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16 Feb, 2021 Author Allison GoodCorey Paul
Some Gulf Coast oil and natural gas midstream infrastructure remained sidelined Feb. 16 as Texas bore the brunt of historically harsh winter weather and extended power outages.
Andy Weissman, CEO of energy research and consulting firm EBW AnalyticsGroup, told clients on Feb. 15 that at least 7 Bcf/d of [gas] production was shut-in and . at least 1.5 million [barrels/d] of oil production is lost as drillers halted operations.
As of Feb. 16, these supply disruptions were still trickling down to the pipelines that transport oil and gas volumes from shale plays like West Texas Permian Basin and the Mid-Continent.
Texas energy sector struggles to thaw after deep freeze
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Texas energy sector struggles to thaw after deep freeze
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Texas energy sector struggles to thaw after deep freeze
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Pipeline Giants’ Houston Oil Futures Seen Launching in Months
Bloomberg 1/23/2021 Sheela Tobben
(Bloomberg) A new futures contract for the physical delivery of crude in the Houston area may only be a few months away from launching.
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Enterprise Products Partners LP and Magellan Midstream Partners, the pipeline companies responsible for delivery of Houston’s two active futures contracts, said Thursday they are joining forces to create a broader benchmark. That may happen in a few months, said Bruce Heine, a Magellan spokesman.
The Houston contracts reflect a shift in the oil industry’s focus from the storage hub in Cushing, Oklahoma, the delivery point for New York-traded futures, to the Gulf Coast. A global appetite for U.S. crudes resulted in a new web of pipelines and terminals to connect the Permian Basin of West Texas and New Mexico to the world.