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U.S. energy pipeline operator Enterprise Products is not considering adding a new crude oil line out of the Permian shale field in West Texas, co-CEO Jim Teague said on Thursday. A wave of consolidation in the top U.S. shale field has concentrated output in the hands of companies that are promising to restrain output so …
Enterprise Products Not Considering New Permian Oil Pipeline, says Co-CEO Read More »
U.S. crude oil inventories rose sharply last week as imports ticked higher, while gasoline stocks rose unexpectedly as refineries ramped up output after seasonal maintenance, Energy Information Administration (EIA) data showed on Wednesday. Crude inventories rose by 5.5 million barrels to 426 million barrels in the week ending Oct. 18, the EIA said, compared with …
(Reuters) – U.S. oil refiners’ third quarter profits are expected to fall from last year on weakening margins as fuel demand softened and new refining capacity came online, energy analysts said. Refiners have come off favorable pricing and strong demand after the pandemic and Russia’s invasion of Ukraine boosted margins to record levels. U.S. gasoline …
U.S. Fuelmakers to Report Lower Q3 profits on Weaker Margins, Fuel Demand Read More »
Insurers from Cameroon, Kyrgyzstan among firms covering fleet Western sanctions have forced tankers to operate in secret One of the energy market’s open questions since Russia’s invasion of Ukraine has been who’s insuring the tankers moving Moscow’s petroleum against the risk of a catastrophic oil spill. The answer is that while some are still covered by the …
The Secretive World of Russian Oil Tanker Insurance Revealed Read More »
Summary Blinken arrives in Israel in US push for peace Worries over slowing Chinese demand growth weigh on prices Firm dollar adds to the pressure (Reuters) – Oil prices steadied near $74 a barrel on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing …
Oil Prices Steady on Mideast Ceasefire Push, China Demand Weighs Read More »
Summary Refiners may need to mix lighter WTI Midland with heavier crude Alternatively, refiners could convert units, requiring large investments Dated Brent benchmark may weaken up to 50 cents per barrel (Reuters) – Companies drilling for the crude that turned the U.S. into the world’s top oil producer face an unexpected dilemma: their West Texas …
As U.S. Permian Crude Turns Lighter, It Risks Losing Favor with Refiners Read More »
Summary Court gets an earful from firms opposing proposed bid Heated opposition to negotiating exclusivity, breakup fee offer Final recommendation on sale could be stalled until January HOUSTON, Oct 21 (Reuters) – Key terms of a proposed court agreement with a U.S. hedge fund seeking to gain control of oil refiner Citgo Petroleum from Venezuela …
Citgo Auction Creditors Assail Elliott Bid, Seek Rival Offers Read More »
CALGARY — Nearly six months after its opening, the Trans Mountain pipeline expansion is boosting Canada’s energy sector as promised — but questions still linger about who will pay for the project’s massive cost overruns. By a variety of measures, the expensive and contentious pipeline project is bearing fruit as more Canadian oil reaches the …
(Reuters) – Oil prices rose on Monday, recouping some of last week’s more than 7% decline on worries about demand in China, the world’s top oil importer, and easing concerns about potential supply disruptions in the Middle East. Brent crude futures were up $1.16, or 1.6%, to $74.22 a barrel at 1036 GMT. U.S. West …
Oil Prices Regain Some Ground After 7% Loss Last Week Read More »
Summary Saudi Aramco: World may still need over 100 mln bpd oil in 2050 Oil demand outlook solid despite energy transition goals Saudi Aramco: Asia needs greater say in transition policies (Reuters) – Progress in the energy transition in Asia is far slower, much less equitable and more complicated than many have expected, the head …
Saudi Aramco CEO Calls for Reset in Energy Transition Policies for Developing Nations Read More »
