Marathon Petroleum, Permian Basin Output: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

PRODUCTION
Permian Oil Output to Rise to Record High in September - Oil output in the Permian Basin is due to rise 79,000 barrels per day (BBL/d) to a record 5.408 million BBL/d in September, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday. Total output in the major U.S. shale oil basins will rise 141,000 BBL/d to 9.049 million BBL/d in September, the highest since March 2020, the EIA projected. (Reuters)

NATURAL GAS
U.S. Natural Gas Jumps to 14-Year High - U.S. natural gas futures jumped about 7% to a 14-year high on Tuesday on soaring global gas prices, a drop in daily U.S. output, a heat wave in California and forecasts for more hot weather and higher air conditioning demand in late August than previously expected. Front-month gas futures rose 60.1 cents, or 6.9%, to settle at $9.329 per million British thermal units, their highest close since early August 2008. (Reuters)

LNG
Marathon Gets More Time to Build LNG Import Project in Alaska - Marathon Petroleum Corporation's (NYSE:MPC) (Findlay, Ohio) Trans-Foreland Pipeline Company unit received more time to convert the Kenai liquefied natural gas (LNG) export plant in Alaska into an import terminal, U.S. energy regulators said on Tuesday. The U.S. Federal Energy Regulatory Commission (FERC) approved Trans-Foreland's request for an extension to complete the project until December 2025. FERC first approved Trans-Foreland's request to build the plant in December 2020 and gave the company until December 2022 to place it into service. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can click here for the PEC announcement. (Reuters)

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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.