Oil

Oil Rises as International Energy Agency Boosts Demand Forecast

The International Energy Agency increased its outlook for 2020 fuel demand causing oil prices to rise on Friday but rising coronavirus cases in the U.S. tempered expectations for a quick recovery.

U.S. Judge Rejects Latest Dakota Access Effort to Avoid Pipeline Shutdown

A federal court judge has rejected the latest request from Dakota Access to stay a shutdown order issued for the 570,000-bpd oil pipeline, allowing the company to appeal to a higher court.

Zhejiang Wins China's First Private Fuel Export License — Sources

Zhejiang Petroleum & Chemical Co has been granted a license to export fuel from the country to the international market, a first for a private oil company in the country.

Dakota Access Seeks Stay of Pipeline Shutdown Order Pending Appeal

Dakota Access has asked a federal court to stay its previous order to shut down and empty the pipeline within 30 days while an appeal of the decision is decided.

U.S. Crude, Natural Gas Demand to Fall in 2020, Oil Decline Less than Forecast — EIA

New data released from the U.S. Energy Information Association forecasts a decline in domestic oil and natural gas production for 2020 with the decline in oil production to be less than previously forecast.

Judge Denies Dakota Access Initial Motion to Stay Pipeline Shutdown Order

A federal judge has denied a request from owners of the Dakota Access pipeline to stay a shutdown order passed down on Monday requiring the pipeline to be shut and emptied within 30 days.

End of an Era? Series of Setbacks Bode ill for Big Pipeline Projects

A rapid-fire succession of setbacks for big energy pipelines in the United States this week has revealed an uncomfortable truth for the oil and gas industry: environmental activists and landowners opposed to projects have become good at blocking them in court.

China Hires Morgan Stanley, Goldman Sachs to Advise on Pipeline Asset Transfers — Sources

China has hired Morgan Stanley and Goldman Sachs to advise the country's top energy firms on multi-billion dollar deals transferring oil and natural gas pipeline assets to a new national energy infrastructure company.

Rangeland Midstream Canada Brings Marten Hills Pipeline System into Service

The Marten Hills Pipeline System from Rangeland Midstream Canada has entered service.

Dakota Access Pipeline Shutdown May Revive Oil-by-Rail Industry

The court-ordered shutdown of the Dakota Access pipeline on Monday may provide a much-needed boost to the oil-by-rail industry.

Supreme Court Reinstates Permit 12 but Excludes Keystone XL

The U.S. Supreme Court reinstated use of the Army Corps of Engineers' Nationwide Permit 12 but refused to allow use of the fast-track permit to resume work on TC Energy's Keystone XL project.

Energy Transfer Vows to Keep Dakota Access Oil Flowing

Energy Transfer vowed to fight a court order to shut down and empty the Dakota Access oil pipeline, contending that U.S. District Judge James Boasberg overstepped his authority with the Monday ruling.

BP Closes Part of Alaska Sale to Hilcorp; Pipeline Under Review

BP announced it has closed part of its planned $5.6 billion sale of Alaskan assets and operations to Hilcorp, but its stake in Trans Alaska Pipeline is still under regulatory review.

Energy Transfer Moves to Prevent Cancellations on Dakota Access Expansion — Sources

Energy Transfer has reportedly invoked force majeure in order to prevent oil companies from canceling contracts to ship crude oil on the company's proposed expansion of the controversial Dakota Access pipeline, according to two sources familiar with the matter.

Traders Thought Apple Had 'the Holy Grail' of Oil Data, but the Quest Continues

As more and more of the world is run on data, oil traders have been increasingly looking for any source that can provide real-time data on fuel demand.

Michigan Judge Allows Restart of Enbridge Line 5 Pipeline

A Michigan judge ruled that Enbridge can resume pumping oil through its Line 5 pipeline, nearly a week after shutting it down because of damage to a structure that anchors a section of the line.

UAE’s BPGIC to Expand Storage Facilities

The United Arab Emirates’ Brooge Petroleum and Gas Investment Co (BPGIC) said on Wednesday that it was moving ahead with its oil storage expansion plans as there has been a limited impact from the coronavirus pandemic on the company's operations.

Alaska Officials Approve BP's Sale of Pipeline, Oil Leases to Hilcorp

Alaskan energy officials on Monday approved the sale of BP's pipeline and oil and gas assets to Hilcorp Energy as part of a previously announced multi-billion dollar deal.

Chesapeake Asks to Cancel Pipeline Contracts Amid Bankruptcy Filing

Chesapeake Energy is looking to cancel more than $300 million worth of pipeline contracts as part of its Chapter 11 bankruptcy proceedings.

Chesapeake Energy Bankruptcy Delivers Hit to Reeling Pipeline, Service Firms

A bankruptcy filing by Chesapeake Energy will deliver a hard blow to pipeline and service companies already struggling from the collapse in energy demand brought on by the coronavirus pandemic.

Sasol to Sell Stakes in Mozambique Pipeline, Power Plant — Sources

According to two sources, Sasol is looking to sell its stakes in a Mozambique pipeline as well as a power plant in the country.

Oil Pricing Agencies Platts, Argus Launch New U.S. Crude Benchmarks

The top two oil pricing agencies announced on Thursday they will start new pricing benchmarks reflecting the price of Gulf Coast crude on oil tankers loaded on tankers for export.

Easton Energy Adds Crude, NGL Storage Rights at Texas Facility

U.S. pipeline and storage operator Easton Energy is planning to expand its natural gas liquids and olefins storage at existing salt caverns along the Texas Gulf Coast and add crude storage capability.

Oil Price Structure Sparks Storage Draw Down

Oil’s price structure for Brent and U.S. crude has caused storage to be drawn down, signalling a recovery in global markets and tighter supplies as major producers cut output

API’s May Data Report Shows Signs of Industry Recovery

New data from the American Petroleum Institue (API) during the month of May shows the U.S. energy market may be headed for a swift recovery.

Williams to Handle Gathering, Production for Taggart

Williams announced a tieback agreement with LLOG Exploration Offshore to provide oil and gas gathering and production services for the Taggart development in the Gulf of Mexico.

U.S. Shale Companies to Boost Oil Output by 500,000 Bpd by July

According to industry analysts, U.S. shale producers are expected to restore roughly 500,000 bpd of crude oil production by the end of the month.

Shell Launches Sale of Stakes in Norwegian Fields, Pipelines — Document

According to a sales document seen by Reuters, Royal Dutch Shell is selling its stakes in two Norwegian oil fields and associated pipelines.

24% of U.S. Gulf of Mexico Production Shut After Storm

More than 400,000 bpd of U.S. Gulf of Mexico crude oil production remained shut on Wednesday after Tropical Storm Cristobal, the U.S. Bureau of Safety and Environmental Enforcement said.

COVID-19 Mitigation Results in Lowest US Petroleum Consumption in Decades

U.S. consumption of petroleum products has fallen to its lowest level in decades because of measures that limit travel and the general economic slowdown induced by mitigation efforts for coronavirus (COVID-19).