U.S. oil pipeline operators gear up for higher shale output [Financial Post (Toronto, Ontario, Canada)]
Magellan Midstream Partners L.P. Limited Partnership (MMP)
Last magellan midstream partners l.p. limited partnership earnings: 5/1 08:00 am
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Source: Financial Post
The pandemic doused a shale-oil pipeline construction boom that had added 2.5 million barrels per day export capacity from West Texas to hubs on the U.S. Gulf Coast. As oil prices collapsed in early 2020, that overcapacity led pipeline companies to provide cut-rate deals and sweetened terms. Oil production in the Permian basin of West Texas and New Mexico is climbing toward a predicted 5.7 million bpd next year with U.S. crude trading around $100 a barrel. That would still be below the capacity available on pipelines of about 6.6 million bpd, according to energy research firm East Daley Capital. But the arb, or price at the coast compared to origination point in Midland, Texas, is widening again after contracting beginning in March 2020, an early signal of rising shipping prices. U.S. crude at Magellan Midstream Partners’ terminal in East Houston for January 2023 delivery is trading at an 80-cent per barrel premium to Midland, for the same month and $1 ahead of Midland by December
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