Key North American Hub Prices: Feb. 24, 2017
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.
The pipeline will provide producers and processors with a 'much-needed outlet for the rapidly growing natural gas volumes in the Delaware Basin,' CEO Christer Rundlof said.
Key North American Hub Prices: Feb. 23, 2017
Crude oil and gasoline inventories had soared to record highs a week earlier as refineries cut output amid seasonal maintenance and gasoline demand softened.
Energy Transfer To Construct Fifth Fractionation Facility At Mont Belvieu
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.
In November 2016, TransCanada halted its open season for Mainline after failing to receive enough bids from shippers, Reuters reported.