Released March 04, 2021 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
CRUDE OIL
U.S. Crude Oil Stocks Show Record Increase - U.S. crude oil stockpiles surged by a record of more than 21 million barrels in the week ending February 26 as refining plunged to an all-time low due to the Texas freeze that knocked out power for millions. With refiners unable to process crude, gasoline and distillate inventories also dropped dramatically, especially in the Gulf Coast region where their declines set records, the U.S. Energy Information Administration (EIA) said Wednesday. Crude inventories rose by 21.6 million barrels, the largest one-week increase ever, to 484.6 million barrels. U.S. gasoline stocks fell by 13.6 million barrels in the week, the most ever, to 243.5 million barrels. Distillate stockpiles fell by 9.7 million barrels in the week to 143 million barrels. (Reuters)
CORPORATE
U.S. Judge Knocks Nearly $6 Million off ExxonMobil Pollution Fine - A federal judge in Houston, Texas, knocked $5.7 million off the fine Exxon Mobil Corporation (NYSE:XOM) faces for pollution from its largest U.S. crude oil refinery, according to court documents. U.S. District Judge David Hittner issued the ruling on Tuesday afternoon, imposing a $14.25 million penalty on ExxonMobil for pollution from the Baytown, Texas, refinery and chemical plant complex over eight years. In 2017, Hittner issued a $19.95 million penalty to Exxon, finding it was responsible for the pollution from the Baytown complex between 2005 and 2013 as alleged in a lawsuit initially filed in 2010 under the U.S. Clean Air Act. In July, the 5th U.S. Circuit Court of Appeals in New Orleans threw out the penalty and ordered Hittner to determine which violations of the Clean Air Act specifically caused harm to those living near Exxon's Baytown operations. (Reuters)
LNG
After Cold Snaps, Freeport LNG Expects Strong LNG Demand This Summer - U.S. liquefied natural gas (LNG) company Freeport LNG expects demand for LNG will be strong this summer as buyers around the world rebuild inventories after an extremely cold winter, the company's chief executive said on Wednesday. This year, a cold snap in Europe and Asia in January and in North America in February boosted heating demand and prices to record levels in several markets, while at the same time cutting inventories. ""We look to a strong summer this year as inventories need to be refilled," CEO Michael Smith said. (Reuters)
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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.
CRUDE OIL
U.S. Crude Oil Stocks Show Record Increase - U.S. crude oil stockpiles surged by a record of more than 21 million barrels in the week ending February 26 as refining plunged to an all-time low due to the Texas freeze that knocked out power for millions. With refiners unable to process crude, gasoline and distillate inventories also dropped dramatically, especially in the Gulf Coast region where their declines set records, the U.S. Energy Information Administration (EIA) said Wednesday. Crude inventories rose by 21.6 million barrels, the largest one-week increase ever, to 484.6 million barrels. U.S. gasoline stocks fell by 13.6 million barrels in the week, the most ever, to 243.5 million barrels. Distillate stockpiles fell by 9.7 million barrels in the week to 143 million barrels. (Reuters)
CORPORATE
U.S. Judge Knocks Nearly $6 Million off ExxonMobil Pollution Fine - A federal judge in Houston, Texas, knocked $5.7 million off the fine Exxon Mobil Corporation (NYSE:XOM) faces for pollution from its largest U.S. crude oil refinery, according to court documents. U.S. District Judge David Hittner issued the ruling on Tuesday afternoon, imposing a $14.25 million penalty on ExxonMobil for pollution from the Baytown, Texas, refinery and chemical plant complex over eight years. In 2017, Hittner issued a $19.95 million penalty to Exxon, finding it was responsible for the pollution from the Baytown complex between 2005 and 2013 as alleged in a lawsuit initially filed in 2010 under the U.S. Clean Air Act. In July, the 5th U.S. Circuit Court of Appeals in New Orleans threw out the penalty and ordered Hittner to determine which violations of the Clean Air Act specifically caused harm to those living near Exxon's Baytown operations. (Reuters)
LNG
After Cold Snaps, Freeport LNG Expects Strong LNG Demand This Summer - U.S. liquefied natural gas (LNG) company Freeport LNG expects demand for LNG will be strong this summer as buyers around the world rebuild inventories after an extremely cold winter, the company's chief executive said on Wednesday. This year, a cold snap in Europe and Asia in January and in North America in February boosted heating demand and prices to record levels in several markets, while at the same time cutting inventories. ""We look to a strong summer this year as inventories need to be refilled," CEO Michael Smith said. (Reuters)
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.
