Inter Pipeline Ltd said on Tuesday it will sell a major portion of its European bulk liquid storage business to Spain-based CLH Group for 420 million pounds ($537.73 million). The pipeline operator had halted the sale in March, stating potential buyers of the business had been significantly affected by the COVID-19 pandemic and that it was not the right time to pursue a major pan-European transaction. The sale includes all of Inter's bulk liquid storage and handling assets in the UK, [Read more]
Oil refiners worldwide struggle with weak demand, inventory glut
Global oil refiners reeling from months of lackluster demand and an abundance of inventories are cutting fuel production into the autumn because the recovery in demand from the impact of coronavirus has stalled, according to executives, refinery workers and industry analysts. Refiners cut output by as much as 35% in spring as coronavirus lockdowns destroyed the need for travel. As lockdowns eased, refiners increased output slowly through late August. But in top fuel consumer the United States [Read more]
Oil prices slip on potential Libyan oil return; Gulf storm supports
Oil prices fell on Monday on the potential return of oil output from Libya even as rising coronavirus cases add to worries about global demand, although losses were limited as a new tropical storm heads for the U.S. Gulf of Mexico. U.S. crude fell by $1.11, or 2.75%, to $39.76 a barrel. Brent crude was down $1.24, or 2.93%, at $41.80 a barrel. Libya's National Oil Corp (NOC) lifted force majeure on what it deemed secure oil ports and facilities on Saturday, but said the measure would [Read more]
TC Energy says insider Poirier to take over as CEO
Canadian pipeline operator TC Energy Corp said on Monday Chief Operating Officer François Poirier will take over as its president and chief executive officer after current boss Russ Girling retires at the end of this year. Girling, who has headed the company since July 2010, has been witness to the roadblocks faced by its decade-old Keystone Pipeline project, which has been delayed by opposition from landowners, environmental groups and tribes. In July, the U.S. Supreme Court reinforced a [Read more]
Lower Canada crude flows to U.S. helps chip away at Cushing glut
Lower flows of crude from Canada to Cushing, Oklahoma have helped ease a glut of oil at the delivery point for U.S. crude futures over the past two weeks, traders said, but the storage hub remained near a multi-month high. Crude inventories at Cushing fell 646,578 barrels the week ending on Tuesday, according to traders, citing the latest data from market intelligence firm Genscape. Cushing has eased as U.S. imports of Canadian crude fell to 3,057,000 barrels a day the week ending Sept. 11 [Read more]
U.S. drillers add oil and gas rigs for second week in three
U.S. drillers this week added oil and natural gas rigs for the second time in three weeks as a recent increase in energy prices from coronavirus-linked lows prompted some to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose by one to 255 in the week to Sep. 18, energy services firm Baker Hughes Co said in its closely followed report on Friday. That total rig count fell to a record low of 244 rigs during the week ended Aug. 14. That was 613 rigs, [Read more]
U.S. natgas futures ease to 7-week low as output rises after Hurricane Sally
U.S. natural gas futures eased on Friday to a seven-week low with output rising as Gulf of Mexico producers return wells shut for Hurricane Sally. That price decline came despite an increase in U.S. liquefied natural gas exports to their highest since April as rising prices in Europe and Asia make U.S. gas more attractive. Front-month gas futures fell 1.5 cents, or 0.7%, to $2.027 per million British thermal units (mmBtu) at 11:27 a.m. EDT (1527 GMT), their lowest since July 31 for a [Read more]
OPEC+ panel to meet amid oil price decline, worry of virus impact
OPEC and allies, led by Russia, are scheduled to hold an online meeting on Thursday to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook. The key OPEC+ panel will be reviewing an internal document which warned that a rise in coronavirus cases in some countries may curb oil demand despite signs of economic recovery and initial indications of a decline in oil stocks, according to a copy of the report seen by [Read more]
U.S. oil producers, exporters tally damages from Hurricane Sally, begin restarts
Storm-tossed U.S. offshore energy producers and exporters began clearing debris on Thursday from Hurricane Sally and booting up idle Gulf of Mexico operations after hunkering down for five days. The storm toppled trees, flooded streets and left about 570,000 homes and businesses from Mississippi to Florida without power. Sally became a tropical storm and spread heavy rains overnight from Alabama to Georgia. Crews returned to at least 30 offshore oil and gas platforms. Chevron Corp began [Read more]
Trump administration eyes at least $300 million aid to refiners denied biofuel waivers
The Trump administration is considering at least $300 million in cash aid to U.S. oil refiners that are denied exemptions to U.S. biofuel blending laws for the 2019 compliance year, two sources familiar with the matter said. Although the administration has yet to rule on the 2019 waivers, it has made an estimate for the amount of money it would provide in aid based on the number of facilities that applied for the exemptions but may now be considered ineligible because of a recent court [Read more]