Energy News

Reliance Gathering to Explore a $500 Million Sale

Reliance Gathering to Explore a $500 Million Sale

From Bloomberg

Reliance Gathering LLC, which transports crude oil in the Permian Basin, is exploring a sale, according to people familiar with the matter.

Reliance is working with an adviser to run an auction that could value it at …

May 17, 2019 - 5:32 pm Closing Bell Story‎, Energy News, Midstream, MLP News, MLPs
A Small Shift in the LNG Market May Mean a Big Boost for Ship Owners

A Small Shift in the LNG Market May Mean a Big Boost for Ship Owners

From Bloomberg

With so much cheap liquefied natural gas around, traders are again looking at tankers to store the fuel in the hope of better prices.

A long-established practice in oil trading, the complexity and cost of keeping natural gas …

May 17, 2019 - 5:30 pm Closing Bell Story‎, Energy News, LNG, Natural Gas News
Shale Overhead Costs Under Fire as Investors Drill Even Deeper

Shale Overhead Costs Under Fire as Investors Drill Even Deeper

From Bloomberg

U.S. shale producers that have reined in growth plans to mollify investors are now facing increasing pressure to slash their own pay and gut bloated offices.

Almost all major U.S. explorers cut their capital budgets after oil prices …

Khalid A. Al-Falih, Saudi Arabia’s minister of Energy, Industry & Mineral Resources speaks to reporters following the OPEC press conference Dec. 7, 2018.

OPEC+ Grapples With Iran Crisis as Ministers Meet in Jeddah

From Bloomberg

When OPEC and its allies gather in the Saudi Arabian city of Jeddah this weekend, their conversation will be dominated by a member of the group that isn’t there: Iran.

As U.S. President Donald Trump squeezes oil exports …

May 16, 2019 - 5:55 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Trudeau’s Conservative Rival Pledges Energy Independence by 2030

Trudeau’s Conservative Rival Pledges Energy Independence by 2030

From Bloomberg

Canada’s opposition Conservatives, leading in the polls ahead of October elections, will seek to make the country oil independent within 10 years if they win power, the party’s leader said Thursday.

Andrew Scheer, the front-runner to unseat Prime …

China Enlisted for Stranded Gas Venture Ditched by Global Majors

China Enlisted for Stranded Gas Venture Ditched by Global Majors

From Bloomberg

Timor-Leste, the tiny nation between Australia and Indonesia, has enrolled China’s help to push forward a natural gas export project that’s been abandoned by global oil majors as too challenging.

The nation has recently signed an engineering and …

Oil Rallies as Mideast Tensions Flare Over Saudi Pipeline Attack

Oil Rallies as Mideast Tensions Flare Over Saudi Pipeline Attack

From Bloomberg

Oil soared to a two-week high as Saudi Arabia accused Iran of ordering this week’s attack on its key oil facilities, fueling tensions between two of the world’s oil-producing superpowers.

Futures in New York advanced 1.4% on Thursday. …

May 16, 2019 - 5:50 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Canadian Oil Sands Ltd.

Canadian Oil Prices Weaken as Crude Tanks Fill on Refinery Work

From Bloomberg

Canadian crude prices fell Tuesday as storage tanks topped out amid refinery maintenance in the U.S. Midwest.

Heavy Western Canadian Select, an oil sands benchmark, fell to the biggest discount against West Texas Intermediate futures since Feb. 19, …

May 15, 2019 - 5:56 pm Canada, Closing Bell Story‎, Crude Oil News, Energy News
Source: Gazprom. LNG Tanker

Cooler Asia Summer May Add to LNG Woes as World Awash With Gas

From Bloomberg

Don’t count on a summer heatwave to rescue Asia’s liquefied natural gas prices. Weather forecasts signal lackluster demand in the largest importing region, raising prospects a global glut will deepen.

Temperatures across North Asia this summer will be …

Houston Ship Channel Reopened, Spill Response Continues after Barge-Tanker Collision

Houston Ship Channel Reopened, Spill Response Continues after Barge-Tanker Collision

Response efforts continue following estimated spill of 9,000 gallons of gasoline blend component reformate

From MarineLOG 

The Houston Ship Channel has been reopened following the closure that followed the May 10 collision between the 755-foot tanker Genesis River and barges …

May 15, 2019 - 5:05 am Closing Bell Story‎, Energy News, Transportation
Surge of New Permian Basin Oil to Feed Global Supply

Surge of New Permian Basin Oil to Feed Global Supply

From Bloomberg

Exports of the Permian Basin’s newest kind of oil are set to jump as production surges, exceeding the appetite of U.S. refiners.

Sales of the new grade, known as West Texas Light, began in September, as explorers sought …

May 14, 2019 - 5:32 pm Closing Bell Story‎, Crude Oil News, Energy News
Cash-Rich Canadian Oil Firms Favor Buybacks as Other Options Narrow

Cash-Rich Canadian Oil Firms Favor Buybacks as Other Options Narrow

From Reuters

Canadian oil producers are raking in the highest revenues in five years thanks to strong global oil prices and Alberta’s production cuts, but government intervention has hamstrung their spending abilities, encouraging many to buy back shares and pay …

Saudi Arabia Oil Pipeline Damaged in Drone Attack by Houthi Rebels

Saudi Arabia Oil Pipeline Damaged in Drone Attack by Houthi Rebels

From The Wall Street Journal

Saudi Arabia said Tuesday it halted pumping on a major oil pipeline after it was hit by armed drones, an attack claimed by Yemen Houthi rebels allied with Tehran.

The drone attack was the latest …

May 14, 2019 - 5:28 pm Closing Bell Story‎, Crude Oil News, Energy News
U.S. Liquefied Natural Gas Shipments to China Face Mounting Tariffs

U.S. Liquefied Natural Gas Shipments to China Face Mounting Tariffs

From Reuters

China said on Monday it would raise tariffs on liquefied natural gas (LNG) imports from the United States amid a series of additional levies, a move that could further reduce U.S. LNG shipments to the world’s fastest growing …

Cushing, Okla., is one of the United States oil facilities in the Keystone Pipeline System.

TransCanada’s 4,250-kilometre (2,640 mile) Keystone Pipeline System transports approximately 20 per cent of western Canadian crude oil exports to key refineries in the U.S. Midwest and Gulf Coast, where it is converted into fuel and other useful petroleum products.

Russia’s Plan to Cleanse Tainted Oil Pipe Proves Slow Going

From Bloomberg

Russia is racing to return oil exports to normal after deliveries to eastern Europe were cut by a contamination crisis that shut down parts of the giant Druzhba pipeline almost a month ago.

Where has supply been restored?

May 14, 2019 - 5:20 pm Closing Bell Story‎, Crude Oil News, Energy News
Oil Is Already Trade War’s Collateral Damage Even Without Duties

Oil Is Already Trade War’s Collateral Damage Even Without Duties

From Bloomberg

U.S. oil shipments are likely to be a casualty of the trade war with China, even though crude was spared from the latest list of American goods targeted with retaliatory tariffs.

While oil has never been subject to …

May 14, 2019 - 5:04 pm China, Closing Bell Story‎, Crude Oil News, Energy News
In World’s Top Oil Play, a Driller Bets Big on Gas Liquids

In World’s Top Oil Play, a Driller Bets Big on Gas Liquids

From Bloomberg

A ride through the Permian Basin’s little-drilled southwest corner looks a bit like the rest of the shale patch. Mesquite dots the dry landscape, and bumpy oilfield roads link well sites to the main highways.

But there are …

Energy Deals Ice Over in Canada

Energy Deals Ice Over in Canada

From Bloomberg

While the $38 billion takeover of Anadarko Petroleum Corp. has been seen as a potential catalyst for a wave of U.S. oil industry consolidation, the market for energy deals north of the border remains frigid, with few potential …

Europe Bailed Out by Cheap LNG

Europe Bailed Out by Cheap LNG

From Bloomberg

In the Netherlands, once Europe’s largest natural gas supplier, one of the big questions is how to deal with declining production and increasing reliance on imports.

For hundreds of energy traders, utility executives and analysts gathering in Amsterdam …

May 13, 2019 - 5:29 pm Closing Bell Story‎, Energy News, LNG, Natural Gas News
Source: The Society of Petroleum Engineers

Pemex Gets Record $8 Billion Loan in Bid to Reassure Investors

From Bloomberg

Mexico moved to bolster investor confidence in its embattled state oil company, announcing an unprecedented $8 billion syndicated loan along with new tax breaks for the energy producer.

Petroleos Mexicanos officials signed the financing agreement with JPMorgan Chase …

May 13, 2019 - 5:27 pm Closing Bell Story‎, Crude Oil News, Energy News
Bar Rises for Shale Takeovers as Chevron Bows Out of Anadarko Fight

Bar Rises for Shale Takeovers as Chevron Bows Out of Anadarko Fight

From Reuters

Chevron Chief Executive Michael Wirth’s decision to opt out of a bidding war for Anadarko Petroleum Corp has raised the bar for deals, and dampened expectations that oil majors will drive a new wave of consolidation in U.S. …

Two Saudi Oil Tankers, Norwegian Ship Apparently Attacked near the Persian Gulf

Two Saudi Oil Tankers, Norwegian Ship Apparently Attacked near the Persian Gulf

The latest U.S. State Department advisory simply warned: “Do not travel to Iraq”

From the Washington Post

BEIRUT — Two Saudi Arabian oil tankers and a Norwegian ship were damaged over the weekend near the Persian Gulf in what Saudi …

Oil Supply Crunch to Test OPEC’s Spare Capacity

Oil Supply Crunch to Test OPEC’s Spare Capacity

From Reuters

LONDON (Reuters) – Oil production capacity could fall to under one percent of global oil demand by the end of the year if OPEC compensates falling production from Iran and Venezuela, leaving oil prices exposed to sharp swings …

Panama Canal Handles Largest LNG Tanker to Ever Transit the Canal

Panama Canal Handles Largest LNG Tanker to Ever Transit the Canal

Q-Flex class LNG carriers fit the expanded Panama Canal

From AJOT

Expanded Panama Canal commemorates a milestone transit by a Q-Flex vessel, the world’s second largest LNG tanker class

The Panama Canal yesterday welcomed Qatargas’ Al Safliya, the first Q-Flex …

May 13, 2019 - 3:09 pm Closing Bell Story‎, Energy News, LNG
West Coast LNG Project Setback: Oregon Denies Jordan Cove Water Quality Permit for Export Terminal, Pipeline

West Coast LNG Project Setback: Oregon Denies Jordan Cove Water Quality Permit for Export Terminal, Pipeline

From The Oregonian

The Oregon Department of Environmental Quality denied a water quality certification for the proposed Jordan Cove liquefied natural gas (LNG) export terminal and its feeder pipeline, the Pacific Connector pipeline, though the agency left the door open …

May 13, 2019 - 11:51 am Closing Bell Story‎, Energy News, LNG
Sign of the Times: Coal Giant Cloud Peak Files for Chapter 11

Sign of the Times: Coal Giant Cloud Peak Files for Chapter 11

From the Casper Star Tribune

Cloud Peak Energy, the coal giant that operates two Wyoming mines, filed for bankruptcy Friday amid mounting debt and declining demand.

The filing follows months of troubling signs for the Powder River Basin operator, which …

May 13, 2019 - 6:11 am Closing Bell Story‎, Energy News
IFM to Take Pipeline Owner Buckeye Private for $6.5 Billion

IFM to Take Pipeline Owner Buckeye Private for $6.5 Billion

From Bloomberg

IFM Global Infrastructure Fund agreed to acquire Buckeye Partners LP, a U.S. owner and operator of oil pipelines and terminals on the East Coast and Gulf Coast, for $6.5 billion.

The Australian fund said Friday it will pay …

May 10, 2019 - 5:26 pm Closing Bell Story‎, Energy News, Finance, Midstream
Source: Enbridge

Enbridge Warns Line Three Pipeline Cost Could Exceed C$9 Billion

From Reuters

Enbridge Inc, Canada’s largest pipeline operator, said on Friday there is a risk its Line 3 replacement project could exceed its previous cost estimate of C$9 billion ($6.71 billion) because of delays to permits in the United States.…

May 10, 2019 - 5:23 pm Closing Bell Story‎, Energy News, Midstream
Kinder Morgan Canada To Remain Independent After Strategic Review

Kinder Morgan Canada To Remain Independent After Strategic Review

From Reuters

Pipeline company Kinder Morgan Canada Ltd said on Thursday it would continue as a stand-alone entity, following a strategic review that considered options including a sale.

The company said its decision was consistent with the recommendation of a …

Exxon, Qatar Will Break Ground on $10 Billion Golden Pass LNG Plant Monday

Exxon, Qatar Will Break Ground on $10 Billion Golden Pass LNG Plant Monday

Expect first shipments from Golden Pass in 2024

From Reuters

Exxon Mobil Corp and Qatar Petroleum told the U.S. Federal Energy Regulatory Commission (FERC) on Thursday they would start construction of the $10 billion-plus Golden Pass liquefied natural gas (LNG) …

May 10, 2019 - 2:50 pm Closing Bell Story‎, Energy News, LNG