Oil & Gas Prices - March 17
Posted: Wed Mar 17, 2021 8:38 am
Opening Prices:
> WTI is down 78c to $64.02/Bbl, and Brent is down 95c to $67.44/Bbl.
> Natural gas is down 2.4c to $2.538/MMBtu
AEGIS Notes
Crude Oil
IEA says global oil demand won’t reach pre-pandemic levels until 2023
The agency revised its demand estimate for 2021 upward for the first time in five months, to 96.49 MMBbl/d in contrasts with its previous estimate of 96.4 MMBbl/d
World demand is forecast to gain 5.5 MMBbl/d this year, after plummeting by 8.7 MMBbl/d in 2020
Enbridge warned regulators of potential oil shortages if its’ Line 5 pipe is brought offline
The company warned that refiners in central Canada and the U.S. Midwest could see crude supplies cut in half and propane costs surge
Michigan Gov. Gretchen Whitmer announced in November that she is revoking a vital easement to cross the lake bed in the straits of Mackinac, which could require the pipe to be brought offline in May
EIA weekly data is due at 9:30 am CST
U.S. Crude Inventories: + 2,076 MBbls (Avg. Bloomberg surveys)
U.S. Gasoline Inventories: – 2,312 MBbls
U.S. Distillate Inventories: – 1,477 MBbls
U.S. Refinery Utilization: + 5.26% change
Natural Gas
Regulators have issued the Columbia Gulf Transmission’s East Lateral Xpress project a positive environmental review (S&P Global)
The project would supply gas to Venture Global’s proposed 20 million mt/year Plaquemines LNG terminal in Louisiana
Columbia Gulf’s East Lateral Xpress expansion would add about 183 MMcf/d of incremental gas transportation capacity
The proposed 8-mile, 30-inch-diameter lateral would connect Columbia Gulf’s EL-300 pipeline in Jefferson Parish, LA, to a new meter station in Plaquemines Parish
Natural gas deliveries into U.S. LNG facilities hit a new record of 11.65 Bcf/d for today’s flows, according to Platts data
Cheniere’s Corpus Christi facility continued to run high; nominations totaled 2.43 Bcf/d this morning
The prior-year LNG flow average for the same period was about 8 Bcf/d
> WTI is down 78c to $64.02/Bbl, and Brent is down 95c to $67.44/Bbl.
> Natural gas is down 2.4c to $2.538/MMBtu
AEGIS Notes
Crude Oil
IEA says global oil demand won’t reach pre-pandemic levels until 2023
The agency revised its demand estimate for 2021 upward for the first time in five months, to 96.49 MMBbl/d in contrasts with its previous estimate of 96.4 MMBbl/d
World demand is forecast to gain 5.5 MMBbl/d this year, after plummeting by 8.7 MMBbl/d in 2020
Enbridge warned regulators of potential oil shortages if its’ Line 5 pipe is brought offline
The company warned that refiners in central Canada and the U.S. Midwest could see crude supplies cut in half and propane costs surge
Michigan Gov. Gretchen Whitmer announced in November that she is revoking a vital easement to cross the lake bed in the straits of Mackinac, which could require the pipe to be brought offline in May
EIA weekly data is due at 9:30 am CST
U.S. Crude Inventories: + 2,076 MBbls (Avg. Bloomberg surveys)
U.S. Gasoline Inventories: – 2,312 MBbls
U.S. Distillate Inventories: – 1,477 MBbls
U.S. Refinery Utilization: + 5.26% change
Natural Gas
Regulators have issued the Columbia Gulf Transmission’s East Lateral Xpress project a positive environmental review (S&P Global)
The project would supply gas to Venture Global’s proposed 20 million mt/year Plaquemines LNG terminal in Louisiana
Columbia Gulf’s East Lateral Xpress expansion would add about 183 MMcf/d of incremental gas transportation capacity
The proposed 8-mile, 30-inch-diameter lateral would connect Columbia Gulf’s EL-300 pipeline in Jefferson Parish, LA, to a new meter station in Plaquemines Parish
Natural gas deliveries into U.S. LNG facilities hit a new record of 11.65 Bcf/d for today’s flows, according to Platts data
Cheniere’s Corpus Christi facility continued to run high; nominations totaled 2.43 Bcf/d this morning
The prior-year LNG flow average for the same period was about 8 Bcf/d