Released January 29, 2021 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
OIL STORAGE
Oil Tanker Market Suffers as Supply Surges, Storage Sinks - A plunge in the volume of crude oil stored on ships combined with unexpected cuts from top producer Saudi Arabia have created a glut of vessels available for hire, pressuring the outlook for supertankers this year. Earnings for very large crude carriers (VLCCs) in 2020 reached record highs of more than $240,000 a day as the coronavirus battered demand, creating an oil surplus and a scramble for storage on land and sea. Rates have since dropped to $7,000 a day. (Reuters)
EARNINGS REPORTS
Xcel Energy's Quarterly Income Falls Slightly - Xcel Energy (NASDAQ:XEL) reported fourth-quarter 2020 net income of $288 million, compared with $292 million in the prior-year quarter.
POLITICS
Texas Governor Vows to Fight Curb on Oil & Gas Activity - On Thursday, Texas Governor Greg Abbot pledged to fight President Joe Biden's executive orders that he claimed would undercut Texas energy production. In a case of dueling executive orders, Abbott authorized state agencies to bring legal challenges to Biden's policies. (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.
OIL STORAGE
Oil Tanker Market Suffers as Supply Surges, Storage Sinks - A plunge in the volume of crude oil stored on ships combined with unexpected cuts from top producer Saudi Arabia have created a glut of vessels available for hire, pressuring the outlook for supertankers this year. Earnings for very large crude carriers (VLCCs) in 2020 reached record highs of more than $240,000 a day as the coronavirus battered demand, creating an oil surplus and a scramble for storage on land and sea. Rates have since dropped to $7,000 a day. (Reuters)
EARNINGS REPORTS
Xcel Energy's Quarterly Income Falls Slightly - Xcel Energy (NASDAQ:XEL) reported fourth-quarter 2020 net income of $288 million, compared with $292 million in the prior-year quarter.
POLITICS
Texas Governor Vows to Fight Curb on Oil & Gas Activity - On Thursday, Texas Governor Greg Abbot pledged to fight President Joe Biden's executive orders that he claimed would undercut Texas energy production. In a case of dueling executive orders, Abbott authorized state agencies to bring legal challenges to Biden's policies. (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.
