The U.S. Energy Information Administration (EIA) said utilities added just 32 billion cubic feet (bcf)...
The U.S. Energy Information Administration (EIA) said utilities added just 32 billion cubic feet (bcf) of gas to storage during the week ended July 15.
That was much less than the 47-bcf build analysts forecast in a Reuters poll and compares with an increase of 50 bcf in the same week last year and a five-year (2017-2021) average increase of 41 bcf.
Harvest Buys Remaining Interest in Arrowhead Gulf Coast Holdings
Harvest Midstream purchased the remaining interest in Arrowhead Gulf Coast Holdings LLC, making...
Harvest Midstream purchased the remaining interest in Arrowhead Gulf Coast Holdings LLC, making Harvest the sole owner of the company, a press release announced on July 20.
Arrowhead's operations include 300 miles of pipelines and terminal assets in southern Louisiana used for the transport of crude oil and condensate, including the BOA/CAM pipelines that supply crude to the Valero Meraux and PBF Chalmette refineries.
The company's other pipeline and terminal assets include Golden Cocodrie, Atchafalaya, Eugene Island, Erath Tank Farm, Burns dock, Burns terminal and Sabine.
Prior to Harvest signing, funding and closing on the transaction, it held a 62.5% stake in the company, with BlackRock Real Assets owned the remaining 37.5% stake.
MarketWatch: U.S. stocks finish higher; Nasdaq ends up 1.4% as Tesla stock jumps
U.S. stocks closed sharply higher on Thursday as the tech-heavy Nasdaq Composite led all three...
U.S. stocks closed sharply higher on Thursday as the tech-heavy Nasdaq Composite led all three benchmarks to their highest levels in six weeks. Strong earnings from S&P 500 companies --- particularly heavy-hitting tech stocks like Netflix Inc. NFLX, +3.44% and Tesla Inc. TSLA, +9.78% --- have helped to bolster sentiment, prompting wary investors to jump back into the market en masse, market strategists said. The Dow Jones Industrial Average DJIA, +0.51% gained 162.06 points, or 0.5%, to 32,036.90. The Nasdaq Composite COMP, 1.36% closed 161.96 points, or 1.4%, higher at 12,059.61. The S&P 500 SPX, +0.99% climbed 39.05 points, or 1%, to 3,998.95. For the Nasdaq, Thursday marked the first time since late May that the index advanced by 1% or more for three consecutive sessions.
Shell, ConocoPhillips US Gulf of Mexico Assets Reportedly for Sale
Shell Plc and ConocoPhillips Co. are both reportedly exploring the...
Shell Plc and ConocoPhillips Co. are both reportedly exploring the divestiture of assets in the U.S. Gulf of Mexico, according to separate media reports on July 20.
Shell is said to have begun soliciting buyer interest for its stakes in two U.S. Gulf of Mexico oil and gas developments, the Auger hub and the Conger Field. Meanwhile, ConocoPhillips is considering a full exit from its Gulf of Mexico deepwater portfolio through the sale of the Ursa platform and Princess subsea well.
Both companies have been offloading assets—Shell, due to investor pressure to focus on cleaner forms of energy and, ConocoPhillips, to become a major operator in the Permian Basin. Despite the pressure, Shell recently acquired an operating stake in a deepwater development project in the U.S. Gulf of Mexico that France’s TotalEnergies SE had previously abandoned.
The Energy Information Administration on Wednesday reported that U.S. crude inventories fell by 400,000 barrels for the week ended July 15. On average, analysts expected a decline of 200,000 barrels, according to a poll conducted by S&P Global Commodity Insights. The American Petroleum Institute on Tuesday reported a 1.9 million-barrel increase, according to sources. The EIA report showed a supply increase of 3.5 million barrels for gasoline, while distillate stockpiles fell by 1.3 million barrels. The analyst survey called for inventory gains of 400,000 barrels for gasoline and 800,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 1.2 million barrels for the week, the EIA said.
