Released September 24, 2021 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
POWER
Regulators Issue Standards to Prevent Another Texas Grid Freeze - U.S. and North American energy regulators on Thursday issued recommendations and mandatory electric reliability standards for utilities they hope will prevent a repeat of February's deadly power outages in Texas during a deep freeze. The U.S. Federal Energy Regulatory Commission (FERC) and the North American Electric Reliability Corporation (NERC) released the recommendations that include revisions of mandatory reliability standards. The revisions require power utilities to identify and protect cold-weather critical components, build new or retrofit existing units to operate at specific conditions based on extreme temperature and weather data, and develop corrective plans for those that suffer freeze-related outages. (Reuters)
REFINING
U.S. Refiners Use Iraqi, Canadian Crude Oils to Replace Storm Losses - U.S. refiners hunting to replace storm-lost U.S. Gulf of Mexico crude oil have been turning to Iraqi and Canadian oil, while Asian buyers have been pursuing Middle Eastern and Russian grades, analysts and traders told Reuters. Royal Dutch Shell (NYSE:RDS-A) (The Hague, Netherlands), the largest producer in the U.S. Gulf of Mexico, this week said damage to an offshore transfer facility will limit Mars sour crude supplies into early next year. The Mars sour grade of U.S. oil is used heavily by U.S. Gulf refiners and companies in South Korea and China, two top destinations for U.S. crude oil exports. (Reuters)
CRUDE OIL
Crude Oil Rises on Supply Worries - Oil prices rose on Thursday, with Brent crude oil touching its highest level in more than two months, supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico. Brent settled up $1.06, or 1.4%, at $77.25 a barrel, its highest price since mid-July. U.S. West Texas Intermediate (WTI) crude oil rose $1.07, or 1.5%, to $73.30 a barrel. (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.
POWER
Regulators Issue Standards to Prevent Another Texas Grid Freeze - U.S. and North American energy regulators on Thursday issued recommendations and mandatory electric reliability standards for utilities they hope will prevent a repeat of February's deadly power outages in Texas during a deep freeze. The U.S. Federal Energy Regulatory Commission (FERC) and the North American Electric Reliability Corporation (NERC) released the recommendations that include revisions of mandatory reliability standards. The revisions require power utilities to identify and protect cold-weather critical components, build new or retrofit existing units to operate at specific conditions based on extreme temperature and weather data, and develop corrective plans for those that suffer freeze-related outages. (Reuters)
REFINING
U.S. Refiners Use Iraqi, Canadian Crude Oils to Replace Storm Losses - U.S. refiners hunting to replace storm-lost U.S. Gulf of Mexico crude oil have been turning to Iraqi and Canadian oil, while Asian buyers have been pursuing Middle Eastern and Russian grades, analysts and traders told Reuters. Royal Dutch Shell (NYSE:RDS-A) (The Hague, Netherlands), the largest producer in the U.S. Gulf of Mexico, this week said damage to an offshore transfer facility will limit Mars sour crude supplies into early next year. The Mars sour grade of U.S. oil is used heavily by U.S. Gulf refiners and companies in South Korea and China, two top destinations for U.S. crude oil exports. (Reuters)
CRUDE OIL
Crude Oil Rises on Supply Worries - Oil prices rose on Thursday, with Brent crude oil touching its highest level in more than two months, supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico. Brent settled up $1.06, or 1.4%, at $77.25 a barrel, its highest price since mid-July. U.S. West Texas Intermediate (WTI) crude oil rose $1.07, or 1.5%, to $73.30 a barrel. (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.
