U.S. oil pipeline operators gear up for higher shale output [Globe and Mail, The (Toronto, Canada)]
Magellan Midstream Partners L.P. Limited Partnership (MMP)
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Source: Globe and Mail, The
The volume of crude oil flowing on pipelines from the top U.S. shale field to export hubs on the U.S. Gulf Coast could surge to pre-pandemic levels by October, analysts said, signalling the end of desperate days for some Texas oil pipeline operators. 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 Mar
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