-NuStar Energy today announced it had acquired full ownership of a refined products terminal in Linden, N.J. NuStar previously operated the terminal as a 50-50 joint venture partner with Linden Holding Corp. NuStar purchased the remaining 50% interest for $142.5 million. The terminal, which is adjacent to NuStar’s wholly owned Linden NuTop terminal, has 4.3 million barrels of refined products storage.
-The Nebraska Supreme Court cleared the way for TransCanada’s Keystone XL pipeline to traverse the state. The decision effectively puts the ball in President Obama’s court on Keystone XL. Earlier this week the White House said Obama would veto a bill working its way through Congress that would approve the pipeline. The bill passed the House today and the Senate will take up an identical bill next week.
-Saudi Arabia’s game of chicken with U.S. oil producers could ultimately drive down costs in North America’s shale plays, according to a new report from Barclays. Via FuelFix, 44% of North American oil producers believe drilling and oil services costs will shrink by 10% this year — including the costs of pressure pumping, drilling fluids and directional drilling. Barclays analysts said oil spending in the U.S. and Canada could drop by as much as $58 billion in the current price environment.
-Biodiesel producers are cutting prices and margins to compete with diesel, the price of which has fallen more than 20% over the past year. Via Reuters, the biofuels industry has grown steadily in recent years, but producers believe it will be a challenge to add new production in 2015. The low price of diesel is also stifling demand for natural gas as a replacement fuel in heavy-duty trucks.
-Aggressive bidding from potential buyers and product scarcity combined to drive a surge in the value of Gulf Coast naphtha this week, Platts reports. A shortage of gasoline supplies created by upcoming refinery turnarounds also contributed to the boost in demand for naphtha.
