Crude stocks at the Cushing, Oklahoma, delivery hub rose by 216,000 barrels, the EIA said, the first time in several weeks that Cushing stocks have increased.
An EIA analysis showed that a release of 15 million to 48 million barrels from the reserve could bring prices down about $2 a barrel and push gasoline prices for a short period of time.
TC Energy’s latest partnership will prioritize the development of facilities near existing and potential customer demand with a goal to produce up to 20 tonnes of hydrogen per hub per day.
The WR Project is expected to be brought in service in the fourth quarter of 2025.
Located just 25 miles from Denbury’s existing CO2 Green Pipeline, the project site is ideally positioned to sequester large volumes of CO2 from Gulf Coast industrial emissions sources.
“Storage at Cushing alone has the potential to really rally the market to the moon,” said Bob Yawger, director of energy futures at Mizuho.
The change will take effect November 8, 2021 for the February 2022 contract month, pending regulatory review.
For China—which has this year overtaken Japan as the world's top LNG buyer—the deals will be its single largest LNG trade agreement in terms of volumes without an equity stake, a senior Beijing-based gas industry source said.