A subsidiary of Hartree Bulk Storage will buy the natural gas storage assets from Martin Midstream for $215 million in cash and plans to operate them as independent facilities.
Upheavals in the Canadian crude market are providing unique opportunities for firms with sizeable long-term leases on Alberta storage tanks, a cluster that sources say includes Mercuria Energy Group and oil major BP Plc's trading arm.
A pioneering $1 billion project for large-scale storage of energy from wind and solar power has been launched in Utah, offering a way to manage the variability of renewable generation.
Geopolitical concerns and recent data would likely drive up the price of oil, but traders are rattled by concerns that a trade war will unhinge the global economy.
U.S. crude oil inventories rose unexpectedly last week, hitting their highest levels since July 2017, due to weak refinery output, the EIA says.
Plains All American picked up terminal assets located in Oklahoma’s famous Cushing oil hub from CVR Energy as the company begins to explore strategic alternatives.