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Len Vermillion

Permian WTI Crude Oil Futures Sets ICE Trading Record

Volume of 1,953 contracts breaks previous mark set earlier in January.

EIA: US Crude Production In November Rose To 11.9 Million bbl/d

U.S. crude oil production rose to a new high of 11.9 million barrels per day (MMbbl/d) in November, up 345,000 bbl/d from the previous month, the U.S. Energy Information Administration said in a monthly report on Jan. 31.


Magellan Cancels Plan For Short-Haul Oil Pipeline In West Texas

The Tulsa-based company plans to pursue a lower-cost project to meet shipper needs in an effort to be more capital efficient, its CEO told investors on a conference call.


Enterprise’s Repurposed Permian Basin Pipeline To Begin Service Soon

Enterprise Products Partners has begun the process of converting an NGL pipeline in the Permian Basin to carry crude oil to the U.S. Gulf Coast.


Magellan Midstream And Navigator Energy Services Extend Open Season For Potential Cushing-To-Houston Crude Oil Pipeline

Magellan Midstream Partners, L.P. (NYSE: MMP) and Navigator Energy Services announced on Jan. 31 an extension of the open season to solicit commitments from shippers for the potential new Voyager pipeline to transport various grades of light crude oil and condensate from Cushing, Oklahoma to Houston.


Canadian Province Of Alberta Lowers Oil Curtailments As Glut Eases

The Canadian province of Alberta will ease oil curtailments in February and March, earlier than expected, saying on Jan. 30 that its rare step to limit production had eased a glut of crude.


Global Oil Industry Braces For Turmoil From US Crackdown On Venezuela

Traders are looking for ways to keep the crude flowing during the sanctions.


IEA Chief: Too Early To Assess Impact Of Latest U.S. Sanctions On Venezuela

The International Energy Agency (IEA) has yet to assess the impact of the latest U.S. sanctions on Venezuelan oil supplies, its executive director said on Jan. 30.


EIA: US Crude Stockpiles Rise Less Than Expected

An EIA report shows U.S. crude oil stockpiles rose less than expected last week due to a drop in imports, which helped offset the impact of a substantial drop in refining activity.


Exxon Mobil, Plains All American To Build Permian Crude Pipeline

A joint venture between Exxon Mobil, Plains All American and Lotus Midstream has agreed to build a new crude pipeline to connect the Permian Basin in West Texas to the Texas Gulf Coast.


Oil Prices Rise As US Imposes Sanctions On Venezuela

Gains are reined in by fears of a slowing Chinese economy.



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