Business & Markets

U.S. Crude Output in May Plummets by Record 2 Million Barrels per Day

Data from the U.S. Energy Information Administration shows domestic crude output experienced its sharpest drop in 15 years in May.

Brazil's Petrobras Forges Ahead with Midstream, Downstream Divestments

Speaking to investors on Friday, executives at Petrobras, Brazil's state-run oil firm, said the company is moving forward with the IPO of its gas pipeline assets and expects to conclude a deal for its RLAM refinery in the near future.

Trump Allows Keystone Pipeline to Ship More Canadian Oil After Expansion Stalls

President Donald Trump has issued a presidential permit to allow TC Energy's Keystone oil pipeline to ship nearly 30% more Canadian crude as the company's' proposed expansion of the pipeline has again been stalled by legal hurdles.

TC Energy Profit Dips from Uncontracted Keystone Volumes

TC Energy reported a 6% drop in profits on Thursday partly due to a fall in uncontacted volumes on its Keystone oil pipeline.

U.S. Natgas Demand Up as Total Energy Use Hits 30-Year Low

U.S. natural gas consumption defied trends through the pandemic days of April 2020 with a year-over-year increase during a month in which total energy demand fell to a 30-year low.

Trump Seeks out Loyal Donors in West Texas Oilpatch

President Donald Trump's visit to a U.S. fracking hub on the West Texas plains comes during the state’s fierce coronavirus outbreak and a global oil and gas glut that is putting the squeeze on his loyal donors in the petroleum industry.

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.

U.S. Gas Rises 2% as Pipeline Exports Increase, Despite Warm Forecasts

Futures prices for U.S. natural gas rose on Tuesday as pipeline exports increase despite continuing forecasts for warmer weather.

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.

Chevron Expects to Restart Train 2 of Gorgon LNG Plant in Early September

Chevron is expecting to restart Train 2 at its Gorgon LNG plant in Australia by early September, a company spokesperson told Reuters on Tuesday.

China Starts Building Southern Section of East-Route Pipeline

Construction has started on the southern portion of the China-Russia East natural gas pipeline, which carries supplies from the Power of Siberia system in Russia, PipeChina announced Tuesday.

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.

China's Sinopec Seeks Long-Term LNG as Prices Remain Low

Taking advantage of near-record low prices for LNG, China's Sinopec is seeking to sign 10-year delivery contracts to take delivery beginning in 2023 according to several sources.

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.

India's Petronet Plans to Cancel 10-Year LNG Import Tender — Sources

India’s top gas importer Petronet LNG is set to cancel its offer to buy an annual 1 million tonnes of liquefied natural gas (LNG) for 10 years, two sources said, as signing long-term contracts is not attractive in the current scenario.

Kinder Morgan Reports Loss After $1 Billion Charge

Kinder Morgan reported a second-quarter net loss of $637 million after downgrading the value of some assets due to the market impact of Covid-19.

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.

Tellurian Evaluates Changes to Driftwood LNG Project

Tellurian said on Wednesday the company is evaluating changes to its Driftwood LNG project that would significantly reduce Phase 1 costs.

Tellurian, Petronet Renew LNG Investment Deal — Sources

Sources report that India's Petronet LNG has renewed a deal with U.S.-based Tellurian LNG to purchase gas from Tellurian's massive Driftwood export project.

Delayed Romanian Black Sea Gas Projects Pose Risk to Pipeline

Romania is looking to finalize plans to build a pipeline through Eastern Europe but delayed plans to extract gas from the Black Sea leave the project in doubt.

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.

Petrobras Sells Remaining Stake in TAG to Engie Brasil, CDPQ

Petrobras, Brazil's state-owned oil company, has agreed to sell its remaining stake in natural gas pipeline company TAG Engie Brasil and Canadian investment fund Caisse de Depot et Placement du Quebec (CDPQ).

Williams Receives Approval for Mid-Atlantic Pipeline Expansion

The Federal Energy Regulatory Commission has approved capacity expansion on William's Leidy South natural gas pipeline.

Snam and Baker Hughes Test First Hydrogen Hybrid Turbine for Gas Transportation

Snam and Baker Hughes have announced the successful completion of testing for a new "hybrid" turbine that will allow pipelines to carry hydrogen along with natural gas.

Israel Approves Pipeline Deal to Sell Gas to Europe

Israel has approved an agreement with European countries to build the Eastmed pipeline to supply gas to Europe from the eastern Mediterranean.

Chevron to Buy Noble in Biggest U.S. Energy Deal Since Oil Crash

Chevron said on Monday it would buy Noble Energy for about $5 billion, in the biggest U.S. energy deal since the coronavirus crisis crushed global demand for oil and sent crude prices to historic lows.

Total Signs $14.9 Billion in Financing for Huge Mozambique LNG Project

French oil major Total has signed a financing deal worth nearly $15 billion for its massive LNG project in Mozambique.

U.S. OKs start of seventh unit at Kinder Morgan Georgia Elba LNG export plant

The Federal Energy Regulatory Commission (FERC) has approved the start of the seventh liquefaction train at Kinder Morgan's Elba Island LNG plant in Georgia.

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.