Crude

With U.S. crude oil exports hitting record highs earlier this year, and a tsunami of new production expected in the next couple of years, a massive bottleneck could emerge along the Gulf Coast as early as 2020, according to RBN Energy.

North Dakota officials are viewing as a constitutional duty to possibly file a lawsuit challenging a new law in Washington state that could restrict oil shipments from the Bakken Shale.

The global crude oil market could be headed for an “unprecedented” undersupply condition by 2020, suggesting further upside for West Texas Intermediate (WTI) and Brent even after prices rallied off the lows from late last year, according to analysts.

Driven by the Permian Basin, ExxonMobil Corp. reported stronger upstream production and raised its projections in the play, but the solid operational news came as downstream and chemical results pulled first quarter profits down on “challenging industry margin environments.”

U.S. crude oil exports nearly doubled in 2018, rising to 2.0 million b/d versus 1.2 million b/d in 2017 as domestic volumes reached 42 destinations across the globe, according to the Energy Information Administration (EIA).

Permian Basin pure-play Concho Resources Inc. and Frontier Midstreams Solutions IV LLC have partnered to build a crude gathering, transportation and storage system in the northern part of the Midland sub-basin to support growth in the region.

Medallion Delaware Express LLC and Medallion Pipeline Co. LLC on Friday launched a binding open season for long-term commitments to support expanded joint tariff service of their pipeline systems in West Texas, where oil production is booming in the Permian Basin.

Just as midstream companies are leaving no stone unturned in their efforts to alleviate oil and natural gas pipeline bottlenecks in the Permian Basin, Enbridge Inc. is looking to repurpose one of its diluent pipelines to offer relief to the oil takeaway problem in Western Canada.

Enterprise Products Partners said Tuesday it is teaming up again with CME Group for an electronic auction that would offer domestic crude for export from its Houston Ship Channel terminal.