Released October 11, 2021 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
PRODUCTION
U.S. Drillers Add Rigs - U.S. energy firms last week added oil and natural gas rigs for a fifth week in a row. The combined oil and gas rig count rose five to 533 in the week ending October 8, its highest since April 2020, energy services firm Baker Hughes Company (NYSE:BKR) (Houston, Texas) said. U.S. oil rigs rose five to 433, also their since April 2020, while gas rigs were steady at 99 for a third week in a row. (Reuters)
LNG
Asian LNG Prices Continue Soaring - Asian liquefied natural gas (LNG) prices soared last week, as the world's top buyer, China, faced an ongoing power crunch and low inventory in Europe drove up competition for the fuel. The average LNG price for November delivery into Northeast Asia was estimated at about $37 per metric million British thermal units (mmBtu), up nearly 16% from the previous week, industry sources said. December delivery prices were estimated to be about $38 per mmBtu, they added. (Reuters)
CRUDE OIL
Oil Rose 4% Last Week - Oil rose on Friday, gaining about 4% on the week as a global energy crunch boosted U.S. prices to their highest in almost seven years as big power users struggle to meet demand. Brent crude oil futures rose 44 cents, or 0.5%, to settle at $82.39 a barrel. West Texas Intermediate (WTI) crude rose $1.05, or 1.3%, to end at $79.35. That was the highest close for the U.S. benchmark since October 31, 2014. U.S. gasoline futures also closed at their highest since October 2014 on Friday. (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), 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.
PRODUCTION
U.S. Drillers Add Rigs - U.S. energy firms last week added oil and natural gas rigs for a fifth week in a row. The combined oil and gas rig count rose five to 533 in the week ending October 8, its highest since April 2020, energy services firm Baker Hughes Company (NYSE:BKR) (Houston, Texas) said. U.S. oil rigs rose five to 433, also their since April 2020, while gas rigs were steady at 99 for a third week in a row. (Reuters)
LNG
Asian LNG Prices Continue Soaring - Asian liquefied natural gas (LNG) prices soared last week, as the world's top buyer, China, faced an ongoing power crunch and low inventory in Europe drove up competition for the fuel. The average LNG price for November delivery into Northeast Asia was estimated at about $37 per metric million British thermal units (mmBtu), up nearly 16% from the previous week, industry sources said. December delivery prices were estimated to be about $38 per mmBtu, they added. (Reuters)
CRUDE OIL
Oil Rose 4% Last Week - Oil rose on Friday, gaining about 4% on the week as a global energy crunch boosted U.S. prices to their highest in almost seven years as big power users struggle to meet demand. Brent crude oil futures rose 44 cents, or 0.5%, to settle at $82.39 a barrel. West Texas Intermediate (WTI) crude rose $1.05, or 1.3%, to end at $79.35. That was the highest close for the U.S. benchmark since October 31, 2014. U.S. gasoline futures also closed at their highest since October 2014 on Friday. (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), 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.
