Oil Traders Chase Storage Space in World Awash with Fuel
Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis.Dozens of oil tanker vessels have been booked in recent days to store at least 30 million barrels of jet fuel…
Swiss Utility in Talks to Buy LNG from Canada's Goldboro Project
Axpo, a Swiss utility and energy trader, said on Thursday it was in talks for a 10-year supply deal with a Canadian company planning to build a liquefied natural gas (LNG) terminal.A sales and purchase agreement would boost the chances that Pieridae Energy would decide to build the C$10 billion ($7.6 billion) Goldboro project…
Why Canada is the Next Frontier for Shale Oil
The revolution in U.S. shale oil has battered Canada's energy industry in recent years, ending two decades of rapid expansion and job creation in the nation's vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage. Canadian producers and global…
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.
Enterprise Products Approached Williams over Acquisition
Enterprise Products Partners LP approached Williams Companies Inc earlier this summer about combining their businesses, two of the largest U.S. oil and gas pipeline operations, people familiar with the matter said. Merging Williams' natural gas liquids business in the northeastern United States with Enterprise's ATEX pipeline…
Spectra Responding to Texas Eastern Pipeline Fire in Western Pennsylvania
Spectra Energy is responding to a fire along its Texas Eastern natural gas pipeline in Western Pennsylvania on Friday morning, according to a company spokesman. The company provided limited details, only saying the fire occurred in Salem Township, Pennsylvania, and that they have activated the company's emergency response plan.
BTG Pactual's Condensate Export Deal to End Soon
Press release - BTG Pactual's contract to export condensate from the northeastern United States is set to expire soon, three trade sources said on Monday, just as the Brazilian bank reels from the arrest and departure of its chief executive officer. The deal by the commodities trading…
Keystone Snub Adds to Gloomy Prospects for Pipeline Companies
North American pipeline companies are at a crossroads. Once the darlings of investors, their growth prospects have been undercut by a 50 percent slide in oil prices and tough environmental reviews that have delayed projects. President Obama's rejection on Friday of TransCanada Corp's proposed Keystone XL oil pipeline…
New Nylon Pipe, Alternative for Oil Industry
A unit of Koch Industries said on Wednesday it was introducing a new type of pipe made from nylon, as surging oil and gas output drives demand for new pipelines and concerns mount about the safety of older ones across North America. Koch's Invista unit said the nylon pipe was designed to withstand tough oilfield conditions…
Kinder Morgan inks New England Gasline Contracts
Kinder Morgan Energy Partners LP said natural gas distribution companies in New England have agreed to buy firm gas on the U.S. energy company's proposed new pipeline into the region. A shortage of gas pipelines into New England forced energy firms there to pay record prices for gas…
