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Transcript of Energy and Markets Newsletter 091511
8/3/2019 Energy and Markets Newsletter 091511
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September16, 2011
Energy Data Highlights
Crude oil futures price9/13/2011: $90.21/bblup$4.19 from week earlierup$13.02 from year earlier
Natural gas futures price9/13/2011: $3.980/mmBtuup$0.042 from week earlierup$0.040 from year earlier
Retail gasoline price9/12/2011: $3.661/galdown$0.013 from week earlierup$0.940 from year earlier
Crude oil inventories9/9/2011: 346.4 mmbbl
down6.7 mmbbl from week earlierdown11.0 mmbbl from year earlier
Weekly coal production9/3/2011: 20.986 million tonsdown0.167 million tons from week earlierdown0.825 million tons from year earlier
http://www.eia.gov/
Natural Gas/ Power News
EIA Storage Release 9/1/11 (Actual): +64 Bcf
Previous Week: +55 Bcf -4.2% Change from 1 Year Ago-1.9% Change 5-year Average
Natural Gas: Boom or Bust
Natural gas, in many ways, is a tough form of energy to beat.
http://www.greentechmedia.com/articles/read/natural-gas-article-for-ge/
Follow
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Conoco Tries to Fuel More Natural-Gas Use
ConocoPhillips is launching a campaign for natural gas to play a greater role in
meeting U.S. energy needs, even as it plays a diminished role in the energy
giant's portfolio because of weak prices driven by a supply glut.With the initiative,
"Power in Cooperation," Houston-based Conoco is staking out a position on a
major domestic energy issue, touting the country's massive natural-gas resourcesas a job-creating, clean-burning energy source, while trying to address concerns
about its impact on the environment.
http://online.wsj.com/article/SB1000142405311190353280457656891328224747
4.html?mod=rss_Politics_And_Policy
Japan hopes to buy LNG from U.S. by 2015
Japan hopes to start buying liquefied natural gas from the United States after a
project there starts exporting LNG in 2015, as the country looks to secure a steady
supply amid growing demand for the fuel, a trade ministry official said on
Wednesday. Japan's demand for natural gas is expected to rise for years to come,
with its LNG imports climbing at a record pace this year as utilities ramp up gas-fired generation to offset a drop in nuclear utilisation following the Fukushima
crisis.
http://www.sharenet.co.za/news/Japan_hopes_to_buy_LNG_from_US_by_2015/708f
4e271b1011c2c88e4c92443b13cb
Australia's Norwest Energy gets approval to fracture shale gas well Australia's Norwest Energy has received approval from the Western AustralianDepartment of Mines and Petroleum to hydraulically fracture stimulate theArrowsmith-2 shale gas well, the company said Wednesday in a release to theAustralian Securities Exchange.http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Oil/7350157
EPA says it tried to help Luminant avoid plant shut downsDallas-based Luminant said Monday it was shutting down two of its coal-firedpower generation units at the end of the year because it wasn’t possible to retrofitthem to meet new air quality standards set to go into effect on Jan. 1. The movehas been telegraphed for a while — Luminant has been the most vocal of the
Texas power plant operators about the pending Cross State Air Pollution Rules eversince the final version was released in July with the surprise inclusion of Texas forsulfur dioxide reductions.http://fuelfix.com/blog/2011/09/13/epa-says-it-tried-to-help-luminant-avoid-plant-shut-downs/
Natural Gas/ Power News
EIA Storage Release 9/1/11 (Actual): +64 Bcf Previous Week: +55 Bcf -4.2% Change from 1 Year Ago-1.9% Change 5-year Average
Gas Trading in Netherlands Outpaces Peers as LNG Arrives: Energy
Markets
The Netherlands’ natural-gas market is growing faster than its peers, fending off
competition from Germany to be mainland Europe’s largest as the country starts
importing liquefied fuel for the first time.
http://www.bloomberg.com/news/2011-09-15/gas-trading-in-netherlands-
outpaces-peers-as-lng-arrives-energy-markets.html
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Deloitte sees higher US natural gas prices, more LNG importsUS natural gas prices could exceed $8/MMBtu by 2022 and the country's LNGimports could rise by almost 3.5 Bcf/d by 2030, consultant Deloitte said in a reportWednesday. The study puts prices substantially higher than NYMEX futures pricesand raises questions about the recent rush by US LNG import terminals to beginexporting domestic shale gas. "Exporting LNG from North America to Europe and
Asia, while tempting now, may not prove to be profitable over the long term,especially if future technological advancements do not continue to significantlydrive down the cost of producing shale gas," the report said.http://www.platts.com/RSSFeedDetailedNews/RSSFeed/NaturalGas/6478397
Green/ Alternative Energy News
US fuel ethanol production, consumption growth slows
During the first five months of 2011, US fuel ethanol production increased 59,000
b/d compared with the same period in 2010, the Energy Information
Administration said Wednesday in analysis posted on its website. The year-on-
year January through May increase represented a slower rate of growth compared
with 2010 when production during the first five months of the year was 194,000
b/d higher than the same period in 2009. Output for all of 2010 was 154,000 b/d
higher than in 2009, EIA said.
http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Oil/6478387
Crude Oil News
OPEC Daily Basket Price 9/14/2011 – $107.91
(9/13/2011 – $108.42)
Recent Rig Counts
AreaLast
CountCount
Change
from PriorCount
Date of
PriorCount
Change
from Last Year
Date of
Last Year'sCount
U.S. 9 Sept11
1958 -10 2 Sept 11 +304 10 Sept 10
Canada 9 Sept11
515 -2 2 Sept 11 +132 10 Sept 10
International
August2011
1183 +33 July 2011 +81 August 2010
http://investor.shareholder.com/bhi/rig_counts/rc_index.cfm
Crude Oil Advances a Second Day in London on European Support for
Greece
Oil rose for a second day in London after German and French leaders said they’re
certain Greece will remain in the euro zone, tempering concern that the region’s
debt crisis will damage fuel consumption.
http://www.bloomberg.com/news/2011-09-15/crude-declines-for-a-second-day-on-
u-s-fuel-supplies-economic-outlook.html
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Goldman Sachs Maintains Crude Oil, Copper Forecasts Even as Risks
Increase
Brent crude and copper may rally as global economic growth led by emerging
markets remains adequate to drive an expansion in raw-materials demand,
Goldman Sachs Group Inc. (GS) said, sticking with forecasts for price gains. “We
remain constructive on commodities,” Allison Nathan, an analyst at Goldman formore than a decade, said in an interview today. Still, “risks to our bullish views
have risen,” said Nathan, citing Europe’s sovereign-debt problems and a “mixed
bag” of economic data from the United States.
http://www.bloomberg.com/news/2011-09-15/goldman-sachs-maintains-crude-oil-
copper-forecasts-even-as-risks-increase.html
Oil up over $114, equity rally supportsOil traded at over $114 on Thursday, up over $2, buoyed by a rally in Europeanequities, a weaker dollar, and an improvement in risk appetite after euro zoneleaders reiterated their commitment to keeping Greece afloat.http://www.reuters.com/article/2011/09/15/markets-oil-idUSL3E7KF0IJ20110915
Crude Oil Falls While Brent Gains on Euro Debt Worries
Brent crude rose on Wednesday on hopes the euro zone's debt crisis would ease,
while U.S. oil futures fell following data showing a surprise increase in U.S. product
inventories. The premium of Brent crude to U.S. futures increased to about $1.50
a barrel as data from the U.S. Energy Information Administration showed large
increases in U.S. gasoline and distillate stockpiles last week due to poor demand.
Brent prices gained as the euro rose on comments about possible new euro zone
bonds to help ease the region's debt troubles.
http://www.cnbc.com/id/44510898
Oil Drilling Rebounds in Gulf After Spill
The Gulf of Mexico has staged a comeback as a source of oil for big energycompanies, little more than a year after the Obama administration largely shutdown drilling in the wake of the largest offshore oil spill in U.S. history. The burstof activity comes as the government prepares to toughen its oversight of offshoredrilling. On Wednesday, federal regulators probing the Deepwater Horizon disasterissued a report that recommended numerous changes.http://online.wsj.com/article/SB10001424053111904491704576571052525514860.html?mod=WSJ_hp_LEFTWhatsNewsCollection
Traders split on knife-edge oil market outlook The crude oil market is witnessing a titanic battle: some macroeconomic hedgefunds are betting on a drop in prices yet most physical traders are placing wagers
that prices will rise.http://www.ft.com/intl/cms/s/0/80f37400-df64-11e0-845a-00144feabdc0.html#axzz1XvY50VJL
TransCanada likely to miss 2013 start for Keystone XL pipeline
Even if the US approves the Keystone XL pipeline in the next few months, an
expected lawsuit by environmental opponents could force TransCanada to miss its
2013 target for starting the system, Deutsche Bank said Wednesday.
http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Oil/6478388
New pipeline plans abound for Kinder Morgan, Valero, Shell
Kinder Morgan Energy Partners and Valero Energy say they will build and
operate a new 136-mile, 16-inch pipeline to transport gasoline, jet fuel
and diesel from refineries in Norco, La. to an existing hub in Collins,
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Miss. The Parkway Pipeline will have an initial capacity of 110,000
barrels per day with the ability to expand to over 200,000 bpd. It will
bring fuels to Southeastern markets served by the Plantation Pipe Line,
which Kinder Morgan owns a 51 percent stake in and operates.
http://fuelfix.com/blog/2011/09/14/new-pipeline-plans-abound-for-kinder-
valero-and-shell/ China oil demand growth to slow more on weak economic outlook
China's oil demand growth is expected to decelerate further in the third and fourth
quarters, after slowing down in August, due to the combination of a weak
economic outlook and a high base of comparison for the second half of 2010,
analysts from Bernstein Research and HSBC said in separate research reports.
http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Oil/8344954
Nigerian NPDC Has 350 Million Barrel Oil Reserves, Guardian Says
Nigerian Petroleum Development Co., the exploration unit of the state-owned oil
company, has 350 million barrels of crude reserves, the Guardian newspaper
reported, citing Managing Director Abiye Membere. The exploration arm, alsoknown as NPDC, currently pumps 102,000 barrels of crude and condensate a day
and plans to raise output to 265,000 barrels a day within four years, the Lagos-
based newspaper said.
http://www.bloomberg.com/news/2011-05-27/nigeria-s-oil-explorer-expects-
output-to-reach-250-000-barrels-in-3-years.html
Weather
Tropical Storm MARIA
http://www.nhc.noaa.gov/text/refresh/MIATCPAT4+shtml/151143.shtml
6 to 10 Day Outlooks
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Temperature
Precipitation
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8 to 14 day Outlooks
Temperature
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Precipitation