Released October 08, 2021 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
PRODUCTION
ExxonMobil Raises Guyana Resources Estimate After New Discovery- Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) raised by 1 billion oil-equivalent barrels the resource estimate from its Stabroek Block offshore Guyana. The updated estimate of 10 billion oil-equivalent barrels, including that from the new find at the Cataback-1 well, brings total significant discoveries to 21 within the Stabroek Block, the company said on Thursday.
GOVERNMENT
U.S. Worried Energy Supply Not Meeting Demand - President Joe Biden's national security adviser urged energy suppliers on Thursday to lift flows to meet demand, saying that the United States was concerned about their failure to do so. Rocketing natural gas prices, with the European benchmark up almost 600% this year, have been fueled by low inventories and surging demand as economies recover from the COVID-19 crisis. "The United States has a real concern that, for a variety of reasons, supply is not keeping up with recovering demand," Jake Sullivan told reporters after meetings with the European Union in Brussels, where he discussed the gas issue.
CRUDE OIL
Oil Resumes Rally - Oil futures rebounded on Thursday, as the market deemed it unlikely that the U.S. would release emergency crude reserves or ban exports to ease tight supplies. Brent futures rose 87 cents, or 1.1%, to settle at $81.95 a barrel, while U.S. crude oil gained 87 cents, or 1.1%, to settle at $78.30 a barrel.
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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
ExxonMobil Raises Guyana Resources Estimate After New Discovery- Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) raised by 1 billion oil-equivalent barrels the resource estimate from its Stabroek Block offshore Guyana. The updated estimate of 10 billion oil-equivalent barrels, including that from the new find at the Cataback-1 well, brings total significant discoveries to 21 within the Stabroek Block, the company said on Thursday.
GOVERNMENT
U.S. Worried Energy Supply Not Meeting Demand - President Joe Biden's national security adviser urged energy suppliers on Thursday to lift flows to meet demand, saying that the United States was concerned about their failure to do so. Rocketing natural gas prices, with the European benchmark up almost 600% this year, have been fueled by low inventories and surging demand as economies recover from the COVID-19 crisis. "The United States has a real concern that, for a variety of reasons, supply is not keeping up with recovering demand," Jake Sullivan told reporters after meetings with the European Union in Brussels, where he discussed the gas issue.
CRUDE OIL
Oil Resumes Rally - Oil futures rebounded on Thursday, as the market deemed it unlikely that the U.S. would release emergency crude reserves or ban exports to ease tight supplies. Brent futures rose 87 cents, or 1.1%, to settle at $81.95 a barrel, while U.S. crude oil gained 87 cents, or 1.1%, to settle at $78.30 a barrel.
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.
