Read the Latest News Affecting the Tank and Terminal Industry
Push to Restart Storm-Hit Energy Operations Gets Yawn from Oil Markets
Reuters, Aug. 28, 2020
While most platforms and refineries not directly in the path of Hurricane Laura's 150 mph winds, about 300 facilities spent the week restoring operations. CITGO Petroleum's lake Charles, Louisiana facility did report significant impact to its 418,000 bpd operations and repairs are estimated to be complete in four to six weeks.
Omega to Buy Joliet Terminal from Oiltanking North America
Bulk Transporter, Aug. 14, 2020
Omega Partners Illinois, a subsidiary of Omega Partners, has signed an agreement to purchase Oiltanking North America's Joliet terminal in Channahon, Illinois. The facilty features 281,000 barrels of mostly specialty chemical storage plus rail, truck and barge connections.
Filled to the Brim: The Importance of Flexible and Innovative Storage in Commodities Markets
CSIS, Aug. 14, 2020
With crude oil prices reaching historic lows in April 2020—more than 43% YoY—and spot markets and future prices in flux, there is doubt about when pricing will return to 2019 levels.
Citing COVID-19, IEA Lowers Oil Demand Estimate for Next Year
Markets Insider, Aug. 13, 2020
The global supply of crude oil is expected to remain at 90 million bpd through the end of August, according to the International Energy Administration. However, based on its July 2020 projections, the agency now estimates that global supply will contract by 8.1 million bpd due to the uncertainty of how long it will take to control the COVID-19 pandemic.
Factbox: Oil Refiners Shut Plants as Demand Losses Seen Continuing
Yahoo Finance, Aug. 17, 2020
With global consumption of crude oil still lagging after nearly six months of falling demand refiners are cutting losses and processing facilities across Asia and North America while eyeing still more shutdowns in Europe.
Supertanker Double-Whammy: Less Volume, Shorter Hauls
Yahoo Finance, Aug. 14, 2020
As stocks of crude oil in Asia continue to drawdown after months of buildup, crude flows from the Atlantic Basin are also slowing in what one industry leader refers to as the "unwinding period."
Uncertainty Looms in Libya as PFG Allows Eastern Oil Ports to Reopen
S&P Global, Aug. 19, 2020
The head of the eastern Petroleum Facilities Guard said they will open five key oil ports for exports. Naji al-Maghrabi, leader of the eastern-PFG, said the move was aimed at relieving growing power shortages nationwide as well as preserving production and export areas in the conflict-prone region.
Harris County Fires Firm Behind Delayed $1 Billion Ship Channel Bridge
San Antonio Express-News, Aug 12, 2020
Harris County Commissioners voted August 11 to fire engineering firm FIGG Bridge Group, contractor for the Ship Channel Bridge project along the Sam Houston Tollway near Houston. The termination follows the discovery of a design flaw in the bridge by a new engineering firm and the suspension of FIGG by the Federal Highway Administration after its investigation into the collapse of a pedestrian bridge at Florida International University in February 2018 that killed six people.
Oil Companies Start to Take Back Crude from U.S. Emergency Reserve
Reuters, Aug. 10, 2020
Following months of buildup of U.S. crude oil reserves after worldwide demand collapsed in the spring, several energy companies are now retrieving their oil, removing more than 23 million barrels from the U.S. strategic reserve caverns since August 1 according to a Department of Energy website.
Aramco CEO Sees Oil Demand Picking Up as Lockdowns Ease
Reuters, Aug. 9, 2020
Oil demand is recovering across Asia, with China's gasoline and diesel demand "almost at pre-COVID-19 levels," said Saudi Aramco Chief Executive Amin Nasser. Further increases are expected as lockdowns are rescinded worldwide.
Blueknight Announces Appointment of Chief Financial Officer
StockWatch, Aug. 10, 2020
Matthew R. Lewis has been named Chief Financial Officer at Blueknight Energy Partners, L.P. effective September 8, 2020. Lewis' prior experience included both public and private company leadership roles focusing on corporate finance, strategic planning and risk management within the energy and industrial sectors.
EPA Reminds Facility Operators to Prepare for Hazardous Weather
EPA, Aug. 25, 2020
On the heels of Hurricane Laura, the EPA reminds all facility operators of their obligations to maintain safety, minimize releases and or damages that do occur, whether from natural disaster or accident, and report same under the Comprehensive Environmental Response, Compensation and Liability Act and other binding policies.
Empire Pipeline Becomes Empire Midstream
MarketScreener, Aug. 24, 2020
To more accurately represent its widening presence in the midstream sector, Empire Pipeline LLC announced Aug. 24 a name change to Empire Midstream LLC. The company’s services and assets include multiple crude oil pipelines in the Gulf of Mexico and blending and storage operations at the Gibson Terminal.
Superior Plus to Acquire Rymes Propane and Oil Assets
Seeking Alpha, Aug. 25, 2020
Superior Plus has agreed to purchase the assets of Rymes Propane and Oil for $159 million. Superior will absorb about 370 employees, 46 facilities, and approximately 3 million gallons of storage capacity in a deal expected to close by September 30.
Energy Fuels Announces Management Streamlining
INN, Aug. 20, 2020
Energy Fuels Inc. has named Scott Bakken as the new Vice President of Regulatory Affairs and Bernard Bonifas as the new Director of ISR Operations. The moves are in alignment with company goals to reduce costs and flatten the organizational structure.