Oil

US Emergency Crude Stockpile Falls to Lowest in 37 Years

The U.S. emergency crude oil stockpile fell by 4.6 million barrels last week to its lowest level since May 1985, according to the Department of Energy on Monday.

Magellan's Permian-Houston Crude Pipelines Volumes Drop

Volumes on Magellan's 450-mile (724-km) Longhorn crude oil pipeline from West Texas to Houston averaged about 200,000 barrels per day (bbl/d) in the three months ended June 30 compared with 260,000 bbl/d in the same period last year.

US Senate Bill Could Deal Significant Blow to Biden’s Anti-Drilling Pledge

U.S. President Joe Biden's vow to end federal oil and gas drilling could be axed by a $430 billion spending bill proposed by U.S. Senate Democrats. If it passes, it would effectively guarantee continued drilling rights auctions on federal lands and waters for at least another decade.

Perspective: Rebalancing Texas’ Grid the Right Way

On the afternoon July 11, the part of the Texas electric grid managed by the Electricity Reliability Council of Texas (ERCOT) produced roughly 80,000 megawatts (MW) of electricity.

Keystone Pipeline Disruption Seen as Having Low Impact on Oil Deliveries

Reduced flow rates on the 590,000 barrel-per-day Keystone pipeline are having only a slight impact on oil deliveries, analysts at consultancy Wood Mackenzie said last week, following operator TC Energy's decision to declare force majeure.

Can US Port Infrastructure Handle More Crude Exports?

U.S. crude shippers are exporting huge amounts of oil to meet strong demand from Europe following Russia's invasion of Ukraine and subsequent sanctions against Moscow. In coming years U.S. oil may find even more buyers overseas, but that could test the capabilities of U.S. export infrastructure.

Czechs to Get Capacity Boost Through TAL Oil Pipeline

The Czech Republic will be able to raise daily capacity for crude oil deliveries coming via the TAL pipeline, Prime Minister Petr Fiala said on Thursday after the country got clearance from German authorities.

Biden Administration Issues Options for ConocoPhillips’ Alaska Oil Drilling Project

The Biden administration on Friday outlined several options for the development of ConocoPhillips' planned $6 billion Willow oil and gas project in Alaska, including a proposal to build up to five drill sites, dozens of miles of roads, seven bridges and pipelines.

Austria Orders Industry to Make Switch from Natural Gas to Oil

Austria will order industry and utilities to make plants run on alternatives to natural gas where possible, especially oil, its energy minister said on Tuesday, as the country scrambles to hoard gas in case Russia cuts it off.

Russia Seizes Control of Sakhalin-1 Oil and Gas Project

A senior Russian lawmaker said on Thursday that Moscow would take control of the Sakhalin-1 oil and gas project in which Exxon Mobil, Japan's SODECO and India's ONGC Videsh are partners, a week after taking over the neighboring Sakhalin-2.

Russian Court Orders Caspian Oil Pipeline to Suspend Operations

Caspian Pipeline Consortium (CPC), which takes oil from Kazakhstan to the Black Sea via one of the world's largest pipelines, has been told by a Russian court to suspend activity for 30 days, although exports were still flowing.

China Port Group Starts Pumping Crude Oil into New 230-Mile Pipeline

China's Yantai Port Group started on Monday pumping oil into a newly expanded crude oil pipeline that connects the port of Yantai to a group of independent refineries in the country's refining hub Shandong, state media reported on Tuesday.

Nigeria Takes $1 Billion Hit in Q1 Revenue Due to Crude Oil Theft

Nigeria lost $1 billion in revenue during the first quarter of this year due to crude oil theft, the petroleum regulator said on Friday, warning the practice was a threat to the economy of Africa's top producer.

US Gulf Coast Crude Oil Exports to Hit Record High This Quarter

Oil

Exports of crude oil from the U.S. Gulf Coast could hit a record 3.3 MMbbl/d this quarter, analysts said on Monday, as Europe chases U.S. crude to offset sanctioned Russian oil.

Russia Looks to Lure Asian Buyers with Higher Quality Crude Oil

Russia has been improving the quality of its flagship Urals crude oil export, making the heavily-discounted grade even more attractive to buyers in Asia who have been snapping it up, data obtained by Reuters showed.

US Authorities Stop Oil Tanker Traveling from Russia to Verify Origin

U.S. authorities have stopped an oil tanker traveling from Russia to New Orleans to check whether it is Russian in origin, Reuters reported on Tuesday.

EIA Expects Nine New Gulf of Mexico Natural Gas, Crude Oil Fields to Start in 2022

The U.S. Energy Information Administration forecasts that new fields coming online in 2022 will account for 5% of natural gas production and 14% of crude oil production in the U.S. Federal Offshore Gulf of Mexico by the end of 2023.

Challenging Tethered ILI of a Crude Pipeline in the Caribbean

In most cases, inline inspections (ILI) follow a basic principle: what goes into the pipeline at one end must come out at the other. Sometimes, it is not that simple.

US to Sell Up to 45 Million Barrels of Oil from Historic SPR Release

Oil

The U.S. Department of Energy on Tuesday said it was selling up to 45 million barrels of oil from the Strategic Petroleum Reserve as part of the Biden administration's previously announced, largest-ever release from the stockpile.

ONGC Expects Sanctions to Further Delay Russia's Sakhalin 1 Oil Project

Operations at Russia's Sakhalin 1 oil project will continue to face disruptions for 'a couple of months' as Western sanctions have hit insurance cover for ships to transport crude, according to India's ONGC Videsh, a stakeholder.

Canada Expands Pipeline Capacity, But Crude Now Faces US Gulf Coast Oversupply Issue

After long being deeply discounted for years because of a lack of pipelines, Canadian heavy crude is finally trading like a "North American" grade, moving in tandem with U.S. sour crudes sold on the Gulf Coast after Enbridge Inc. expanded its Line 3 pipeline late last year.

Russia Hikes Oil Exports from Major Eastern Port to Help Offset EU Ban

Russia is ramping up oil exports from its major eastern port of Kozmino by about a fifth, aiming to meet surging demand from Asian buyers and offset the impact of European Union sanctions.

Closely Watched Exploration Well Off Western Australia Finds No Gas, Oil

Western Gas said on Monday its Sasanof-1 exploration well off Western Australia found no hydrocarbons, in a big disappointment for one of the most closely watched drilling campaigns in Australia this year.

Sources: US to let Eni, Repsol Ship Venezuela Oil to Europe for Debt

Eni and Spain's Repsol SA could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude, resuming oil-for-debt swaps halted two years ago when Washington stepped up sanctions on Venezuela.

Magellan, Enterprise Announce Update on Terminal Transfers of Midland WTI AGC Futures

Oil

The waived transfer costs apply to EFP and ADP deliveries in addition to all volume that goes to delivery through the HOU futures contract and is executed in accordance with ICE’s rules and will remain in effect through March 31, 2023.

Kinder Morgan Says Oil Vessel Charter Rates Gain After Ukraine Crisis

Oil

Day rates for vessels that move oil and refined products between U.S. ports rose after the United States banned Russian oil and product imports this year, according to Kinder Morgan CEO Steven Kean.

Oil Turns Negative as OPEC Eyes Russia Suspension from Output Deal

Oil / E&P

Oil prices turned negative on Tuesday after a report that some producers were exploring the idea of suspending Russia's participation in the OPEC+ production deal.

Croatia Ready to Increase Adriatic Oil Pipeline Capacity, Hungary Says

Croatia is ready to increase the capacity of the Adriatic oil pipeline to supply Hungary and Slovakia with crude in case of any disruptions to imports from Russia via the Druzhba pipeline, Hungary's foreign minister said on Tuesday.

Iran Seizes Two Greek Tankers amid Row over US Oil Grab

Iranian forces seized two Greek tankers in the Gulf on Friday, shortly after Tehran warned it would take "punitive action" against Athens over the confiscation of Iranian oil by the U.S. from a tanker held off the Greek coast.

Argentina Easing Energy Firms' FX Access to Spur Vaca Muerta Development

Argentina is easing access to foreign currency for oil and gas companies that increase production in the South American country, part of a bid to accelerate the development of the huge Vaca Muerta shale formation and trim reliance on costly imports.