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Released January 10, 2022 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
NATURAL GAS
U.S. Northeast Power, Natural Gas Prices Jump Due to Winter Storm - U.S. Northeast power and natural gas prices for Friday jumped to their highest since January 2018 as homes and businesses cranked up their heaters during the region's first big snow storm. And the weather seems likely to stick this week. AccuWeather warned highs in New York will only reach 33 degrees Fahrenheit on Monday, 21 degrees on Tuesday and 28 degrees on Wednesday before returning to near normal levels later in the week. Since most Northeastern homes and businesses use gas for heat and much of the region's electricity comes from gas-fired power plants, electric and gas prices usually soar during extremely cold weather. On Friday, next-day gas prices in New York City and New England jumped to $16.25 and $24.47 per million British thermal units, respectively, their highest since hitting record highs in January 2018. (Reuters)
PRODUCTION
U.S. Drillers Add Rigs - The U.S. oil and gas rig count rose two to 588 in the week ending January 7, its highest since April 2020, energy services firm Baker Hughes Company (NYSE:BKR) (Houston, Texas) said. The total rig count was up 228 rigs, or 63%, over this time last year. U.S. oil rigs rose one to 481, their highest since April 2020, while gas rigs rose one to 107, their highest since March 2020. (Reuters)
CORPORATE
Shell to Pursue $7 Billion Buyback 'At Pace' Despite LNG Troubles - Royal Dutch Shell (NYSE:RDS-A) (The Hague, Netherlands) said it will pursue "at pace" a $7 billion share buyback largely funded from the sale of its U.S. shale business as it faces liquefied natural gas (LNG) outages and slower fuel sales due to the economic hit from Omicron. Shell said that its production and liquefaction volumes were impacted in the fourth quarter by unplanned maintenance, mainly in Australia, where its giant Prelude floating LNG vessel was hit by a power outage. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Plant Database can click here for the profile. LNG liquefaction volumes are expected to be between 7.7 million and 8.3 million metric tons, well below a peak of 9.2 million metric tons in the fourth quarter of 2019, Shell 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.
NATURAL GAS
U.S. Northeast Power, Natural Gas Prices Jump Due to Winter Storm - U.S. Northeast power and natural gas prices for Friday jumped to their highest since January 2018 as homes and businesses cranked up their heaters during the region's first big snow storm. And the weather seems likely to stick this week. AccuWeather warned highs in New York will only reach 33 degrees Fahrenheit on Monday, 21 degrees on Tuesday and 28 degrees on Wednesday before returning to near normal levels later in the week. Since most Northeastern homes and businesses use gas for heat and much of the region's electricity comes from gas-fired power plants, electric and gas prices usually soar during extremely cold weather. On Friday, next-day gas prices in New York City and New England jumped to $16.25 and $24.47 per million British thermal units, respectively, their highest since hitting record highs in January 2018. (Reuters)
PRODUCTION
U.S. Drillers Add Rigs - The U.S. oil and gas rig count rose two to 588 in the week ending January 7, its highest since April 2020, energy services firm Baker Hughes Company (NYSE:BKR) (Houston, Texas) said. The total rig count was up 228 rigs, or 63%, over this time last year. U.S. oil rigs rose one to 481, their highest since April 2020, while gas rigs rose one to 107, their highest since March 2020. (Reuters)
CORPORATE
Shell to Pursue $7 Billion Buyback 'At Pace' Despite LNG Troubles - Royal Dutch Shell (NYSE:RDS-A) (The Hague, Netherlands) said it will pursue "at pace" a $7 billion share buyback largely funded from the sale of its U.S. shale business as it faces liquefied natural gas (LNG) outages and slower fuel sales due to the economic hit from Omicron. Shell said that its production and liquefaction volumes were impacted in the fourth quarter by unplanned maintenance, mainly in Australia, where its giant Prelude floating LNG vessel was hit by a power outage. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Plant Database can click here for the profile. LNG liquefaction volumes are expected to be between 7.7 million and 8.3 million metric tons, well below a peak of 9.2 million metric tons in the fourth quarter of 2019, Shell 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.
