Read the Latest News Affecting the Tank & Terminal Industry

Key U.S. Oil Storage Hub Seen Depleting as Producers Hold Tight 
Bloomberg, June 24
Crude stockpiles at Cushing, Oklahoma fell by nearly 4 million barrels in mid-June to the lowest inventory level since March 2020. Analysts estimate the supply will drop to its record lowest level by the end of summer.

U.S. Infrastructure Deal Includes $6 Billion Sale from Oil Reserve
Reuters, June 24
President Joe Biden's infrastructure deal is being partially funded by a $6 billion sale of oil from the U.S. emergency oil reserve. The sale is part of a larger $1.2 trillion Senate deal and represents about 13% of the reserve's current holdings.

TC Energy (TRP) Announces Keystone Pipeline Project Cancellation
Yahoo! Finance, June 17
TC Energy announced this week that it was cancelling its Keystone XL pipeline construction project following President Joe Biden's pledge to suspend presidential permits to proceed issued by the previous administration.

IEA sees OPEC+ Spare Capacity Gaining Slightly in 2022
Reuters, June 11
Driven by Mideast Gulf production, the International Energy Agency expects capacity within the OPEC+ alliance to rise to about 50.55 million bpd in 2022. The estimate comes as members continue to build production in the shared Neutral Zone and oil fields within their own borders.

TC Energy Appoints New Independent Director
MarketScreener, June 14.
TC Energy announced the appointment of William D. (Bill) Johnson as its new independent director. Johnson previously served as President, CEO, and other leadership roles for three major utility companies. 

API Releases New Industry Preparedness Handbook in Advance of Hurricane Season
BIC Magazine, June 4
Created as a guide to understanding how information flows between and among government and industry during a natural disaster, the American Petroleum Institute has created the Oil and Natural Gas Industry Preparedness Handbook to help facilitate response and recovery at the local level.

Enbridge Announces $1.14 Billion Sale of Its Financial Interest in Noverco
MarketScreener, June 7
Enbridge Inc. announced the sale of its 38.9% non-operating interest in Noverco Inc. for $1.14 billion in cash to majority Noverco owner, Trencap L.P. The sale is expected to close by early 2022.

US Government Recovered Millions of Dollars Paid in Colonial Pipeline Hack Ransom
Yahoo! News, June 7
The FBI announced it had recovered $2.3 million in cryptocurrency ransom paid to the Russian hacker group known as DarkSide whose cyberattack on the Colonial Pipeline in May lead to major gas shortages along a vast swath of the U.S. eastern seaboard.