The frenzy of export activity, while still relatively small, is noteworthy given the depressed environment in the oil patch these days. Not only is the U.S. pumping less oil, but there remains a lingering glut of oil around that world that earlier this year caused crude to crash to 13-year lows. "Exports should pick up. The reason we're not surging now is the world is still oversupplied with crude," said Anthony Starkey, energy analysis manager at Platts Analytics. Yet U.S. oil exports hit an important milestone in March, the latest month that statistics are available for. For the first time since 2000, the majority of U.S. crude exports were to destinations other than Canada, according to JBC Energy. The U.S. exported 15.7 million barrels of oil in March, with only 7.7 million of those barrels going to Canada. Japan and Italy were the biggest buyers, importing more than 1 million barrels of American crude apiece.
US Dollar to Canadian Dollar = 0.798464; US Dollar to Chinese Yuan = 0.154145; US Dollar to Euro = 1.138608; US Dollar to Japanese Yen = 0.009331; US Dollar to Mexican Peso = 0.058277
Futures were little changed in New York, down 3.2 percent for the week. U.S. production had the biggest weekly advance since June, according to Energy Information Administration data on Wednesday, offsetting the largest decline in stockpiles in almost a year. Oil processing in China fell in July, the biggest decline for that particular month in three years, figures from the National Bureau of Statistics showed Monday. “Prices were unimpressed by the reported significant drop in oil inventories,” said Norbert Ruecker, head of commodities research at Julius Baer Group Ltd. in Zurich. “Instead, the market’s focus was possibly on robust U.S. output growth or the fact that the driving season and seasonal demand strength are set to ebb over the coming weeks.” U.S. crude output rose by 79,000 barrels a day to 9.5 million a day last week, the highest since July 2015, the Energy Information Administration reported Wednesday. Stockpiles declined for a seventh week to 466.5 million barrels. Click Read More below for additional detail.
When it comes to print, animation and dimension are two things that don’t spring instantly to mind. Yet ever-evolving printing techniques and creative inspiration continue to inject both into today’s print design. This week, we watch the principles of typography invade the three-dimensional world, witness new covers for modern classics spring to life, and gaze in awe at a stunning New Year’s card that celebrates the printing press.