EIA: US Energy Consumption Could Take 30 Years to Recover

It will take a while for the energy sector to get to its new ‘normal,’ says the EIA Acting Administrator in the U.S. agency’s annual outlook clouded by the COVID-19 pandemic.

Enterprise, Navigator Begin Service on Houston Ship Channel Ethylene Storage Tank

The new ethylene storage tank will facilitate faster loading and enable the Morgan’s Point terminal, owned 50/50 by affiliates of Enterprise and Navigator, to reach an annual nameplate export capacity of 1 million tons per year

US Crude Oil Stockpiles Soar amid Record Surge in Net Imports

Crude oil inventories in the U.S. rose by 15.2 million barrels in the week to Dec. 4 to 503.2 million barrels, the largest build in crude inventories since April.

Magellan Midstream to Boost Fuel Loading Capacity in Cheyenne, Wyoming

Magellan Midstream Partners said on Dec. 2 it will invest about $4.65 million to increase truck loading capacity at its refined oil products Cheyenne terminal in Wyoming by more than 50%.

What’s Affecting Oil Prices This Week? (Nov. 23, 2020)

The world witnessed the long-waited announcements related to successful trial results of several vaccines, which are the preliminary requisite for quick regulatory approvals that will then translate into mass production and distribution. 

What’s Affecting Oil Prices This Week? (Nov. 16, 2020)

There are three additional variables which oil markets are not used to deal with in the fourth quarter: the current infections uptick in Europe, the U.S. presidential transition and announcements about new vaccines, all of them adding bearish or bullish pressure to prices over the next few months.

What’s Affecting Oil Prices This Week? (Nov. 9, 2020)

An extra bucket of cold water—the Convent refinery shutdown in Louisiana by Shell is more meaningful than it seems, Stratas Advisors says in its latest oil price forecast.

Shell to Shut Down Louisiana Refinery amid Coronavirus Pandemic

Shell said on Nov. 5 it will shut down its refinery in Convent, La., the largest U.S. facility to close since the coronavirus pandemic first hit and devastated economic demand worldwide.

What’s Affecting Oil Prices This Week? (Nov. 2, 2020)

A vote of confidence—three different oil markets are behind crude price volatility, Stratas Advisors says in its latest oil price forecast.

What’s Affecting Oil Prices This Week? (Oct. 19, 2020)

Global oil participants saw contradicting messages last week from OPEC and Russia with regards to their approach for rebalancing markets, reminiscent of what happened in early March, Stratas Advisors says in its latest oil price forecast.