Released October 14, 2022 | SUGAR LAND
en
Energy Market highlights gathered by Industrial Info and IIR Energy
CRUDE OIL
EIA Sees Slower Oil Demand, Output Growth This Year and Next - U.S. oil demand and production is expected to grow more slowly than previously forecast for the remainder of this year and in 2023, the U.S. Energy Department said on Wednesday. Overall U.S. demand for petroleum and other liquid fuels in 2023 is expected to rise slowly, the U.S. Energy Information Administration (EIA) said, estimating growth at 190,000 barrels per day (BBL/d) to 20.54 million BBL/d. In September, the EIA expected that growth to come in at 350,000 BBL/d. For this year, demand is expected to rise by 460,000 BBL/d, also down from the previous forecast. U.S. crude oil output is now expected to increase by 610,000 BBL/d in 2023 to 12.36 million BBL/d, which would still be the most output, on average, for a year, in U.S. history. Output in 2022 is expected to average 11.75 million BBL/d, down from a previous estimate of 11.79 million BBL/d. (Reuters)
U.S. Crude Oil Stockpiles Rise - U.S. crude oil stocks rose by nearly 10 million barrels last week after another big release from government reserves, while distillate inventories fell sharply, the EIA said on Thursday. Crude oil inventories rose by 9.9 million barrels in the week ending October 7 to 439.1 million barrels. Distillate stockpiles fell by 4.9 million barrels to 106.1 million barrels, their lowest since May. U.S. exports of petroleum products rose last week to their highest on record at 7.1 million BBL/d, government data showed. (Reuters)
NATURAL GAS
U.S. Natural Gas Futures Jump 5% - U.S. natural gas futures jumped about 5% to a one-week high on Thursday from a three-month low in the prior session on forecasts for colder weather over the next two weeks that should boost heating demand. Front-month gas futures rose 30.6 cents, or 4.8%, to settle at $6.741 per million British thermal units, their highest close since October 6. (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
EIA Sees Slower Oil Demand, Output Growth This Year and Next - U.S. oil demand and production is expected to grow more slowly than previously forecast for the remainder of this year and in 2023, the U.S. Energy Department said on Wednesday. Overall U.S. demand for petroleum and other liquid fuels in 2023 is expected to rise slowly, the U.S. Energy Information Administration (EIA) said, estimating growth at 190,000 barrels per day (BBL/d) to 20.54 million BBL/d. In September, the EIA expected that growth to come in at 350,000 BBL/d. For this year, demand is expected to rise by 460,000 BBL/d, also down from the previous forecast. U.S. crude oil output is now expected to increase by 610,000 BBL/d in 2023 to 12.36 million BBL/d, which would still be the most output, on average, for a year, in U.S. history. Output in 2022 is expected to average 11.75 million BBL/d, down from a previous estimate of 11.79 million BBL/d. (Reuters)
U.S. Crude Oil Stockpiles Rise - U.S. crude oil stocks rose by nearly 10 million barrels last week after another big release from government reserves, while distillate inventories fell sharply, the EIA said on Thursday. Crude oil inventories rose by 9.9 million barrels in the week ending October 7 to 439.1 million barrels. Distillate stockpiles fell by 4.9 million barrels to 106.1 million barrels, their lowest since May. U.S. exports of petroleum products rose last week to their highest on record at 7.1 million BBL/d, government data showed. (Reuters)
NATURAL GAS
U.S. Natural Gas Futures Jump 5% - U.S. natural gas futures jumped about 5% to a one-week high on Thursday from a three-month low in the prior session on forecasts for colder weather over the next two weeks that should boost heating demand. Front-month gas futures rose 30.6 cents, or 4.8%, to settle at $6.741 per million British thermal units, their highest close since October 6. (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).
