Released November 22, 2021 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
PRODUCTION
U.S. Drillers Add Rigs - The U.S. oil and gas rig count rose seven to 563 in the week ending November 19, its highest since April 2020, energy services firm Baker Hughes Company (NYSE:BKR) (Houston, Texas) said. U.S. oil rigs rose seven to 461, their highest since April 2020, while gas rigs were steady at 102. (Reuters)
PIPELINES
Pennsylvania Fines Energy Transfer $2 Million for 2018 Pipeline Blast - The Pennsylvania Public Utility Commission (PUC) approved a nearly $2 million settlement with a unit of Energy Transfer LP (NYSE:ET) (Dallas, Texas) for a pipeline explosion and fire at its Revolution natural gas pipe in western Pennsylvania in 2018. A portion of the 24-inch Revolution pipe failed after heavy rains caused a landslide in Center Township in Beaver County on September 10, 2018. The fire destroyed a nearby home, damaged power lines and burned several acres of surrounding woodland, the PUC said in a release on Thursday. (Reuters)
CORPORATE
Rystad Energy: U.S. Natural Gas Producers Face Billions in Hedging Losses - U.S. natural gas producers will face billions of dollars in hedging losses for 2022 as the global energy crunch boosts gas prices to multi-year highs, research by consultancy Rystad Energy showed on Friday. Expectations of strong liquefied natural gas (LNG) demand for months boosted U.S. futures to a 12-year high in early October, with prices nearly doubling from last year to trade around $4.94 per million British thermal units (mmBtu) on Friday. Eleven operators analyzed by Rystad stand to lose more than $5.2 billion in 2022 if the average price at the Henry Hub benchmark terminal remains at $4 per mmBtu, an amount that could double to about $9.8 billion if prices average at $5 per mmBtu. (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.
PRODUCTION
U.S. Drillers Add Rigs - The U.S. oil and gas rig count rose seven to 563 in the week ending November 19, its highest since April 2020, energy services firm Baker Hughes Company (NYSE:BKR) (Houston, Texas) said. U.S. oil rigs rose seven to 461, their highest since April 2020, while gas rigs were steady at 102. (Reuters)
PIPELINES
Pennsylvania Fines Energy Transfer $2 Million for 2018 Pipeline Blast - The Pennsylvania Public Utility Commission (PUC) approved a nearly $2 million settlement with a unit of Energy Transfer LP (NYSE:ET) (Dallas, Texas) for a pipeline explosion and fire at its Revolution natural gas pipe in western Pennsylvania in 2018. A portion of the 24-inch Revolution pipe failed after heavy rains caused a landslide in Center Township in Beaver County on September 10, 2018. The fire destroyed a nearby home, damaged power lines and burned several acres of surrounding woodland, the PUC said in a release on Thursday. (Reuters)
CORPORATE
Rystad Energy: U.S. Natural Gas Producers Face Billions in Hedging Losses - U.S. natural gas producers will face billions of dollars in hedging losses for 2022 as the global energy crunch boosts gas prices to multi-year highs, research by consultancy Rystad Energy showed on Friday. Expectations of strong liquefied natural gas (LNG) demand for months boosted U.S. futures to a 12-year high in early October, with prices nearly doubling from last year to trade around $4.94 per million British thermal units (mmBtu) on Friday. Eleven operators analyzed by Rystad stand to lose more than $5.2 billion in 2022 if the average price at the Henry Hub benchmark terminal remains at $4 per mmBtu, an amount that could double to about $9.8 billion if prices average at $5 per mmBtu. (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.
