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Released March 18, 2022 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
NATURAL GAS
U.S. Sees Large Natural Gas Storage Draw - The U.S. Energy Information Administration (EIA) said utilities pulled 79 billion cubic feet (Bcf) of gas from storage during the week ending March 11. That compares with a decline of 16 Bcf in the same week last year and a five-year (2017-2021) average decline of 65 Bcf. Last week's withdrawal cut stockpiles to 1.440 trillion cubic feet (Tcf), or 17.4% below the five-year average of 1.744 Tcf for this time of the year. (Reuters)
CRUDE OIL
U.S. Awards Contracts for Crude Oil Sales from Strategic Reserve - The U.S. Energy Department said on Wednesday that it had awarded contracts for 30 million barrels of crude oil put up for sale from the U.S. Strategic Petroleum Reserve. A total of 13 companies submitted 109 bids for evaluation, and contracts were awarded to seven companies, including 16.06 million barrels to Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio). (Reuters)
PRODUCTION
ExxonMobil, BHP to Expand Australia Offshore Gas Production - Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) and BHP Group (NYSE:BHP) (Melbourne, Australia) said on Thursday they will go ahead with a project to boost natural gas output from their Gippsland Basin Kipper field off southeast Australia, which would help fill a looming gas shortage in the local market. The country's regulators have warned that eastern Australia faces a gas shortfall from 2026. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can click here for related reports. (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 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.
NATURAL GAS
U.S. Sees Large Natural Gas Storage Draw - The U.S. Energy Information Administration (EIA) said utilities pulled 79 billion cubic feet (Bcf) of gas from storage during the week ending March 11. That compares with a decline of 16 Bcf in the same week last year and a five-year (2017-2021) average decline of 65 Bcf. Last week's withdrawal cut stockpiles to 1.440 trillion cubic feet (Tcf), or 17.4% below the five-year average of 1.744 Tcf for this time of the year. (Reuters)
CRUDE OIL
U.S. Awards Contracts for Crude Oil Sales from Strategic Reserve - The U.S. Energy Department said on Wednesday that it had awarded contracts for 30 million barrels of crude oil put up for sale from the U.S. Strategic Petroleum Reserve. A total of 13 companies submitted 109 bids for evaluation, and contracts were awarded to seven companies, including 16.06 million barrels to Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio). (Reuters)
PRODUCTION
ExxonMobil, BHP to Expand Australia Offshore Gas Production - Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) and BHP Group (NYSE:BHP) (Melbourne, Australia) said on Thursday they will go ahead with a project to boost natural gas output from their Gippsland Basin Kipper field off southeast Australia, which would help fill a looming gas shortage in the local market. The country's regulators have warned that eastern Australia faces a gas shortfall from 2026. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can click here for related reports. (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 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.
