Business & Markets

Regulators Ease Storage Rules, Fees for Texas Producers

Texas oil and gas regulators voted to temporarily relax their rules for underground crude storage and waive related fees and surcharges that producers typically pay.

Texas Will Not Mandate Oil Production Cuts

Texas energy regulators on Tuesday said they will not mandate oil production cuts, ending a month-long debate about whether they would wade into global oil politics for the first time in 50 years as crude prices cratered.

Texas Eastern Gas Pipeline Explodes in Kentucky

Enbridge responded to an explosion Monday evening on Line 10 of its Texas Eastern system in Kentucky, and said Tuesday that it has shut-in a section of the pipeline. Gas futures rose on the news.

U.S. Natgas Prices Rise on More Demand, Slowing Output

U.S. natural gas futures climbed to a 15-week high Monday and held firm in early trading today on forecasts for cooler weather and more heating demand and slowing output.

Freeport LNG Starts Commercial Operation of Third Train

Freeport LNG said it began commercial operations for its third liquefaction train on Friday, with the commencement of liquefaction services to Total S.A. and SK E&S under their tolling agreements with Freeport.

Poland's Gaz-System Reaches $306 Million Pipeline Deal with Saipem

Polish gas grid operator Gaz-System said on Monday it signed a 280 million euro ($306 million) contract with Italian oil services group Saipem to build a section of the Baltic Pipe between Denmark and Poland.

Williams Places Phase II of Hillabee Expansion in Service

Williams said it has placed Phase II of the Hillabee expansion project in service, adding natural gas capacity to the Transco system and direct access to Florida’s rapidly growing power generation market.

Russian Pipelaying Vessel Reaches Baltic as Nord Stream 2 Target Looms

A Russian pipelaying vessel that could be used to complete construction of the Nord Stream 2 gas pipeline to Germany has arrived in the Baltic Sea.

Magellan Midstream Diesel Flows Fall, Projects Continue

Magellan Midstream has reported a decline in diesel flows on its pipelines as drilling activity in the Permian Basin has dropped due to the collapse in oil prices.

Phillips 66 Posts Loss on $3 Billion Writedowns in Refining, Transportation Units

Phillips 66 took $3 billion in writedowns during Q1, but strong earning in the company's midstream sector helped offset other losses.

TC Energy Boosts 2020 Capex to Build Keystone XL Pipeline

TC Energy, bolstered by better-than-expected quarterly profit earnings, is raising its capital spending budget for 2020 in order to build its Keystone XL Pipeline.

Head of Texas Energy Regulator Opposes State-Mandated Oil Curbs

The head of the Texas energy regulator has stated his opposition to a proposal of state-mandated oil production cuts.

Cheniere Moderates 2020 U.S. LNG Growth Estimates

Due to the coronavirus pandemic, Cheniere Energy, the largest LNG company in the U.S., has cut its growth estimates for LNG exports as well as its investment in new projects.

Greek-Italian Joint Venture Seeks Contractors for EastMed Gas Pipeline

Greece's DEPA and Italy's Edison are looking for contractors to build part of the EastMed gas pipeline.

Ecopetrol Unit to Let Colombia Oil Producers Cut Pipeline Costs for Two Months

Ecopetrol subsidiary Cenit is allowing Columbian oil producers to reduce their transit tariffs by 50% for two months in an effort to ease the strain on the industry due to the coronavirus pandemic.

Calcasieu Pass Raises Roof for First LNG Storage Tank

Venture Global LNG said it raised the first LNG storage tank roof at its Calcasieu Pass export facility in Cameron Parish, Louisiana. The milestone was completed on schedule and comes eight months after the project’s final investment decision, it said..

Reporting Higher Q1 Profits, Enterprise Products CEO Puts a Personal Spin on COVID Response

Enterprise Products Partners’ outspoken co-CEO Jim Teague used a conference call with investors Wednesday as an opportunity to comment on the U.S. economic shutdown, reflecting on his personal experiences during the 1950s polio epidemic and as a helicopter pilot in Vietnam in relation to the COVID-19 response.

Enterprise Products Partners Cuts Capex, Says Oil Pipeline Volumes Steady

Enterprise Products has cut its capital expenditures for 2020 and says volumes on its oil pipelines have not yet declined as oil demand continues to drop around the world.

Poland's PGNiG Receives LNG Delivery from U.S.

Polish gas giant PGNiG received its third LNG delivery from U.S.-based Cheniere on Tuesday as part of the company's long-term plans to reduce reliance on Russia.

Tokyo Gas Maintains LNG Imports, Infrastructure Projects Despite Profit Plunge

Japan's biggest supplier of city gas said net profit fell by nearly half in the fiscal year ended March 31, but it has no plans to cut LNG imports or change its overseas investment plan.

Continental Resources Halts Bakken Shale Output, Seeks to Cancel Sales

The largest oil producer in North Dakota has halted most of its production and reportedly told some customers it will not supply crude after the latest price crash, but there are doubts whether force majeure applies.

U.S. Natural Gas Futures Rise as Oil Slump Triggers Output Worries

U.S. natural gas futures rose on Monday, after falling nearly 9%, as the industry prepares for associated gas production to fall in line with the decline in oil production.

Declining ‘Associated Gas’ Signals Opportunity for Dry Gas Basins

As crude oil producers throttle back production in associated-gas basins, it may signal growth opportunities for dry gas basins such as Haynesville and Marcellus/Utica.

PHMSA Eases Pipeline Regulations, Enforcement in Response to Pandemic

Responding to the impact Covid-19 on midstream staffing and resources, PHMSA has issued two guidance documents to ease some operating requirements, allow discretion in enforcement and provide flexibility to support the critical needs of state and industry partners.

Cheniere Energy Midship Pipeline Approved for Service

The Midship natural gas pipeline, owned and operated by Cheniere Energy, has been approved by the Federal Energy Regulatory Commission to begin service.

Drowning in Crude, U.S. Producers Say Trump Strategic Reserve Plan Won’t Help

American oil producers are not sure how helpful President Trump's plan to fill the U.S. Strategic Petroleum Reserve will be considering the logistical and economic challenges associated with getting the crude to the storage sites.

Pipeliners, Producers Facing Threat of Bankruptcy

Companies across the U.S. energy industry are increasingly facing the threat of bankruptcy as pipeline companies and shale producers all scramble for cash during the greatest demand crunch the industry has ever faced.

Asia, Europe Buyers Cancel Nearly 20 U.S. LNG Cargoes for June Loading - Sources

According to several trading sources, buyers in Europe and Asia have canceled nearly 20 LNG cargoes for loading in the U.S. in June.

U.S. Gas Futures Jump to 9-Week High as Output Slides

Futures prices for U.S. natural gas jumped to their highest level in nine weeks as oil producers shut in wells amid collapsing demand.

Remaining Oil Storage in Cushing, OK is Already Booked — Traders

Oil traders have said the remaining storage space for crude oil in Cushing, Oklahoma, the largest storage site in the U.S., is already completely booked up by producers.