The weak commodities environment won’t be the death knell of shale’s success story, but North American energy industry has hit the reset button.
West Texas Intermediate crude prices took another downturn the week of March 11 as storage at the Cushing, Okla., hub is quickly filling up.
Increasing production and Cushing storage nearing its capacity will likely contribute to crude’s price struggle during 2015, GHS macro strategist Richard Hastings said.
Near-record crude storage levels at Cushing and high production expected through the year will likely keep WTI prices low for two quarters, Goldman Sachs’ senior strategist says.
The arrival of spring temperatures is causing natural gas and NGL prices to fall as heating and blending demand decrease and uncertainty remains over crude prices.
West Texas Intermediate crude oil prices experienced another uptick the first week of March.
Ethane markets are improving, but butane is still most preferred feedstock.
Kinetic energy created by a derailment factors more heavily in the size of a fire than whatever the train is hauling, according to a report, the American Petroleum Institute said.
After stabilizing in recent weeks, oil prices are back on the decline amid concerns that the world is producing more crude than it can store.
Democratic lawmakers wrote in cosponsored legislation that “these outdated cars pose an alarming risk,” Reuters said. Sen. Maria Cantwell introduced the legislation concerning regulation of train-transported Bakken crude oil.
The pipeline will move 80,000 barrels of crude oil from Longview, Texas, to Shreveport, La., and El Dorado, Ark. The joint venture between the companies creates Caddo Pipeline LLC.
Key North American Hub Prices: March 24, 2015
The pipeline transports condensate from DeWitt County, Texas, to the Port of Victoria. It handles about 50 Mbbl/d. The dropdown transaction’s total cost ranges between $210 million and $220 million.
Key North American Hub Prices: March 23, 2015
Cross Town will take refined petroleum products to terminals in Argo and Des Plaines, Ill., from Buckeye’s Chicago Complex in Hammond, Ind.
The proposed deal concerns wages, worker fatigue and the issue of contractors. The deal might end the Feb. 1 strike at U.S. plants handling about 20% of U.S. refining capacity, Bloomberg said.
An extended shutdown of part of the Channel may prevent delivery of crude, and force plants to reduce production, limiting fuel supplies, after a Venezuela-bound tanker spilled a gasoline additive, Bloomberg said.
The tanker was carrying 216,000 barrels of the gasoline additive methyl tertiary-butyl ether, Reuters said.