U.S. Natural Gas Output, Berlin Refinery Woes: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

NATURAL GAS
EIA: U.S. Natural Gas Output to Hit Record High in 2023 - U.S. natural gas production will rise to a record high in 2023 while demand will fall, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook on Tuesday. The EIA projected dry gas production would rise to 100.67 billion cubic feet per day (Bcf/d) in 2023 and 101.69 Bcf/d in 2024 from a record 98.09 Bcf/d in 2022. The EIA also projected domestic gas consumption would fall to 86.40 Bcf/d in 2023 and 86.06 Bcf/d in 2024 from a record 88.54 Bcf/d in 2022. (Reuters)

CRUDE OIL
Oil Loses Nearly $3 per Barrel - Oil prices fell by nearly $3 a barrel on Tuesday after comments from U.S. Federal Reserve Chair Jerome Powell stoked rate hike fears, the dollar strengthened and top crude importer China issued weak data. Brent crude oil futures shed $2.89, or 3.4%, to settle at $83.29 a barrel, while U.S. West Texas Intermediate futures dropped by $2.88, or 3.6%, to close at $77.58 per barrel. Those were the biggest single-day percentage declines for both contracts since January 4. (Reuters)

REFINING
Berlin Refinery Faces Challenges Without Russian Oil - Slashed output at Germany's Schwedt oil refinery demonstrates the difficulty Berlin faces in turning away from Russian oil, despite plans to work with Poland to find alternative supply. Schwedt has traditionally supplied 90% of the gasoline, diesel, jet fuel and fuel oil used in Germany's capital city. However, three months after Warsaw and Berlin agreed to work together, the refinery is running at 50-60% of capacity and those alternative supplies remain elusive. Moscow last month retaliated against their bilateral efforts by halting oil flows to Poland via the Druzhba pipeline, thereby squeezing Poland's ability to free up oil for Schwedt. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Plant Database can click here for the plant profile. (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).