Beaumont – Fuelfix

Market Currents: Asian demand drawing oil from far and wide

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After a bullish-tilted weekly EIA report, crude is holding onto gains – and once again bumping its head on the top of its trading range. As OPEC cuts and rising shale continue to do battle, hark, here are five things to consider in oil markets today. 1) With OPEC production cuts kicking in, Asian buyers …

Energy Transfer to expand in Mont Belvieu with $385 million project

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Dallas-based Energy Transfer Partners said it plans to expand its Lone Star campus east of Houston in Mont Belvieu with the addition of a $385 million fractionator and storage system. Energy Transfer said it’s responding to the increasing production levels coming from the Permian Basin that’s flowing into Houston. Energy Transfer’s planned fractionator would take …

Enbridge, Spectra to close on merger next week

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The Canadian pipeline company Enbridge said Wednesday that it close its acquisition of Houston-based Spectra Energy next week after clearing all regulatory hurdles. Enbridge said it received approval of Canadian Competition Bureau and will complete the $28 billion merger Monday. The merger was earlier approved the Federal Trade Commission in the United States. In the merged …

Noble Energy, partners approve $3.75 billion Israeli project

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Houston-based Noble Energy and its partners approved the $3.75 billion Leviathan natural gas project offshore of Israel on Thursday. The long-delayed project was debated in the Israeli Supreme Court before finally being authorized by the government last year. Proponents like Israeli Prime Minister Benjamin Netanyahu touted the development as progress toward Israeli energy independence, while …

Apache Corp. narrows loss

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Apache Corp. on Thursday said it narrowed its losses in the fourth quarter, ending a year that was significantly better than 2016 and included a major discovery in West Texas. The Houston exploration and production company said it aggressively cut costs while meeting production targets, shrinking its loss for the three months ending in December to …

Exxon slashes value of reserves

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Exxon Mobil Corp. disclosed the deepest reserves cut in its modern history as prolonged routs in oil and natural gas markets erased the value of a $16 billion oil-sands investment and other North American assets. The equivalent of about 3.3 billion barrels of untapped crude was removed from the so-called proved reserves category in Exxon’s …

Big oil urges Trump to hold course on ethanol “point of obligation”

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The oil industry’s largest lobbying group urged President Donald Trump Wednesday not to move responsibility for meeting the federal ethanol mandate away from oil refineries, arguing it would further complicate an already “broken system.” “Moving the point of obligation does nothing to alleviate the structural problems in the Renewable Fuel Standard,” said American Petroleum Institute Downstream …

The U.S. is transitioning into a natural gas exporter

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The United States is on track to become a net exporter of gas next year, driven largely by the growth of liquefied natural gas exports, according to the U.S. Energy Department. The U.S. started exporting LNG last year, courtesy of Houston-based Cheniere Energy, and the country is increasingly piping more natural gas to Mexico while, …