Oil Pipeline

Two sources familiar with data on Thursday reported that Black Sea CPC blend oil exports were down to 1.6 million barrels a day in April, or 6.093 millions metric tons. This is down from 1.7million bpd for March. The Caspian Pipeline Consortium does not comment on the results of its operations. According to sources, April shipments comprise 5.523 million tons of Kazakhstan-originated oil from 5.942 million in March, and 0.570 million tons originated from Russia, compared to 0.660 million tons in March. Two industry sources previously stated that CPC Blend oil exported for May was set at 1.5 millions bpd...

New Fortress Energy reported a loss for the first quarter of the year on Wednesday. The U.S. LNG company struggled to perform well across all its segments. This sent the shares plummeting nearly 19% during extended trading. Excelerate Energy purchased the company's assets and operations in Jamaica for $1.06billion. The New York company delayed its announcement of first-quarter results from Monday to allow it to complete the deal. Wes Edens, CEO of Excelerate, said: "The sale of our Jamaican assets is a milestone for our company. We are able to streamline our operations while paying down corporate debt by selling...

The Canadian heavy crude price continues to be strong, with the discount between West Texas Intermediate (WTI), the North American benchmark futures contract, and Western Canada Select (WCS), the North American benchmark futures contract. WCS for June Delivery in Hardisty Alberta settled at $8.75 per barrel below the U.S. benchmark WTI according to brokerage CalRock. It had settled at $8.95 below the U.S. standard on Tuesday. Last time Canadian heavy crude traded so closely below the U.S. benchmark, it was in 2020 during global oil price volatility due to pandemics. Canadian heavy crude is trading at a discount, in part...

The discount between the benchmark North American West Texas Intermediate (WTI) futures and Western Canada Select (WCS), a heavy crude from Western Canada, continued to tighten on Tuesday. It settled below $9 for approximately five years. WCS for June Delivery in Hardisty Alberta settled at $8.95 per barrel below the U.S. benchmark WTI according to brokerage CalRock. It had settled at $9.15 below the U.S. standard on Monday. Rory Johnston is an energy analyst and the founder of Commodity Context, which publishes a newsletter. He said that the last time Canadian heavy oil traded at a discount so tight to...

The discount between West Texas Intermediate (WTI), the North American benchmark, and Western Canada Select (WCS), heavy crude was unchanged on Sunday. It remained within the historically narrow range that it has traded at since spring. WCS for June deliveries in Hardisty (Alberta) settled at $9.15 per barrel below the U.S. benchmark WTI according to brokerage CalRock. Canadian heavy crude is trading at a discount, in part because the Trans Mountain expansion pipeline was opened a year ago. This increased the country's capacity to export oil. According to RBC Capital Markets, the average differential between WCS and WTI has narrowed...

The discount between the benchmark North American West Texas Intermediate (WTI) futures and Western Canada Select heavy crude (WCS), continued to narrow on Thursday. This trend continues what has been historically tight prices this spring. WCS for June deliveries in Hardisty (Alberta) settled at $9.35 per barrel below WTI according to brokerage CalRock. It had settled at $9.70 below the U.S. benchmark Wednesday. In recent months, Canadian heavy crude oil has traded at a discount partly due to the Trans Mountain Pipeline expansion that was opened exactly one year prior. According to RBC Capital Markets, the average differential between WCS...

ONEOK, the U.S. pipe-line operator, reported a marginal drop in its first-quarter profits on Tuesday. This was due to higher operating costs and divestments. In extended trading, shares were down 3.7% to $84.60. Operating costs for the first quarter of 2018 increased by 32%, to $752 millions. This was mainly due to higher employee expenses. Over the last two years the company has diversified its portfolio by acquiring assets, such as a Gulf Coast NGL pipe system from Easton Energy or Medallion Midstream or EnLink Midstream. ONEOK will begin transporting refined products, oil and other petroleum products in 2023 after...

Calculations based on official sources and data showed that Kazakhstan increased its oil exports from January to March by 7%, to 19.51 million metric tonnes (1.63 millions barrels per day), thanks to an increase in supply via the Caspian Pipeline. The oil output and exports of Kazakhstan, a country that ranks among the top 10 oil producers, are in the spotlight. This is because the Central Asian nation has exceeded the quotas set by the OPEC+ group, which has angered several members, including Saudi Arabia. The Caspian Pipeline Consortium exports oil via the Black Sea from Kazakhstan. Drone attacks have...

Kinder Morgan, the U.S. operator of pipelines and terminals, narrowly missed Wall Street's expectations for its first-quarter profits on Wednesday. This was due to a decline in its pipeline products segment and increased costs. The energy industry is bracing for the impact of U.S. president Donald Trump's tariffs against most Canadian and Mexican imports. These include levies on imports of steel, "reciprocal tariffs" on other nations as well as falling oil prices. Kinder Morgan, however, left its profit forecasts unchanged because it continues to bet on a rise in the demand for natural gas. The terminal operator said that tariffs...

The U.S. Army Corps of Engineers granted Enbridge the national energy emergency status on Wednesday for its proposed tunnel for Line 5 pipeline, expediting a crucial federal permitting process. As part of his emergency energy declaration of January 20, President Donald Trump ordered the Army Corps of Engineers to issue permits for the filling of wetland areas and the dredging of waterways or construction in them. This was to expand U.S. production of energy to meet the projected demand. The Army Corps is a federal engineering agency that has the authority to approve projects involving waterways and wetlands. The Army...

South Bow announced on Wednesday that it had restarted its Keystone pipeline at a lower operating pressure following approval by the Pipeline and Hazardous Materials Safety Administration. Last week, the 4,327 km (2 689 miles) Keystone pipeline was shut down after an oil spill in North Dakota near Fort Ransom. South Bow said it will continue to monitor the system 24 hours a day, remediate the site of the incident, and share any findings from the investigation as soon as they are available. The PHMSA has approved a restart in accordance with a corrective order issued on 11 April, but...

On Tuesday, the discount between West Texas Intermediate (WTI), North America's benchmark futures contract, and Western Canada Select (WCS), a heavy crude from Western Canada (WCS), widened. WCS for delivery in May at Hardisty, Alberta settled at $9.30 per barrel below WTI according to brokerage CalRock. It had settled at $9.10 per barrel under the U.S. benchmark Monday. * The WCS Discount briefly increased last week, following an oil spillage in North Dakota that caused Keystone Operator South Bow to temporarily close the 4,327 km (2,689) pipeline between Canada and the U.S. It has returned to historically tight levels due...

Sources in the trade and industry said that oil exports from Russia's western port are expected to increase this month due to lower crude production at Russian oil plants. However, the OPEC+ production limits may only have a small impact on Moscow’s export plans. The port of Primorsk may increase its daily loadings to an average of 2.0-2.1 million barrels next month, up from the 1.9 million barrels planned for April. Calculations showed that this is an increase of 5-10% per day. On account of low margins, refinery runs could fall by 80,000 to 100,000 barrels per a day. The...

Russia has ordered Kazakhstan’s main oil terminal to shut down two of its three moorings. The terminal handles crude pumped from the U.S. by majors Chevron, Exxon Mobil and others. This comes amid a standoff with OPEC+ and Kazakhstan over excessive production. The operator of the Caspian Pipeline Consortium, which exports about 1% of the global oil supply through the Russian Black Sea Terminal, announced late on Monday that two moorings had been halted after a quick inspection by Russia's transportation watchdog. Trading sources said that if the stoppage lasts more than one week, it could more than half CPC...

The Caspian Pipeline Consortium (CPC), which exports Kazakhstan's oil via the Black Sea, was seen pumping 64.4 million metric lots of oil in 2024 in a most current estimate, further downgrading its exporting prospects, according to an investor. It had initially prepared to export more than 70 million heaps (1.5 million barrels per day) of oil in 2024, up from a. record high of 63.5 million loads in 2023. However, the consortium stated in May it expected its oil. exports to fall 7% except an initial target owing to lower. loadings from Tengiz, a crucial field. The plans might have...

The United States released fresh sanctions on Wednesday on several Russiabased entities over their involvement in the Nord Stream 2 gas pipeline, the State Department said, consisting of brand-new measures versus the operator of the project. The U.S. State Department said in a declaration it was re-imposing sanctions on a variety of entities associated with the building of the pipeline that were already designated, as well as several brand-new owners of vessels already under sanctions. Among those targeted on Wednesday were Russia-based marine services and water transport entities, the state-owned maritime rescue service and over a lots vessels, the State...

The following are the top stories in the Wall Street Journal. Reuters has actually not confirmed these stories and does not vouch for their precision. - U.S. satellite television service provider DirecTV said on Thursday it had ended its contract to acquire Echostar's. satellite tv service, which includes rival Dish TV,. over a stopped working debt-exchange offer. - U.S. President-elect Donald Trump is considering picking Kevin. Warsh as his Treasury secretary with the understanding that he. could later on be chosen to lead the Federal Reserve when Jerome. Powell's term as chair ends in 2026. - U.S. President-elect Donald Trump...

The budget plan committee of Russia's parliament on Thursday approved to increase to 40% from 20% the tax on earnings of stateowned oil pipeline monopoly Transneft starting from 2025. Transneft's shares in Moscow fell by more than 10% after tax rise was authorized throughout a live-streamed committee meeting. Russia is seeking to raise taxes as it needs to fund its military project in Ukraine. A major tax reform is anticipated to create additional profits worth 1.7% of GDP in 2025. Financial experts argue this will not be enough. Deputy financing minister Alexei Sazanov told the committee that the taxes are...

Three industry sources said that Kazakhstan's largest oil field Tengiz operated by U.S. giant Chevron has reduced its oil production by about 21% in average since October 26. This is equivalent to 496,200 barrels of oil per day. As a member OPEC+ (an alliance between OPEC, other top producers, and Russia), the Central Asian nation is bound by output targets. The decline in production may allow Kazakhstan to meet its output quota as part of an agreement with OPEC+. According to one source, the maintenance on the field has led to a decline in production. Tengiz's operator did not respond...

Two market sources said that Novatek, a Russian energy company, launched its new gas condensate processing unit in the Baltic Sea Port of Ust-Luga at the end of August. The new refinery unit can process 3 million tons of gas condensate per year. This liquid feedstock is similar to crude oil. It is then processed into jet fuel, gasoil, heavy naphtha and fuel oil. Novatek didn't immediately respond to an inquiry for comment. Novatek opened the Ust-Luga Complex in 2013, with two refinery units, to process gas produced by its Arctic fields. It also ships oil products and gas condensate...

Russia may hold back oil export cuts for its western ports in October or even increase loadings, regardless of set up rise of readily available primary oil refining capability at regional oil plants which makes it possible for Moscow to increase crude runs, market sources stated. I expect a little rise in Russia's oil exports in October - by several hundred thousand (metric) tons. I question that all the repair work will be completed on time, while the circumstance with oil plants in Russia's south is unclear yet, an industry source said. Russia's primary oil refining capacity is expected to...

Russian business, primarily Tatneft, have actually boosted oil exports to Slovakia and Hungary to replace materials lost after Ukraine sanctions halted exports from Moscowbased Lukoil, Kommersant paper stated on Thursday. Lukoil was prohibited by Kyiv from utilizing the part of the Druzhba, or Friendship, pipeline that goes through Ukrainian territory, partially providing Hungarian and Slovakian refineries. The two landlocked nations alerted of possible fuel lacks from September unless an option was found. Hungarian energy company MOL has still not received required oil volumes, including for the Slovnaft refinery in Bratislava, Kommersant reported, mentioning unnamed sources. Tatneft did not respond immediately...

Slovakia and Hungary on Friday rebuffed a European Commission recommendation that they might replace lost Russian oil supplies via an alternative path through Croatia saying it was too expensive. Products from Russia's biggest oil exporter Lukoil through Ukraine were stopped in July following a ban by Ukrainian authorities on Lukoil utilizing the Druzhba pipeline, which connects Russia to eastern Europe. Hungary and Slovakia earlier this month asked the European Commission to step in and moderate as the threatened their security of supply. But they are declining the European Commission's proposition to usage spare capability on the JANAF Adriatic pipeline in...

Hungary and Slovakia have threatened to take Ukraine to court for blocking materials of oil by Russian manufacturer Lukoil through the Sovietbuilt Druzhba (Relationship) pipeline, the last remaining path for Russian crude to Europe. The following sets out the relevant realities. RUSSIA'S REMAINING OIL LINK TO EUROPE After Moscow's invasion of Ukraine in 2022, the European Union (EU), which used to purchase up to a third of its fuel from Russia, enforced sanctions and stopped buying Russian oil. Nevertheless, it offered 3 member states - Hungary, Slovakia and the Czech Republic - exemptions from sanctions because of their dependence on...