Read the Latest News Affecting the Tank & Terminal Industry
Sawtooth Caverns LLC Announces New Refined Product Storage Capability
Market Screener, April 14, 2021
Sawtooth Caverns LLC announced completion of its salt cavern expansion in Delta, Utah, for service to both Salt Lake City, Utah and Las Vegas, Nevada. the expansion includes receiving, storing and return of products.
Max Midstream Plans to Export Crude from Port of Calhoun in May
PB Oil & Gas, April 15, 2021
Max Midstream is scheduled to ship its first cargo of Eagle Ford crude to Europe via its new crude export terminal at Port of Calhoun in May. The Houston-based producer plans to invest $360 million to dredge and widen the Port of Calhoun and establish an export hub between Houston and Corpus Christi.
Triangle Energy (Global) Signs Storage Agreement With BP; Shares Rise 12%
Market Screener, April 22, 2021
Triangle Energy (Global) will begin storing its crude oil products at BP's Kwinana facility under a one-year term agreement. The two companies have also discussed a possible extension to that term.
Magellan Midstream Partners L P : Cuts Stake in Pasadena Marine Terminal Joint Venture by Nearly Half
Market Screener, April 22, 2021
Magellan Midstream sold nearly half its stake in the Pasadena marine terminal joint venture with MVP Terminaling last month for about $270 million, Magellan retains about 25% of MVP and remains operator of the facility.
Historic Oil Glut Almost Gone
Rigzone, April 19, 2021
Barely 20% remains of the worldwide oil glut that resulted from the near global shutdown in early 2020, with international crude prices nearing $67 barrel. Domestically, the total U.S. glut has subsided to about 1.28 billion barrels.
Sprague Resources LP : Axel Johnson Inc. Agrees to Sell Controlling Interest in Sprague Resources LP to Hartree Partners, LP
Market Screener, April 20, 2021
Sprague Resources LP and Hartree Partners LP announced that Hartree has acquired from Axel Johnson Inc. the general partner interest, the incentive distribution rights, and all of the limited partner interests Axel Johnson owns in Sprague Resources LP.
China Boosts Crude Oil Storage, but Higher Price May Deter Future Builds
Market Screener, April 19, 2021
China's oil storage has surged in recent week, amid a mix of strong imports and lagging domestic output that has resulted in about 1.63 million barrels per day of crude being directed into commercial and strategic inventories.
Jones Capital Acquires Rockport Terminals
BIC Magazine, April 12, 2021
Jones Capital, a provider of equity capital, has acquired Rockport Terminals, the largest private intermodal terminal on the Gulf Coast. The terminal is located less than 30 miles from the Port of Corpus Christi, but outside the Port's tariff zone, and specializes in bulk liquids storage and bulk liquids product handling. The 250-acre industrial site includes access to the Intracoastal Waterway, railroad and major highways.
Fortress Transportation and Infrastructure LLC and Jefferson Energy Companies Announce the Successful Completion of the Southern Star Pipeline to Motiva
Market Screener, April 12, 2021
Fortress Transportation and Infrastructure Investors LLC and Jefferson Energy Companies have completed their Southern Star pipeline, a 24-in crude pipeline that provides up to 288,000 bpd throughput capacity and connects the Jefferson Energy terminals to the Motiva Port terminal in Port Neches, Texas.