NextDecade, U.S. Power Consumption: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

LNG
LNG Developer NextDecade Blasts FERC Over Inaction - U.S. liquefied natural gas (LNG) developer NextDecade Corporation (NASDAQ:NEXT) (Houston, Texas) on Monday criticized the U.S. Federal Energy Regulatory Commission (FERC) for what it called "inexcusable" delays in reviewing information that would allow it to move ahead with its Rio Grande LNG export project in Texas.

The project has been stalled by a federal appeals court ruling that the original approval failed to adequately consider the Brownsville, Texas, plant's impact on climate change or on area minority and low-income residents. The court asked FERC to revisit its environmental review but did not invalidate the original approval. "It is patently clear that an ongoing, 18-month process to address two questions remanded to the Commission is inexcusable," NextDecade's chief executive, Matthew Schatzman, wrote in a letter. The inaction "far exceeds the length of time FERC has taken to respond to other federal appellate court remands," wrote Schatzman.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can click here for related project reports. (Reuters)

NATURAL GAS
U.S. Natural Gas Jumps 5% - U.S. natural gas futures jumped about 5% to a one-week high on Tuesday. Front-month gas futures for March delivery rose 12.7 cents, or 5.2%, to settle at $2.584 per million British thermal units, their highest close since January 31. Last week, the contract fell to its lowest close since December 2020. (Reuters)

CRUDE OIL
Crude Oil Rises 3% - Oil prices climbed more than 3% on Tuesday after the head of the U.S. central bank eased market concerns over interest rate hikes, while recovering demand in China also boosted prices. Brent crude futures were up $2.70, or 3.3%, to $83.69 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $3.03, or 4.1%, to $77.14 per barrel. (Reuters)

POWER
EIA: U.S. Power Use to Slide in 2023 - U.S. power consumption will ease in 2023 as weaker economic activity and milder weather drag it from record highs hit in 2022, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will slide from a record 4,045 billion kilowatt-hours (kWh) in 2022 to 3,999 billion kWh in 2023, before rising to 4,063 billion kWh in 2024 as economic growth ramps up. (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 leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).