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Tuesday, July 16, 2019

Magellan Midstream Partners Lp News

© Robert Coy / Adobe Stock

US Oil Export Boom Sparks Battle to Build Texas Ports

Booming U.S. oil exports have set off a scramble to build Gulf Coast ports to handle more than 3 million barrels per day in new supplies expected over the next five years.Of seven proposed oil-export projects, nowhere is the opportunity greater or the competition more fierce than in Corpus Christi, Texas, where three firms are vying to open the state's first deepwater port.Commodities trader Trafigura has taken an early lead with a planned offshore facility that has an easier…

Photo: Occidental Petroleum Corp

U.S. Pipeline Operators Reap Hefty Profits from Bottlenecks in Texas

Some of the biggest pipeline operators in the United States have supercharged earnings this year by buying deeply discounted shale in West Texas oilfields and selling it at a premium at Gulf Coast ports.These companies are taking advantage of extraordinary markdowns in West Texas where surging production and a lack of pipeline space sent the regional price for oil in late August $23 per barrel below the coastal price in Houston.Record profits illustrate the divide between the haves - those with guaranteed pipeline space - and the have nots, producers that must sell oil at the wellhead.

File Image: A VLCC loads crude oil in the port of Corpus Christi, Texas (Credit: the Port of corpus Christi)

Magellan Bids to Build U.S. GoM Oil Export Terminal

Magellan Midstream Partners LP on Thursday became the latest company to join a crowded group looking to build an oil export terminal on the U.S. Gulf Coast designed to load supertankers.U.S. oil exports are expanding rapidly, but volumes are constrained because the country's shores have limited capability to load giant vessels that can carry about 2 million barrels of crude oil.Numerous companies - including private equity firm Carlyle Group and commodities merchant Trafigura…