Read the Latest News Affecting the Tank & Terminal Industry
Senate Passes $3.5 Trillion Budget Resolution to Move Forward with Massive Part of Joe Biden Agenda
Forbes, August 2021
With 19 Republicans joining all 50 Democrats and Independents, the Senate passed a $1.2 trillion infrastructure package last month in a plan to expand Medicare, fund pre-K and community college and address climate change.
HollyFrontier Acquires Sinclair Oil, Forms New Downstream Parent Company
PBOG, Aug. 12, 2021
In a transaction valued at $1.8 billion, Dallas-based HollyFrontier and Holly Energy Partners announced August 3 the acquisition of Sinclair Transportation and Sinclair Oil, including all commercial activities, renewable diesel business and two refineries, and will form a new parent company, HF Sinclair Corp.
Harvestone Group Acquires Gateway Terminals LLC
Walnut Creek Guide, Aug. 17, 2021
Harvestone Group announced its acquisition of Gateway Terminals LLC, including its bulk terminal complex located in Sauget, Illinois. The terminal includes 400,000 barrels of tank capacity with multimodal capabilities, including rail and barge loading.
Oil in Floating Storage Rebounds to Three-month Highs
S7P Global Platts, Aug. 24, 2021
Uncertainty over nuclear deals in Iran and slowed demand due to the COVID-19 Delta variant in China is causing offshore oil storage to again rise with an estimated 152 million barrels of crude and condensate currently idling in floating storage offshore both countries.
U.S. Strategic Oil Reserve Selloff May Suppress Fuel Prices
OilPrice.com, Aug. 24
Gasoline prices may soon see some relief as 20 million barrels of crude oil from the Strategic Petroleum Reserve went on the block last month. The bidding closed August 31 with the crude scheduled for delivery beginning October 1.
Bulk of Oil, Gas Production Remains Offline as E&Ps Anticipate Platform Inspections
S&P Global, Aug. 30, 2021
Nearly 95% of the U.S. Gulf regions production remained offline August 30 while E&P operators conducted platform flyovers to assess potential damage in the wake of Hurricane Ida.
API Data Reportedly Show a Weekly Decline in U.S. Crude Supplies, but Gasoline Inventories Rise
TD Ameritrade, Aug. 31, 2021
U.S. crude supplies fell by nearly 4 million barrels for the week ending August 27, according to a recent report by the American Petroleum Institute. The report also showed that distillate stockpiles were down by 2 million barrels, while gasoline inventory rose by 2.7 million barrels for the same timeframe.
Enbridge Announces Executive Leadership Changes
KTVN.COM/2 News, Sept. 1, 2021
Enbridge Inc., announced a change in leadership with the appointment of Vern Yu as Executive Vice President & CFO, taking over from Colin Gruending, who was appointed Executive Vice President & President Liquids Pipelines.