Oil
Mideast Tensions and U.S. Rate Cuts Drive Oil Prices Higher, Raising Supply Disruption Fears
Oil prices extended gains on Monday on fears a major spillover in fighting from the Gaza conflict into the Middle East could disrupt regional oil supplies, while imminent U.S. interest rate cuts lifted the global economic and fuel demand outlook.
Morgan Stanley Cuts 2024 Oil Demand Forecast on China's LNG Truck Growth, Economic Slowdown
Morgan Stanley has lowered its global oil demand growth forecast for 2024, mainly due to China's slower economic growth, increased electric vehicle usage there, and a rise in the number of trucks in China powered by LNG.
U.S. Buys Nearly 2.5 Million Barrels for SPR, Totaling 7 Million Barrels Purchased Since July
The U.S. has bought nearly 2.5 million barrels of oil to help replenish the Strategic Petroleum Reserve after the largest sale ever from the facility in 2022, the Energy Department said on Friday.
Philippines' Top Oil Storage Firm Seeks Strategic Investor, Valuation Could Reach $500 Million
Owners of Philippine Tank Storage International are seeking to bring a strategic investor into the company that runs the biggest petroleum products import storage facility in the country, sources told Reuters.
Enbridge Cuts Rates to Compete with New Trans Mountain Oil Route
Enbridge Inc. has reduced tolls on its Canadian oil export pipelines in response to heightened competition from a newly operational pipeline linking Alberta to Vancouver.
Niger Resumes Oil Exports via Benin After Suspension Amid Dispute
Landlocked Niger has resumed crude oil exports via Benin after a dispute between the countries halted the flow of oil through a new Chinese-funded pipeline to the West African coast, according to a pipeline company agent and ship tracking data on Wednesday.
Enbridge, Energy Transfer Confront Takeaway Capacity Crunch Amid Rising Production
Enbridge and Energy Transfer are tackling the challenge of increasing takeaway capacity amid rising U.S. oil and gas production. This exclusive P&GJ article provides an in-depth look at their latest infrastructure projects and market strategies.
Congress Stalls on Pipeline Safety Bill as PHMSA Nears Key Rule Decisions
Pipeline & Gas Journal Exclusive: As Congress heads toward the end of this session, presumably in late September, two different bipartisan pipeline safety bills passed by two House committees appears to be going nowhere fast.
Hungary's MOL Nears Final Agreement for Russian Oil Transport Amid Kyiv Ban
Hungary's MOL is in the final stages of talks to set up a scheme to ensure crude oil flows from Russia after Kyiv banned its main partner Lukoil's transport through its pipelines, a Hungarian government official said on Thursday.
Exxon Claims Hidden Value in Hess Guyana Assets Could Alter $53 Billion Chevron Deal
Getting the arbitration panel to consider the appraised value is central to Exxon's claim that the deal is an asset acquisition disguised as a merger.
Construction Begins on Ghana's $12 Billion Petroleum Hub, But Not Without Doubts
Ghanaian President Nana Akufo-Addo has broken ground on the construction of a 300,000 barrel-per-day oil refinery that the government hopes will turn the West African country into the region's petroleum hub, but critics say the project is flawed.
U.S. Oil Export Growth Slows as Output and Global Demand Wane
U.S. crude oil export gains should plateau in 2024 after years of strong growth, with domestic output expected to increase by the smallest amount since the pandemic at a time when global oil demand remains sluggish.
Oklahoma Midstream Firm to Move Headquarters to Downtown Tulsa
Superior Midstream has announced that it will relocate its corporate offices to downtown Tulsa, with the move scheduled for January 2025.
Report: U.S. Oil, Gas M&A Activity Soars 57% in 2023 Amid Industry Consolidation
Dealmaking activity in the oil and gas industry increased 57% last year as energy companies boosted development spending, driven by higher cash flows from profits in prior years, according to a report released on Tuesday.
Goldman Sachs Predicts Brent to Fall Amid Soft China Demand
Goldman Sachs on Tuesday said it expected Brent crude prices to fall to $68 per barrel by late 2025 if China oil demand remains flat through end of next year.
Oil Producer APA Explores $1 Billion Sale of Permian Basin Assets: Sources
APA Corp. is exploring the sale of oil and gas drilling properties spread across parts of the Permian basin of Texas and New Mexico, in a deal that could be valued at about $1 billion, people familiar with the matter told Reuters.
Pipeline Capacity Shields Canadian Oil Exports from Rail Strike Impact
A looming labor dispute at Canada's two main railroads is unlikely to significantly reduce oil exports to the United States due to excess capacity on Trans Mountain and other pipelines, people close to the matter said.
Texas Oil Billionaire, Endeavor Energy Founder Autry Stephens Dies at 86
Autry Stephens, the billionaire founder and chairman of Endeavor Energy Resources, died at age 86 after a prolonged battle with cancer, the company disclosed on Friday.
Texas RRC Levies Over $2 Million in Penalties for Oil, Gas Violations
The Railroad Commission of Texas (RRC) has imposed more than $2 million in fines on operators and businesses for violations within the state's oil and gas industry.
Shaping the Future: Strategies for Attracting, Training, and Retaining Energy Sector Talent
Data associated with workforce development is not for the faint of heart. The angst it can cause is especially real for those connected to the energy industry: employers, labor partners, contractors, educators, workforce systems and other stakeholders.
North Dakota Oil Production Drops Again in June, Hits 1.18 Million bbl/d
North Dakota's oil production fell by 22,500 barrels per day (bbl/d) in June to an estimated 1.176 million bbl/d, the state's Pipeline Authority said on Thursday, marking a second straight monthly decline.
U.S. to Purchase Oil Through 2025 After Massive 2022 Drawdown
The U.S. is slowly replenishing the Strategic Petroleum Reserve, planning to buy back millions of barrels of oil for delivery in the first several months of next year, after the largest ever sale from the stockpile in 2022.
Harris Walks Fine Line on Energy, Keeping Voters and Industry Guessing
Is she the climate and anti-pollution warrior who was attorney general of California? Or the pragmatic Number Two in the Democratic Biden administration that oversaw record U.S. oil production and exports.
Corrosion Control: Options for Combating Damage Due to Black Powder in Pipelines
Black powder (BP) is an industry name for the abrasive, reactive particulate contamination present in all gas and hydrocarbon fluid transmission lines. Black powder ranges from light brown to black, and the mineral makeup varies per production field around the world.
Edge Architecture Under Siege: Essential Cybersecurity Strategies for Oil and Gas Leaders
Join our expert panel on August 29, 2024, at 10 a.m. CDT to explore crucial strategies for enhancing cybersecurity in edge architectures. Learn how to prepare for and respond to cyberattacks in the oil and gas sector. Register now to secure your spot!
Libya’s Waha Oil Loses 115,000 bbl/d Due to Pipeline Maintenance
Libya's Waha oil company's production was reduced by 115,000 barrels per day due to maintenance on the pipeline pumping oil from the Waha field to Es Sider port, a company source told Reuters on Wednesday.
Nigerian Army Destroys 27 Illegal Refineries, Seizes 100,000 Liters of Stolen Oil
Nigerian army troops have destroyed at least 27 illicit refining sites and seized stolen crude oil following raids this week on illegal oil bunkering sites in the Niger River delta, an army spokesperson said on Wednesday.
Maverick Natural Resources Explores $3 Billion Sale, Sources Say
The Houston-based exploration and production company, which is owned by energy-focused investment firm EIG, is working with investment bankers at Jefferies on the sale process, the sources said, requesting anonymity as the discussions are confidential.
Texas Oil Regulator Faces Scrutiny as "Zombie" Wells Reemerge
On a sprawling ranch in Pecos County in late July, oil well control specialist Hawk Dunlap used a backhoe to uncover an abandoned or so-called zombie well that had sprung back to life despite being plugged just over a year earlier, hissing gas and bubbling toxic water into the dry Texas dirt.
CPP Investments Acquires $843 Million Stake in Private Midstream Firm Tallgrass Energy
Based in Denver, Colorado, Tallgrass is a leading infrastructure company operating a network of more than 10,000 miles of pipeline assets across 14 states in the U.S.
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- U.S. Appeals Court Strikes Down Controversial Biden Pipeline Safety Rules
- Williams Seeks Emergency Certificate to Operate $1 Billion Mid-Atlantic Gas Pipeline After Court Reversal
- Texas Oil Pipelines Near Max Capacity, Threatening Future Export Limits
- Energy Transfer Subsidiary Selects KTJV for Lake Charles LNG Export Project
- Saudi Arabia Looking to Expand Pipeline to Reduce Oil Exports via Gulf
- Report: Houston Region Poised to Become a Global Clean Hydrogen Hub
- Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977
- Germany Issues Arrest Warrant for Ukrainian in Nord Stream Pipeline Attack, But Suspect Has Fled, Officials Say
- TC Energy Completes $1.14 Billion Sale of Portland Natural Gas Transmission System
