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Released September 15, 2020 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
PRODUCTION
EIA: U.S. Shale Oil Output to Drop in October - U.S. oil output from seven major shale formations is expected to decline by about 68,000 barrels per day (BBL/d) in October to 7.64 million BBL/d, the U.S. Energy Information Administration (EIA) said in its monthly productivity report on Monday. That would be the first decline in production since May. Output at every formation is expected to fall in October, except the Permian basin of Texas and New Mexico, where production is expected to rise by about 23,000 BBL/d to 4.17 million BBL/d, the data showed. (Reuters)
NATURAL GAS
U.S. Natural Gas Futures Up Nearly 2% on Monday Ahead of Hurricane Sally - U.S. natural gas futures rose near 2% on Monday as liquefied natural gas (LNG) exports continued to rise and output dipped as Gulf Coast producers shut some production before Hurricane Sally smashes into the Gulf Coast. After falling to a four-week low last week, front-month gas futures rose 4.1 cents, or 1.8%, to settle at $2.310 per million British thermal units.
LNG
Glenfarne Seeks Five More Years to Complete Magnolia LNG Export Plant - Units of Glenfarne Group LLC and Kinder Morgan Incorporated (NYSE:KMI) asked federal regulators for five more years to complete the Magnolia LNG export plant in Louisiana and associated gas pipeline expansions, according to filings made available on Monday. The U.S. Federal Energy Regulatory Commission (FERC) approved construction of Magnolia LNG and related pipeline expansions in April 2016. That approval required the companies to complete the project within five years, by April 2021. Glenfarne, which acquired the Magnolia project from LNG Limited of Australia in May 2020, said "unforeseeable developments in the global LNG market have affected Magnolia LNG's ability to enter into long-term LNG offtake contracts ... critical to securing project financing and achieving (final investment decision)," referring to purchase agreements for gas. (Project 300107103) (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 trading, logistics and marketing communities. We are the number one source for information about electricity 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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
PRODUCTION
EIA: U.S. Shale Oil Output to Drop in October - U.S. oil output from seven major shale formations is expected to decline by about 68,000 barrels per day (BBL/d) in October to 7.64 million BBL/d, the U.S. Energy Information Administration (EIA) said in its monthly productivity report on Monday. That would be the first decline in production since May. Output at every formation is expected to fall in October, except the Permian basin of Texas and New Mexico, where production is expected to rise by about 23,000 BBL/d to 4.17 million BBL/d, the data showed. (Reuters)
NATURAL GAS
U.S. Natural Gas Futures Up Nearly 2% on Monday Ahead of Hurricane Sally - U.S. natural gas futures rose near 2% on Monday as liquefied natural gas (LNG) exports continued to rise and output dipped as Gulf Coast producers shut some production before Hurricane Sally smashes into the Gulf Coast. After falling to a four-week low last week, front-month gas futures rose 4.1 cents, or 1.8%, to settle at $2.310 per million British thermal units.
LNG
Glenfarne Seeks Five More Years to Complete Magnolia LNG Export Plant - Units of Glenfarne Group LLC and Kinder Morgan Incorporated (NYSE:KMI) asked federal regulators for five more years to complete the Magnolia LNG export plant in Louisiana and associated gas pipeline expansions, according to filings made available on Monday. The U.S. Federal Energy Regulatory Commission (FERC) approved construction of Magnolia LNG and related pipeline expansions in April 2016. That approval required the companies to complete the project within five years, by April 2021. Glenfarne, which acquired the Magnolia project from LNG Limited of Australia in May 2020, said "unforeseeable developments in the global LNG market have affected Magnolia LNG's ability to enter into long-term LNG offtake contracts ... critical to securing project financing and achieving (final investment decision)," referring to purchase agreements for gas. (Project 300107103) (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 trading, logistics and marketing communities. We are the number one source for information about electricity 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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
