The increase in crude oil stocks in the U.S. was also driven by a big jump in crude imports, which rose by a net 1.66 million bbl/d, the EIA said.
Located near the Waha hub in West Texas, the acquired assets have the capacity, when fully developed, to store approximately 10 Bcf of natural gas and include six underground storage caverns and permits for five additional caverns.
Crude oil inventories in the U.S. fell by 6.6 million barrels in the week to Feb. 5 to 469 million barrels, compared with expectations in a Reuters poll for a 985,000-barrel rise.
The decline was the result of a sharp falloff in imports and a 2.3 million-barrel drawdown in oil stockpiles at the Cushing delivery hub for crude futures in Oklahoma.
Occidental Petroleum pumps more CO₂ into the ground than carmaker Tesla prevents being emitted on roads, CEO Vicki Hollub says.
Both crude oil benchmarks are trading at the highest since February 2020, before the coronavirus outbreak in China began spreading across the world and billions of people went into lockdown.
Oil producers and refiners adjusted to the situation at an exceptionally fast pace.
U.S. natural gas futures rose on Dec. 31 and were on track for their best year since 2016, helped by forecasts for slightly colder weather than previously expected and record LNG exports.
The new ethylene storage tank will facilitate faster loading and enable the Morgan’s Point terminal, owned 50/50 by affiliates of Enterprise and Navigator, to reach an annual nameplate export capacity of 1 million tons per year