Oil

Enbridge Sees Improving Mainline Oil Volumes

Canadian pipeline operator Enbridge on Wednesday posted a quarterly profit slightly higher than analysts' estimates and said it sees volumes growing across the Mainline, North America's biggest oil pipeline network.

Pipeline Doubts put Bakken Shale Reboot on Hold

North Dakota oil producers face new pressures to delay bringing back more of their recently curbed output after a U.S. court ruling this month put in jeopardy the pipeline that transports most of the region's oil, executives and analysts said.

Once Canada's Oil Relief Valve, Rail Shipping Grinds to Near Halt

Crude-by-rail shipments in Canada, which hit record highs just five months ago, have all but come to a halt as global energy demand has plummeted opening up transport space on much cheaper pipelines.

China's Surging Crude Imports Mask Weakness in the Rest of Asia: Russell

Although China has been importing large amounts of crude oil in recent months, imports into the rest of Asia remain weak.

PipeChina to Take on $56 Billion of Pipelines to Boost Network Access

China is taking major steps to consolidate its midstream oil and gas sector with the newly formed state-owned PipeChina taking on more than $55 billion in assets.

Bounceback in U.S. Shale Output Unlikely to Last the Summer

While the slow reopening of the global economy has raised oil prices encouraging U.S. shale producers to roll back production curtailments, industry analysts don't expect shale production to fully return for quite a while.

EIA Forecasts Year-Long U.S. Petroleum Demand Recovery

The U.S. Energy Information Administration predicts that U.S. petroleum consumption will continue to recover through the end of this year but won't reach pre-pandemic levels until August 2021.

Marketing Firm Sues Occidental for Payment of Crude

A midstream marketing firm is suing Occidental Petroleum alleging the embattled shale producer did not pay for crude deliveries.

Buckeye Partners Begins Operations at South Texas Gateway Export Terminal

Buckeye Partners has begun exporting oil from its new South Texas Gateway terminal in Corpus Christi, TX.

ChemChina Buys Gazprom Neft's First Arctic Oil Cargo for China — Sources

Gazprom Neft has sold its first ever oil cargo to China to be delivered via Arctic shipping routes to ChemChina according to sources.

OPEC+ Eases Record Oil Cuts as Economy Recovers from Pandemic

OPEC and its allies have agreed to ease production cuts established earlier in the year as the global economy begins to recover from the coronavirus pandemic but fears of a second wave of infections could hamper the market recovery.

Iran's Oil Storage Almost Full as Sanctions, Pandemic Weigh

As U.S. sanctions and the coronavirus pandemic take its toll on Iran, the country has been forced to cut back its oil production due to a decreasing amount of storage.

Nigeria Will Boost Compliance with OPEC+ Cuts — SPA

In a call with Suadi Arabia's oil minister, his Nigerian counterpart confirmed that his country would comply 100% with the agreed-upon OPEC+ production cuts and will compensate for their overproduction in May and June.

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.