Oil
Oil Rises Amid U.S. Stimulus Hopes, Anticipated Changes Under Biden
Oil edged higher on Wednesday on expectations that U.S. President Joe Biden's administration will deliver hefty pandemic-related economic stimulus that will lift fuel demand and enact policies that will tighten crude supply.
China’s 2020 Crude Oil Imports Surged 7.3%
Customs data also showed imports of natural gas, including fuel supplied as liquefied natural gas and via pipeline, reached a record 11.23 million tons in December.
Noble Midstream, Chevron Agree on Oil Transmission from Wells Ranch
With this agreement, Noble Midstream will now be responsible for substantially all crude oil gathering and intermediate oil transportation services from the Wells Ranch development area.
Crude Oil Prices Mostly Flat After Trading Below $0 in Spring 2020
Demand for petroleum products in the United States fell sharply in mid-March, which led refiners to curtail operations. It later recovered but remained largely flat for the remainder of 2020.
Phillips 66 Budget Down 43% From 2020’s Forecast
Phillips 66 said its 2021 budget includes capital expenditures of $776 million on the refining segment and $610 million on midstream as the energy industry struggles to recover from the blow of the COVID-19 pandemic.
Despite a Late Surge, Oil Ends 2020 Down 20%
Brent and U.S. crude benchmarks have more than doubled from April's nadir as producers cut output to match weaker demand. News of coronavirus vaccine distributions also bolstered prices in the fourth quarter, helping futures recover to the highest in about 10 months.
Energy Sector Could Get Reprieve from ‘Golden Cross’ Chart Signal
Energy could see its fortunes improve in the new year after its price action surfaced a technical buy signal on the charts on Wednesday. The bullish development in S&P 500 energy sector is called a “golden cross,” which is conventionally defined by technical analysts as the 50-day moving price average rising above the 200-day moving average.
Natixis Sees Deals from Gulf States Monetizing Oil Assets
Natixis expects oil-rich Gulf states to accelerate privatizations, including by extracting revenue from oil assets, with Saudi Arabia and possibly Oman as likely candidates for similar deals next year, the French bank’s regional head said.
Oil Settles Up, Marking 7th Straight Weekly Gain
Oil settled up at a nine-month high on Friday, rounding out seven straight weeks of gains as investors focused on vaccine rollouts and a decline in the U.S. dollar.
Hilcorp Unit Completes BP Alaska Acquisition
Privately held Hilcorp Energy's unit completed a $5.6 billion acquisition of BP's business in Alaska, taking over the region the British oil major had operated in for 60 years.
As Biden Cabinet Takes Shape, API Seeks Voice in Energy, Climate Policy
The American Petroleum Institute on Thursday reached out to the incoming Biden administration to collaborate on climate and energy policy, calling energy a non-partisan issue that modern life depends on.
Oil Prices Hit 9-Month High after Inventory Draw
il climbed to a nine-month high on Thursday after government data showed a fall in U.S. crude stockpiles last week, while progress towards a U.S. fiscal stimulus deal and strong Asian demand also buoyed prices.
Lloyd's Steps Back from Oil Sands, Coal in First Climate Change Policy
Lloyd's of London is scaling back its exposure to coal and oil sands, the commercial insurance market said in its first sustainability report, in a reversal of its traditional hands-off approach to climate change strategy.
Eni Lifts Force Majeure on Nigeria's Brass River Crude Exports
taly's oil major Eni said it was lifting force majeure on Nigeria's Brass River crude oil exports on Wednesday after pipelines had been repaired following sabotage.
Russia's Druzhba Pipeline Exports Set to Slide Amid Price Row
Exports of Russian Urals oil via the Druzhba pipeline are likely to fall in the first quarter as sellers have been pressing for higher crude prices that margin-strapped refiners say they can't afford.
OPEC Cuts 2021 Oil Demand Outlook Again as Pandemic Impact Lingers
Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market.
Iran Mostly Contains Fire after Landslide Hits Oil Pipeline
Firefighters have contained most of a blaze that broke out after a pipeline carrying crude oil to Iran’s second-largest refinery ruptured due to a landslide, the head of the state company in charge of oil pipelines said.
Britain to End State Support for Fossil Fuel Sector Exports
Britain said it is ending state support for fossil fuel industry exports, and shifting government assistance to low-carbon and renewable energy projects abroad.
Oil Tanker Ablaze after Terrorist Attack Off Saudi Arabia Coast
Saudi Arabia said an oil tanker anchored at a Jeddah terminal was hit by an explosive-laden boat in what it called a terrorist attack, after shipping firm Hafnia said one of its tankers was struck by an "external source".
Nigerian Shell Employees Damaged Pipelines for Profit - Dutch TV
Employees at Royal Dutch Shell’s Nigerian joint venture orchestrated damage to oil pipelines to profit from the money spent on clean-up operations, Dutch investigative TV program Zembla reported.
Brent Rises Above $50 for First Time Since March
Oil prices climbed more than 4% on Thursday, with Brent surging above $50 a barrel for the first time since early March, fueled by hopes of a faster demand recovery as countries start to roll out COVID-19 vaccines.
EIA: Natural Gas Venting, Flaring Set Records in 2019
U.S. natural gas venting and flaring hit an all-time high of 1.48 Bcf/d last year, with the bulk of those volumes coming from North Dakota and Texas, updated government statistics show.
China Hits 26% of 2020 Target for U.S. Energy Imports under Trade Deal
China has accelerated imports of crude oil, propane and LNG from the United States since July, but total energy product purchases through October remain far short of targets for 2020 set out in the Phase 1 trade deal with Washington.
China Crude Imports Rise as Backlog Clears
China's November crude oil imports rose from a month earlier as customs continued to clear the backlog, although independent refiners slowed purchases as they reached their import quota limits.
Magellan Midstream Tank Explosion Injures 7 in Corpus Christi
Seven Magellan Midstream Partners employees were injured, four critically, when a storage tank at a Magellan plant in Corpus Christi exploded after catching fire Saturday morning, according to deputy Fire Chief Richie Quintero.
Brent Rises, Hovers Near $50/bbl on Hopes for U.S. Stimulus
Brent crude oil futures rose more than 1% on Friday, remaining just under $50 a barrel, as expectations rose for a U.S. economic stimulus package and a possible COVID-19 vaccine.
Minnesota Regulators Deny Request to Delay Line 3 Pipeline
A Minnesota regulatory panel has denied a request to stop Enbridge's Line 3 pipeline project, which broke ground this week after receiving its final state permit.
Uganda Gives Environmental Consent to $3.5B Oil Pipeline
Uganda has granted environmental approval for a $3.5 billion pipeline to export crude oil from western fields to the Indian Ocean coast in Tanzania.
Brent Rises to Highest Since March after OPEC+ Output Cut Deal
Global benchmark Brent crude prices rose 1% to their highest since early March on Thursday on renewed hopes for a U.S. stimulus deal and after major oil producers agreed to increase output modestly from January.
OPEC+ Agrees to Slight Easing of Oil Cuts from January
OPEC and Russia on Thursday agreed to slightly ease their deep oil output cuts from January by 500,000 bpd but failed to find a compromise on a broader and longer term policy for the rest of next year.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
