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Released June 27, 2024 | 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, Gasoline Stocks Rise - U.S. crude oil inventories rose by 3.6 million barrels to 460.7 million barrels in the week ending June 21, the U.S. Energy Information Agency (EIA) said. U.S. gasoline stocks rose by 2.7 million barrels in the week to 233.9 million barrels. Distillate stockpiles fell by 377,000 barrels in the week to 121.3 million barrels, the EIA said. Net U.S. crude oil imports rose last week by 65,000 barrels per day (BBL/d), while exports were down 508,000 BBL/d to 3.91 million BBL/d. (Reuters)
LNG
Sempra Signs Agreement to Supply LNG to Aramco from Planned Texas Project - Sempra Energy (NYSE:SRE) (San Diego, California) has signed a non-binding agreement with Saudi Aramco (Dhahran, Saudi Arabia) to supply liquefied natural gas (LNG) from Phase 2 of the Port Arthur project in Texas, the companies said on Wednesday. Aramco aims to buy 5 million tonnes per annum of LNG for 20 years and make a 25% equity investment in the proposed Phase 2 expansion, according to the deal terms. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can learn more by viewing the project report. (Reuters)
POWER
Texas Power Demand to Break June, July Records - The Electric Reliability Council of Texas (ERCOT), which operates most of Texas' power grid, forecast on Wednesday that electricity use will break peak-demand records for June and July over the next week as homes and businesses crank up air conditioners to escape a heat wave. ERCOT projected power demand would rise from 80,180 megawatts (MW) on Wednesday to 83,422 MW on Thursday, which would top the 80,787-MW record for June set in 2023. The agency forecast demand would reach 84,251 MW on July 1, which would break the 83,047-MW record for July set in 2023. ERCOT said the system was operating normally with enough supply available to meet expected demand. The grid's all-time peak was 85,508 MW on August 10, 2023. (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).
CRUDE OIL
U.S. Crude Oil, Gasoline Stocks Rise - U.S. crude oil inventories rose by 3.6 million barrels to 460.7 million barrels in the week ending June 21, the U.S. Energy Information Agency (EIA) said. U.S. gasoline stocks rose by 2.7 million barrels in the week to 233.9 million barrels. Distillate stockpiles fell by 377,000 barrels in the week to 121.3 million barrels, the EIA said. Net U.S. crude oil imports rose last week by 65,000 barrels per day (BBL/d), while exports were down 508,000 BBL/d to 3.91 million BBL/d. (Reuters)
LNG
Sempra Signs Agreement to Supply LNG to Aramco from Planned Texas Project - Sempra Energy (NYSE:SRE) (San Diego, California) has signed a non-binding agreement with Saudi Aramco (Dhahran, Saudi Arabia) to supply liquefied natural gas (LNG) from Phase 2 of the Port Arthur project in Texas, the companies said on Wednesday. Aramco aims to buy 5 million tonnes per annum of LNG for 20 years and make a 25% equity investment in the proposed Phase 2 expansion, according to the deal terms. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can learn more by viewing the project report. (Reuters)
POWER
Texas Power Demand to Break June, July Records - The Electric Reliability Council of Texas (ERCOT), which operates most of Texas' power grid, forecast on Wednesday that electricity use will break peak-demand records for June and July over the next week as homes and businesses crank up air conditioners to escape a heat wave. ERCOT projected power demand would rise from 80,180 megawatts (MW) on Wednesday to 83,422 MW on Thursday, which would top the 80,787-MW record for June set in 2023. The agency forecast demand would reach 84,251 MW on July 1, which would break the 83,047-MW record for July set in 2023. ERCOT said the system was operating normally with enough supply available to meet expected demand. The grid's all-time peak was 85,508 MW on August 10, 2023. (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).
