U.S. Crude Oil Stocks, Power Use: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

NATURAL GAS
Texas Waha Gas Prices Turn Negative - Spot natural gas prices for Wednesday at the Waha hub in the Permian Basin in West Texas fell into negative territory as pipeline maintenance prevented some gas from leaving the basin and mild spring weather reduced demand for the fuel. At Waha, next-day prices for Wednesday closed at minus 35 cents per million British thermal units, the first time the contract closed in negative territory since October 2020, Refinitiv data showed. (Reuters)

CRUDE OIL
U.S. Crude Oil Stockpiles Rise - U.S. crude oil inventories rose by 3 million barrels in the week ending May 5 to 462.6 million barrels, reports the U.S. Energy Information Administration (EIA). The Strategic Petroleum Reserve drew down for a sixth straight week, falling 2.9 million barrels last week to 362 million barrels, its lowest since October 1983. Gasoline stocks fell 3.2 million barrels to 219.7 million barrels, the EIA said. Distillate stockpiles fell by 4.2 million barrels in the week to 106.2 million barrels. (Reuters)

POWER
EIA: U.S. Power Use to Slide in 2023 - U.S. power consumption will ease in 2023 from last year's record high as slower economic growth and milder weather depress usage, the EIA said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will slide from a record 4,048 billion kilowatt-hours (kWh) in 2022 to 4,031 billion kWh in 2023, before rising to 4,081 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).