A federal judge has ordered the U.S. Bureau of Land Management to pause approving new permits to drill for oil and gas on nearly 120,000 acres of federal land in Wyoming until it finishes reevaluating the environmental impacts of a lease sale. Tuesday's decision by U.S. District Judge Christopher Cooper in Washington, D.C., followed his March ruling finding BLM did not comply with the National Environmental Policy Act when it decided to auction the land for oil and gas development in [Read more]
US crude stockpiles fall sharply, fuel builds, EIA says
U.S. crude oil stockpiles last week fell more than expected as strong refining activity continued despite Hurricane Beryl, while gasoline and distillate inventories rose, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 4.9 million barrels to 440.2 million barrels in the week ending July 12, the EIA said, compared with analysts' expectations in a Reuters poll for a 33,000-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. [Read more]
US imports of Canadian crude hits record high following TMX startup
U.S. imports of crude oil from Canada rose last week to its highest on record, data from the Energy Information Administration showed on Wednesday, buoyed by the startup of the newly expanded Trans Mountain (TMX) pipeline. Imports rose by 807,000 barrels per day (bpd) to 4.4 million bpd in the week to July 12, the largest gain since March 2023, according to the data. The $24.84 billion (C$34 billion) Trans Mountain expansion started operations in May and has nearly tripled shipping [Read more]
U.S. LNG natgas feedgas on track to fall to 12-week low, LSEG figures show
The amount of natural gas flowing to U.S. liquefied natural gas (LNG) export plants was on track to drop to a 12-week low on Wednesday due to reductions at several plants, including Freeport LNG in Texas, according to data from financial firm LSEG. For years, LNG feedgas has been the fastest growing source of new U.S. gas demand and the shutdown of any export plant, especially Freeport, can sway gas prices around the world. On Monday, U.S. gas futures fell about 7% to a 10-week low after [Read more]
Saudi Arabia crude exports rise to 6.118 mln bpd in May
Saudi Arabia's crude oil exports in May rose to 6.118 million barrels per day from 5.968 million bpd in April, official data showed on Wednesday. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website. (Reporting by Bengaluru Commodities Desk) [Read more]
Exxon shut Joliet, Illinois, refinery after power outage
Exxon Mobil shut down its 251,800-barrel-per-day refinery at Joliet, Illinois, due to a power outage after a storm, according to a filing late on Monday. The loss of power caused a flaring incident on Monday night, the filing showed. Exxon did not immediately respond to a request for comment. The plant went down due to heavy wind and rain, two industry sources said. A severe storm passed through Joliet on Sunday, according to the National Weather Service, leaving thousands without [Read more]
Heavy oil discount widens
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Tuesday: * WCS for August delivery in Hardisty, Alberta, settled at $13.95 a barrel below WTI on Monday, according to brokerage CalRock. * "After what appears to have been a production curtailment in the range of 200 Mb/d for about eight days due to wildfires, Alberta's oil sands output has likely fully recovered suggesting that the threat to production sites [Read more]
North Dakota oil production down 49,000 bpd in May vs April to 1,195,000 bpd – state regulator
Oil production in North Dakota fell 49,000 barrels-per-day (bpd) to 1,195,000 bpd in May, monthly data from the state Industrial Commission showed. The data was released on the North Dakota Industrial Commission's monthly index report page and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission's general statistics report, also available on its website. [Read more]
IMF revises Saudi GDP growth down on oil cuts
The International Monetary Fund on Tuesday revised downwards Saudi Arabia's economic growth by nearly one percentage point, mainly due to oil production cuts. The revision was the biggest among major economies and dragged down the rest of the Middle East and North Africa region, which is projected to grow 2.2% this year, a downward revision of half a percentage point from three months ago, IMF projections in its World Economic Outlook showed. Saudi Arabia is in the midst of a massive [Read more]
Energy Transfer, Sunoco form joint venture of Permian crude businesses
U.S. pipeline operator Energy Transfer and fuel distributor Sunoco on Tuesday said they would form a joint venture combining their crude oil and produced water-gathering assets in the Permian Basin. Dallas-based Sunoco is an affiliate of Energy Transfer, which billionaire Kelcy Warren controls. The joint venture, formed on July 1, is expected to be immediately accretive to distributable cash flow for both Energy Transfer and Sunoco. It will operate more than 5,000 miles of crude oil and [Read more]
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