Chevron, U.S. NatGas Storage Build: Your Daily Energy News

---

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

NATURAL GAS
U.S. Sees Higher-than-Average Natural Gas Storage Build - The U.S. Energy Information Administration (EIA) said utilities added 60 billion cubic feet (Bcf) of natural gas into storage during the week ending November 10 after pulling 6 Bcf out of storage during the week ending November 3. That compares with an increase of 66 Bcf in the same week last year and a five-year (2018-2022) average increase of 20 Bcf. (Reuters)

CRUDE OIL
Chevron Begins Shipping to PDVSA in Expansion of Oil Swap - Chevron Corporation (NYSE:CVX) (San Ramon, California) has begun supplying fuel to Venezuela's state-run oil company PDVSA (Caracas) under Washington's approval of expanded deals with the South American country, three people familiar with the matter told Reuters. Chevron and PDVSA previously had stuck to a 2022 agreement to expand some operations that included a swap of Venezuelan crude for Chevron-provided diluents and for repayment of debts owned by Venezuelan joint ventures. Under terms that imply an expansion of the previous swap deal, Chevron has begun supplying PDVSA with fuel including naphtha and gasoline blend stock, one of the people said. The first vessel under the arrangement arrived in Venezuela's Jose port this week carrying 450,000 barrels of heavy naphtha for PDVSA, according to tanker tracking data and a document see by Reuters. (Reuters)

Oil Prices Slump to Four-Month Low - Oil prices dropped about 5% on Thursday to their lowest in four months, as investors worried about global oil demand following weak data from the U.S. and Asia. Brent futures settled down $3.76, or 4.6%, to $77.42 a barrel. U.S. West Texas Intermediate crude oil shed $3.76, or 4.9%, to $72.90. (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).