Friday, November 22, 2024

Eastern United States News

U.S. Oil Mergers Drop to $12 Billion as Volatility Limits Deals

Credit: Troy V Smith/AdobeStock

U.S. oil and gas dealmaking fell to $12 billion last quarter, down from the first quarter and nearly a third of the $34.8 billion in the same period a year ago, as commodity price volatility left buyers and sellers clashing over asset values, according to data released by energy analytics firm Enverus on Thursday."The spike in commodity prices that followed Russia’s invasion of Ukraine temporarily stalled M&A as buyers and sellers disagreed on the value of assets…

Colonial Allocates Cycle 31 Shipments on Main Gasoline Line 1

Photo: Colonial Pipeline Company

* Colonial Pipeline Co is allocating space for Cycle 31 shipments on Line 1, its main gasoline line, the company said in a notice sent to shippers on Wednesday.* Committed information will be available on Friday, the company said.* Colonial's Line 1, with a capacity of 1.2 million barrels per day, runs from Houston to Greensboro, North Carolina. The current allocation is for the pipeline segment north of Collins…

Colonial Allocates Cycle 20 Shipments

Photo: Colonial Pipeline Co

Colonial Pipeline Co is allocating space for cycle 20 shipments on Line 1, its main gasoline line, and for cycle 21, on its Line 20 distillate pipeline, according to separate company notices sent to shippers on Tuesday. Committed information for Line 1 will be available on Thursday, and for Line 20, on Wednesday, the company said. Colonial's Line 1, with a capacity of 1.2 million barrels per day, runs from Houston to Greensboro, North Carolina.

Colonial: Main Gasoline Pipeline Resumes Normal Ops

Colonial Pipeline Co on Friday said its main gasoline pipeline, Line 1, has resumed normal operations following a precautionary shutdown to investigate a potential integrity issue. Line 1, with a capacity of 1.2 million barrels per day, runs from Houston to Greensboro, North Carolina. Colonial connects Gulf Coast refineries with markets across the southern and eastern United States through more than 5…

Colonial Allocates Cycle 14 Shipments on Main Distillate Line

Colonial Pipeline is allocating Cycle 14 shipments on Line 2, its main distillate line, the company said in a notice sent to shippers on Friday. Committed information on the line will be available on Feb. 27, the company said. Line 2 runs from Houston to Greensboro, North Carolina. This allocation is for the pipeline segment north of Collins, Mississippi, Colonial said. The company's cycles are five-day periods when a sequence of all in-season products is pumped.

Colonial Allocates Cycle 12 Shipments on Distillate Line 20

Colonial Pipeline Co is allocating space for Cycle 12 shipments on Line 20, which carries distillates from Atlanta to Nashville, Tennessee, according to a notice sent to shippers on Thursday. Committed information will be available on Friday, the pipeline operator said. The company generally announces allocations when nominations, or requests for space to ship petroleum products on its lines, exceed its ability to meet the five-day lifting cycle.

Colonial Allocates Cycle 12 Shipments on Main Distillate Line 2

Colonial Pipeline is allocating Cycle 12 shipments on Line 2, its main distillate line, the company said in a notice sent to shippers on Tuesday. Committed information on the line will be available on Thursday, the company said. Line 2 runs from Houston to Greensboro, North Carolina. This allocation is for the pipeline segment north of Collins, Mississippi, Colonial said. The company's cycles are five-day periods when a sequence of all in-season products is pumped.

Funds Build Record Long Positions in Heating oil, Diesel

Hedge funds have built record bullish positions in the middle distillates used as heating oil and diesel fuel – even as they become more cautious about the outlook for crude following a blistering rally. Hedge funds and other money managers had amassed a record net long position of 92 million barrels in U.S. heating oil futures and options and 137 million barrels in European gasoil by Jan.

Demand to Ship Gasoline on Top US Pipeline at 6-yr Low

© Roger Asbury / Adobe Stock

The operator of the biggest U.S. fuel pipeline system said on Thursday demand to transport gasoline to the country's populous northeast is the weakest in six years, the latest symptom of a global oil market grappling with oversupply. Summer is typically when gasoline demand peaks in the world's biggest oil consuming country as motorists hit the road for vacation, and keeping their gas tanks full strains the capacity of U.S. refiners and pipelines.

Hedge Funds Build Bullish U.S. Natural Gas Position

Hedge funds are more bullish about U.S. natural gas prices than at any time for almost three years, according to position records published by regulators and exchanges. By April 4, hedge funds and other money managers had amassed a net long position in the two main futures and options contracts linked to U.S. gas prices equivalent to 3,280 billion cubic feet (http://tmsnrt.rs/2nxfzE0).

U.S. Gasoline Stocks Rise Faster than Usual

U.S. gasoline stocks are rising much faster than normal at the start of the year, threatening to leave refiners struggling to clear an overhang of motor fuel later in the year. Gasoline stockpiles rose by almost 21 million barrels during the first 27 days of 2017, compared with an average increase of less than 12 million barrels at the same time of year during the previous decade.

Trump May Not be Able to Save U.S. Coal

Donald Trump's election has thrown an apparent lifeline to beleaguered coal producers but he may not be able to do much to revive the fortunes of the industry. The U.S. coal industry has been a victim of the shale revolution and the enormous quantities of cheap gas that have been unleashed by hydraulic fracturing and horizontal drilling. There is not much a future Trump administration can do to protect coal producers…

Heatwave Boosts Record Gas burn by U.S. Power Producers: Kemp

John Kemp is a Reuters market analyst. Record gas consumption at power plants this summer is accelerating the rebalancing of the U.S. natural gas market. Working gas stocks in underground storage started the year at a seasonal record of 3,643 billion cubic feet, according to the U.S. Energy Information Administration. Stocks were 554 billion cubic feet higher than at the start of 2015.

Heatwave Spurs Record U.S. Gas Burn

Record gas consumption at power plants this summer is accelerating the rebalancing of the U.S. natural gas market. Working gas stocks in underground storage started the year at a seasonal record of 3,643 billion cubic feet, according to the U.S. Energy Information Administration. Stocks were 554 billion cubic feet higher than at the start of 2015. Unusually mild weather in February and March pushed the year-on-year surplus to 1…

Obama Administration Offers Aid to Coal Communities

The Obama administration released $65.8 million on Thursday to help communities that are struggling from the decline of the coal industry and bankruptcies of major producers of the fuel. The funds announced by the federal Appalachian Regional Commission and the Economic Development Administration will support projects that help coal-dependent communities in places like West Virginia and Kentucky diversify their economies, retrain the workforce and attract new investment.

How Saudi Arabia Defended U.S. Market Share

Saudi Arabia has successfully defended its share of the U.S. oil market even as rising domestic production from shale and growing pipeline imports from Canada have cut seaborne imports from other countries. Saudi crude exports to the United States have remained relatively constant at around 1.2 million barrels per day since 2009, even as tanker arrivals from other countries have halved from 6 million to 3 million bpd (http://tmsnrt.rs/1Kf7s4t).

Kemp: How Saudi Arabia Successfully Defended its US Oil Market Share

Saudi Arabia has successfully defended its share of the U.S. oil market even as rising domestic production from shale and growing pipeline imports from Canada have cut seaborne imports from other countries. Saudi crude exports to the United States have remained relatively constant at around 1.2 million barrels per day since 2009, even as tanker arrivals from other countries have halved from 6 million to 3 million bpd.

Kemp: Integrated Approach Needed to U.S. Electricity Policy

North America's peak electricity demand is forecast to increase by just 1 percent a year for the next decade, the slowest rate of growth on record. Energy efficiency and conservation programmes, as well as time-of-use pricing, have weakened the link between economic growth and electricity demand, and in some areas the correlation is no longer positive. But the electric industry…

Pivotal to Deliver LNG to Carib for use in Puerto Rico

Pivotal LNG, Inc., a subsidiary of AGL Resources, announced this week a long-term agreement to sell liquefied natural gas (LNG) to Crowley Maritime Corp. subsidiary Carib Energy LLC (Carib). The LNG will be delivered to Puerto Rico. This is the first delivery of LNG for industrial customers in that U.S. territory. "We are pleased to work with Crowley to support industries in Puerto Rico with the delivery of cost-effective…

Oil Spills into Ohio River from Coal Plant

The U.S. Coast Guard closed a 15-mile stretch of the Ohio River on Tuesday after at least five thousand gallons of fuel oil spilled from a 60-year-old power plant owned by Duke Energy near Cincinnati, Ohio. The spill occurred late on Monday during a "routine transfer of fuel oil" at the W.C. Beckjord plant in New Richmond, Duke said. It began at 11:15 p.m. and was stopped 15 minutes later.