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Released February 15, 2024 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
LNG
Shell Expects Global LNG Demand to Rise 50% by 2040 - Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as China and countries in South and Southeast Asia use LNG to support their economic growth, Shell plc (NYSE:SHEL) (London, England) said on Wednesday. The market remains "structurally tight", with prices and price volatility remaining above historic averages, constraining growth, the world's largest LNG trader said in its 2024 annual LNG market outlook. Demand for natural gas has peaked in some regions, including Europe, Japan and Australia in the 2010s, but continues to rise globally, and is expected to reach around 625 million-685 million metric tons per year in 2040, Shell said. (Reuters)
POWER
Eversource Energy Sells Stakes in Two U.S. Offshore Wind Projects - Eversource Energy (NYSE:ES) (Hartford, Connecticut) on Tuesday said it will sell its stake in two energy projects in a $1.1 billion deal that helps the company exit the troubled offshore wind business. Eversource said it would sell its 50% share in the 132-megawatt (MW) South Fork and the 704-MW Revolution offshore wind projects, which it owns jointly with Danish firm Orsted (Fredericia), to Global Infrastructure Partners (New York, New York). The deal is expected to close in mid-2024. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more by viewing the project reports on the South Fork and Revolution projects. (Reuters)
CRUDE OIL
U.S. Crude Oil Stocks Rise Sharply - U.S. crude oil inventories rose by 12 million barrels to 439.5 million barrels in the week ending February 9, the U.S. Energy Information Administration (EIA) said on Wednesday. A combination of major unplanned outages since a mid-January winter storm and planned turnarounds led to a slump in refining to its lowest levels since the last week of December 2022, when Winter Storm Elliott similarly knocked scores of refineries offline. Refinery runs last week fell by 298,000 barrels per day (BBL/d) to 14.54 million BBL/d and refinery utilization rates decreased by 1.8 percentage points to 80.6% of total capacity. U.S. gasoline stocks fell by 3.7 million barrels to 247.3 million barrels, the EIA said. Distillate stockpiles fell by 1.9 million barrels in the week to 125.7 million barrels. (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
Shell Expects Global LNG Demand to Rise 50% by 2040 - Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as China and countries in South and Southeast Asia use LNG to support their economic growth, Shell plc (NYSE:SHEL) (London, England) said on Wednesday. The market remains "structurally tight", with prices and price volatility remaining above historic averages, constraining growth, the world's largest LNG trader said in its 2024 annual LNG market outlook. Demand for natural gas has peaked in some regions, including Europe, Japan and Australia in the 2010s, but continues to rise globally, and is expected to reach around 625 million-685 million metric tons per year in 2040, Shell said. (Reuters)
POWER
Eversource Energy Sells Stakes in Two U.S. Offshore Wind Projects - Eversource Energy (NYSE:ES) (Hartford, Connecticut) on Tuesday said it will sell its stake in two energy projects in a $1.1 billion deal that helps the company exit the troubled offshore wind business. Eversource said it would sell its 50% share in the 132-megawatt (MW) South Fork and the 704-MW Revolution offshore wind projects, which it owns jointly with Danish firm Orsted (Fredericia), to Global Infrastructure Partners (New York, New York). The deal is expected to close in mid-2024. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more by viewing the project reports on the South Fork and Revolution projects. (Reuters)
CRUDE OIL
U.S. Crude Oil Stocks Rise Sharply - U.S. crude oil inventories rose by 12 million barrels to 439.5 million barrels in the week ending February 9, the U.S. Energy Information Administration (EIA) said on Wednesday. A combination of major unplanned outages since a mid-January winter storm and planned turnarounds led to a slump in refining to its lowest levels since the last week of December 2022, when Winter Storm Elliott similarly knocked scores of refineries offline. Refinery runs last week fell by 298,000 barrels per day (BBL/d) to 14.54 million BBL/d and refinery utilization rates decreased by 1.8 percentage points to 80.6% of total capacity. U.S. gasoline stocks fell by 3.7 million barrels to 247.3 million barrels, the EIA said. Distillate stockpiles fell by 1.9 million barrels in the week to 125.7 million barrels. (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).
