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News Page 113

Valero Takes A Stake In The ‘Diamond Pipeline’

San Antonio-based refining company Valero Energy Corp. (NYSE: VLO) has acquired a 50 percent interest in a pipeline that runs from strategic storage terminals in Oklahoma to Memphis, Tennessee. Last year, Plains All American Pipeline (NYSE: PAA) announced plans to build the 440-mile "Diamond Pipeline" from Cushing, Oklahoma to Memphis. Cushing is a strategic delivery point and storage terminal for crude oil extracted from Oklahoma, Colorado, the Permian Basin of West Texas, the Bakken Shale in North Dakota and other areas…


Greg Abbott Keeps Iran Sanctions In Place Despite U.S. Agreement

On the heels of a trade mission to Israel, Gov. Greg Abbott on Wednesday told officials with the state’s retirement funds to maintain bans on investing in companies that do business with Iran, despite the nuclear pact orchestrated by President Barack Obama that is lifting economic sanctions against the Persian Gulf nation. “These (state-level) sanctions have and will continue to ensure that Texas does its part to prevent taxpayer dollars from aiding and abetting a country that is openly hostile…


First U.S. Oil Tanker Arrives In Europe

The first oil tanker to sail from the US after restrictions were lifted on the country’s crude exports has arrived in Europe, a landmark moment for an industry battling a collapse in prices. Carrying a cargo dubbed “Liquid American Freedom” by the US House energy and commerce committee members, the ‘Theo T’ Panamax oil tanker docked at the French port of Fos on Wednesday, having left Texas almost three weeks ago. Vitol, the world’s largest independent oil trader, is expected…


Kayne Anderson Commits $150M To New Houston Upstream Energy Co.

Why Are Oil Prices So Hard to Predict? Even as oil prices dip below $30 a barrel, new life springs forth from the oil patch in the form of PE-backed startups. The latest in a string of new PE-backed Houston energy startups is Invictus Energy LLC, which announced on Jan. 13 that it had secured $150 million in an equity commitment from management and the energy arm of Los Angeles-based Kayne Anderson Capital Advisors LP, Kayne Anderson Energy Funds. "Invictus is…


Why Are Oil Prices So Hard To Forecast?

Why Are Oil Prices So Hard To Forecast? For the oil forecasting community, the most recent collapse in oil prices marks one more failure. The long trail of forecast errors includes the market implosions of 1982 and 1986, not seeing the run-up in commodity prices after 2004 and now missing the end of the same commodity boom. For those of us who depend on oil price forecasts, this is a big problem. Try to forecast the economic outlook for Houston…