Crude oil
ConocoPhillips looks to reduce stakes in Australian LNG, Canadian oil sands
ConocoPhillips already announced plans to shed billions of dollars in assets to focus on core areas of its portfolio, particularly in unconventional formations in the US. The company plans to "rebalance" its portfolio over time and "lighten up" on these high costs projects in order to keep costs of supply low.
US demand for oil, products drops to historic lows
Demand for all major petroleum products was lower in 2012, led by a near 400,000-bpd decline in gasoline demand. Gasoline use fell 0.6% to an average of 8.703 million bpd, the weakest level in 11 years. Gasoline is the most widely used petroleum product in the world's biggest oil consumer.
Magellan to buy refined product pipelines of Plains in Rocky Mountain region
The assets to be sold from Plains include a pipeline system that delivers refined products throughout Wyoming, South Dakota and Colorado and associated tankage, as well as a pipeline system that delivers refined products from El Paso, Texas, to Albuquerque, N.M., and Juarez, Mexico.
API appeals E15 gasoline rule to US Supreme Court
The group alleges that had EPA stayed within its statutory authority and followed proper procedures, it would have waited until ongoing E15 testing on engines and fuel systems was completed before allowing the use of E15. Then it would have found that E15 is not safe for numerous vehicles.
US crude rail deliveries hit record high, still rising
Refiners increasingly depend on rail cars to bring in the oil being produced in increasing quantities throughout the US and Canada. Innovations in drilling techniques have allowed oil companies to cull oil from shale formations faster than pipeline companies can connect the wells to market.
Fuel pipeline from key Iraq refinery under attack
The attack hit the pipeline carrying oil from the refinery in Baiji to Mosul in northern Iraq. It's the second attack on the pipeline in less than a week, forcing the country to ship fuel by road through the northern Ninava province. Ninava province gets all of its fuel from the damaged pipeline, which will take days to fix.
Companies propose 800-mile Alaska gas pipeline
Under the companies' plan, an 800-mile pipeline would be built with the capacity to ship 3 billion to 3.5 billion cubic feet of gas to an area near a port where the gas would be turned into a liquid. The LNG would be stored in tanks and loaded onto tankers from a loading jetty with two berths.
Enbridge, partners plan pipeline to ship Canadian, Bakken crude to US Gulf
The companies said the Patoka hub can receive crude oil from both western Canada and North Dakota's Bakken play through a variety of existing pipelines as well as through Enbridge's Southern Access Extension pipeline, which is under development. The pipeline is expected to be in service by 2015.
IEA lowers forecast for global oil demand growth, warns of China slowdown
In its closely-watched monthly report on the oil market, the watchdog agency cut its oil demand growth forecasts for the coming year by a marginal 90,000 bpd, but warned that recent signs of recovery in the global oil demand could be the result of one-off factors, rather than sustained improvement.
EIA sees slim US oil demand growth through 2014
With the downward revision for 2012, the EIA now sees 2013 US demand rising 0.3%, to 18.65 million bpd, with 2014 demand up 0.4%, at 18.72 million bpd. The 2014 figure would be down 10%, or nearly 2.1 million bpd below the demand peak hit in 2005 of 20.8 million bpd.
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- PureFive™ resin advances toward qualification with Procter & Gamble brands 6/26
