NGL prices went through their roughest patch since 2008, but questions still remain over whether the market’s recovery has begun or not.
Looking to future exports of natural gas and NGL for an answer to price woes may lead to disappointment, an analyst says.
University of Houston professor Craig Pirrong: The oil-linked standard for LNG no longer holds any water.
Rail capacity is being overwhelmed by propane shipments, which could cause the product to become competitive with resurgent gas prices.
The NGL barrel has lost more than half of its value in the past year. However, prices may have reached their floor.
The prospect of Iranian crude reaching global markets further dampens an oversupplied market, but long-term prospects remain solid.
Decreased WTI prices push heavy NGL prices down after experiencing a bump the previous week.
Statoil's CEO, Eldar Saetre, predicts oil prices will reach $80/bbl by 2018, Reuters said. “We think there will be some time before we will see a balanced market,” he said.
PES would receive controlling interest in crude oil rail-loading facility handling 210,000 barrels per day, nearly 1 million barrels of oil storage and 39-mile pipeline in North Dakota, Bloomberg said.
Pawnee Terminal is primary injection site for Tallgrass Energy Partners’ Northeast Colorado Lateral on the Pony Express Pipeline, which takes crude oil from Bakken and Niobrara formations to Cushing, Okla.
Texas Gathering Co. gathers about 24,000 barrels per day of crude, primarily in Texas. Owner Travis Davis and management team joined First River Energy and will continue managing the business.
Key North American Hub Prices: July 28, 2015
Indian oil refinery complex operator Reliance invested more than $8 billion in its U.S. unconventional gas joint ventures through March, Bloomberg reported. It is considering sale in private matter.
Key North American Hub Prices: July 27, 2015
Under deal with Enterprise Partners, feedstock may be used in U.S. or exported, acting CEO Yousef al Benyan told Bloomberg. Saudi Basic Industries Corp. converted U.K. crackers to produce olefins.
Producers and operators are adjusting to new market dynamics as export demand replaces heating demand as the largest mover for propane prices.
The acquisition of private company RKI Exploration & Production adds 3,600 locations in the Permian Basin and continues WPX’s climb up in the oil producing ranks.
The MLP structure is still viable, Emily Hsieh, director of operations for MLP indexing firm Alerian, told Bloomberg. Recent Williams Cos.-Kinder Morgan Inc. consolidation efforts left investors questioning the model.
Marathon sponsored MPLX will purchase MarkWest for a 32% premium, creating the fourth largest MLP with a $21 billion market cap.
Part of the Houston Ship Channel is now open after it was briefly shut down while about 31 barrels of diesel in Greens Bayou were cleaned up, Reuters said.
Barge carrying 1 million gallons of petroleum naphtha caught fire and spilled the product in Houston Ship Channel on July 20 after colliding with another barge in Texas, Reuters said.