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Nearly half of all oil pipelines from the Permian basin, the biggest U.S. oilfield, are expected to be empty by the end of the year, analysts and executives said.

Oil surged to the highest in more than a year.

By Andres Guerra Luz (Bloomberg) — Oil surged to the highest in more than a year as the market looks ahead toward an accelerating decline in global inventories and a comeback in demand. Futures in New York climbed 2.5% Wednesday, rising to the highest since January 2020. Energy Information Administration data showed crude output fell to 9.7 million barrels a day last week amid an unprecedented polar blast, tying for the low reached last summer when Hurricane Laura sent production plummeting. Globally, supplies are declining with stockpiles at a major European storage hub falling to their l...

Article content Inter said that was not sufficient for it to enter into exclusive talks with the infrastructure firm. The pipeline operator said Brookfield has not made a formal offer and if it does, the company’s board will review it with advisors. Brookfield declined further comment. Brookfield’s offer is low, but serious enough that Inter Pipeline should negotiate, said Rob Thummel, managing director of TortoiseEcofin, Inter Pipeline’s eighth-largest shareholder according to Refinitiv. Article content “I think they should absolutely look at it and consider it,” he said. A rival b...

3 Min Read (Reuters) - Chevron Corp said on Friday it offered to buy shares in Noble Midstream Partners LP that it does not already own, in a deal valuing the company at $1.13 billion, months after the U.S. oil major bought the pipeline operator’s sponsor, Noble Energy. FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, April 25, 2013. Chevron will report earnings on April 26. REUTERS/Mike Blake/File Photo Chevron, the second-largest U.S. oil producer, in October closed a $4.1 billion all-stock purchase of smaller rival Noble Energy, gaining a nearly 63% stake in Noble M...