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Released October 10, 2024 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
TERMINALS
U.S. Crude Oil Stocks Rise, Fuels Decrease Sharply - U.S. crude stocks rose last week, while fuel inventories fell sharply, the U.S. Energy Information Administration (EIA) said on Wednesday, as back-to-back major hurricanes drove gasoline demand to nearly a three-year high. Crude oil inventories rose by 5.8 million barrels to 422.7 million barrels in the week ending October 4, the EIA said. U.S. gasoline stocks fell by 6.3 million barrels in the week to 214.9 million barrels, their lowest level since September 2023, the EIA said. Distillate stockpiles fell by 3.1 million barrels in the week to 118.5 million barrels. Gasoline product supplied was up by 1.13 million barrels per day (BBL/d) to 9.65 million BBL/d, the biggest week-over-week increase since February 2001. Distillate demand climbed by 394,000 BBL/d to 4 million BBL/d last week. (Reuters)
CORPORATE
Woodside Completes Tellurian Acquisition - Woodside Energy Group (NYSE:WDS) (Perth, Australia) said on Wednesday it has completed the acquisition of U.S. liquefied natural gas developer Tellurian Incorporated (Houston, Texas), including its U.S. Gulf Coast liquefied natural gas (LNG) export project, for $1.2 billion, including debt. Woodside said it has renamed the Driftwood LNG development opportunity as Woodside Louisiana LNG. The company said it is targeting final investment decision readiness from the first quarter of 2025 for the acquired project. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can learn more by viewing the related project reports. (Reuters)
POWER
EIA: U.S. Power Use to Reach Record Highs in 2024, 2025 - U.S. power consumption will rise to record highs in 2024 and 2025, the EIA said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise to 4,093 billion kilowatt-hours (kWh) in 2024 and 4,163 billion kWh in 2025. That compares with 4,000 billion kWh in 2023 and a record 4,067 billion kWh in 2022. (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).
TERMINALS
U.S. Crude Oil Stocks Rise, Fuels Decrease Sharply - U.S. crude stocks rose last week, while fuel inventories fell sharply, the U.S. Energy Information Administration (EIA) said on Wednesday, as back-to-back major hurricanes drove gasoline demand to nearly a three-year high. Crude oil inventories rose by 5.8 million barrels to 422.7 million barrels in the week ending October 4, the EIA said. U.S. gasoline stocks fell by 6.3 million barrels in the week to 214.9 million barrels, their lowest level since September 2023, the EIA said. Distillate stockpiles fell by 3.1 million barrels in the week to 118.5 million barrels. Gasoline product supplied was up by 1.13 million barrels per day (BBL/d) to 9.65 million BBL/d, the biggest week-over-week increase since February 2001. Distillate demand climbed by 394,000 BBL/d to 4 million BBL/d last week. (Reuters)
CORPORATE
Woodside Completes Tellurian Acquisition - Woodside Energy Group (NYSE:WDS) (Perth, Australia) said on Wednesday it has completed the acquisition of U.S. liquefied natural gas developer Tellurian Incorporated (Houston, Texas), including its U.S. Gulf Coast liquefied natural gas (LNG) export project, for $1.2 billion, including debt. Woodside said it has renamed the Driftwood LNG development opportunity as Woodside Louisiana LNG. The company said it is targeting final investment decision readiness from the first quarter of 2025 for the acquired project. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can learn more by viewing the related project reports. (Reuters)
POWER
EIA: U.S. Power Use to Reach Record Highs in 2024, 2025 - U.S. power consumption will rise to record highs in 2024 and 2025, the EIA said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise to 4,093 billion kilowatt-hours (kWh) in 2024 and 4,163 billion kWh in 2025. That compares with 4,000 billion kWh in 2023 and a record 4,067 billion kWh in 2022. (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).
