Released April 22, 2021 | SUGAR LAND
en
News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
CRUDE OIL
U.S. Crude Oil Stocks Rise - U.S. crude oil stockpiles unexpectedly edged higher last week, while distillate inventories fell and gasoline stocks built modestly as refining rates held steady, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 594,000 barrels in the week ending April 16 to 493 million barrels. East Coast inventories, however, fell to record low at 7.9 million barrels. Refinery utilization rates were unchanged at 85% of overall capacity, but Gulf Coast refiners boosted capacity to their highest levels since March 2020, as demand for fuel improves. U.S. gasoline stocks rose by 86,000 barrels in the week to 235 million barrels. Distillate stockpiles fell by 1.1 million barrels to 142.4 million barrels. (Reuters)
POWER
Texas Likely to Add Record Solar Capacity in 2022 - Texas, already the U.S. state with the most wind energy capacity, is catching up to California in utility-scale solar capacity. California currently has the most installed utility-scale solar capacity of any state. According to survey reports on the EIA's Preliminary Monthly Electric Generator Inventory, Texas will add 10 gigawatts (GW) of utility-scale solar capacity by the end of 2022, compared with 3.2 GW in California. One-third of the utility-scale solar capacity planned to come online in the United States in the next two years (30 GW) will be in Texas. (EIA)
REFINING
February Freeze to Hit U.S. Refiners' Earnings - This Reuters article discusses how refiners are expected to report big first-quarter losses after February's winter storm froze activity along the Gulf Coast. But as more Americans are vaccinated against COVID-19, analysts expect the industry's outlook to brighten as demand rebounds. Seven independent U.S. refiners are projected to post an average earnings-per-share loss of $1.32, versus a loss of $1.77 in the fourth quarter of 2020, according to IBES data from Refinitiv. The culprit? February's severe storm that knocked out power for millions and took numerous refiners offline for weeks. (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 commodity-trading community. We are the number one source for information about power plant 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, visit us online at http://www.industrialinfo.com.
CRUDE OIL
U.S. Crude Oil Stocks Rise - U.S. crude oil stockpiles unexpectedly edged higher last week, while distillate inventories fell and gasoline stocks built modestly as refining rates held steady, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 594,000 barrels in the week ending April 16 to 493 million barrels. East Coast inventories, however, fell to record low at 7.9 million barrels. Refinery utilization rates were unchanged at 85% of overall capacity, but Gulf Coast refiners boosted capacity to their highest levels since March 2020, as demand for fuel improves. U.S. gasoline stocks rose by 86,000 barrels in the week to 235 million barrels. Distillate stockpiles fell by 1.1 million barrels to 142.4 million barrels. (Reuters)
POWER
Texas Likely to Add Record Solar Capacity in 2022 - Texas, already the U.S. state with the most wind energy capacity, is catching up to California in utility-scale solar capacity. California currently has the most installed utility-scale solar capacity of any state. According to survey reports on the EIA's Preliminary Monthly Electric Generator Inventory, Texas will add 10 gigawatts (GW) of utility-scale solar capacity by the end of 2022, compared with 3.2 GW in California. One-third of the utility-scale solar capacity planned to come online in the United States in the next two years (30 GW) will be in Texas. (EIA)
REFINING
February Freeze to Hit U.S. Refiners' Earnings - This Reuters article discusses how refiners are expected to report big first-quarter losses after February's winter storm froze activity along the Gulf Coast. But as more Americans are vaccinated against COVID-19, analysts expect the industry's outlook to brighten as demand rebounds. Seven independent U.S. refiners are projected to post an average earnings-per-share loss of $1.32, versus a loss of $1.77 in the fourth quarter of 2020, according to IBES data from Refinitiv. The culprit? February's severe storm that knocked out power for millions and took numerous refiners offline for weeks. (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 commodity-trading community. We are the number one source for information about power plant 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, visit us online at http://www.industrialinfo.com.
