Business & Markets

Oil Steadies After Unexpected Increase in U.S. Crude Stockpiles

Oil prices steadied on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices.

TPA’s Cannon Tackles Coronavirus, Safety Issues

In his role as president of the Texas Pipeline Association (TPA), Thure Cannon spearheads the organization’s advocacy on issues related to pipeline safety, environmental regulations, taxation and legislation for the state’s pipeline industry.

TC Energy Cutting Jobs after Biden Revoked Keystone Permit

TC Energy Corp will eliminate more than 1,000 construction jobs in coming weeks and halt work on the Keystone XL oil pipeline after U.S. President Joe Biden revoked the project's presidential permit.

ONE Future Data Shows Methane Goal Eclipsed

ONE Future, a coalition of 32 natural gas companies, said its 2019 report on methane showed the companies registered an intensity number of 0.334%, beating its 1% goal by 67%.

World Petroleum Congress on Track One Year Out

With slightly less than one year to go until the opening day, momentum continues to build behind the 23rd World Petroleum Congress (WPC), which looks set to continue into 2021.

Kinder Morgan Beats Profit Estimates after Higher Gas Demand

Pipeline companies are seeing a recovery in transport volumes after the pandemic wreaked havoc on demand,

Oil Rises Amid U.S. Stimulus Hopes, Anticipated Changes Under Biden

Oil edged higher on Wednesday on expectations that U.S. President Joe Biden's administration will deliver hefty pandemic-related economic stimulus that will lift fuel demand and enact policies that will tighten crude supply.

More Residential Consumption Expected this Winter than Last

The U.S. Energy Information Administration (EIA) forecasts residential natural gas consumption for the winter season will average 21.1 Bcf/d, 5% more than last winter, due to colder temperatures and changes in consumer behavior.

Bankruptcies, Restructurings, Mergers Likely to Continue in 2021

The confluence of 2020's events led to a series of bankruptcies and restructurings under the weight of heavy debt loads while operating in one of the worst industry downturns in history.

Global Pipeline Construction Outlook 2021

Morgan Stanley went so far as to upgrade the 2021 outlook for midstream as “attractive,” in the wake of post-pandemic re-openings and the sector’s “self-help” measures.

New Pipelines Needed to Bring Appalachia Shales Natural Gas to Gulf Coast LNG Facilities, Study Shows

While other plays near the Gulf Coast are better located to provide natural gas to meet LNG feedstock demand, the Marcellus and Utica can play a relevant role in supplying natural gas to the new LNG facilities located on the Gulf Coast, but additional pipeline capacity will be needed.

Future Looks Bright for LNG in Post-COVID-19 Era

The onset of COVID-19 caused a decline in gas demand of around 4% with a similar decline in the LNG trade. Most forecasts expect gas demand to recover in 2021 to pre-pandemic levels. But what happens thereafter?

Continued Midstream Infrastructure Development Expected After Market Rebound

The INGAA Foundation released its report North American Midstream Infrastructure – A Near Term Update Through 2025, which shows the oil and gas markets should rebound and lead to further midstream infrastructure development.

China’s 2020 Crude Oil Imports Surged 7.3%

Customs data also showed imports of natural gas, including fuel supplied as liquefied natural gas and via pipeline, reached a record 11.23 million tons in December.

Noble Midstream, Chevron Agree on Oil Transmission from Wells Ranch

With this agreement, Noble Midstream will now be responsible for substantially all crude oil gathering and intermediate oil transportation services from the Wells Ranch development area.

Waha Hub Prices Rise with Permian Highway Pipeline in Service

The Permian Basin basis to the Henry Hub briefly went positive as the Permian Highway pipeline entered service, the U.S. Energy Information Administration’s latest weekly natural gas update announced.

Crude Oil Prices Mostly Flat After Trading Below $0 in Spring 2020

Demand for petroleum products in the United States fell sharply in mid-March, which led refiners to curtail operations. It later recovered but remained largely flat for the remainder of 2020.

Phillips 66 Budget Down 43% From 2020’s Forecast

Phillips 66 said its 2021 budget includes capital expenditures of $776 million on the refining segment and $610 million on midstream as the energy industry struggles to recover from the blow of the COVID-19 pandemic.

Despite a Late Surge, Oil Ends 2020 Down 20%

Brent and U.S. crude benchmarks have more than doubled from April's nadir as producers cut output to match weaker demand. News of coronavirus vaccine distributions also bolstered prices in the fourth quarter, helping futures recover to the highest in about 10 months.

Energy Sector Could Get Reprieve from ‘Golden Cross’ Chart Signal

Energy could see its fortunes improve in the new year after its price action surfaced a technical buy signal on the charts on Wednesday. The bullish development in S&P 500 energy sector is called a “golden cross,” which is conventionally defined by technical analysts as the 50-day moving price average rising above the 200-day moving average.

Natixis Sees Deals from Gulf States Monetizing Oil Assets

Natixis expects oil-rich Gulf states to accelerate privatizations, including by extracting revenue from oil assets, with Saudi Arabia and possibly Oman as likely candidates for similar deals next year, the French bank’s regional head said.

Russia’s Gazprom Signs Deal on Gas Prices with Belarus for 2021

Russia and Belarus said the two countries signed a deal on gas prices for 2021, easing tensions between the two former Soviet countries.

LNG Prices Reach 6-Year High as Winter Storm Hits Asia

As an early winter chill grips China, South Korea and Japan, prices for LNG and power are rising due to supply crunches and a surge in demand with more cold weather expected.

Oil Settles Up, Marking 7th Straight Weekly Gain

Oil settled up at a nine-month high on Friday, rounding out seven straight weeks of gains as investors focused on vaccine rollouts and a decline in the U.S. dollar.

Hilcorp Unit Completes BP Alaska Acquisition

Privately held Hilcorp Energy's unit completed a $5.6 billion acquisition of BP's business in Alaska, taking over the region the British oil major had operated in for 60 years.

Court Approves Williams' Deal with Bankrupt Chesapeake

A bankruptcy court has approved Williams' agreement to take ownership of some Chesapeake Energy assets in exchange for accepting lower gas gathering fees.

As Biden Cabinet Takes Shape, API Seeks Voice in Energy, Climate Policy

The American Petroleum Institute on Thursday reached out to the incoming Biden administration to collaborate on climate and energy policy, calling energy a non-partisan issue that modern life depends on.

APGA Focuses on Industry Safety, Advocacy

In this interview, APGA Chairman John Leary discusses the association's priorities for the coming year, helping members who are coping with the coronavirus and engaging the public concerning natural gas and other topics.

Uzbekistan to Cut Gas Exports Amid Domestic Shortages

Uzbekistan will cut natural gas exports, which mostly go to China, because of domestic energy shortages, the Central Asian country's energy ministry said on Thursday.

Oil Prices Hit 9-Month High after Inventory Draw

il climbed to a nine-month high on Thursday after government data showed a fall in U.S. crude stockpiles last week, while progress towards a U.S. fiscal stimulus deal and strong Asian demand also buoyed prices.