Oil
Analysts: U.S. Needs Canada’s Oil, Making Tariffs Unlikely
Canada’s oil industry argues that U.S. dependence on Canadian crude, critical for American refineries, should deter tariffs under President Trump, citing potential impacts on fuel prices and refinery costs.
China to Receive Reduced Saudi Oil Supply in December as Demand Slows
Saudi Arabia's crude oil exports to China are projected to decline to 36.5 million barrels in December, down from 46 million barrels in October, amid reduced demand from the world’s largest oil importer.
Biden Administration Makes Final Oil Purchase for Strategic Reserve as Funding Ends
The Biden administration announced its last oil purchase for the Strategic Petroleum Reserve after record sales in 2022, as Department of Energy funding for the reserve has been fully tapped.
Kenya, Uganda Reviving Oil Products Pipeline Effort
Kenya and Uganda have begun negotiations on the possible revival of the stalled refined oil pipeline extension project from Eldoret in western Kenya to Uganda’s capital Kampala, where a new dedicated terminal receipt facility is be constructed.
22% of Gulf of Mexico Oil Production Shut Down by Hurricane Rafael
Over 22% of crude oil production and 9% of natural gas output in the U.S. Gulf of Mexico were shut down due to Hurricane Rafael, according to the U.S. Bureau of Safety and Environmental Enforcement. The shutdown includes 391,214 barrels of oil and nearly 181 million cubic feet of natural gas daily.
Williams Companies Exceeds Q3 Profit Estimates on Higher Revenue, Boost from Transco Pipeline
Williams Companies surpassed third-quarter profit forecasts with strong service revenue and increased natural gas flows, especially from its Transco pipeline. The company raised its annual profit outlook, citing demand from data center growth and industrial re-shoring projects.
Trump’s Return May Shift U.S. Energy Focus, but Clean-Energy Boom Remains Strong
Donald Trump's return to the White House would likely redirect U.S. energy policy towards oil and gas, but experts believe the nation's clean-energy boom will maintain momentum due to existing subsidies and market dynamics.
Texas Reelects Craddick to Lead Oil Regulatory Body, Signaling Continued Industry Growth
Texas voters have re-elected Christi Craddick as chair of the Texas Railroad Commission, reinforcing her conservative stance on energy regulation and signaling further growth for the state’s oil industry, including the Permian Basin.
Port Freeport Remains Open Amid Rough Seas; Inbound Boarding Temporarily Suspended by Brazos Pilots
Port Freeport in Texas has closed to inbound vessel traffic due to offshore conditions as Tropical Storm Rafael approaches, with the storm expected to reach near-hurricane strength by Tuesday night.
Texas GulfLink Project Gets EPA Backing for Crude Export Hub off Texas Coast
The U.S. Environmental Protection Agency (EPA) has given its nod to the Texas GulfLink (TGL) Deepwater Port Project, a venture proposed by Texas GulfLink Holdings, a subsidiary of Sentinel Midstream LLC, intended to facilitate crude oil exports from the U.S. coast.
Oil Trades in Tight Range Ahead of U.S. Election Result
Oil prices traded in a narrow range as the U.S. presidential election approached, with additional support from OPEC+ delaying a planned production increase to address weak demand. Analysts say the election's outcome could significantly affect oil market policies and international trade.
Argentina's New Pipeline to Boost Domestic Gas Supply, Eye Export
Argentina launched the Northern Natural Gas Pipeline to enhance domestic supply from the Vaca Muerta shale field, aiming to end reliance on Bolivian imports and potentially enable exports to nearby countries.
U.S. Crude Oil Pipeline Squeeze Boosts Prices at Gulf Coast Export Hub
U.S. crude oil prices at the Gulf Coast export hub have surged due to limited pipeline capacity from the Permian basin. A growing demand for light sweet crude, alongside record production, has widened the price gap between West Texas and Houston.
Hungary Prioritizes Druzhba Pipeline for Crude Imports Despite EU Pressure
In contrast to many other European Union countries, Hungary seeks to maintain close political and business ties to Russia, including reliance on Russian energy.
Chevron CEO Wirth Under Fire as Hess Deal Delay Drags Down Stock Performance
Chevron CEO Michael Wirth faces mounting pressure as the company's stock slides amid delays in the $53 billion acquisition of Hess. The stalled deal, crucial for growth, coincides with declining earnings and rising operational costs, raising concerns among investors about Chevron's future direction.
Venezuela's Oil Exports Surge to 4-Year Peak Amid Higher Output, Demand from U.S., India
Venezuela's oil exports reached a four-year high of nearly 950,000 barrels per day in October, driven by increased crude production and enhanced sales to the U.S. and India, despite ongoing sanctions and recent challenges.
Another Major U.S. Oil Refinery Shutting Down as Lyondell Confirms Houston Closure
LyondellBasell Industries plans to permanently close its 263,776 bpd Houston refinery in early 2025, citing long-term shifts in fuel demand amid rising renewable energy and electric vehicle adoption. The closure adds to a wave of U.S. refinery shutdowns as the industry adapts to changing market conditions.
Saudi Arabia May Cut December Oil Prices for Asia, Sources Say
Saudi Arabia, the world’s top oil exporter, may reduce December oil prices for Asian buyers, reflecting weaker demand and lower benchmark prices. This potential price cut could influence OPEC+ considerations to delay increasing oil production, according to sources.
Enbridge Q3 Profit Surges on U.S. Gas Acquisitions, Raises Growth Forecast
New investments included the $1.1 billion Sequoia Solar project in Texas and the $700 million offshore Canyon System Pipelines project on the U.S. Gulf Coast.
ONEOK Completes $2.6 Billion Medallion Acquisition, Largest Private Crude System in Permian
ONEOK, Inc. announced the completion of its $2.6 billion acquisition of Medallion Midstream, the largest privately held crude oil gathering and transportation system in the Permian Basin's Midland region, from Global Infrastructure Partners.
Ecopetrol Halts Pipeline Operations Following Explosive Attack and Oil Spill
Ecopetrol has halted operations on a pipeline transporting oil from the Cira Infantas field in Colombia after an explosive attack caused an oil spill. While no injuries were reported, the incident has resulted in environmental damage, highlighting the ongoing threats to oil operations in the region.
Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
Valero Energy Corp. is evaluating various options for its two California refineries, including potential sales, in response to increasing regulatory pressures in the state. CEO Lane Riggs indicated that "all options are on the table," highlighting the challenges faced by refiners in California.
ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
ConocoPhillips is exploring the sale of over $1 billion in Permian shale assets, part of its strategy to streamline operations ahead of its Marathon Oil acquisition. The Houston-based oil and gas producer aims to raise $2 billion through asset sales.
Crude Oil Imports from Canada Reach Record High After Pipeline Expansion
U.S. imports of Canadian crude hit a record 4.3 million barrels per day in July 2024, spurred by the Trans Mountain pipeline expansion, according to the U.S. Energy Information Administration. The new capacity boosts exports from Alberta to the U.S. West Coast and Pacific markets, impacting Western Canadian Select prices amid evolving refinery demand.
Phillips 66 Q3 Profit Surges on Midstream and Chemicals Growth
Phillips 66 reported a third-quarter profit surge, driven by strong performance in its midstream and chemicals segments, which helped offset lower refining margins amid softer fuel demand.
New Oil Pipelines from Permian Unlikely as Top Operators Prioritize Expansions
Top executives of two U.S. energy pipeline operators on Thursday ruled out building new crude oil lines to move volumes out of the Permian shale field in West Texas because of tepid volume growth and difficulties constructing new lines.
Enterprise Products Acquires Piñon Midstream
Enterprise Products’s previously announced $950 million cash acquisition of Piñon Midstream, LLC has concluded.
U.S. Plans to Refill Strategic Reserve While Oil Prices Rise
Oil prices edged up on the 29th, after a sharp plunge in the previous session, as a U.S. plan to purchase oil for the Strategic Petroleum Reserve provided support.
Ecuador Government to Take Over Crude Pipeline from OCP Ecuador Until New Tender Launched
Ecuador's government will take over operations on a heavy crude oil pipeline from OCP Ecuador until a fresh tender is launched, the nation's energy and mines energy said.
Lighter U.S. Permian Crude Risks Losing Favor with Refiners Due to Processing Challenges
As Permian Basin crude becomes lighter, refiners face challenges in processing super-light oil, potentially leading to lower demand for WTI Midland and affecting Brent prices. Refiners may need to blend with heavier crude, raising concerns about future refinery configurations.
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- Court Ruling Allows MVP’s $500 Million Southgate Pipeline Extension to Proceed
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- TC Energy’s North Baja Pipeline Expansion Brings Mexico Closer to LNG Exports
