Released July 22, 2021 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
CRUDE OIL
U.S. Crude Oil Supplies Increase for First Time Since May - U.S. crude oil stockpiles rose last week, breaking a streak of eight weeks of declines, as imports surged to their highest in a year, the U.S. Energy Information Administration (EIA) said on Wednesday. Crude oil inventories rose by 2.1 million barrels in week ending July 16 to 439.7 million barrels. U.S. crude oil imports rose to 7.1 million barrels per day (BBL/d), their highest since July 2020, boosting net crude imports to their highest since December at 4.6 million BBL/d.
EARNINGS REPORTS
Kinder Morgan's Profit Falls on Lower Volumes - Kinder Morgan Incorporated (NYSE:KMI) (Houston, Texas) said on Wednesday its second-quarter profit fell 62.4% from the previous quarter, when the U.S. pipeline operator saw a one-off demand surge for natural gas and electricity due to a winter storm in February. Adjusted profit stood at $516 million in the quarter ended June 30, compared with a profit of $1.37 billion in first-quarter 2021. (Reuters)
Baker Hughes' Profit Down - Oilfield services provider Baker Hughes Company (NYSE:BKR) (Houston) said on Wednesday its adjusted profit fell 9% in the second quarter from the previous three months and it missed Wall Street estimates for earnings, as crude oil producers kept a tight lid on spending. While oil demand has rebounded from the pandemic lows seen last year, output has only inched higher as large public companies vow to hold production flat. Adjusted net income attributable to the company was $83 million in the quarter ended June 30, compared with $91 million in the first quarter. (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.
CRUDE OIL
U.S. Crude Oil Supplies Increase for First Time Since May - U.S. crude oil stockpiles rose last week, breaking a streak of eight weeks of declines, as imports surged to their highest in a year, the U.S. Energy Information Administration (EIA) said on Wednesday. Crude oil inventories rose by 2.1 million barrels in week ending July 16 to 439.7 million barrels. U.S. crude oil imports rose to 7.1 million barrels per day (BBL/d), their highest since July 2020, boosting net crude imports to their highest since December at 4.6 million BBL/d.
EARNINGS REPORTS
Kinder Morgan's Profit Falls on Lower Volumes - Kinder Morgan Incorporated (NYSE:KMI) (Houston, Texas) said on Wednesday its second-quarter profit fell 62.4% from the previous quarter, when the U.S. pipeline operator saw a one-off demand surge for natural gas and electricity due to a winter storm in February. Adjusted profit stood at $516 million in the quarter ended June 30, compared with a profit of $1.37 billion in first-quarter 2021. (Reuters)
Baker Hughes' Profit Down - Oilfield services provider Baker Hughes Company (NYSE:BKR) (Houston) said on Wednesday its adjusted profit fell 9% in the second quarter from the previous three months and it missed Wall Street estimates for earnings, as crude oil producers kept a tight lid on spending. While oil demand has rebounded from the pandemic lows seen last year, output has only inched higher as large public companies vow to hold production flat. Adjusted net income attributable to the company was $83 million in the quarter ended June 30, compared with $91 million in the first quarter. (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.
