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Canadian crude shipments to Los Angeles are surging, a possible preview of how an expanded pipeline that’s nearing startup may redraw flows along the Pacific Coast. Three tankers carrying a total of 1.74 million barrels have sailed from Vancouver to the biggest U.S. West Coast city in March, the most in at least four years, according …
Canadian Oil Flows to L.A. as Trans Mountain Pipeline Start Nears Read More »
Hess Corp on Thursday said in a securities filing that its board unanimously recommended shareholders vote in favor of the company’s sale to Chevron Corp, and that Exxon Mobil had initially supported the deal. The $53 billion deal’s closing has been delayed by a second request for information by the U.S. Federal Trade Commission and by contract arbitration …
Hess Board Recommends Shareholders Vote in Favor of Chevron Merger -Filing Read More »
Bloomberg US oil prices are more than high enough to make drilling new wells profitable but some shale bosses say they’re hesitant because of political and regulatory “uncertainty” that won’t be settled until the November election, according to the Federal Reserve Bank of Dallas. “Until the next administration is decided, we’re in a state of flux when …
(Reuters) – More than a fifth of global oil refining capacity is at risk of closure, energy consultancy Wood Mackenzie found in analysis published on Thursday, as gasoline margins weaken and the pressure to reduce carbon emissions mounts. Of 465 refining assets analysed, the consultancy ranked about 21% of 2023 global refining capacity at some …
More Than 20% of Global Oil Refining Capacity at Risk, Analysis Finds Read More »
The Biden administration on Wednesday awarded contracts to buy 2.8 million barrels of oil for the government’s emergency reserve for more than $81 a barrel, $2 above the target purchase price. The Department of Energy (DOE) said it will spent $225.6 million to buy oil to refill the Strategic Petroleum Reserve (SPR) from Atlantic Trading …
U.S. to Buy Oil for SPR Oil at Above $79 Target Price in Latest Round Read More »
The U.S. interior department on Wednesday said it had finalized rules aimed at limiting methane leaks from oil and gas drilling on public lands. The policy complements efforts the Biden administration has made at other agencies to reduce emissions of methane, a potent greenhouse gas that tends to leak from drill sites and pipelines. Nearly …
New U.S. Rules Seek to Curb Leaks From Oil and Gas Drilling on Public Lands Read More »
Global trade flows have showed signs of accelerating at the start of 2024, as the major industrial economies began to pull out of the slump that started in late 2022, which should boost demand for transport fuels such as diesel. Short-term activity indicators have been distorted by unusual weather patterns across North America and Europe, …
Global Freight Acceleration Will Lift Fuel Prices: Kemp Read More »
U.S. private forecaster AccuWeather expects an above-average 2024 Atlantic hurricane season with a near-record number of storms and a greater than usual risk of direct impacts in parts of Florida, Texas and the Carolinas, it said on Wednesday. This year’s hurricane season, potentially one of the most active in history, begins on June 1, but …
AccuWeather Forecasts Near-Record Storms this Atlantic Hurricane Season Read More »
Oil and gas production in Texas, Louisiana and New Mexico decreased in the first quarter of 2024, the Federal Reserve Bank of Dallas said on Wednesday in its quarterly survey of energy activity. The survey of executives at 147 energy firms suggested a small decline in production. A natural gas production index also turned negative …
Oil and Gas Production Decreased in the First Quarter – Dallas Fed Read More »
U.S. oil refiner Phillips 66 is exploring a sale of its 25% stake in the Rockies Express Pipeline that it hopes could be worth more than $1 billion, including debt, people familiar with the matter said on Tuesday. The Rockies Express Pipeline (REX) is a 1,700-mile interstate natural gas pipeline, stretching from Wyoming and Colorado …
