Refiners have been using trucks to replenish oil supplies after Plains All American Pipeline took its Wahsatch pipeline down last week as a precaution after monitoring equipment detected an anomaly.
Pony Express Pipeline Will Connect To Holly Frontier Refinery
OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the UAE and Iraq pledge to catch up quickly with their targets.
Oil prices fell Feb. 24 after U.S. crude inventories rose for a seventh week, showing that the market is still struggling to ease oversupply despite many producers' efforts to rein in production.
Crude oil and gasoline inventories had soared to record highs a week earlier as refineries cut output amid seasonal maintenance and gasoline demand softened.
The reductions were partly offset by ExxonMobil adding 1 billion barrels of new oil and gas reserves in the U.S., Kazakhstan, Papua New Guinea, Indonesia and Norway.
Benchmark Brent crude oil jumped $1.08/bbl to $56.92 before easing back to $56.85 by 7:15 a.m. CT (13:15 GMT) Feb. 23. West Texas Intermediate light crude hit a high of $54.64, up $1.05/bbl.
Eleven non-OPEC oil producers that joined a global deal to cut output to boost prices have delivered at least 60% of promised curbs so far, higher than initially estimated.
Western Canada’s big unconventional play has its merits and its challenges. Improving midstream infrastructure will help producers tap its riches.
GEL Pipeline Texas LLC Announces Open Season
Global oil prices slipped on Feb. 22 as the U.S. dollar, in which payments for crude are made, rose, but they traded broadly at multi-week highs after OPEC signaled optimism over its deal.
ConocoPhillips has revised down over a billion barrels of oil sands reserves because of low global crude prices, the latest sign that some of Canada's vast hydrocarbon potential may be left untapped.