Crude

Geopolitical events have helped rebalance global crude oil fundamentals, but the ability of U.S. onshore oil operators to ramp up quickly could again throw the market into oversupply, according to Morningstar.

Houston-based Noble Energy Inc. has increased its crude oil takeaway capacity from the Permian Basin to South Texas with an additional five-year, firm sales agreement.

Market dynamics, coupled with an uncertainty over how much oil and natural gas is under the coastal plain of the Arctic National Wildlife Refuge (ANWR), could limit the amount of increased Alaskan production that is processed domestically, according to a study released Wednesday by the Energy Information Administration (EIA).

A trio of companies, some with energy assets in the Midcontinent, has agreed to form a joint venture (JV) called Cimarron Express Pipeline LLC, to build a crude oil pipeline connecting the region’s stacked reservoirs to a terminal at the Cushing Hub.

Texas oil and natural gas producers during January for the 14th straight month pushed the state’s upstream economic indicators higher, propelled by higher commodity prices, the Texas Alliance of Energy Producers said Thursday.

Tallgrass Energy Partners LP and Silver Creek Midstream LLC said Wednesday they have formed a joint venture (JV) to develop the Iron Horse crude oil pipeline to serve Wyoming's Powder River Basin (PRB).

U.S. crude oil production, boosted by record high output in Texas, reached 10.038 million b/d in November, the highest level since the record 10.044 million b/d achieved in November 1970, according to the Energy Information Administration (EIA).

Enterprise Products Partners LP (EPP) is on target to bring its Midland-to-Sealy crude oil pipeline in West Texas into full service by early second quarter after completing pump stations and storage facilities along the pipeline, CEO Jim Teague said Wednesday during a call to discuss 4Q2017 earnings.

U.S. domestic crude oil production this year is likely to exceed 10 million b/d, surpassing output from Saudi Arabia and rivalling that of Russia, according to the International Energy Agency (IEA).