At Today’s Lower Prices China is Adding 70-90 MMBoe to SPR with Strategic Crude Oil Purchases Simultaneously to the Peoples Bank of China intentionally depreciating the Yuan last week, China’s National Energy Administration announced on May 31, 2016 that the country is planning to implement changes to how oil reserves are handled. Private companies will be engaged to build and
WTI oil price continued its hot streak today finishing the day up 1.82% at $48.59 per barrel. Uncontrolled forest fires in Canada have suppressed the supply of oil coming from that market, more than one million barrels have yet to return to market. The fires in Canada is the latest in a string of supply disruptions curtailing oil coming to
CALGARY, ALBERTA–(Marketwired – April 13, 2016) – TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced that it will issue 12 million cumulative redeemable minimum rate reset first preferred shares, series 13 (the “Series 13 Preferred Shares”) at a price of $25.00 per share for aggregate gross proceeds of $300 million on a bought deal basis to a syndicate of underwriters in
Inventories fall 4.9 MMBO Oil prices surged today following news from the Department of Energy that U.S. inventories declined this week following 7 consecutive weeks of record setting builds. U.S. crude oil inventories declined 4.9 MMBO this week to 529.9 MMBO. The average economist estimate this week was a build of about 3 MMBO, according to information complied by Bloomberg.
U.S. natural gas inventories show 25 Bcf draw U.S. natural gas inventories saw a larger than expected draw today, according to information from the Department of Energy. The DOE reported natural gas inventories for the week ended March 25, 2016, were down 25 Bcf to 2,468 Bcf. The current level of natural gas in storage is still above average, but
With so much oil being produced in the U.S. and nowhere to store it, why are we still importing? Crude oil stocks continued to build last week to levels well above the five-year average as global oversupply persists. Production in both OPEC and non-OPEC countries is beginning to decline, according to information from the IEA, but demand still has not
Lower oil prices push liquid storage levels higher As global oil production continues to outpace demand, storage levels for petroleum and other liquids has grown at a pace not seen in 17 years. Total global liquids inventories are estimated to have grown by 2.3 MMBOPD through the first seven months of 2015, the highest level of inventory builds through July
Salt-facilities offer more flexibility than other types of storage The available working capacity of salt-cavern natural gas storage facilities in the Gulf Coast gas-producing region has doubled since 2008, according to information from the Energy Information Administration (EIA). New capacity in salt-facilities has accounted for about half of the storage capacity built in the producing region, with salt-facility capacity increasing
Gibson Energy plans to add 2 MMBO of storage over the next few years Gibson Energy (ticker: GEI) has received committed shipper support to proceed with the construction of 2 additional crude oil storage tanks at the Hardisty storage hub. The two tanks will have a combined capacity of 900 MBO, with one tank holding 0.5 MMBO and the other
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