Nustar Energy Expects Crude Loadings to Double This Month

San Antonio-based NuStar Energy LP’s Corpus Christi, Texas, export terminal will double the crude loading by month’s end, Danny Oliver, a NuStar senior vice president, said in an interview. According to consultancy RBN Energy, the monthly average was 200,000 barrels per day this year and it reached to 280,000 barrels per day last week.

As new shale pipelines to the U.S. Gulf Coast opened last month, the crude arriving on EPIC Midstream and Plains All American Pipeline LP lines from the Permian Basin of West Texas and New Mexico increased.

NuStar expects loadings to reach up to 500,000 barrels per day by month’s end and up to 700,000 barrels per day by year-end. Last week, overall crude loadings at the Corpus Christi, Texas, export hub hit a record 1 million barrels per day.

“With our existing assets, we’ve been able to get 500,000-700,000 bpd with very little new capital,” Oliver said. “We have room to grow into our full capacity, it would just take building more barrels of storage.”

NuStar is set to finish constructing 600,000 barrels of new storage at the terminal by year-end. It may add another 1.5 million barrels of storage over about 15 months, with a total capacity of 5.4 million barrels.

Source:
pgjonline