Oil, Natural Gas Prices Pass Milestones #OilmanNEWS 2017 November-December Alex Mills Contributors 

Oil, Natural Gas Prices Pass Milestones

Crude oil and natural gas wellhead prices crossed a psychological price threshold last week as crude oil closed at $50.41 and natural gas closed at $3.094 on the New York Mercantile Exchange (NYMEX)on Wednesday, Sept. 20. The Energy Information Administration (EIA) released its weekly oil inventory report on Wednesday showing crude inventories rose 4.6 million barrels during the week ending… Read More
Jim Chanos is Short on Shale #OilmanNEWS 2017 November-December Shale Upstream 

Jim Chanos is Short on Shale

During the world-renowned Delivering Alpha conference in New York, Jim Chanos announced that his company Kynikos Associates was short on multiple U.S. Shale oil producers. Being “short” means that an investment firm is betting that the current valuation of a company is too high and that the price of the stock will eventually fall to match a more realistic valuation. Kynikos… Read More
Magellan and Valero Announce Joint Storage Facility in Texas #OilmanNEWS 2017 November-December Texas 

Magellan and Valero Announce Joint Storage Facility in Texas

Magellan Midstream Partners, L.P. and Valero Energy Corporation announced on September 14 that they would be working together to expand and develop the marine storage facility along the Houston Ship Channel in Pasadena Texas. Ownership of the facility will be split 50/50 between Magellan and a Valero subsidiary, and it is expected to have a storage capacity of five million barrels… Read More
Recovering from Hurricane Harvey – The Aftermath Phase #OilmanNEWS 2017 November-December Texas 

Recovering from Hurricane Harvey – The Aftermath Phase

Disaster response and business continuity focus on the immediate response during the event and long-term recovery. However, critical to this process is the immediate aftermath and short term, because there are very low levels of law and order, infrastructure and organization; the ability to secure human capital (people), assets and infrastructure are essential to ensure a smooth and effective recovery.… Read More
Hurricanes Present Huge Challenges To Petroleum Industry #OilmanNEWS 2017 November-December Alex Mills Contributors 

Hurricanes Present Huge Challenges To Petroleum Industry

Hurricane Harvey has presented a challenge for the petroleum industry’s efforts to continue to providing consumers with a safe, reliable, and affordable product during extremely difficult circumstances.  Even though the 50 inches of rain along the Gulf Coast caused some 13 refineries to temporarily cease operations, many are now back online. When Hurricane Harvey hit shore near Corpus Christi on… Read More
Harvey Creates Issues for Texan Oil Industry #OilmanNEWS 2017 November-December Downstream Texas 

Harvey Creates Issues for Texan Oil Industry

The catastrophic flooding and high-velocity winds accompanying Hurricane Harvey had overarching effects on both residents and businesses in the Gulf Coast area, particularly in Texas. The difficulty for oil and gas firms is mainly concentrated within the downstream portion of the market as refineries have been unfortunately positioned to face the brunt of the storm. CNN Money reports that ten… Read More
India to Diversify Crude Oil Import Policy #OilmanNEWS 2017 November-December Downstream 

India to Diversify Crude Oil Import Policy

In an effort to reduce its dependence on crude imports from Middle Eastern countries led by Saudi Arabia, India is considering diversification of its crude sources, adding the United States in its long list of crude suppliers.   Currently, India imports about 82 % of crude oil for its domestic requirement. According to latest IEA reports, at present, India imports… Read More
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