Released August 11, 2023 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
PRODUCTION
U.S. Forecasters Raise 2023 Hurricane Forecast - U.S. government forecasters on Thursday said they expect a more dangerous Atlantic storm season than previously projected, raising their Atlantic hurricane outlook due to high sea surface temperatures. The U.S. National Oceanic and Atmospheric Administration (NOAA) forecast 14-21 named storms, with six to 11 potentially becoming hurricanes with winds of 74 miles per hour or greater. Two to five of those hurricanes could become major events with sustained winds above 111 miles per hour, the NOAA said. In May, the NOAA had predicted 12-17 named storms, five to eight hurricanes and one to four major hurricanes. The raised outlook follows a similar projection by Colorado State University researchers. Major hurricanes can disrupt offshore crude oil and natural gas production in the Gulf of Mexico as well as heavily damage refineries along the Gulf Coast states of Texas, Louisiana and Mississippi. (Reuters)
OPEC Flags Healthy Oil Market in Second Half of Year - Prospects for the global oil market look healthy for the second half of the year, the Organization of the Petroleum Exporting Countries (OPEC) said on Thursday as the producer group stuck to its forecast for robust oil demand in 2024 and nudged up its expectations for global economic growth. OPEC said it expects world oil demand to rise by 2.25 million barrels per day (BBL/d) in 2024, compared with growth of 2.44 million BBL/d in 2023. The report also showed that OPEC's oil production fell sharply in July, driven by Saudi Arabia's pledge to cut its output by 1 million BBL/d, a measure it has since extended to include September. (Reuters)
GLOBAL
Most Russian Fuel Exports Now Priced Above G7 Caps - Most Russian fuel exports from the Baltic and Black Sea regions are now pricing above a price cap set in February by a G7-led coalition designed to limit Moscow's revenues in the aftermath of its invasion of Ukraine, data from price reporting agency Argus Media showed. The Group of Seven countries, the European Union and Australia set price caps for Russian diesel and other fuels to keep markets supplied while limiting Moscow's revenues after a European Union ban on importing those fuels came into effect on February 5. The coalition set a $100-per-barrel price cap on products that trade at a premium to crude, mainly diesel, and $45 per barrel cap for products that trade at a discount, such as fuel oil and naphtha. The Argus data showed that prices for Russian origin diesel, gasoil, naphtha and fuel oil loading in the Black Sea and Baltic regions have exceeded those caps in recent weeks. (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).
PRODUCTION
U.S. Forecasters Raise 2023 Hurricane Forecast - U.S. government forecasters on Thursday said they expect a more dangerous Atlantic storm season than previously projected, raising their Atlantic hurricane outlook due to high sea surface temperatures. The U.S. National Oceanic and Atmospheric Administration (NOAA) forecast 14-21 named storms, with six to 11 potentially becoming hurricanes with winds of 74 miles per hour or greater. Two to five of those hurricanes could become major events with sustained winds above 111 miles per hour, the NOAA said. In May, the NOAA had predicted 12-17 named storms, five to eight hurricanes and one to four major hurricanes. The raised outlook follows a similar projection by Colorado State University researchers. Major hurricanes can disrupt offshore crude oil and natural gas production in the Gulf of Mexico as well as heavily damage refineries along the Gulf Coast states of Texas, Louisiana and Mississippi. (Reuters)
OPEC Flags Healthy Oil Market in Second Half of Year - Prospects for the global oil market look healthy for the second half of the year, the Organization of the Petroleum Exporting Countries (OPEC) said on Thursday as the producer group stuck to its forecast for robust oil demand in 2024 and nudged up its expectations for global economic growth. OPEC said it expects world oil demand to rise by 2.25 million barrels per day (BBL/d) in 2024, compared with growth of 2.44 million BBL/d in 2023. The report also showed that OPEC's oil production fell sharply in July, driven by Saudi Arabia's pledge to cut its output by 1 million BBL/d, a measure it has since extended to include September. (Reuters)
GLOBAL
Most Russian Fuel Exports Now Priced Above G7 Caps - Most Russian fuel exports from the Baltic and Black Sea regions are now pricing above a price cap set in February by a G7-led coalition designed to limit Moscow's revenues in the aftermath of its invasion of Ukraine, data from price reporting agency Argus Media showed. The Group of Seven countries, the European Union and Australia set price caps for Russian diesel and other fuels to keep markets supplied while limiting Moscow's revenues after a European Union ban on importing those fuels came into effect on February 5. The coalition set a $100-per-barrel price cap on products that trade at a premium to crude, mainly diesel, and $45 per barrel cap for products that trade at a discount, such as fuel oil and naphtha. The Argus data showed that prices for Russian origin diesel, gasoil, naphtha and fuel oil loading in the Black Sea and Baltic regions have exceeded those caps in recent weeks. (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).
