I figure this is as good a place as any to post a oil and gas journal. Little background, pretty much everyone in my family including my wife and myself work in the oil and gas industry here in Houston. I work for a large E&P company that I would like to remain nameless, lets just say its a $25+ billion dollar company (same goes for my wife). I like to keep my ear to the ground on the happenings around here and will try to post info that is going around but not common knowledge to the public. Mostly will be posting news I think thats appropriate and my bias in the market. Anyone is welcome to contribute and I'm willing to answer most questions.
Shell unveils plans for 'biggest refinery in US' Apr 28 11:03 AM US/Eastern Anglo-Dutch oil group Royal Dutch Shell has announced plans to make its jointly owned Motiva refinery in Port Arthur, Texas, the biggest in the United States. Shell founded the Motiva refiniery in 1998 with Saudi Refining and is considering increasing the output at the facility by 325,000 barrels per day. "The project would make the Port Arthur Refinery the largest in the country," Shell said in a statement on Friday. Output would rise to 610,000 barrels per day, higher than the 557,000 barrels per day produced by the ExxonMobil facility in Baytown, Texas, the current biggest in the country. "Pending necessary regulatory approvals, Motiva would expect to initiate final engineering later in 2006 and begin construction in 2007," said Shell, while underlining that a final decision to expand the facility had not been taken. "The new capacity would be projected to come online in 2010." A shortage of refining capacity worldwide has been identified as one of the reasons behind the recent surge in crude oil prices. Oil companies have been accused of failing to invest adequately in new facilities.
Oil, Sweat & Rigs Not sure if anyone watched this on the discovery channnel. Its a great look at whats going on in the Gulf after Katrina and Rita (cleanup). You can buy it below for $45 or try to catch the 6 espisodes again on the Discovery Channel. http://shopping.discovery.com/store...storeId=10000&productId=60385&catalogId=10000
Alternative energy sources it were money needs to be spent. Creating more refineries to burn more fossil fuels is heading in the wrong direction. We need clean burning fuels, GM should take the lead in this area it would be a great opportunity for the US.
Shell has some good projects going in hydrogen, solar and wind. At the end of the day their is no real incentive to put the money outside of their core business.
its naive to think that alternative energy will be able to replace fossil fuels anytime soon. we need refineries now. as the article said if they start today it will not be online until 2010
hey Jay do you actively trade oil contracts at all? If so what type of trader are you....scalper, positions, etc...?
I position trade, holding anywhere from a week to sometimes (rarely) a few months. I grew up in this industry but spent a little time at a FCM clearing firm in Chicago a few years back. So while I work (and trade) in oil and gas I also trade other commodities.
are you planning on placing any buy/sell calls on this thread...putting up trading opinions to be discussed..or is this just for fundamental "news type" discussions