Pembina Pipeline, Oil Prices Rise, Strategic Petroleum Reserve: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

LNG
U.S. Approves Jordan Cove LNG Project in Oregon - U.S. energy regulators on Thursday approved Canadian energy company Pembina Pipeline Corporation's (NYSE:PBA) plan to build and operate a natural gas pipeline and liquefied natural gas (LNG) export terminal at Jordan Cove in Oregon. (Project 300080797) (Reuters)

CRUDE OIL
U.S. to Buy an Initial 30 Million Barrels for Strategic Petroleum Reserve - The U.S. Department of Energy said on Thursday it will buy an initial 30 million barrels of oil for the Strategic Petroleum Reserve as an initial step to fulfill President Donald Trump's directive to fill the reserve to help domestic crude producers. The reserve, held in caverns on the Texas and Louisiana coasts, has the capacity for an additional 77 million barrels. The solicitation for the first 30 million barrels will be for both sweet and sour crude oil and is focused on buying from small and midsize producers, the Energy Department said. (Reuters)

Oil Surges Nearly 20% - U.S. oil prices rose nearly 20% on Thursday, recouping some losses from a sell-off that drove prices to near 20-year lows. Brent crude was up $2.00, or 9%, at $26.88 a barrel by 11:51 a.m. EDT. West Texas Intermediate (WTI) crude gained $3.85, or 19%, to $24.22. (Reuters)

FINANCIAL
Targa Resources Reduces Capital Spending - Midstream operator Targa Resources (NYSE:TRGP) announced it will reduce its 2020 growth capital expenditures from a previous range of $1.2 billion to $1.3 billion, to $800 million to $900 million. (GlobeNewswire)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.