Crude

At a time when the field of proposed oil export terminals is narrowing, a subsidiary of Dallas-based Sentinel Midstream LLC has garnered additional support for developing a project near Freeport, TX.

At a time when the field of proposed oil export terminals is narrowing, a subsidiary of Dallas-based Sentinel Midstream LLC has garnered additional support for developing a project near Freeport, TX.

Citing weak global demand, Enbridge Inc. has dropped out of the race to build and operate a crude export terminal offshore the Upper Texas coast capable of handling supertankers but it may consider reapplying for permits if conditions improve.

Fears of escalation in the Middle East following a U.S. attack in Iraq early Friday, which killed a high ranking Iranian military leader, could support a sustained move higher for crude oil prices, which jumped 4% on Friday.

Editor’s Note: This is one of a 14-piece series NGI undertook as the energy industry readied for the new year, with Lower 48 natural gas and oil supply continuing to surge in an uncertain environment as liquefied natural gas exports ramp up, Mexico markets remain shrouded and stakeholders demand more value. Get your complimentary copy of NGI’s 2020 Special Report today.

With “worrying” demand trends in the 100 million b/d global crude oil market and domestic supply continuing to grow, the United States is expected to need additional export markets to absorb supply, with China seen as being key.

Targa Resources Corp. brought online a handful of expansion projects in the third quarter, with the bulk of the expansions taking place in the Permian Basin, management said during a conference call to discuss 3Q2019 earnings.

Epic Crude Holdings LP is testing support for another expansion of its Texas intrastate oil pipeline that extends from Orla in the Permian Basin to the Port of Corpus Christi.

As exports of U.S. crude oil have continued to ramp up in 2019, the number of export destinations for domestically produced crude now exceeds the number of places supplying imports into the United States, according to the Energy Information Administration (EIA).