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Released August 24, 2022 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
LNG
Freeport LNG Aims for November Restart of Texas Plant - U.S. liquefied natural gas (LNG) producer Freeport LNG (Houston, Texas) aims to return 85% of production from its fire-hit Texas plant by late November and achieve full operation by March, the company said on Tuesday. The company halted operations in June after an explosion and fire that helped send global gas prices skyrocketing. Initial production could start in early November, the company said, adding a further delay to a restart originally set for October. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Plant Database can click here for the plant profile. (Reuters)
Firms Make Deals to Boost LNG Exports 60% from U.S., Canada, Mexico - North American LNG developers and producers this year have struck deals to sell 48 million metric tons of LNG, which will eventually pump up exports 60% from current levels, although much of the output remains years away. Growing demand has made the U.S. this year's largest LNG exporting nation during the first six months. Approved projects that are expected to begin shipments between 2023-2026 could keep the country in first place. (Reuters)
CRUDE OIL
Oil Jumps Nearly 4% on Possible OPEC+ Supply Tightening - Oil prices surged by nearly 4% on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices in the case of returning Iranian crude oil and with the prospect of a drop in U.S. inventories. The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday. Brent crude oil settled at $100.22 a barrel, up $3.74, or 3.9%. U.S. West Texas Intermediate (WTI) closed $3.38, or 3.7%, higher at $93.74 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) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
LNG
Freeport LNG Aims for November Restart of Texas Plant - U.S. liquefied natural gas (LNG) producer Freeport LNG (Houston, Texas) aims to return 85% of production from its fire-hit Texas plant by late November and achieve full operation by March, the company said on Tuesday. The company halted operations in June after an explosion and fire that helped send global gas prices skyrocketing. Initial production could start in early November, the company said, adding a further delay to a restart originally set for October. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Plant Database can click here for the plant profile. (Reuters)
Firms Make Deals to Boost LNG Exports 60% from U.S., Canada, Mexico - North American LNG developers and producers this year have struck deals to sell 48 million metric tons of LNG, which will eventually pump up exports 60% from current levels, although much of the output remains years away. Growing demand has made the U.S. this year's largest LNG exporting nation during the first six months. Approved projects that are expected to begin shipments between 2023-2026 could keep the country in first place. (Reuters)
CRUDE OIL
Oil Jumps Nearly 4% on Possible OPEC+ Supply Tightening - Oil prices surged by nearly 4% on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices in the case of returning Iranian crude oil and with the prospect of a drop in U.S. inventories. The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday. Brent crude oil settled at $100.22 a barrel, up $3.74, or 3.9%. U.S. West Texas Intermediate (WTI) closed $3.38, or 3.7%, higher at $93.74 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) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
