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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
CRUDE OIL
U.S. Crude Oil Stocks Decline - The U.S. Energy Information Administration (EIA) reports that crude oil inventories fell by 2.2 million barrels in the week ending September 29 to 414.1 million barrels, their lowest since December 2022. Crude oil exports climbed 944,000 barrels per day (BBL/d) to nearly 5 million BBL/d, while net crude imports fell by 1.96 million BBL/d, the EIA said. Gasoline stocks rose by 6.5 million barrels in the week to 227 million barrels, the most since January 2022, the EIA said. Distillate stockpiles, which include diesel and heating oil, fell by 1.3 million barrels in the week to 118.8 million barrels. (Reuters)
LNG
ExxonMobil Chooses BlackRock for Majority Stake in Italian LNG Terminal - Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) chose BlackRock Incorporated (NYSE:BLK) (New York, New York) as the potential buyer for its majority stake in Italy's main liquefied natural gas (LNG) import terminal, the U.S. oil producer said in a statement. The stake sale drew interest from infrastructure funds and international groups as Italy is expected to increase its LNG imports to partly replace the gas it used to get via pipeline from Russia. In March, Exxon said it was considering selling its 70.68% interest in the offshore Adriatic LNG Terminal as part of its strategy to divest non-core assets. However, Italian gas grid operator Snam (San Donato Milanese), which has a 7.3% stake in the plant, has the first right of refusal should a partner decide to divest and could increase its current stake, according to its chief executive.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Terminals Plant Database can click here for the plant profile. (Reuters)
PRODUCTION
Trinidad and Tobago Launches Shallow-Water Offshore Auction - Trinidad and Tobago on Wednesday launched an auction of 13 shallow-water oil and gas exploration blocks, more than double the number of blocks in its last auction, as the Caribbean nation tries to increase energy supplies for its industrial base. The government is offering 13 shallow-water blocks, all located on the continental shelf near areas where both oil and gas are being produced. The round's period for receiving bids will finish on April 2. (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).
CRUDE OIL
U.S. Crude Oil Stocks Decline - The U.S. Energy Information Administration (EIA) reports that crude oil inventories fell by 2.2 million barrels in the week ending September 29 to 414.1 million barrels, their lowest since December 2022. Crude oil exports climbed 944,000 barrels per day (BBL/d) to nearly 5 million BBL/d, while net crude imports fell by 1.96 million BBL/d, the EIA said. Gasoline stocks rose by 6.5 million barrels in the week to 227 million barrels, the most since January 2022, the EIA said. Distillate stockpiles, which include diesel and heating oil, fell by 1.3 million barrels in the week to 118.8 million barrels. (Reuters)
LNG
ExxonMobil Chooses BlackRock for Majority Stake in Italian LNG Terminal - Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) chose BlackRock Incorporated (NYSE:BLK) (New York, New York) as the potential buyer for its majority stake in Italy's main liquefied natural gas (LNG) import terminal, the U.S. oil producer said in a statement. The stake sale drew interest from infrastructure funds and international groups as Italy is expected to increase its LNG imports to partly replace the gas it used to get via pipeline from Russia. In March, Exxon said it was considering selling its 70.68% interest in the offshore Adriatic LNG Terminal as part of its strategy to divest non-core assets. However, Italian gas grid operator Snam (San Donato Milanese), which has a 7.3% stake in the plant, has the first right of refusal should a partner decide to divest and could increase its current stake, according to its chief executive.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Terminals Plant Database can click here for the plant profile. (Reuters)
PRODUCTION
Trinidad and Tobago Launches Shallow-Water Offshore Auction - Trinidad and Tobago on Wednesday launched an auction of 13 shallow-water oil and gas exploration blocks, more than double the number of blocks in its last auction, as the Caribbean nation tries to increase energy supplies for its industrial base. The government is offering 13 shallow-water blocks, all located on the continental shelf near areas where both oil and gas are being produced. The round's period for receiving bids will finish on April 2. (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) 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).
