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Chevron Says California Plays a Risky Game With Climate and Gasoline

Conventional Energy, Energy Topics & Technology, Gasoline, Latest, Oil, US News / By

Golden State drivers paid highest gas premium in last quarter Refinery renewable fuel conversions reduce overall supply Chevron Corp. warns its home state of California’s climate policies are a “dangerous game” that risk causing gasoline price spikes and shortages. The premium California drivers pay for gasoline over the national average is likely to rise significantly if …

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U.S. Oil Refiners’ Weekly Capacity Seen Down 322,000 Bpd – IIR

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries / By

U.S. oil refiners are expected to have about 1.6 million barrels per day (bpd) of capacity offline for the week ending Feb. 2, decreasing available refining capacity by 322,000 bpd, research company IIR Energy said on Monday. Offline capacity is expected to fall to 1.5 million bpd in the week ending Feb. 9, IIR added. …

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Commentary: U.S. Oil Futures Primed for Another Squeeze on Cushing: Kemp

Conventional Energy, Latest, Oil, US News / By

U.S. crude oil inventories have begun to deplete, especially around the NYMEX futures delivery point at Cushing in Oklahoma and across the Midwest, creating conditions for a squeeze on nearby futures prices. Front-month futures prices and calendar spreads have already risen consistently since the middle of December as traders react to signs the market is …

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Deal in the Works? EnCap Eyes $5 billion Sale of Shale Producer Grayson Mill

Conventional Energy, Energy Topics & Technology, Latest, Mergers and Acquisitions, Natural Gas, Oil / By

Private equity firm EnCap Investments is exploring a sale of Grayson Mill Energy that could value the Bakken shale-focused oil and gas producer at around $5 billion, inclusive of debt, people familiar with the matter said on Thursday. EnCap has tapped investment bank Jefferies Financial Group to run a sale of Grayson Mill, the sources …

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IT’S OFFICIAL: Canada’s Trans Mountain Pipeline to Start Up in Second Quarter

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Natural Gas, Oil, Pipelines / By

Trans Mountain Corp will begin line fill in February on its long-delayed Canadian oil pipeline expansion and expects it to be in service in the second quarter, a company executive said on Wednesday. The C$30.9-billion ($23.05 billion) expansion will nearly triple the flow of crude on Trans Mountain from Alberta to Canada’s Pacific Coast but …

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Commentary: Globally, Oil is Creeping Higher But It’s Not a Healthy Market

Conventional Energy, Latest, Oil, US News / By

Demand growth remains weak, while supply increases continue to surprise. By Julian Lee Oil prices are creeping higher, but it’s probably too early for the bulls to cheer. Brent crude closed above $80 a barrel Monday for the first time this year, a feat it managed again Wednesday. Citigroup Inc. has warned oil may “pop” to $90 if tensions in …

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U.S. Crude Stockpiles Slump, Gasoline Builds Amid Winter Storms – EIA

Conventional Energy, Energy Storage, Energy Topics & Technology, Latest, Oil / By

U.S. crude oil stockpiles slumped while gasoline inventories jumped last week after winter weather hit crude production and imports, refining, and demand for fuel, the Energy Information Administration said on Wednesday. Crude inventories fell by 9.2 million barrels to 420.7 million barrels in the week ending Jan. 19, the EIA said, compared with analysts’ expectations …

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Canada’s Trans Mountain Pipeline to Start up in Second Quarter

Conventional Energy, Energy Topics & Technology, Latest, Natural Gas, Oil, Pipelines / By

Trans Mountain Corp will begin line fill in February on its long-delayed Canadian oil pipeline expansion and expects it to be in service in the second quarter, a company executive said on Wednesday. The C$30.9-billion ($23.05 billion) expansion will nearly triple the flow of crude on Trans Mountain from Alberta to Canada’s Pacific Coast but …

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Diversified Energy Faces Short-Seller Attack From ESG-Focused Snowcap

Conventional Energy, Latest, Natural Gas, Oil, US News / By

Gas producer’s debt load threatens dividend, Snowcap says Snowcap faults environmental, asset-retirement practices Diversified Energy Co., the largest owner of US oil and natural gas wells, is being targeted by a short seller claiming the company may not have enough money to meet obligations to plug inactive wells. Snowcap Research, a London-based activist investor focused …

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