Read the Latest News Affecting the Tank & Terminal Industry
DOE Announces Contract Awards for Sale of Crude Oil from the Strategic Petroleum Reserve
Market Screener, Mar. 5, 2021
In line with the Congressionally mandated competitive price sale of 10.1 million barrels of crude from the U.S. Strategic Petroleum Reserves, the U.S. Department of Energy's Office of Fossil Energy announced that seven of 10 companies submitting bids have been awarded contracts.
NuStar Announces Pipeline Capacity Expansion Project for Albuquerque Market
The Street, Mar. 3, 2021
To increase capacity of refined gasoline, diesel and jet fuel to the Albuquerque, NM region, NuStar Energy announced plans to develop incremental pipeline capacity and upgrade pump stations by mid-2022 on an Amarillo, TX to Albuquerque pipeline jointly owned by NuStar and Phillips 6.
Ethanol Fuel Efforts Clear House Committee
Yahoo News, Mar. 8, 2021
The Minnesota House Agriculture Committee approved a bill mandating that gasoline sold must contain at least 15% ethanol by volume by 2023 for distributors and service stations that meet compatibility requirements.
Port of Corpus Christi Abruptly Ends Lone Star Ports Lease of Harbor Island
KRIS 6 News, Mar. 16, 2021
Without any advance notice, commissioners with the Port of Corpus Christi voted to immediately terminate the lease of Harbor Island to Lone Star Ports. Lone Star had planned to build a loading facility for VLLCs on the site but had been challenged repeatedly by the Port Aransas Conservancy. No reason was given for the termination.
Senate Confirms Michael Regan as EPA Chief
SentinelSource.com, Mar. 11, 2021
The U.S. Senate confirmed Michael Regan as the new head of the Environmental Protection Agency. As an environmental regulator, Regan has a reputation for consensus building and working well with both Democrats and Republicans in his home state of North Carolina.
Royal Dutch Shell Announces Completion of Sale of Minority Interest in QCLNG Common Facilities Infrastructure to Global Infrastructure Partners
Market Screener, Mar 14, 2021
Shell announced December 21, 2020 that it had sold a minority interest in its QCLNG Common Facilities to Global Infrastructure Partners, including LNG storage tanks, jetties, and operations infrastructure that services QCLNG's trains. Shell remains a majority owner of the Common Facilities.
DeFazio, Graves Letter Urging Full Use of Harbor Maintenance Trust Fund
Committee on Transportation & Infrastructure, Sam Graves, Republican Leader, Feb. 11, 2021
A letter from House Committee on Transportation and Infrastructure Chair Peter DeFazio (D-OR) and Ranking Member Sam Graves (R-MO) urged President Joe Biden to make billions of dollars in already-collected Harbor Maintenance Trust Fund fees available to the U.S. Army Corps of Engineers for U.S. port and harbor maintenance.
Singapore's Jurong Port Completes Purchase of Lim Family's Stake in Universal Terminal
Reuters, Mar. 21, 2021
Singapore's government-owned Jurong Port has purchased a 41% stake in Universal Terminal from the Lim family. The terminal was considered the Lim family's most valuable of all its shipping and oil assets.
Oasis Petroleum: Midstream Partners Announces Acquisition of Midstream Interests from Petroleum and IDR Elimination
Market Screener, Mar. 22, 2021
Oasis Midstream Partners announced it was acquiring the remaining interests in Bobcat DevCo LLC and Beartooth DevCo LLc from Oasis Petroleum Inc. for $229 million cash and 14.8 million units for a total of about $510 million.
Gibson Energy: Announces Long-Term Agreement at its Edmonton Terminal and the Related Sanction of a Biofuels Blending Project
Gibson Energy confirmed it has signed an agreement with Suncor Energy for services at its Edmonton Terminal. The contract calls for all Edmonton Terminal services to be considered under a single Master Services Agreement, for which Gibson will receive a fixed fee per use.
Oil Price Structures Show Market Balance Returns in Second Half of 2021
Reuters, Mar 31, 2021
Despite sharp declines in inventories, U.S. winter storms and global lockdowns, the oil market looks poised to balance through the remainder of 2021, according to OPEC and its allies, OPEC+.
API Reports a Weekly Rise of Nearly 4 Million Barrels in U.S. Crude Supplies, Sources Say
MarketWatch, Mar 30. 2021
In a mixed report, the American Petroleum Institute reported that U.S. crude stockpiles has risen by nearly 4 million barrels, while gasoline stockpiles had dropped by 6 million barrels.