Daily News Energy Headlines from July 13, 2017

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

CRUDE OIL
EIA: Brent and WTI to Average About $50 per Barrel in 2017-18 - The U.S. Energy Information Administration (EIA) now forecasts Brent crude oil spot prices to average $51 per barrel (BBL) in 2017 and $52/BBL in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be $2/BBL lower than Brent prices in 2017 and 2018. (EIA)

Oil Rises on Chinese Demand - Oil prices rose 1.3% on Thursday after much stronger demand in China overshadowed a downbeat report by the International Energy Agency (IEA) that showed higher production by key OPEC exporters. China imported 8.55 million barrels per day of oil in the first half of this year, up 13.8% from the same period in 2016, making it the world's biggest crude importer ahead of the United States. (Reuters)

Oil Sands Help Stymie OPEC's Attempt to Rebalance Market - This Bloomberg article discusses how production in Canada's oil sands continues increasing, which, along with U.S. shale oil production, is helping derail OPEC's attempts to curb the global crude oil supply glut. (Bloomberg)

PRODUCTION
Mexico to Receive $2 Billion in Investment from New Onshore Oil Contracts - Mexico should receive around $2 billion in investment during the lifespan of the onshore oil and gas contracts awarded on Wednesday, said Juan Carlos Zepeda, the head of the country's national oil industry regulator. He expected the 21 areas awarded in two auctions to yield an additional 79,000 barrels per day in crude production by 2025, as well as 378 million cubic feet per day of additional natural gas output. (Reuters)

POWER
Dominion Fights to Get Nuclear in Connecticut Power Procurement Plan - Dominion Energy Incorporated (NYSE:D) said on Thursday it would keep fighting to get the Connecticut legislature to include power from the company's Millstone nuclear plant included in a state energy procurement plan. The state has solicited power from renewable sources of generation to support environmental programs. (Reuters)

LNG
Tokyo Gas Wants to Revise LNG Contracts - Japan's Tokyo Gas, the biggest city-gas supplier in the world's largest importer of liquefied natural gas (LNG), is in talks to renew supply contracts and will push to revise terms to get more flexibility and cut prices, a senior official said on Thursday. (Reuters)

IEA: U.S. on Track to Be No. 2 LNG Exporter by 2022 - The United States is on track to have capacity to become the world's second-largest exporter of liquefied natural gas (LNG) by the end of 2022, just behind Australia and ahead of Qatar, the International Energy Agency (IEA) said. (Reuters)

PIPELINES
Magellan Crude Pipeline Bursts - Magellan Midstream Partners' (NYSE:MMP) Longhorn Pipeline, which transports crude oil from Crane, Texas to Houston, ruptured about four miles southwest of Bastrop. The company shut the pipeline and isolated the affected segment, it said. (Reuters)

FINANCIAL
Dynegy to Sell $300 Million in Assets - Houston-based Dynegy (NYSE:DYN) plans to sell three New England and Midwestern power plants to help reduce debt and satisfy an agreement with the Federal Energy Regulatory Commission, the company announced this week. Dynegy will sell the plants for a combined $300 million. (Fuel Fix)

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About Industrial Info
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