Oil Pipeline

Investors are betting that disruptions to Middle East oil supplies will be brief. This optimism, however, may not be justified. The third day of conflict has not yet caused any damage to the oilfields in the region, but the inability of fuel to be shipped out of the Gulf has already put a strain on a global energy system that is tightly interconnected. Each day of disruption increases pressure on both producers and consumers, causing bottlenecks in the Middle East for exporters and a worsening of shortages elsewhere. The oil prices rose by more than 10% on Monday, reaching the...

Targa Resources, a pipeline operator, beat its fourth-quarter estimates for adjusted core profits on Thursday. This was due to higher demand and transport volumes of natural gas liquids as well as natural gas. U.S. Natural Gas Futures jumped more than 11% in a single quarter, ending a decline that began in the second quarter. Midstream companies benefit from the strong oil and natural gas production of the Permian Basin. They also see a rise in natgas exports, and an increase in power generation linked to AI and data centers. Targa has announced plans to construct a 275 million cubic foot...

On Thursday, Targa Resources, a pipeline operator, beat Wall Street expectations for its fourth-quarter core profit. This was due to increased demand as well as higher volumes of transporting natural?gases and natural gas liquids through their systems. U.S. Natural?Gas?Futures increased more than 11% sequentially during the fourth quarter. This was due to higher demand and an increase in pipeline volumes. Targa, Kinder Morgan and other midstream companies are benefiting from the strong oil and natural gas production of the Permian basin, the rising demand for?natgas driven by the liquefied gas exports, and the soaring electricity generation linked to AI operations,...

EIG Global Energy Partners hired PJT Partners as an advisor on how to structure a 'new fund' for its stake in Saudi Aramco oil pipeline assets, as the vehicle that holds it is nearing expiry. Sources said that the so-called continuation funds would allow U.S. infrastructure investors to keep the Aramco stake they bought in 2021 for a longer period of time and bring in new investors. EIG, PJT Partner?and Aramco didn't immediately respond to a comment request. A continuation fund allows a company to continue ownership of an asset after the fund's initial?lifecycle. Firms can sell assets when funds...

California's Attorney General announced on Friday that the state is suing the Trump administration because it asserted federal authority over two state pipelines and allowed Sable Offshore to resume pumping oil. This lawsuit is part of a dispute that has been raging between Sable and California officials for a while over a 'drilling project' off the coast Santa Barbara, which was shut down after an oil spill in 2015. This is one of the many conflicts between U.S. president Donald Trump, a Democrat, who wants to boost domestic 'fossil-fuel production', and California Governor Gavin Newsom. Newsom is a Democrat, but...

Serbia's energy ministry said that the majority-owned Russian oil company NIS had restarted its refinery in Serbia and resumed crude oil imports after receiving a waiver from United States sanctions. In an Instagram post, Energy Minister Dubravka Handanovic stated that the refinery was restarted following a break of nearly two months. She stated that the first diesel produced by the refinery following the restart of the plant should be on the market before January 27. In October, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), which is part of the Treasury Department, imposed sanctions against NIS. The majority...

On Thursday, the discount between West Texas Intermediate crude oil and North American benchmark West Texas Select futures was reduced. WCS for February Delivery?in Hardisty?Alberta settled at $14.10 per barrel below U.S. benchmark WTI according to brokerage CalRock. This compares with $14.30 per barrel on Wednesday. The discount on Canadian heavy crude oil is still more than $1 higher than last month. The price of Canadian heavy crude grades has fallen due to the increased market volatility brought on by U.S. President Donald Trump's stated aim to increase Venezuelan oil production. Investors are watching for a potential increase in Venezuelan...

On Wednesday, the discount between West Texas Intermediate crude oil and North American benchmark West Texas Select futures was reduced. WCS for February deliveries in Hardisty, Alberta, settled at $14.30 per barrel less than the U.S. benchmark WTI according to brokerage CalRock. This compares with $14.40 on Tuesday. The discount on Canadian heavy crude remains $1 more than last month. The price of Canadian heavy crude has dropped?as a result of increased market volatility due to U.S. president Donald Trump's stated goal to increase Venezuelan production. The market is watching for the possibility of an increase in Venezuelan heavy oil...

The difference between the West Texas Intermediate crude oil futures and North American benchmark West Canada Select crude oil has widened slightly on Tuesday. WCS for Hardisty, Alberta delivery in February settled at $14.40 per barrel below WTI benchmark, according to brokerage firm?CalRock. This compares with $14.35 on Monday. The discount on Canadian Heavy Crude?remains a dollar or more wider than last month. The market is watching for the potential for an increase in Venezuelan heavy oil barrels in the U.S. Gulf Coast to compete against Canadian heavy oil of similar quality over the long term. Some analysts believe the...

Six sources confirmed that two Greek-managed oil tanks were struck by drones near the Caspian Pipeline consortium terminal on Tuesday, which is responsible for?around 80%?of Kazakhstan's crude oil exports. LSEG data revealed that Delta Tankers in Greece manages one of the tankers. According to sources, this tanker was expected to be loaded with oil from Tengizchevroil. The sources said that the other ship, Matilda is managed by Greece's Thenamaris, and would be expected to load oil from Karachaganak. Thenamaris confirmed that Matilda was hit by two drones as she waited in "ballast conditions" 30 miles off CPC. According to a...

On Monday, the discount between West Texas Intermediate and North American benchmark Western Canada Select?futures was reduced. WCS for February deliveries in Hardisty, Alberta settled at $14.35 per barrel below the U.S. benchmark WTI according to brokerage CalRock. This compares with $14.80 per barrel on Friday. Since the capture by the U.S. of Venezuelan President Nicolas Maduro, the discount on 2026 WCS barrels at Hardisty's forward curve has increased more than $2 per barrel. The market is looking for potential increases in Venezuelan barrels that could compete with Canadian heavy oil of similar quality in the U.S. Gulf Coast in...

Western Canada Select's discount to North American benchmark West Texas Intermediate futures has narrowed for the first time since the capture by the U.S. of Venezuelan President Nicolas Maduro. WCS for Hardisty, Alberta delivery in February settled at $14.80 per barrel below U.S. benchmark WTI according to brokerage CalRock. This compares with $15 on Friday. In the wake of Venezuela's crisis, the discount on heavy Canadian crude has increased by more than 12 percent. This is because an increase in Venezuelan barrels would be able to compete with Canadian heavy oil that is similar in quality in the U.S. Gulf...

The Russian Foreign Ministry's Maria Zakharova accused Ukraine of a threat to Europe's energy security by stopping the flow of?Russian crude oil through the Druzhba pipeline into Hungary and Slovakia. Ukraine says that the pipeline has still not been repaired after being damaged by Russian air strikes in late January. On Monday, in another incident, Kyiv's drones hit a Russian pumping station servicing the same.pipeline. Hungary blocked this week new EU sanctions against?Russia, and an EU loan for Ukraine in response to the oil shutdown. Zakharova said that the inaction of Brussels is surprising because the blockage by Ukraine of...

The United Kingdom sanctioned the oil pipeline operator Transneft as part of its package of almost 300 measures on Tuesday. It announced its "largest" set of sanctions to coincide with 'the fourth anniversary of Russia invading Ukraine. The Russian government claimed that Transneft was a major pipeline company in the world and transported more than 80% the crude oil exported by Russia. The goal was to cut further into Moscow's revenues from energy. The West has imposed thousands of sanctions against Russia, including on its oil sector. However, this has not resulted in a significant reduction of Russian oil exports....

Robert Fico, the Slovak prime minister, said that his country's electricity grid operator will refuse any Ukrainian requests for an emergency supply of electricity from Monday onwards until oil flows resume through the Druzhba Pipeline. This escalates a dispute over?the crude. The announcement comes after European Ministers in Brussels failed to convince Slovakia and Hungary to drop their threats to punish Ukraine over the delay in restarting the flow. Since January 27, Ukraine has cut off the flow of Russian oil into Slovakia and Hungary. Ukraine claims that a Russian drone struck pipeline equipment in Western Ukraine. Ukraine has said...

Hungary's foreign minister announced on Friday that it will not approve a 90 billion-euro (106?billion dollars) EU loan to Ukraine unless the country resumes oil deliveries via?the Druzhba Pipeline. Budapest had previously said that it would use strategic reserves to address a shortage. Hungary and Slovakia have been working to ensure supply of Russian oil since January 27, when flows were stopped following what Ukraine claimed was a Russian drone strike that damaged pipeline infrastructure. Both countries blame Ukraine for the delay in resuming flows due to political reasons. On Thursday, we requested the comments of the Ukrainian Foreign Ministry...

Energy Minister Dubravka Djedovic Handanovic announced on Friday that the U.S. Treasury Department had 'extended' a sanctions waiver for Serbian-owned NIS until March 20. This gives?the Balkan nation?another?month?to import crude oils. In October, the U.S. Office of Foreign Assets Control imposed sanctions against NIS as part of wider measures targeting Russia's energy sector in response to Moscow's conflict in Ukraine. Djedovic handanovic, in a press release, said that "NIS is now able to import crude oils... and continue to supply the market with crude oil products." In December last year, the OFAC granted?NIS a deadline of late March for the...

In a Wednesday interview, Aleksandar Vucic stated that Serbia was diversifying its energy sources away from Russia. The country is already in discussions to purchase natural gas through a European Union buying mechanism. Over 80% of the country's natural gas comes from Russia. The EU is trying to cut down on cash flowing to the Ukraine war chest of President Vladimir Putin. Last year, Serbia was unable to sign a long-term agreement with Russia's Gazprom. A short-term agreement reached in December will expire on March 31. Vucic stated that he understood EU policies towards Russian energy. He said, "We have...

Aleksandar Vucic, President of Serbia, said that the Russian-owned NIS refinery in Serbia, sanctioned by the United States, would be operational as early as 'January 17 or 18, after it received a temporary license. The Office of Foreign Assets Control of the U.S. Treasury Department granted NIS on Wednesday a temporary operating license until January 23. This will allow it to resume its production after a 36 day?break. The US has given NIS - which owns Serbia’s only oil refinery - until 24 March to negotiate the sale of its Russian shareholders' stake. Vucic, speaking to reporters in Belgrade, said:...

Energy Minister said on Wednesday that the U.S. granted Serbia's majority-Russian refiner NIS a licence to operate until January 23. This will allow it to resume its production after a 36-day hiatus. After a series of waivers since January, the Office of Foreign Assets Control of the U.S. Treasury Department imposed sanctions against NIS as part of broader actions against Russia's Energy Sector in October. Dubravka Handanovic, Serbia's Energy Minister, posted on Wednesday evening: "Great news for the end the year. The US OFAC has granted the NIS company a licence to operate up until 23 January. The refinery in...

According to Serbia's RTS TV, the U.S. granted Serbian oil refiner NIS until March 24th to 'negotiate' the sale of their 'Russian owner's' stake. RTS stated that NIS did not have an operating license which would allow it to purchase and process crude oil. After a series waivers granted since January, the Office of Foreign Assets Control of the U.S. Treasury Department imposed sanctions against NIS as part of broader measures taken against?Russian energy sector. The sanctions have stopped crude oil supplies through Croatia's JANAF pipe, which has shut down production at?Pancevo. Gazprom, the sanctioned oil unit of Russia's Gazprom,...

Serbian President Aleksandar Vucic revealed on Tuesday that Russian energy giant Gazprom has been in discussions with Hungary's MOL about a possible sale of its majority stakes in 'NIS' - Serbia's only oil refiner. In January, the United States announced sanctions against Russia's oil industry in response to Moscow's conflict in Ukraine. But, NIS's application was repeatedly delayed before finally coming into force on October 8th. "We have no problem with it. We have information that Gazprom representatives have been talking to MOL in Hungary, and we don't have anything against them." Vucic said to reporters on Tuesday that the...

After a drone attack that severely damaged the loading infrastructure and halted oil exports, Kazakhstan asked Ukraine to stop attacking its Black Sea terminal, which is used by the Caspian Pipeline Consortium. This terminal handles more than 1 percent of all global oil. CPC, which has shareholders from Russia, Kazakhstan and the United States, announced that it had stopped operations after an attack by a Ukrainian drone on a mooring in its Russian terminal at the Black Sea caused significant damage. In an effort to undermine the Russian war economy, Ukraine launched a wave of attacks this year on Russia's...

Tengiz is Kazakhstan's biggest oilfield. It increased its oil production from November 1 to 23, by 8.5% month-on-month, reaching 787,300 barges per day. However, this was still below the planned level by the Energy Ministry, according to a source with knowledge of the statistics. Yerlan Akkenzhenov, Kazakhstan's energy minister, said on Tuesday that Tengiz is currently undergoing maintenance without giving any details. Tengizchevroil is the U.S. oil giant Chevron that operates this field. They did not respond to our request for comment. The field was also maintained last month. The overall oil production in Kazakhstan fell by 10% last month...