Crude Oil

In another display of headlines driving price action, natural gas futures soared on word of a leak impacting the Shell plc-operated Mars crude oil pipeline in the Gulf of Mexico (GOM). Of course, gas prices were already sharply higher after the latest government inventory data reflected a continuation of the tight supply/demand balances that have…

Oil output in the United States declined for a second consecutive week, dashing hopes that production would keep pace with summer demand and ease pressure on inventories and prices. After climbing to a 2022 high of 12.1 million b/d in June, U.S. output fell to 11.9 million b/d for the period ended July 15. That…

Driven by upstream activity tied to LNG export projects, production of natural gas liquids (NGL) in the gassy Montney Shale has seen a recent boost, according to the U.S. Energy Information Administration (EIA).  In its latest analysis of Canada’s energy commodities, EIA projected the country’s oil production to grow this year and into 2023.  Factors…

NOLA Oil Terminal LLC has begun construction on the first phase of a $930 million oil and refined products terminal on the Mississippi River in Plaquemines Parish, LA. “NOLA Oil Terminal will be the first of its kind in the region, allowing Mississippi River access for much larger vessels, such as the New-Panamax and the…

Mounting output from the Organization of the Petroleum Exporting Countries (OPEC) and its allies and lofty global natural gas prices are widening the spread between sweet and sour crude prices, the U.S. Energy Information Administration (EIA) said Friday. While crude prices have recently come off 2021 highs in large part because of coronavirus resurgence concerns,…

U.S. petroleum demand jumped along with a continued rise in gasoline consumption, while domestic oil production held even, according to the latest federal data. Overall petroleum demand for the period ended May 14 jumped 10% week/week, the U.S. Energy Information Administration (EIA) said Wednesday. Gasoline demand, up substantially this year, increased 5% week/week to 9.2…

Oil was still flowing Thursday on Enbridge Inc.’s disputed dual-pipe Line 5 across the Straits of Mackinac after an inconclusive round Wednesday in the third court fight since 2018 over Michigan demands to turn off the 540,000 b/d conduit. No order emerged to enforce a Wednesday shutdown deadline set by Gov. Gretchen Whitmer from the…

A Sentinel Midstream LLC subsidiary said Monday it has received a draft environmental impact statement (DEIS) for the deepwater crude oil export facility planned off the coast of Freeport, TX. The U.S. Coast Guard and the U.S. Maritime Administration (MARAD) issued the DEIS for the Texas GulfLink project, a “critical step in the regulatory process…

Light oil production continues to grow in the United States, rising 7% over the last four years to 57% of the total 1.24 million b/d of crude produced in 2019, according to the Energy Information Administration (EIA). U.S. light oil production grew to 6.7 million b/d last year, up from 5.8 million b/d in 2018,…