Released September 10, 2021 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
NATURAL GAS
U.S. Natural Gas Futures Rise to Seven-Year High - U.S. natural gas futures rose to a seven-year high on Thursday as production remains slow to recover after Hurricane Ida battered the Gulf Coast. Front-month gas futures rose 11.7 cents, or 2.4%, to settle at $5.031 per million British thermal units, their highest close since February 2014 for a second day in a row. (Reuters)
POWER
California Asks U.S. to Allow Natural Gas Plants to Operate at Maximum - California's grid operator has asked the Biden administration to allow some natural gas power plants to operate without pollution restrictions for 60 days to shore up the state's tight electricity supplies, the U.S. Energy Department said on Thursday. The California Independent System Operator (CAISO), which is seeking an emergency order by September 10, made the request in a September 7 letter to Energy Secretary Jennifer Granholm. The agency is reviewing the request, an official said. The move is the latest example of California's struggle to move away from fossil fuels like natural gas. Governor Gavin Newsom this year has already loosened restrictions on diesel generators and engines, and the state's water agency is adding gas-fired power plants to boost supplies. (Reuters)
CRUDE OIL
U.S. Crude Oil, Fuel Stocks Fall - U.S. crude oil and fuel stocks slumped last week, as Hurricane Ida shut most of the country's offshore production and numerous refineries, the Energy Information Administration said on Thursday. Crude inventories fell by 1.5 million barrels in the week ending September 3 to 423.9 million barrels. Stocks are now at levels not seen since September 2019. U.S. gasoline stocks fell by 7.2 million barrels. Distillate stockpiles fell by 3.1 million barrels. U.S. weekly production fell to 10 million barrels per day (BBL/d) from 11.5 million BBL/d the week earlier, due to the shutdown of offshore platforms. (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. Natural Gas Futures Rise to Seven-Year High - U.S. natural gas futures rose to a seven-year high on Thursday as production remains slow to recover after Hurricane Ida battered the Gulf Coast. Front-month gas futures rose 11.7 cents, or 2.4%, to settle at $5.031 per million British thermal units, their highest close since February 2014 for a second day in a row. (Reuters)
POWER
California Asks U.S. to Allow Natural Gas Plants to Operate at Maximum - California's grid operator has asked the Biden administration to allow some natural gas power plants to operate without pollution restrictions for 60 days to shore up the state's tight electricity supplies, the U.S. Energy Department said on Thursday. The California Independent System Operator (CAISO), which is seeking an emergency order by September 10, made the request in a September 7 letter to Energy Secretary Jennifer Granholm. The agency is reviewing the request, an official said. The move is the latest example of California's struggle to move away from fossil fuels like natural gas. Governor Gavin Newsom this year has already loosened restrictions on diesel generators and engines, and the state's water agency is adding gas-fired power plants to boost supplies. (Reuters)
CRUDE OIL
U.S. Crude Oil, Fuel Stocks Fall - U.S. crude oil and fuel stocks slumped last week, as Hurricane Ida shut most of the country's offshore production and numerous refineries, the Energy Information Administration said on Thursday. Crude inventories fell by 1.5 million barrels in the week ending September 3 to 423.9 million barrels. Stocks are now at levels not seen since September 2019. U.S. gasoline stocks fell by 7.2 million barrels. Distillate stockpiles fell by 3.1 million barrels. U.S. weekly production fell to 10 million barrels per day (BBL/d) from 11.5 million BBL/d the week earlier, due to the shutdown of offshore platforms. (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.
