Joseph
Markman
Hart Energy
White House Asks Congress for $500 Million to Modernize SPR
If approved by Congress, the request, issued by the White House on Nov. 14, provides the Department of Energy (DOE) with funding to improve the four SPR sites along the Texas and Louisiana coasts.
US Crude Stocks Drop Sharply as Refiners Pick Up Activity, EIA Says
“The drawdown in crude supplies is substantial. The crude supply is still very tight, heating oil supply is still below average,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
Winter Power Resources May Be Tight in Parts of North America, NERC Says
Federal regulators also warned that the New England region faced its highest energy costs in more than 25 years this winter due to tight heating oil supplies and fierce competition for LNG.
US Sells Last Batch of Emergency Reserve Oil from Historic SPR Release
The U.S. president announced a plan last month to begin refilling the stockpile when U.S. crude is around $70/bbl, a level he said would allow drillers to profit while being a good deal for taxpayers. The U.S. benchmark was around $89 on Nov. 3.
US Natgas Falls 5% on Big Storage Build, Lower Demand Forecast
In what has already been an extremely volatile week, front-month gas futures fell 29.4 cents, or 4.7%, to $5.974/MMBtu at 10:35 a.m. EDT (1435 GMT). That follows a rise of 12% on Oct. 31, a drop of 10% on Nov. 1 and a rise of 10% on Nov. 2.
US Crude Stocks Down, Refining Runs Rise: EIA
Analysts remain concerned that the ongoing draw on crude oil is still due to releases from strategic stockpiles—and that inventories of distillate products are not building enough either.
Denbury Surpasses CO2 Deal Target with Massive Louisiana Project
With an agreement to transport and sequester CO₂ from a massive clean ammonia project in Louisiana, Denbury surpasses its CO₂ transportation deal target goal for 2022.
US Natgas Hits 7-Month Low, Set for Ninth Weekly Loss
U.S. natural gas prices have plunged about 58% during the past nine weeks due to forecasts for mild weather, record output and low LNG exports.
Biden to Lay Out Plan to Complete Emergency Oil Sales, Support US Production
Biden will also lay out a plan to refill the emergency reserve in the upcoming years, but only at prices at or below a range of $67/bbl to $72/bbl for WTI, the official said. Biden’s hope is to send a signal to both consumer and producers.
Splinter is Coming: Gas Prices Likely to Spike Again as LNG Exports Grow
The EIA’s Winter Fuels Outlook explains why households will pay more for heating and the vulnerability of natural gas inventories to unexpectedly cold weather.