The company’s approach to meeting new demand is allowing it to manage the downcycle.
Netherlands-based oil trader Vitol recently warned of trying times ahead in the global oil market as low commodity prices and slowing global growth rates continue to take their toll.
Relatively strong cash flows and yield spreads point to a strong recovery for the midstream sector, even without a recovery in oil prices.
Secretary-General Abdalla Salem el-Badri indicated that OPEC is willing to cooperate to find a solution to low oil prices.
Crude and NGL prices hit their highs for 2016, but can this trend continue? Undoubtedly it’s a positive for the oil and gas industry to see crude prices improve, but the key aspect to a possible resurgence is what happens when prices improve above $50/bbl.
It will take a while to achieve balance in the crude, gas and liquids markets, but there is evidence that reduced production is having positive impacts on the market.
The bounce in prices lends credence to the possibility that a floor has been set in the commodities market.
Crude prices experienced another decline the first full week of April as inventory levels remain high, but there was some optimism surrounding the market once again as the U.S. Energy Information Administration (EIA) announced a nearly 5 million barrel (bbl) decline.
The discount narrowed as spot WTI hit a 2016 high of $45.90 a barrel on April 29, up 76% from a near 13-year low of $26.05 struck in February.
The company said that it will build a new dock and storage tanks in Port Arthur, Texas to help boost gasoline and diesel exports. Colonial expects to finish the project, which will accommodate Panamax-sized vessels, by the spring of 2017.
TransCanada reported lower earnings on its liquids pipelines, however, in part because of lower uncontracted volumes on its Keystone crude pipeline to the U.S. and Marketlink line from Cushing, Okla., to the Gulf Coast.
Williston, a regional hub city for the Bakken Shale region, but the collapse in oil prices in 2014 has driven many energy companies and workers out of the region, draining the city of tax revenues.
Key North American Hub Prices: May 2, 2016
FERC’s approval authorizes UGI Sunbury to proceed with construction of the Sunbury Pipeline in the heart of the Marcellus Shale.
The explosion of the 36-inch pipeline occurred in rural Westmoreland County. The victim, who officials did not identify, suffered burns in a fire caused by the blast.
Key North American Hub Prices: April 29, 2016
The Stanford Board of Trustees said on April 25 it was not clear that the social injury caused by oil and gas companies outweighs the social benefit of providing energy to billions of people around the world.
The Denver-based company's acquisitions consited of incremental ownership in Delta House, which is a semisubmersible Floating Production System in the GoM. Delta House is operated by LLOG Exploration Co. LLC.
The project will store ethane, propane, butane and y-grade products, meeting storage needs for wet gas producers in the Marcellus and Utica shales.
The terminal is on the North Sea Canal in the Amsterdam, Rotterdam and Antwerp (ARA) region, which has Europe’s largest concentration of refining capacity; ARA is also one of the largest refined product trading hubs globally.
Saudi Arabia, along with other Gulf producers, has provided billions of dollars to Egypt since the 2013 toppling of former President Mohamed Morsi after mass protests against his rule, Reuters reported.
Strikes are fairly common among Kuwaiti public sector workers. Kuwait Oil Co., Kuwait Oil Tanker Co., Equate Petrochemical Industries Co. and Kuwait Gulf Oil Co. will join the strike, Reuters reported.