Oil
Crude Oil Bears Dominate as Market Ignores Bullish Signals
The response of crude oil markets to a series of developments this week shows how the bearish mindset is dominating the narrative.
Colombia Truck Protests Disrupt Key Pipelines, Threaten Ecopetrol Operations
Protests by truckers in Colombia, who are angry at an increase in diesel prices, have cut off the country's biggest cities and are threatening fuel supplies, though the government insists the hike is fair.
EOG Resources to Increase Utica Shale Activity in Ohio
"The Utica absolutely has the opportunity to be a foundational play," COO Jeff Leitzell said. "If we continue to have the success that we expect to, you can expect us to go ahead now and put more capital there."
U.S. Crude Stockpiles Fall to 1-Year Low as Imports Fall, EIA Says
Crude inventories, excluding the Strategic Petroleum Reserve, fell by 6.9 million barrels to 418.3 million barrels in the week ending Aug. 30, the EIA said, compared with analysts' expectations in a Reuters poll for a 993,000-barrel draw.
Report: U.S. Oil, Gas M&A Nears 2023 High as Focus Shifts from Permian
Nearly $100 billion has been spent by U.S. producers on mergers and acquisitions so far this year, and another $46 billion in assets are currently for sale, according to analysts.
Crescent Energy Buys Eagle Ford Assets for $168 Million
Crescent Energy has announced the acquisition of assets from a private Eagle Ford operator for $168 million, the company announced on Sept. 4.
Williams Denies Report of Buyout Offer to Targa Resources
Williams Companies denied extending any offer to oil and gas transportation firm Targa Resources, after a report said the latter had rebuffed a takeover interest from the former.
Argus Launches New Price Quotes for Trans Mountain Pipeline Oil Exports to Asia
Oil pricing agency Argus launched on Wednesday three daily price quotes for crude exported from western Canada's newly expanded Trans Mountain (TMX) pipeline amid rising demand for the oil from Asia.
Trans Mountain Expansion Spurs Rate Cuts Among Rival Pipelines
Pipelines that historically carry Canadian crude to the U.S. are cutting rates and looking to ship different grades of crude oil due to rising competition from the newly expanded Trans Mountain pipeline.
Exports from Libya's Hariga Oil Port Stopped as Crude Supply Dries Up
The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.
Saudi Arabia Expected to Slash October Crude Prices for Asia Amid Weak Margins
Top oil exporter Saudi Arabia is expected to cut prices for most of the crude grades it sells to Asia in October after Middle East benchmark Dubai slumped last month, industry sources said on Monday.
Transnet Posts Larger Loss Amid Pipeline Litigation Costs
South African state-owned logistics group Transnet made a larger loss than the previous year of $408 million in the year to end-March 2024 as it battles litigation over pipeline charges, it reported on Monday.
India's ONGC Seeks U.S. License to Operate Venezuela Oil Projects
India's ONGC Videsh Ltd. is seeking U.S. approval to operate two projects in sanction-hit Venezuela to boost output.
Shell to Sell Houston Ship Channel Pipeline and Terminal to Edgewater Midstream
Shell Pipeline Company LP and Triton West LLC, subsidiaries of Shell USA, Inc., have agreed to sell their 100% interest in the Sinco pipeline system and Colex terminal to Edgewater Midstream LLC.
Pulling Off the Near-Impossible: Stalled Pig Rescue Mission Returns Pipeline to Normal
T.D. Williamson’s innovative recovery tool and SmartPlug technology successfully resolved a stalled pig issue in an offshore pipeline, restoring normal operations and avoiding costly disruptions.
OPEC+ Set to Move Forward with October Output Hike Despite Demand Woes, Sources Say
OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters.
Trump Vows to Scrap Biden’s Clean Power Rules, Fast-Track New Energy Projects
Donald Trump would rescind many of President Joe Biden's clean energy rules while also speeding approvals of power plants to meet the nation's rising electricity demands, the Republican's presidential campaign said on Thursday.
Russia's Tatneft Increases Oil Exports to Slovakia, Hungary Amid Lukoil Sanctions
Russian companies, mainly Tatneft, have boosted oil exports to Slovakia and Hungary to replace supplies lost after Ukraine sanctions halted exports from Moscow-based Lukoil, Kommersant newspaper said on Thursday.
ONEOK to Acquire EnLink Stake, Medallion Assets in $5.9 Billion Deal
U.S. pipeline operator ONEOK will buy midstream assets in two deals worth $5.9 billion with Global Infrastructure Partners (GIP), bolstering its position in the Permian and Mid-Continent basins amid rapid consolidation in the industry.
Spotlight on Permian: Pipeline Activity Still Pushing Toward Texas-Louisiana Border
While most of the Permian Basin natural gas pipelines built in recent years have targeted LNG export markets south of the Houston area, two proposed intrastate projects have emerged within the last couple of years that will deliver Permian Basin gas to the Texas-Louisiana border region.
Exxon Restores Full Oil Production in Guyana After Gas Pipeline Tie-In
An ExxonMobil consortium's crude output in Guyana has been fully restored at two floating production facilities after workers completed a natural gas pipeline tie-in, a company spokesperson said on Monday.
Enbridge Predicts Rising Oil Demand Through 2050 as U.S. Supply Grows
Enbridge CEO Greg Ebel predicts global oil demand could surpass 110 million barrels per day by 2050, prompting significant investments in U.S. supply and LNG expansion.
Exxon to Sell $1 Billion in Non-Core Permian Basin Oil Assets
Top U.S. oil company ExxonMobil is looking to sell oil assets in the U.S. Permian Basin that could fetch $1 billion, Bloomberg Law reported on Tuesday.
Gran Tierra Energy Offers $226 Million to Acquire UK’s i3 Energy
With the deal, Gran Tierra Energy aims, to create an independent energy company of scale in the Americas, with increased production, reserves, cash flows, and development options across Canada, Colombia, and Ecuador.
Baltimore Takes Shale Producers to Court Over Alleged Price-Fixing Scheme
The city of Baltimore has hit major U.S. shale oil producers including Hess and Permian Resources with a lawsuit alleging they conspired to curb production, leading to higher prices for gasoline, diesel fuel and heating oil.
Trans Mountain Appoints Mark Maki as CEO Amid Pipeline Expansion Milestone
Canadian pipeline operator Trans Mountain Corp. on Friday named insider Mark Maki as its chief executive officer from Sept. 1.
Texas Oil Pipelines Near Max Capacity, Threatening Future Export Limits
The pipelines that carry crude from the prolific Permian Basin to the Port of Corpus Christi are currently operating at over 90% capacity, and operators warn that this congestion could worsen.
Shell to Shut Portions of 350-Mile Zydeco Pipeline in Louisiana
Oil major Shell on Monday said it plans to shut-in different portions of its Zydeco pipeline system for maintenance for three to four days starting Sept 24.
Mideast Tensions and U.S. Rate Cuts Drive Oil Prices Higher, Raising Supply Disruption Fears
Oil prices extended gains on Monday on fears a major spillover in fighting from the Gaza conflict into the Middle East could disrupt regional oil supplies, while imminent U.S. interest rate cuts lifted the global economic and fuel demand outlook.
Morgan Stanley Cuts 2024 Oil Demand Forecast on China's LNG Truck Growth, Economic Slowdown
Morgan Stanley has lowered its global oil demand growth forecast for 2024, mainly due to China's slower economic growth, increased electric vehicle usage there, and a rise in the number of trucks in China powered by LNG.
- Williams' $1 Billion Gas Pipeline Blocked by U.S. Appeals Court, Derailing Five-State Project
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- Williams Begins Louisiana Pipeline Construction Despite Ongoing Legal Dispute with Energy Transfer
- U.S. Buys Nearly 5 Million Barrels of Oil for Emergency Stockpile
- U.S. Appeals Court Strikes Down Controversial Biden Pipeline Safety Rules
- Nigeria’s New Pipeline Project Is Never Done Until It Is Done
- Report: Houston Region Poised to Become a Global Clean Hydrogen Hub
- Exxon Mobil to Start Gas Reserve Seismic Surveys in Greece
- LaPorte, Texas, Issues Shelter in Place After Altivia Plant Leaks Toxic Gas
- Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977
