Reuters WASHINGTON – The U.S. Energy Department said on Tuesday it is negotiating contracts with nine energy companies to store about 23 million barrels of domestically produced oil in the country’s emergency crude reserve. The department initiated a plan to lease space to companies in the Strategic Petroleum Reserve, or SPR, as a way to help companies suffering from the
EIA The U.S. Energy Information Administration (EIA) provides daily and weekly information on natural gas market activity and drivers in three weekly products: the Weekly Natural Gas Storage Report, the Natural Gas Storage Dashboard, and the Natural Gas Weekly Update. Natural gas is a significant source of energy in the United States, accounting for nearly one-third of total U.S. energy consumption last year. Natural
CNBC April is going to be a hellish month for the oil industry. Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi Arabia and others turn on the taps following the expiration of the OPEC+ output cut deal on April 1 that
EIA Oil & Gas 360 Publishers Note: Interesting information from the EIA on power plants and electricity storage. The storage will be a huge market in the next several years, and investors should watch this portion of the energy sector. The U.S. Energy Information Administration’s (EIA) Electric Power Monthly now includes more information on usage factors for utility-scale storage generators as well
From China Daily While China needs more natural gas to meet its surging demand for clean fuel, a lack of storage capacity is making it difficult for the country to cope with supply crunches in winter months when demand surges to heat homes. China, the world’s biggest energy user, needs underground gas storage facilities to address the imbalance created by
The production cuts may have erased the surplus, but for how long? Stored petroleum around the world fell through 2017 and the first quarter of 2018, ending a period of oversupply in the global market that began before OPEC began production cuts in November 2016, according to data from the EIA. The production cuts took effect in January 2017, reducing
Hurricane Harvey disrupted U.S. Gulf Coast refining operations from late August to September in 2017, and pausing operations led to record-high U.S. crude oil exports when facilities reopened after the storm, the EIA reported today. In October 2017, crude oil exports from the United States reached a monthly record of more than 1.7 MMBOPD. The EIA’s Petroleum Supply Monthly data
From Utility Dive California regulators next month will consider a plan to replace three natural gas-fired power plants with energy storage, significantly building on the state’s apparent comfort with batteries as grid solutions. The California Public Utilities Commission (CPUC) is scheduled to vote Jan. 11 on a proposal for Pacific Gas and Electric to issue a request for solicitations for storage projects that
The EIA released its weekly Natural Gas Storage Report today, outlining how national natural gas stocks have changed in the last week. In total, the EIA reports natural gas stocks increased by 51 Bcf last week, rising from 3,595 Bcf to 3,646 Bcf. This is 3.1% less than what was in storage at this point last year and is 1.5%
Blueknight Energy Partners (ticker: BKEP) portfolio encompasses crude oil transportation pipelines, gathering systems, crude transport trucks, asphalt cement and residual fuel oil storage. Its assets and infrastructure span the United States. Blueknight Owns 6.6 MMBO crude storage at Cushing, 9.6 MM barrels of asphalt storage In storage alone, Blueknight holds 6.6 million barrels of crude oil and petroleum storage capacity
New third-party estimates put Chinese strategic oil reserves at 600 MMBO, 366 MMBO more than official reports The actual amount of crude oil stored in China may be significantly higher than official reports indicate, according to geospatial analytics company Orbital Insights. Using satellite imaging, the company estimates oil storage in China, the world’s largest energy consumer, was at 600 MMBO
Largest Weekly Build in Crude Stocks since April WTI oil price fell this morning after EIA reported that crude oil stocks has increased by 2.5 million barrels, the largest weekly build in crude stocks since April 29, 2016. The build is a reversal of the 2.5 million barrel draw the week prior. Total inventories still remain at inflated levels for
