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NEW YORK, Aug 15 (Reuters) – Enterprise Products Partners (EPD.N) said on Friday the Seaway crude oil pipeline system resumed full operations after a crude oil leak from the company’s oil terminal in southeast Houston earlier this week. A portion of the Seaway pipeline went down on Tuesday night, impacting crude oil flows on the …
Seaway Crude Oil Pipeline System Resumes Full Operations After Leak Read More »
Aug 15 (Reuters) – The first two cargoes of Venezuelan oil exported by energy major Chevron (CVX.N) after it received a fresh U.S. authorization to operate in the country last month have set sail for the United States, vessel monitoring data showed on Friday. The U.S. Treasury Department granted Chevron a new license in late …
First Two Venezuelan Oil Cargoes by Chevron After License Depart to US Read More »
By EnergyNow Staff Western Canada Select (WCS) and West Texas Intermediate (WTI) are both crude oil benchmarks, but they differ in quality, location, and market dynamics — which is why WCS typically trades at a discount to WTI. 1. What They Are WTI (West Texas Intermediate) A light, sweet crude oil (low density, low sulfur). …
World markets are watching closely as U.S. President Donald Trump and Russia’s Vladimir Putin meet in Alaska later on Friday to seal a possible ceasefire agreement in Ukraine. This was a conflict that sparked an energy shock, sent food prices soaring, battered European assets and cut Russia’s economy off from much of the Western world. …
Here is How Russia’s War in Ukraine Has Shaped Global Markets Read More »
The International Energy Agency forecasts a surplus approaching 3 million barrels a day by next year. By Grant Smith Saudi Arabian Oil Co. workers in the Khurais oil field. Photographer: Maya Sidiqqui/Bloomberg The impact of this year’s dramatic policy reversal by OPEC+ is now becoming clear. This week’s reports from two of the oil industry’s …
OPEC+ Reshaped the Calculus for Oil Markets and Spawned a Record Glut Read More »
The OPEC+ coalition, led by Saudi Arabia, has fast-tracked the restart of halted production Bloomberg News Global oil markets are on track for a record surplus next year as demand growth slows and supplies swell, the International Energy Agency said. Oil inventories will accumulate at a rate of 2.96 million barrels a day, surpassing even the average buildup …
Global Oil Markets Race Record Glut Next Year: IEA Read More »
Jafurah Midstream Gas Company secures significant foreign direct investment, together with agreement to lease and leaseback development and usage rights for Aramco’s Jafurah midstream assets Aramco to receive upfront proceeds of $11 billion on completion, highlighting the value creation potential of its ongoing capital investment program Transaction to support optimization of Aramco’s assets, reflecting positive outlook for …
NEW YORK, Aug 14 (Reuters) – Phillips 66 (PSX.N) has reduced gasoline output at its 258,000 barrels-per-day Bayway refinery in Linden, New Jersey, after a fire near the plant’s gasoline producing unit, two people familiar with the matter said on Thursday. An ancillary piece of equipment of the refinery’s fluid catalytic cracking unit caught fire …
Phillips 66 Reduces Gasoline Output at Bayway Refinery After Fire, Sources Say Read More »
Summary Backwardation for Brent, WTI 6-month time spreads narrow Brent’s premium to Dubai lowest in 4 months Spot premiums for Oct-loading Dubai, Oman slip to month’s low Reuters) – Premiums for prompt benchmark oil prices globally are falling compared with those in future months on rising output from the Middle East, Latin America and Europe, …
Oil Price Structure Narrows, Premiums Fall as Supplies Rise, Summer Demand Ends Read More »
Summary Brent and WTI stabilise off previous session’s two-month lows Trump meets Putin on Friday to discuss war in Ukraine U.S. crude stocks rose unexpectedly last week, EIA says (Reuters) – Oil prices were stable on Thursday as investors weighed the potential impact of Friday’s U.S.-Russia summit on Ukraine on Russian crude flows, after U.S. …
