Pipeline Losses Could Embolden Industry Foes
Opponents of pipeline developments scored victories last week, with U.S. federal courts impeding progress on the Keystone XL and Dakota Access projects and the developers of the Atlantic Coast gas pipeline canceling that project.
Might such high-profile losses setbacks for the pipeline industry serve as a sort of template for additional efforts to stop other energy industry projects? One market-watcher regularly interviewed by Rigzone anticipates such a scenario. Keep reading for more on this as well other items to watch this week in the oil and gas markets.
Steve Blair, Senior Account Executive, RCG Division of Marex Spectron: This week’s U.S. Department of Energy report will include the Independence Day holiday and it should be expected that demand will have increased, but the question will be by how much. And, will the increase sustain itself as we move further into the summer driving season? My impulse is to say that it will not sustain itself as long as more and more new coronavirus infections continue to pop up all around the U.S. and people continue to work from home if they have the opportunity to do so.
Andrew Goldstein, President, Atlas Commodities LLC: I would look for continued pressure on the spot price of crude oil as inventories continue to build, barring any surprise moves by OPEC.
Tom McNulty, Houston-based Principal and Energy Practice leader with Valuescope, Inc.: I think the Dakota Access and Atlantic Coast Pipeline cases will spur copycat attempts to further damage America’s energy complex.
Mark Le Dain, vice president of strategy with the oil and gas data firm Validere: U.S. imports are way down, and decisions made several weeks back will now start to have a positive impact on storage numbers.
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