The U.S. said on Thursday it has imposed new sanctions on Iran's military oil trade, even as Washington and Tehran reached a tentative agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz. The Treasury Department said it had sanctioned eight vessels involved in transporting Iranian crude oil and petroleum products to global markets. The vessels included the Marshall Islands-flagged oil tanker Flora, the Comoros-flagged crude oil tanker Hauncayo and [Read more]
News
Canada’s South Bow delays Keystone XL restart until US permit assured
South Bow will not proceed with a partial revival of the Keystone XL pipeline until it has proof that a U.S. presidential permit is "durable," the pipeline operator's CEO, Bevin Wirzba, said on Thursday at the Energy Roundtable conference in Calgary, Canada. The Alberta-to-Wyoming pipeline, proposed by South Bow and its U.S. partner Bridger Pipeline, could increase Canada's crude exports to the U.S. by more than 12% if it goes ahead, bringing much-needed pipeline takeaway capacity to [Read more]
Iran’s Tasnim says text of potential Iran-U.S. MOU has not yet been finalized or confirmed
Iran’s Tasnim news agency, citing a source close to the negotiating team, said on Thursday the text of a potential memorandum of understanding between Iran and the United States had not yet been finalized or confirmed. The source said Tehran had not informed the Pakistani mediator that the text was complete and would notify both the mediator and the public once finalized, adding that Western media reports claiming the agreement had already been finalized were false. (Reporting by Yomna [Read more]
US distillate inventories sink to 23-year low
U.S. distillate fuel oil inventories fell to a 23-year low last week, the Energy Information Administration said on Thursday, as the Iran war continues to choke global fuel supplies and raise demand for U.S. crude and petroleum products. The country's distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels in the week ended May 22 to 100.8 million barrels, the lowest since May 2003. Analysts had expected a 1.02 million-barrel drop. "We're going to continue [Read more]
US crude, fuel inventories fell last week, EIA says
U.S. crude, gasoline and distillate stockpiles fell last week, the Energy Information Administration said on Thursday, as demand jumped. Crude inventories fell by 3.3 million barrels to 441.7 million barrels in the week ended May 22, the EIA said, compared with analysts' expectations in a Reuters poll for a 4.14 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.79 million barrels in the week, the EIA said. Oil futures held on to earlier gains, despite [Read more]
TotalEnergies made Middle East oil mega-trades after noticing US Navy buildup in Gulf in February, CEO says
French oil major TotalEnergies made the decision to buy large amounts of Middle East crude in March after its traders noticed the U.S. Navy amassing ships near the Gulf in February, its CEO told French newspaper Le Figaro in an interview published on Thursday. "Our oil traders — and it's their job — noticed that the U.S. Navy was massing ships around the Persian Gulf in February. They decided to take a position counter to the market, which was trending down at the time, and to buy, saying [Read more]
US natgas prices at Waha remain negative but rise to 16-week high as pipeline constraints ease
U.S. spot natural gas prices for Thursday at the Waha Hub in West Texas rose to their highest since early February - while remaining in negative territory - as demand for the fuel rises with the coming of summer and pipeline companies start to wrap up spring maintenance. Next-day prices at Waha have remained below zero for a record 78 days in a row as pipeline constraints from spring maintenance trapped gas in the Permian Shale, the nation's biggest oil-producing basin in West Texas and [Read more]
US and Iran reach deal but need Trump’s final approval, Axios reports
The U.S. and Iran have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and launch negotiations on Iran's nuclear program, but President Donald Trump still needs to give final approval, Axios reported on Thursday, citing two U.S. officials. (Reporting by Katharine Jackson and Daphne Psaledakis) [Read more]
Montney Producer Improves Flowback Reliability With Novel Emulsion Treatment Chemistry
SECURE recently developed a novel & unique flowback treatment chemistry to specifically target polymer & solids stabilized emulsion complexes which are commonly present during the initial flowback stages of Montney wells. A top-tier Montney producer operating in Northeast B.C was experiencing severe emulsion issues during the initial flowback stages of their Montney wells, causing major operational issues including: Erratic guided wave radar performance issues on inlet vessel [Read more]
The Great Upward Knowledge Transfer
Some acronyms are helpful and useful and elegant. SCUBA, self-contained underwater breathing apparatus. LASER – Light Amplification by Stimulated Emission of Radiation (technically, LABSEOR but poetic license allowed apparently). PIN – Personal Identification Number. KFC (no one wants to admit they know that one). All have become common words and save oh so much talking. Ever heard of MBWA? Too bad if you haven’t. Look beyond its inelegance, and the fact that it sounds stupid if you try to [Read more]
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