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One week after U.S. authorities confirmed a ruling easing a 40- year ban on shipping lightly processed oil abroad, Enterprise Product Partners has sold its first cargo to a Japanese trading house and was seeking more buyers in Latin America, according to trading sources.
Jim Cramer says recent developments in the oil business aren’t getting nearly the attention they deserve.
WASHINGTON, July 2- Two senators on Wednesday asked the U.S. Commerce Department to explain why it approved exports of a form of super-light oil known as condensate, saying the action may have violated the decades-long ban on U.S. crude oil exports.
Philly Tankers AS, majority-owned by Aker Philadelphia Shipyard is building four ships on spec, and Seabulk Tankers Inc, an indirect wholly-owned subsidiary of SEACOR Holdings Inc, is building another two.
NEW YORK, June 30- After decades of isolation, the United States is set to become a major player in the global trade of ultra light oil as recent government export approvals attract interest across the world.
Texas- based companies Pioneer Natural Resources and Enterprise Product Partners had sought clarity from the government over whether stabilized condensate could be exported as a petroleum product without a special license, which is needed to export unprocessed domestic crude.
The Department of Commerce determined this week that two companies that produce condensate, a light oil, can export the petroleum if it is processed by a distillation tower.
LONDON, June 26- The U.S. Commerce Department's decision to allow two companies to begin exporting ultra-light condensate after only minimal refining marks the beginning of the end of the ban on American crude oil exports. The Commerce Department and the White House insist there has been "no change in policy on crude oil exports".
*White House says policy has not changed. The U.S. Department of Commerce's Bureau of Industry and Security told Pioneer Natural Resources and Enterprise Product Partners on Tuesday that removing volatile components from condensate, the light oil, was enough to qualify the petroleum as a "refined product."
The Commerce Department's action could unleash as much as $6 billion a year of condensate onto the global market, analysts say.
The U.S. Department of Commerce's Bureau of Industry and Security told Pioneer Natural Resources and Enterprise Product Partners on Tuesday that removing highly flammable gases from light oil, known as condensate, was sufficient processing to qualify the condensate as a "refined product."
U.S. crude oil inched higher after news of a U.S. government decision to permit exports of lightly refined oil.
The Commerce Department's decision to allow unrefined U.S. oil exports creates clear winner and losers.
Shares of oil and gas producer Pioneer Natural Resources Co and pipeline company Enterprise Products Partners LP rose after the companies received a private ruling from the U.S. Department of Commerce to export the condensate. Shares of Eagle Ford shale producers Rosetta Resources Inc and SM Energy Co were up more than 4 percent in afternoon trading.
The U.S. Department of Commerce's Bureau of Industry and Security told Pioneer Natural Resources Co that lightly processed condensate would be eligible for export without a license.
Take a look at some of Wednesday's midday movers.
*Threat of Iraq supply disruptions receding- analyst. SINGAPORE, June 25- Brent crude fell towards $114 a barrel on Wednesday after sharp gains in the past two weeks, although lingering worries that continued violence in Iraq would dent supplies from OPEC's second-largest producer kept a floor under prices.
*Threat of Iraq supply disruptions receding- analyst. SINGAPORE June 25- Brent crude inched lower on Wednesday, but held close to a nine-month high above $114 a barrel as Sunni insurgents battled government forces for control of Iraq's biggest refinery.
WASHINGTON, June 24- U.S. officials have told energy companies that they may export a variety of ultra-light oil if it has been minimally refined, an apparent marginal loosening of a decades-old ban on selling U.S. crude abroad.
SINGAPORE June 25- U.S. crude futures stood not far off $107 a barrel after jumping more than $1 in early Asian trade on a report the U.S. Commerce Department has approved exports of a light oil called condensate. *U.S. crude for August delivery rose 77 cents to stand at $106.80 by 0835 GMT, after briefly hitting $107.50.