Oil

Lotus Midstream Considers Reversing West Texas to Cushing Pipeline

Pipeline operator Lotus Midstream LLC may reverse flows on a line now sending crude from West Texas to Cushing, Oklahoma, the main hub for pricing U.S. crude futures, three people familiar with the matter said on Tuesday, an unusual move that could lift U.S. benchmark prices by draining supplies.

Sources: Majors Stuck with Tainted Russian Crude While Compensation Talks Continue

BP and Glencore are struggling to sell around 600,000 tons of tainted Russian oil more than three months after the contamination was discovered, according to six trading sources.

Canada's Alberta Extends Oil Curtailments Through 2020 Due to Slow Pipeline Progress

The government of Canada’s main oil-producing province, Alberta, said on Tuesday it was extending mandatory curtailments on crude production by an extra year through 2020, because of uncertainty about when expanded pipelines may come online.

Pembina to Acquire Kinder Morgan Canada, Cochin for $3.3 Billion

Calgary-based Pembina Pipeline has agreed to acquire Kinder Morgan Canada and the U.S. portion of the Cochin Pipeline system in a $3.3 billion deal that expands its Canadian storage capacity in a period of high demand.

Pipeline Shippers Challenge Plains' Steel Tariff Surcharge

Two U.S. shale producers have challenged an energy pipeline operator's proposed surcharge for the Trump administration's 25% tariff on imported steel, raising the stakes for pipeline builders facing higher construction costs.

China's CNPC Suspends Venezuelan Oil Loading Due to U.S. Sanctions: Sources

China National Petroleum Corp, a leading buyer of Venezuelan oil, has halted August loadings following the latest U.S. sanctions on the South American exporter, three sources with direct knowledge of the matter told Reuters on Monday.

ICE, Magellan to Offer Dock Capacity to Houston Oil Futures Customers

Intercontinental Exchange and Magellan Midstream said this week they would auction dock capacity at Magellan's terminals in Galena Park and Seabrook, Texas, for holders of ICE's Permian West Texas Intermediate (WTI) crude futures contracts.

Bid for Inter Pipeline Highlights Strength of Canada's Midstream Sector

A recent unsolicited bid for Inter Pipeline Ltd has highlighted the potential of Canada’s midstream companies to offer insulation from volatile oil prices.

EPIC Midstream Ships First Crude on New Permian-Gulf Coast Pipeline

EPIC Midstream Holdings Inc on Thursday began shipping crude oil on its 400,000 barrel per day (bpd) pipeline from the Permian Basin to the U.S. Gulf Coast, pushing Midland crude prices higher, traders said.

NuStar Energy Receives First Shipment of Permian Crude Oil From Cactus II Pipeline

NuStar Energy has announced that it has received its first shipment of Permian crude at its Corpus Christi North Beach Terminal, and that the terminal will load the first cargo of the long-haul Permian crude onto a ship for export this weekend.

Anadarko Midstream Group Gets New Oxy Leadership After Buyout, Could Hint at Future Sale

Less than a week after Anadarko’s shareholders overwhelmingly approved its acquisition by Occidental Petroleum (Oxy), the new owners have replaced executive leadership at Western Midstream (WES), a business that is viewed as a prime target for sale by Oxy as it seeks to reduce debt from the buyout.

Mid-East Group, Russia Split on Caspian Resources, Pipeline

Five countries bordering the energy-rich Caspian Sea met Monday at an economic forum hosted by Turkmenistan in a bid to agree on how to divide the region's oil wealth.

BP Considers Shipping Non-Diluent Products on U.S.-Canada Pipeline

BP Midstream Partners is considering shipping other products besides diluent on its 135,000 barrel per day Diamondback pipeline, which helps transport diluent from the United States to Canada, Chief Executive Rip Zinsmeister said on Thursday.

EIA: U.S. Gas, Shale Oil Output to Hit Record in September

U.S. oil output from seven major shale formations is expected to rise by 85,000 bpd in September, to a record 8.77 MMbpd, the U.S. Energy Information Administration forecast in its monthly drilling productivity report on Monday.

Trafigura Begins Shipping Permian Crude via Plains' Cactus II

Trafigura Trading today said it has commenced shipments of crude oil from the Permian Basin to the Corpus Christi, Texas, via the Cactus II Pipeline, marking the first confirmed shipments on Plains All American's newly operational system.

Energy Transfer in Talks to Build U.S. Gulf Coast Supertanker Crude Export Facility

Energy Transfer LP said on Thursday it was in discussions with potential shippers to build an export facility in Texas capable of handling supertankers, which can transport about 2 million barrels of crude.

New U.S. Pipelines Poised to Start Price War for Shale Shippers

The operators of two new pipelines in West Texas shale fields are offering discounted prices to attract shippers accustomed to high fees to move oil to export hubs, according to the pipeline companies and federal filings.

Permian to Need More Crude Takeaway Capacity: WoodMac

Planned crude oil pipeline projects may result in a “moderate overbuild” of Permian Basin crude oil capacity in the early 2020s, but Wood Mackenzie analysts project this period of overcapacity will be fairly short-lived before even more capacity is needed.

Sources: Iraq Chooses BP and Eni Over Exxon for Pipeline Project

Iraq is close to reaching a deal with oil majors BP and Eni for an export pipeline project that was initially planned as part of a mega-deal with U.S. energy giant ExxonMobil, according to five senior Iraqi oil officials involved in the negotiations.

Oryx Secures $550 Million Investment From Qatar Investment Authority

Oryx Midstream Services (Oryx), the largest privately-held midstream crude operator in the Permian Basin, has announced that an affiliate of Qatar Investment Authority (QIA) has acquired a significant stake in Oryx from an affiliate of Stonepeak Infrastructure Partners (Stonepeak).

Plains' Cactus II to Start Commercial Service Next Week

Plains All-American's new Cactus II crude oil pipeline from the Permian Basin to the Gulf Coast is mechanically complete and will begin commercial service next week, CEO Willie Chiang said.

Caliber Midstream Acquires North Dakota Assets from American Midstream Partners

Caliber Midstream Holdings has acquired the North Dakota assets previously owned by American Midstream Partners.

Confidence in New Permian Pipelines Lifts WTI Crude Prices Above Expectations

U.S. West Texas Intermediate (WTI) crude in Midland traded in positive territory for the first time in more than a month on Monday on expectations a new Permian pipeline will begin operation soon, traders said.

U.S. Now South Korea's 4th largest Oil Supplier

SEOUL (Reuters) - Just three years after lifting a ban on crude exports, the United States has overtaken Iran and the United Arab Emirates to become South Korea's fourth-largest oil supplier, displacing mainly oil from the Middle East.

SCM Launches Binding Open Season for Delaware Basin Crude System

Salt Creek Midstream's SCM Crude subsidiary launched a binding open season today to solicit binding commitments for priority crude oil interstate gathering and transportation service on its proposed Delaware Basin gathering and transportation system.

Enbridge Solicits Bids for Mainline Pipeline

Enbridge said on Friday it would invite bids for contracted space on its Mainline system, as shippers compete to move oil on the country’s congested pipeline networks.

Plains to Allocate Unused Cactus II Space to Committed Shippers

Plains All American LP said on Wednesday it would allocate unused space on its Cactus II crude pipeline to committed shippers if spot shipments fall below the 10% of capacity set aside for those shipments.

UAE's ADNOC Pipeline Investment Deal Reaches Nearly $5 Billion

Singapore’s sovereign wealth fund (GIC) is investing $600 million in Abu Dhabi National Oil Company’s (ADNOC) crude pipeline infrastructure bringing the total combined deal to $4.9 billion.

EPIC Midstream New CEO Targets Year End for U.S. Crude Export Operations

EPIC Midstream Holdings LP has begun filling a new 400,000 bpd oil pipeline that stretches from the Permian Basin to the U.S. Gulf Coast.

Oil Storage Pools Set Ablaze in Colombia During Pipeline Repairs

Colombia's state-run oil company Ecopetrol said intruders deliberately set fire to crude oil retention pools it was using for storage during repairs to its bomb-damaged Caño Limón-Coveñas pipeline.