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Lower U.S. Energy-Related Emissions Due to Natural Gas Use
11/01/2017
U.S. Energy Information Administration (EIA) reported 2016 data suggest that 63 percent of energy-related carbon emissions reduction can be credited to the utilization of clearner-burning natural gas for electricity generation.
It said: “Of this total, 2,007 MMmt can be attributed to the shift in fossil fuels to natural gas, and 1,169 MMmt can be attributed to the increase in non-fossil generation sources.”
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Inconvenient Time for Canadian Crude: US Gulf Coast Is Glutted
Canadian heavy crude, being deeply discounted for several years due to a lack of pipelines, is eventually trading like a “North American” grade, moving in tandem with U.S. sour crudes sold on the GulfCoast thanks to Enbridge’s expansion of its 3 pipeline late last year. Meanwhile, the Gulf is full of sour crude over Washington’s largest-ever release from the Strategic Petroleum Reserve (SPR) that will amount to 180 MMbbl during six months, trying to tame exorbitant fuel prices after the Russian invasion of Ukraine. The market is flooded with millions of barrels of sour crude from storage caverns in Louisiana and Texas. At the world’s biggest heavy crude refining center, U.S. Gulf Coast, heavy grades like Mars and Poseidon are languishing. According to U.S. Energy Information Administration (EIA) data, Canada exports around 4.3 MMbbl/d to the United States, whereas until last year demand to ship crude on export pipelines increased capacity, leaving barrels bottlenecked in Hardisty.
Significant Rise in U.S. Crude Oil and Gasoline Inventory Levels
This week, the American Petroleum Institute (API) reported that U.S. crude oil stocks increased by 7.168 million barrels, ending February 16. This rise exceeded analysts' expectations of a 4.298 million barrel increase. Last week, the API noted an 8.52 million barrel jump in crude inventories.
Kinetik Holdings recently announced a series of transactions in the energy sector. They struck a deal to buy Durango Permian infrastructure for $765 million. At the same time, they're selling their 16% share in the Gulf Coast Express Pipeline to ArcLight Capital Partners for $540 million. The total purchase cost includes $510 million in cash paid immediately and an additional $30 million that will be paid later, depending on whether they decide to expand further.
Recently, the Permian has seen significant acquisitions: Exxon Mobil purchased Pioneer Natural Resources for about $60 billion. Diamondback Energy's $26 billion deal to acquire Endeavor Energy Resources is currently on hold due to requests from the U.S. Federal Trade Commission. Occidental’s acquisition of CrownRock for $12 billion in the Midland.
EOG Resources is pushing boundaries in Ohio's Utica oil play and now drilling on the Sable pad, also located in Noble County. This site features the 3.7-mile lateral currently under construction. The company's first multi-well pads in the area Timberwolf and Xavier have each produced over 200,000 barrels of oil since their inception—Timberwolf in August and Xavier in October. A third site, the four-well White Rhino pad in Noble County, is also showing promising early results, according to Keith Trasko, EOG’s Senior Vice President of Exploration and Production, who noted the wells are performing as expected in their initial weeks.