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Tag Archives: Cushing

Velocity Midstream Completes Pipeline Loop

Velocity Midstream Partners, LLC (“Velocity”) announced that it has completed the construction of a 45-mile, 12″ crude oil pipeline loop of its existing condensate pipeline through the fairway of the South Central Oklahoma Oil Province (“SCOOP”). The crude oil loop project is supported by expanded commitments from Continental Resources Inc., an Oklahoma City-based exploration and production company, and CVR Refining, ...

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U.S. crude stockpiles fall more than expected last week – EIA

NEW YORK – U.S. crude oil stocks fell more than expected last week, while gasoline inventories increased and distillates drew down unexpectedly, data from the Energy Information Administration showed on Wednesday. Crude inventories fell 1.9 million barrels in the week to Sept. 18, the second straight weekly drawdown, compared with analysts’ expectations for a decrease of 533,000 barrels. The fall ...

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U.S. crude oil stockpiles rise for first time since April – EIA

NEW YORK – U.S. crude oil inventories rose last week for the first time since April, while gasoline stocks decreased unexpectedly, data from the Energy Information Administration (EIA) showed on Wednesday. Crude inventories rose 2.4 million barrels to 465.4 million in the week to June 26, compared with analysts’ expectations for a decrease of 2 million barrels. U.S. crude imports ...

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Top 5 Bakken stories of the week

Here are the top five stories from Bakken.com for the week of April 4 through April 11. Enjoy! 5. Clock keeps ticking toward North Dakota oil tax break The clock kept ticking in March on a potential $5.3 billion, two-year tax break for North Dakota’s oil industry after a state-calculated average of the month’s crude price fell below $52.59 per barrel. The ...

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Louisiana oil port, made for import, rents domestic storage

 BATON ROUGE, La. — Louisiana’s offshore oil port, with huge underground storage caverns, was built to handle imported oil but is now leasing space to traders who need to store U.S. crude. The Louisiana Offshore Oil Port recently auctioned 11.3 million barrels of monthly storage space and has scheduled another auction Tuesday, The Advocate reported. “For us, it’s an innovative ...

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Brent crude falls below $56 on oil inventory built

SINGAPORE – Brent crude slipped below $56 a barrel on bigger than expected oil stocks in the United States though losses were limited on a weaker dollar as the Federal Reserve signaled a slower pace of interest rate hike. Brent crude oil futures for May delivery <LCOc1> fell 22 cents to $55.69 a barrel by 0155 GMT, after jumping as ...

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Oklahoma oil storage complex nears operational capacity

CUSHING, Okla. — The massive oil storage complex at Cushing is nearing its operational capacity as oil inventories nationwide continue to rise. Home to the nation’s largest oil storage facility, Cushing’s sprawling tank complex held more than 51.5 million barrels of oil as of March 6, The Oklahoman reported Sunday. Oil inventories have grown for eight consecutive weeks as of ...

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