Released January 13, 2022 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
CRUDE OIL
U.S. Crude Oil Reserves Fall to 2018 Lows - U.S. crude oil stockpiles fell to their lowest levels since October 2018 in the week ending January 7, but gasoline inventories surged due to weak demand, the Energy Information Administration (EIA) said on Wednesday. Crude oil inventories fell by 4.6 million barrels in the week to 413.3 million barrels. Gasoline stocks rose by 8 million barrels to 240.8 million barrels. Distillate stockpiles rose by 2.5 million barrels. (Reuters)
U.S. Awards Fourth Oil Exchange from Strategic Reserve - The U.S. Department of Energy said it has approved a fourth exchange of 870,000 barrels of crude oil for release to Shell Trading (US) Company (Houston, Texas) from the Strategic Petroleum Reserve (SPR). Combined, the Energy Department has provided about 8 million barrels of SPR crude oil to boost the nation's fuel supply, including three previous exchanges awarded last month, the department said in a statement on Wednesday. (Reuters)
CORPORATE
ExxonMobil Launches Sale of U.S. Shale Gas Properties - Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) on Tuesday launched the sale of shale gas properties stretching across 27,000 acres in the Appalachian basin of Ohio, the company confirmed, part of an ongoing divestiture of U.S. assets. The top U.S. oil producer is marketing 61 wells that last year produced around 81 million cubic feet per day equivalent of natural gas, according to a marketing document viewed by Reuters. The sale includes another 274 wells operated by other companies. (Reuters)
Equinor Warns of $1.8 Billion U.K. Oilfield Impairment - Norwegian energy group Equinor (NYSE:EQNR) (Stavanger) warned on Wednesday it faces an impairment charge of about $1.8 billion after lowering resource and output estimates for its Mariner oilfield in the British North Sea. Total recoverable reserves from Mariner, which is operated by Equinor, are now estimated at about 180 million barrels of oil equivalent, sharply down from a previous projection of 275 million barrels, the company 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 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.
CRUDE OIL
U.S. Crude Oil Reserves Fall to 2018 Lows - U.S. crude oil stockpiles fell to their lowest levels since October 2018 in the week ending January 7, but gasoline inventories surged due to weak demand, the Energy Information Administration (EIA) said on Wednesday. Crude oil inventories fell by 4.6 million barrels in the week to 413.3 million barrels. Gasoline stocks rose by 8 million barrels to 240.8 million barrels. Distillate stockpiles rose by 2.5 million barrels. (Reuters)
U.S. Awards Fourth Oil Exchange from Strategic Reserve - The U.S. Department of Energy said it has approved a fourth exchange of 870,000 barrels of crude oil for release to Shell Trading (US) Company (Houston, Texas) from the Strategic Petroleum Reserve (SPR). Combined, the Energy Department has provided about 8 million barrels of SPR crude oil to boost the nation's fuel supply, including three previous exchanges awarded last month, the department said in a statement on Wednesday. (Reuters)
CORPORATE
ExxonMobil Launches Sale of U.S. Shale Gas Properties - Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) on Tuesday launched the sale of shale gas properties stretching across 27,000 acres in the Appalachian basin of Ohio, the company confirmed, part of an ongoing divestiture of U.S. assets. The top U.S. oil producer is marketing 61 wells that last year produced around 81 million cubic feet per day equivalent of natural gas, according to a marketing document viewed by Reuters. The sale includes another 274 wells operated by other companies. (Reuters)
Equinor Warns of $1.8 Billion U.K. Oilfield Impairment - Norwegian energy group Equinor (NYSE:EQNR) (Stavanger) warned on Wednesday it faces an impairment charge of about $1.8 billion after lowering resource and output estimates for its Mariner oilfield in the British North Sea. Total recoverable reserves from Mariner, which is operated by Equinor, are now estimated at about 180 million barrels of oil equivalent, sharply down from a previous projection of 275 million barrels, the company 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 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.
