to receive oil from vessels or export their surplus product.feedback

The major difference between Harvey and Nate is that the trajectory of Nate brings it right through the heart of the US Gulf of Mexico oil and gas producing region.feedback

The report was more good news for the oil industry as inventories declined across the board for crude and products by over 10 million barrels. Gasoline inventories are now nearly 5 per cent lower than this time last year. That is a reflection of good consumer demand.feedback

The problem is that gasoline demand in the U.S. certainly appears to be off compared to last year, and if we don't pull gasoline inventories during the driving season, what it means is we're just turning the crude oil surplus into a petroleum products surplus.feedback

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Quotes by Andy Lipow on Oil

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