Centennial Resource Development, Soaring U.S. Power, Natural Gas Prices: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

CORPORATE
Centennial, Colgate Energy to Merge to Create $7 Billion Company - U.S. oil and gas company Centennial Resource Development Incorporated (NASDAQ:CDEV) (Denver, Colorado) said on Thursday it would merge with Colgate Energy Partners III LLC (Midland, Texas), creating a $7 billion Permian Basin-focused firm. The combined company has current production of about 135,000 barrels of oil equivalent per day, the companies said. (Reuters)

CRUDE OIL
U.S. Imports of Latin American Oil Rise - U.S. refiners imported about 1.3 million barrels per day (BBL/d) of crude oil and fuel oil from Latin America in April, the highest in seven months according to U.S. Customs data, as buyers began replacing Russian supplies. Russia supplied about 135,000 BBL/d, or 5.5% of total U.S. crude oil imports last year, and 155,350 BBL/d, or 29%, of fuel oil imports, according to data from Refinitiv Eikon. Imports of fuel oil from Latin America averaged some 200,000 BBL/d in March and April, 49% higher than in the previous 12 months. (Reuters)

POWER
U.S. Power, Natural Gas Prices Soar in Spring Heat Wave - U.S. spot power and natural gas prices soared on Thursday to their highest in a year or more in several parts of the country as consumers cranked up air conditioners to escape an early spring heatwave. In Pennsylvania, next-day power at the PJM West hub and gas at the Dominion South hub rose to their highest since the February freeze in 2021. In Texas, the Electric Reliability Council of Texas (ERCOT), which operates the grid for most of the state, forecast power demand would peak at a monthly record on Thursday. ERCOT forecast demand would hit 72,424 megawatts (MW) on Thursday, topping the current May record of 70,804 MW on Tuesday. In Louisiana, next-day gas at the Henry Hub benchmark jumped to its highest since hitting a record during the 2021 February freeze. (Reuters)

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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 world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.