Oil
Oil Futures Spreads Signal Market Moving Toward Oversupply
Spot global crude oil futures traded at a discount to longer-dated contracts this week for the first time in four months, a signal that traders believe the market has become oversupplied and inventories are poised to build.
Chevron Begins Shipping Fuel to Venezuela's PDVSA in Expansion of Oil Swap
U.S. oil firm Chevron Corp. has begun supplying fuel to Venezuela's state-run oil company PDVSA under Washington's approval of expanded deals with the South American country, three people familiar with the matter said on Thursday.
Energy Transfer, TotalEnergies Ink Deal for Crude Offtake from Blue Marlin Offshore Port
(P&GJ) — U.S. pipeline operator Energy Transfer said on Thursday it has signed a non-binding agreement to supply crude oil to French energy major TotalEnergies from its upcoming Blue Marlin oil export project.
Texas Regulator Assesses Over $1 Million in Fines for Oil, Gas Operators
(P&GJ) — The Railroad Commission of Texas assessed $1,063,647 in fines involving 342 enforcement dockets against operators and businesses at the Commissioners’ Conference on Nov. 15.
Russian Pipelines Facing Significant Pressure from Tightening Sanctions
(P&GJ) — The Russian pipelines’ sector is experiencing serious pressure amid ever tightening sanctions and the ever-growing isolation of the country in the international arena. Historically, pipelines have been a strategic asset in Russia, with the largest volume of cargo coming in the form of crude oil and natural gas.
Editor’s Notebook: It Could Have Been Worse, Revisited
(P&GJ) — With its approval of the Willow Project on the North Slope Alaska early this year, along with its continued of drilling permits on federal lands, the Biden administration has begun to show at least some desire to play ball where oil projects are involved, much to the chagrin of the anti-fossil fuel forces.
Chevron Reviewing Options for East Texas Assets After Shale Acquisitions
Chevron Corp. said it is evaluating options for around 70,000 net acres of land in East Texas' Haynesville shale formation after pausing development earlier this year, with sources saying a full sale is one option under consideration.
Pipeline Operators Increase Quality Checks Over Concerns of Metal Contamination in Texas Shale Oil
U.S. oil pipeline and export terminal operators are stepping up quality checks after finding an out-of-specification cargo that raised worries of excess metals contaminating Texas shale oil, operators and sources said.
US Plans to Buy 1.2 Million Barrels of Oil for Strategic Petroleum Reserve
The U.S. plans to buy 1.2 million barrels of oil to help replenish the Strategic Petroleum Reserve after it sold off the largest amount ever last year, the Energy Department said on Monday.
Exxon Moves Up Beaumont, Texas, CDU Overhaul to June 2024
Exxon Mobil moved up the start date for a crude distillation unit (CDU) overhaul at its 619,024 barrel-per-day (bpd) Beaumont, Texas, refinery from August 2024 to June 2024, said people familiar with the company’s plans.
EIA: US Shale Oil Output Expected to Fall in December
U.S. oil output from top shale-producing regions is set to decline in December for a second consecutive month, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday.
US Probes 30 Ship Managers for Suspected Russia Oil Sanctions Violations
The U.S. Treasury Department has sent notices to ship management companies requesting information about 100 vessels it suspects of violating Western sanctions on Russian oil, according to a source who has seen the documents.
Mach Natural Resources to Buy Anadarko Basin Assets for $815 Million
Mach Natural Resources said on Monday said it will buy certain oil and gas assets in the Anadarko Basin in Oklahoma from privately-held Paloma Partners for $815 million in cash.
Oil Prices Settle Up as Iraq Backs More Output Cuts from OPEC+
Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+'s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty.
Big Traders Strike Deals with Middlemen to Tap Venezuela's Free-Flowing Oil
A broad easing of U.S. sanctions on Venezuela's oil industry has forged marriages of convenience between global commodities traders and little-known middlemen that dominated its exports during the period of restrictions.
Maurel & Prom Signs Pact to Expand Venezuela Oil, Gas Development
Venezuelan state oil firm PDVSA and French energy company Maurel & Prom have signed an agreement aimed at expanding operations and increasing crude and gas output at their joint venture in Venezuela's western region, the companies said.
EOG Resources Beats Quarterly Profit Estimates on Strong Production
U.S. shale oil producer EOG Resources on Thursday soared past Wall Street estimates for third-quarter profit and raised its annual production forecast amid resilient fuel demand.
Diamondback Energy Aims to Be a Buyer in U.S. Shale Consolidation
Diamondback Energy on Monday said it expects to be a buyer of rivals, rather than their target, amid consolidation in the shale industry, and raised its full-year oil production forecast.
Talos Working on Engineering Design for Zama Oil, Gas Project in Mexico
Talos Energy is making a final review of the engineering design and working to secure financing for the Zama project, a Mexican oil and gas project in the Gulf of Mexico, before making a final investment decision (FID), the company's CEO said on Tuesday.
US Looks to Buy Up to 3 Million Barrels for Oil Reserve for January Delivery
The United States is seeking to buy up to three million barrels of oil for delivery in January 2024 to replenish the country's strategic petroleum reserve, the Department of Energy said on Monday.
Investors Dump Crude Oil and Distillates as Middle East Risk Recedes
Investors dumped crude oil futures and options for the second week running as the economic outlook worsened and the risk of a wider conflict in the Middle East appeared contained.
U.S. House Easily Passes Bill to Harden Sanctions on Iranian Oil
The U.S. House of Representatives easily passed a bill on Friday to bolster sanctions on Iranian oil in a strong bipartisan vote.
Saudi Arabia, Russia to Continue Additional Voluntary Oil Cuts
Top oil exporters Saudi Arabia and Russia confirmed on Sunday they would continue with their additional voluntary oil output cuts until the end of the year as concerns over demand and economic growth continue to weigh on crude markets.
Energy Transfer's Pipeline Network Surpasses 125,000 Miles with Crestwood Acquisition
Energy Transfer now owns and operates more than 125,000 miles of pipelines and related assets in all the major U.S.-producing regions and markets across 41 states, further enhancing its leadership position in the midstream sector.
Plains All American Raises Profit View on Higher Pipeline Volumes, Deals
Plains All American Pipeline on Friday raised its full-year profit forecast after posting better-than-expected third-quarter earnings, as the pipelines and storage company moved higher volumes of crude and natural gas liquids.
Private Equity Rushes to Gulf as Fundraising Dries Up
A growing number of private equity funds are opening offices in the Gulf, hoping to deepen their ties with cash-rich sovereign wealth funds and families in the region as funding for buyouts has dried up elsewhere.
Trans Mountain Ordered to Stop Pipeline Work Over Environmental Non-Compliance
The Canada Energy Regulator (CER) on Thursday ordered the Trans Mountain oil pipeline expansion project to stop work in a wetland area near Abbotsford, British Columbia, after inspectors found several environmental and safety-related non-compliances.
Cheaper Canadian Oil and Gas Valuations Lure Potential US Buyers North
U.S. corporates and private equity firms are increasingly eyeing Canadian oil and gas companies for acquisition, drawn by lower valuations, ample fossil fuel reserves, and improving market access, according to dealmakers and analysts.
Energy Transfer's Crude, NGL Transportation Volumes Hit Record in Q3
Midstream company Energy Transfer reported on Wednesday higher earnings for the third quarter versus the same time last year, with natural gas liquids (NGL) and crude transportation volumes hitting a company record.
Shell to Sell Pakistan Unit to Saudi Firm
Shell Pakistan's operations include more than 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant and a 26% shareholding in Pak-Arab Pipeline Company Limited.
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
