Released January 25, 2021 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
CRUDE OIL
EIA: Brent Crude Oil to Average Above $50 per Barrel in 2022 - In its January Short-Term Energy Outlook, the U.S. Energy Information Administration (EIA) expects global demand for petroleum liquids will be greater than global supply in 2021, especially during the first quarter, leading to inventory draws. As a result, the EIA expects the price of Brent crude oil to increase from its December 2020 average of $50 per barrel to an average of $56 per barrel in the first quarter of 2021. The Brent price is then expected to average between $51 per barrel and $54 per barrel on a quarterly basis through 2022. (EIA)
U.S. Crude Oil Stocks Increase - U.S. crude oil inventories rose by 4.4 million barrels in the week to January 15, compared with analysts' expectations for a decrease of 1.2 million barrels. Gasoline stocks fell by 260,000 barrels. Distillate stockpiles, which include diesel and heating oil, rose by 458,000 barrels. (Reuters)
PRODUCTION
U.S. Drillers Add Rigs for Ninth Week - U.S. oil and gas drillers added rigs for a ninth week in a row in the week ending January 22, rising five to 378. U.S. oil rigs rose two to 289, their highest since May, while gas rigs rose three to 88, their highest since April, according to Baker Hughes data. (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 trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
CRUDE OIL
EIA: Brent Crude Oil to Average Above $50 per Barrel in 2022 - In its January Short-Term Energy Outlook, the U.S. Energy Information Administration (EIA) expects global demand for petroleum liquids will be greater than global supply in 2021, especially during the first quarter, leading to inventory draws. As a result, the EIA expects the price of Brent crude oil to increase from its December 2020 average of $50 per barrel to an average of $56 per barrel in the first quarter of 2021. The Brent price is then expected to average between $51 per barrel and $54 per barrel on a quarterly basis through 2022. (EIA)
U.S. Crude Oil Stocks Increase - U.S. crude oil inventories rose by 4.4 million barrels in the week to January 15, compared with analysts' expectations for a decrease of 1.2 million barrels. Gasoline stocks fell by 260,000 barrels. Distillate stockpiles, which include diesel and heating oil, rose by 458,000 barrels. (Reuters)
PRODUCTION
U.S. Drillers Add Rigs for Ninth Week - U.S. oil and gas drillers added rigs for a ninth week in a row in the week ending January 22, rising five to 378. U.S. oil rigs rose two to 289, their highest since May, while gas rigs rose three to 88, their highest since April, according to Baker Hughes data. (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 trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
