Friday, September 21, 2018

Texas News

U.S. Energy Chief Applauds Mexico's Plan to End Fuel Imports

File Image: Adobestock / © Sharrif che'lah

U.S. Energy Secretary Rick Perry praised the goal set out by Mexico's incoming president to end massive gasoline and diesel imports, nearly all of which come from the United States, as a measure that will boost prosperity in its southern neighbor.During a visit on Wednesday to the Mexican capital in which he…

Fire Breaks Out at Plains All American Crude Tank in Texas

A fire broke out on Tuesday morning on a roof seal of a Plains All American Pipeline crude storage tank east of Wichita Falls, Texas, the company said.The fire was limited to a single storage tank at its facility, the company said, adding that all personnel were personnel and contractors were accounting for.

Freeport Signs Initial LNG Offtake Deal with Sumitomo for Train 4

* Privately-owned U.S. liquefied natural gas terminal operator Freeport LNG said it had signed a binding agreement with a U.S.

New U.S. LNG Projects, Enough to Double Exports, on Verge of Launch

Photo courtesy of Kinder Morgan

New U.S. liquefied natural gas terminals with enough capacity to double U.S. exports have either begun commissioning their facilities or are waiting for approval from the energy regulator, a review of their documents showed this week.Although long planned, the actual commissioning of plants has been a moving…

GE Says Four Flagship Power Turbines are Shut Down in U.S.

General Electric Co said on Thursday that four of its new flagship power turbines in the United States have been shut down due to an "oxidation issue" and warned it expects the problem to affect 51 of the giant machines it has shipped, sending shares lower.The problem was discovered a few weeks ago on turbine blades in a natural gas-fueled turbine…

Texas Waha Natgas Prices Dive 60 pct to Record Low on Pipeline Constraints

Photo: Kinder Morgan

Next-day natural gas prices for Thursday at the Waha hub in the Permian basin tumbled 60 percent to their lowest on record due to pipeline constraints limiting the amount of gas that can move out of the region.Prices for Thursday at the Waha hub <NG-WAH-WTX-SNL> fell almost a dollar to 66 cents per million British thermal units (mmBtu)…

Oil Falls as Refined Products' Stocks Rise

© EpicStockMedia / Adobe Stock

Oil prices fell on Friday as a rise in stocks of refined petroleum products offset a sharp decline in U.S. crude inventories to the lowest level since 2015.Brent crude futures were down 34 cents at $76.16 a barrel by 1346 GMT. U.S. West Texas Intermediate (WTI) crude futures slipped 64 cents to $67.13 per barrel.Both contracts were set for their first weekly loss in three.U.S.

U.S. Oil Boom Starts to Cool, Tightening Global Market: Kemp

© demerzel21 / Adobe Stock

U.S. oil production is running into capacity constraints, which are starting to have a material impact on the global availability of crude, causing the market to tighten and putting upward pressure on prices.The biggest problem is the lack of sufficient pipeline capacity to move oil from shale wells in western…

Oil Rises as U.S. Sanctions on Iran Squeeze Supply

© Pam Walker / Adobe Stock

Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.Brent crude futures rose $1.13 to $78.50 a barrel, a 1.5 percent gain, by 10:48 a.m. EDT (1448 GMT).U.S. West Texas Intermediate (WTI) crude gained $1.10…

China's Falling U.S. Crude Imports More to do with Money than Politics

File Image (CREDIT: AdobeStock / © Jose Gill)

One of the side effects of President Donald Trump's escalating trade dispute with China is that U.S. exports of crude oil to the world's biggest importer are now viewed through the prism of politics.However, this ignores that buyers and sellers of crude are generally more motivated by profit margins and getting…

Oil Rises to $76 as OPEC+ Committee Sees Production Increasing

© christian42 / Adobe Stock

Brent oil prices rose to near $76 a barrel on Monday as a committee monitoring a deal on oil output curbs between OPEC and non-OPEC producers saw production rising while a U.S.-China trade dispute capped gains.International Brent crude oil futures were at $76.04 per barrel at 1326 GMT, up 22 cents from their last close.U.S.

Cheniere on Track to Finish 3 US LNG Trains in 2019

U.S. liquefied natural gas (LNG) company Cheniere Energy Inc said on Thursday it remains on track to finish building three liquefaction trains in 2019 at its export terminals at Sabine Pass in Louisiana and Corpus Christie in Texas:* The company said in its second quarter earnings release that Sabine 5 and Corpus 1 are expected to enter service in the first half of 2019…

US Energy Companies Fume over Rejected Steel Tariff Exemptions

© tomas / Adobe Stock

The U.S. Commerce Department recently granted a tariff exemption to oil major Chevron for its imports of 4.5-inch Japanese steel tubes for oil exploration.But the department rejected a similar request from Borusan Mannesmann Pipe to exclude 4.5-inch steel pipes imported from Turkey for casing used to line new oil wells.The reason: multiple U.S.

Oil Slips as Focus Shifts to Demand in Coming Months

© Kokhanchikov / Adobe Stock

Oil prices edged lower on Monday as troubled emerging markets and trade tensions dented the outlook for fuel demand, though U.S. sanctions against Iran could mean tighter supply ahead. Brent crude futures fell 14 cents to $72.67 a barrel by 11:18 a.m. EDT (1518 GMT). U.S. West Texas Intermediate (WTI) crude…

U.S. Shale Producer Magnolia Looks to Triple Market Footprint

File Image: CREDIT AdobeStock / © Edelweiss

U.S. oil producer Magnolia Oil & Gas Corp aims to at least triple in market valuation in coming years as it develops shale acreage across eastern and southern Texas, Chief Executive Steve Chazen said on Wednesday.Magnolia's shares have rallied about 33 percent this year alongside a rise in crude prices and as…

Cheniere Inks 15-year LNG Sales Pact with Vitol

© Igor Groshev / Adobe Stock

Cheniere Energy Inc said on Monday that it signed a 15-year agreement to supply liquefied natural gas (LNG) to the world's largest oil trader, Vitol Inc.Cheniere said it will sell 700,000 tonnes of LNG every year to Vitol, starting 2018 and the purchase price will be pegged to the Henry Hub monthly average,…

Henderson Acquires HP Piping Solutions

Logo courtesy of Henderson

Drilling rigs and capital drilling equipment sales and service provider Henderson said it has acquired high specification/high pressure fabrication company HP Piping Solutions in a move to further improve its service capabilities within the growing North American oil and gas market.HP Piping Solutions offers high-pressure mud piping…

Gulf Platforms Shut ahead of Hurricane

© Robert Cocquyt / Adobe Stock

U.S. oil prices edged up on Tuesday, rising back past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane.U.S. West Texas Intermediate (WTI) crude futures were at $70.04 per barrel at 0034 GMT, up 24 cents, or 0.3 percent from their last settlement.Anadarko Petroleum…

Brent Oil Stabilizes Near $72 as Economic Concerns Weigh

© tarasov_v / Adobe Stock

Brent oil stabilized near $72 per barrel on Monday after several weeks of decline, weighed down by concerns over slowing global economic growth but supported by an expected fall in supply from Iran due to U.S. sanctions.Brent crude futures, a benchmark for international oil prices, were at $72.08 per barrel at 1336 GMT, up 25 cents.U.S.

Freight Fuel Market Moves Back Towards Balance: Kemp

© TTstudio / Adobe Stock

The market for freight fuels is moving close to balance, after tightening significantly in 2017 and the first quarter of 2018, contributing to the recent stabilisation in crude oil prices.OECD stocks of middle distillate fuels, including road diesel, marine gasoil and jet fuel, totalled 513 million barrels at the end of June…