Author Archive: AEN Staff

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Pipeline regulator PHMSA raises penalties for safety violations

Pipeline regulator PHMSA raises penalties for safety violations

Maximum PHMSA penalty now $209,002 per day the violation continues The US Pipeline and Hazardous Materials Safety Administration (PHMSA) said on Friday that it is increasing the maximum civil penalties that may be imposed for federal pipeline safety laws violations. The MHMSA has changed the maximum penalty for a single violation is now $209,002 for every day […]

By April 28, 2017 0 Comments Read More →
Oil prices choppy, heading for weekly decline

Oil prices choppy, heading for weekly decline

Oil prices little changed in Friday trading Oil prices remained steady in choppy trading on Friday on investors’ concerns about the possible extension of the OPEC supply cuts and the effectiveness of the cartel’s pact on global oil supply. US light crude was up by 19 cents to $49.16/barrel by 1:08 p.m. EDT, lower than the […]

By April 28, 2017 0 Comments Read More →
US rig count up for 15th straight week, but pace slowing

US rig count up for 15th straight week, but pace slowing

Rig count up by nine in US, down by 14 The US rig count increased for the 15th straight week, but according to Baker Hughes, drilling pace has slowed in April to the lowest in five months as crude prices fell below $50/barrel this week and the effectiveness of OPEC’s supply cut deal is in […]

By April 28, 2017 0 Comments Read More →
Trump executive order expands offshore drilling

Trump executive order expands offshore drilling

Trump executive order could lead to reversal of drilling bans in US Gulf, Atlantic, Pacific, Arctic oceans A newly signed Trump executive order could extend offshore oil and gas drilling to areas that were previously deemed off limits.  The move is an effort to increase domestic production, however, industry demand for acreage is close to […]

By April 28, 2017 0 Comments Read More →
Marathon Petroleum posts Q1 profit on rising refining margins

Marathon Petroleum posts Q1 profit on rising refining margins

Marathon Petroleum shares up in trading Thursday Marathon Petroleum posted a Q1 profit on Thursday thanks to a jump of 18 per cent in refining margins and despite difficult market conditions. Marathon’s shares were up as much as 4.1 per cent to $51.62 in trading on Thursday morning. Chief Executive Gary Heminger said market conditions in […]

By April 27, 2017 0 Comments Read More →
Oil prices fall after Libyan oilfields restart

Oil prices fall after Libyan oilfields restart

Oil prices down over 1 per cent Oil prices fell over one per cent in trading on Thursday after it was reported that two key Libyan oilfields began pumping crude after pipeline protests in the African nation were shut down. Brent crude fell $1.22/barrel to $51.17 by 1:20 p.m. EDT and US light crude was […]

By April 27, 2017 0 Comments Read More →
Trump coal boost no match for cheap natural gas

Trump coal boost no match for cheap natural gas

Coal demand dropped as utilities switched to natural gas The top executive of Union Pacific Corp told Reuters that US President Trump’s executive order to boost the coal industry by rolling back power-plant emissions standards will likely have much less impact than the market than the cost of natural gas. Chief Executive Lance Fritz told Reuters […]

By April 27, 2017 0 Comments Read More →
OPEC looking for consensus on decreasing oil glut

OPEC looking for consensus on decreasing oil glut

OPEC meeting in May to discuss extending supply cut pact OPEC Secretary General Mohammad Barkindo says influential members of the cartel, including Saudi Arabia, are working to ensure an agreement to extend the supply cut pact is reached when the group meets in Vienna late next month. Originally, the Organization of Petroleum Exporting Countries along […]

By April 27, 2017 0 Comments Read More →
Bakken crude ships to Asia for the first time, more after DAPL complete

Bakken crude ships to Asia for the first time, more after DAPL complete

Bakken crude shipped from Louisiana port The first shipment of Bakken crude to Asia left a Louisiana port late last month, which is expected to be the first of many cargoes once the Dakota Access Pipeline starts transporting oil in May. According to shipping documents seen by Reuters, Swiss-based Mercuria Energy Trading S.A. loaded over […]

By April 26, 2017 0 Comments Read More →
US crude stocks fall but gasoline and distillate inventories increase

US crude stocks fall but gasoline and distillate inventories increase

US crude stocks down 3.6 million barrels US crude stocks fell and inventories of gasoline and distillates rose last week after refineries boosted production rates to the highest since November, 2015, according to the Energy Information Administration. The EIA reports crude inventories fell by 3.6 million barrels in the week ending April 21.  Analysts had predicted […]

By April 26, 2017 0 Comments Read More →