Read the Latest News Affecting the Tank & Terminal Industry
Crestwood to Acquire Oasis Midstream Partners in $1.8 Billion Transaction
Associated Press, October 26
Crestwood Equity Partners will acquire Oasis Midstream Partners in aN agreement valued at about $1.8 billion in equity and cash. The transaction is expected to close in Q1 2022.
API Data Reportedly Show a More than 2 million-barrel Weekly Climb in U.S. Crude Supplies
TD Ameritrade, October 26
Fuel supplies rose by 2.3 million barrels for the week ending October 22, according to a report by the American Petroleum Institute. However, the report also indicated that crude stocks at the Cushing, Oklahoma storage hub fell by 3.7 million barrels for the same time period.
U.S. Stockpiles in Cushing Reaching Historically Worrying Levels
Rigzone, October 22
Stockpiles of crude at Cushing, Oklahoma are reaching critically low levels due to increased demand for light sweet crude. “Forget about fuel switching, whether OPEC+ adds additional barrels, or dollar weakness: if Cushing continues to slide, it could get ugly quickly," said Bob Yawger, director futures division, Mizuho Securities USA.
Port of San Diego Adopts Most Ambitious Maritime Clean Air Strategy of Its Kind in California
Dredge Wire, October 18
With a vision of "Health Equity for All" the Port of San Diego Board of Port Commissioners has approved the Maritime Clean Air Strategy initiative, the most ambitious clear air policy of its kind in the state.
US-Owned Fuel Storage Terminals in Mexico Shut Down as Government Attempts to Gain Full Control of Energy Sector
Digital Journal, October 19
In what some consider a move toward the return of a gasoline monopoly by the Mexican government, the country's Energy Regulatory Commission recently shut down three U.S.-owned fuel storage terminals in Tuxpan, Veracruz, Puebla City, and Hermosillo, Sonora.
ExxonMobil and Sentinel Team Up for Houston JV
Rigzone, October 8
Sentinel Midstream Texas LLC will partner with ExxonMobil Pipeline Company in a Joint Venture to provide a last mile link to the Permian Basin, Gulf of Mexico and other oil supplies for the Houston crude market.
Palmer Gas & Oil Opens Storage Facility
Fuel Oil News, October 12
Palmer Gas & Oil Owner Bill Ermer and his team cut the red ribbon on the company's newest facility in Somerset, N.H. on October 12. On-hand were state and local officials, including Gov. Chris Sununu and State Senate President Chuck Morse.