Released September 03, 2024 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
POWER
Texas Narrows List of Gas-Fired Power Projects Vying for Funding - The Public Utility Commission of Texas selected 17 projects, seeking $5.38 billion in government funding, to advance in a new program aimed at spurring the development of natural gas-fired power plants, the regulators said on Thursday. The Lone Star State established the Texas Energy Fund last year to incentivize the build-out of natural gas electricity generation by offering low-interest loans. (Reuters)
CRUDE OIL
U.S. Oil Demand in June Was Lowest Seasonally Since 2020 - U.S. oil consumption slowed in June to the lowest seasonal levels since the coronavirus pandemic of 2020, data from the U.S. Energy Information Administration (EIA) showed on Friday. Product supplied of crude oil and petroleum products, the EIA's proxy for demand, fell 2.7% month over month to 20.25 million barrels per day (BBL/d) in June. That is the lowest for June since 2020. The decline comes after consumption rose to a seasonal high of 20.80 million BBL/d in May. (Reuters)
PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for a third week in a row for the first time since late June, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count, an early indicator of future output, fell by two to 583 in the week to August 30, to their lowest since June. Baker Hughes said oil rigs were unchanged at 483 this week, while gas rigs fell by two to 95, their lowest since April 2021. (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).
POWER
Texas Narrows List of Gas-Fired Power Projects Vying for Funding - The Public Utility Commission of Texas selected 17 projects, seeking $5.38 billion in government funding, to advance in a new program aimed at spurring the development of natural gas-fired power plants, the regulators said on Thursday. The Lone Star State established the Texas Energy Fund last year to incentivize the build-out of natural gas electricity generation by offering low-interest loans. (Reuters)
CRUDE OIL
U.S. Oil Demand in June Was Lowest Seasonally Since 2020 - U.S. oil consumption slowed in June to the lowest seasonal levels since the coronavirus pandemic of 2020, data from the U.S. Energy Information Administration (EIA) showed on Friday. Product supplied of crude oil and petroleum products, the EIA's proxy for demand, fell 2.7% month over month to 20.25 million barrels per day (BBL/d) in June. That is the lowest for June since 2020. The decline comes after consumption rose to a seasonal high of 20.80 million BBL/d in May. (Reuters)
PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for a third week in a row for the first time since late June, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count, an early indicator of future output, fell by two to 583 in the week to August 30, to their lowest since June. Baker Hughes said oil rigs were unchanged at 483 this week, while gas rigs fell by two to 95, their lowest since April 2021. (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).
