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Released April 12, 2024 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
NATURAL GAS
EIA: U.S. Natural Gas to be Cheaper than Coal for First Time in 2024 - U.S. natural gas will be cheaper to burn than coal in 2024 for the first time ever, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook this week. In 2024, spot gas prices at the U.S. Henry Hub benchmark in Louisiana will average just $2.15 per million British thermal units (mmBtu) versus $2.45 for coal, EIA said. If correct, that would be the first time on record annual average gas prices were lower than coal prices, according to federal energy data going back to 2001. That compares with average prices of $2.54 per mmBtu for gas and $2.52 for coal in 2023, and averages of $3.62 for gas and just $2.07 for coal over the prior five years (2018-2022). (Reuters)
REFINING
Cenovus to Invest US$5 Billion in Ohio Refineries - Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) on Thursday said it plans to invest $1.5 billion in its Ohio refineries over the coming five years, including the Lima and Toledo refineries. The investment in Ohio refineries includes maintenance, reliability measures and market access projects, the company said. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Plant Database can click here for the plant profiles. (Reuters)
POWER
Power Transmission Companies: U.K. Can Meet Power Demands This Summer - There is sufficient supply to meet British energy demand during the summer season from April to September this year, the U.K.'s national transmission companies for gas and electricity said on Thursday. Total U.K. gas demand was forecast at 29 billion cubic meters (Bcm) this summer versus 33.3 Bcm in the same period of 2023, National Gas (Gallows Hill, England) said in its annual summer outlook. The reduction is largely due to the expectation of lower exports to continental Europe, in combination with less demand for gas for power generation, National Gas said. Britain exports some gas to the rest of Europe via interconnectors, with average U.K. exports to the rest of Europe expected to be 3.6 Bcm, down from 7.1 Bcm last summer. (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).
NATURAL GAS
EIA: U.S. Natural Gas to be Cheaper than Coal for First Time in 2024 - U.S. natural gas will be cheaper to burn than coal in 2024 for the first time ever, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook this week. In 2024, spot gas prices at the U.S. Henry Hub benchmark in Louisiana will average just $2.15 per million British thermal units (mmBtu) versus $2.45 for coal, EIA said. If correct, that would be the first time on record annual average gas prices were lower than coal prices, according to federal energy data going back to 2001. That compares with average prices of $2.54 per mmBtu for gas and $2.52 for coal in 2023, and averages of $3.62 for gas and just $2.07 for coal over the prior five years (2018-2022). (Reuters)
REFINING
Cenovus to Invest US$5 Billion in Ohio Refineries - Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) on Thursday said it plans to invest $1.5 billion in its Ohio refineries over the coming five years, including the Lima and Toledo refineries. The investment in Ohio refineries includes maintenance, reliability measures and market access projects, the company said. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Plant Database can click here for the plant profiles. (Reuters)
POWER
Power Transmission Companies: U.K. Can Meet Power Demands This Summer - There is sufficient supply to meet British energy demand during the summer season from April to September this year, the U.K.'s national transmission companies for gas and electricity said on Thursday. Total U.K. gas demand was forecast at 29 billion cubic meters (Bcm) this summer versus 33.3 Bcm in the same period of 2023, National Gas (Gallows Hill, England) said in its annual summer outlook. The reduction is largely due to the expectation of lower exports to continental Europe, in combination with less demand for gas for power generation, National Gas said. Britain exports some gas to the rest of Europe via interconnectors, with average U.K. exports to the rest of Europe expected to be 3.6 Bcm, down from 7.1 Bcm last summer. (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).
