Wednesday, February 4, 2015
EIA reported Jan. 26 that the sharp decline in oil prices over the last quarter of 2014, which continued in January, is already having a significant effect on drilling activity in the U.S., as shown by the 16% drop in the number of active onshore drilling rigs in the Lower 48 states between the weeks ending Oct. 31, 2014 and Jan. 23, 2015.
Sunday, January 11, 2015
The spot markets picked up where they left off prior to the holidays and continued to move even lower Thursday, Jan. 8. Mont Belvieu was down another 1.75 to 2 cents, while Conway shed just a half cent compared to the Monday email Update. Those late-week losses added more bad news for the markets as early-week trading showed even steeper declines of 4.375 cents at Belvieu and 4.5 cents at Conway compared to the previous reporting period. Significantly, Texas propane has dropped well under 50 cents/gal. and the Midwest is now below 40 cents.
Sunday, January 11, 2015
U.S. propane stocks fell by 1.6 MMbbl the week ended Jan. 2 to stand at 75.7 MMbbl, according to the Energy Information Administration's (EIA) latest "This Week in Petroleum" report. The draw left volumes 33.2 MMbbl, or 78.3%, higher than a year ago. The Gulf Coast gave up 1.1 MMbbl and the Midwest 0.4 MMbbl. Rocky Mountain/West Coast regional inventories declined by 0.1 MMbbl, while East Coast supplies gained 0.1 MMbbl. Propylene non-fuel-use stocks represented 4.8% of total propane inventories, inching up from 4.6% the previous week.
Sunday, January 11, 2015
Railroad Commission of Texas (RRC) chairwoman Christi Craddick has directed the commission's executive director to explore the potential need for further emphasis on inspections in highly populated, urban areas throughout the state. Craddick noted that RRC has heard concerns from residents of urban areas where drilling is occurring.
Sunday, January 11, 2015
Total U.S. petroleum deliveries, a measure of demand, rose in November by 1.9% from November 2013 to average 19.9 MMbbld, the highest level for the month in seven years, reports the American Petroleum Institute (API). ìIt has been several years since weíve seen this level of demand in November,î said API chief economist John Felmy. ìThe economy overall appeared to be in good shape, and production of crude, natural gas, and refined products all remained quite strong.î
Wednesday, January 7, 2015
Tennessee Gas Pipeline Co. (TGP), a subsidiary of Kinder Morgan Inc. (Houston), is adopting two alternative routes for its proposed Northeast Energy Direct project to minimize environmental impact and allow for the expan¬sion of natural gas service in New Hampshire. Following an evaluation of feasible route alternatives from Wright, N.Y. to Dracut, Mass., the company has submitted an amended filing with the Federal Energy Regulatory Com¬mission.
Wednesday, January 7, 2015
Wednesday, January 7, 2015
While overall quiet prevailed in the markets late in the week, spot propane at Mont Belvieu and Conway, Kan. was only fractionally higher and lower Thursday, Dec. 18, compared to the Monday email Update. The Texas trading hub showed minimal gains of just 0.125 to 0.625 cents mid-morning, while the Midwest had slipped 0.625 cents. The late-week moves followed some gains in both markets Monday, when Belvieu stepped up 1.125 cents and Conway jumped 2.5 cents from the previous reporting period. Market watchers note there is currently overhang for propane supply.
Wednesday, January 7, 2015
Most principal postings declined Thursday, Dec. 18, backing off a minimum of an odd 0.35 cents but as much as 3.75 cents compared to the Monday email Update. There was a scattering of increases in the Midwest, on TEPPCO, and at Mont Belvieu. The additions ranged from a quarter cent to 1.32 cents. Two sellers held firm in the Midwest.
Wednesday, January 7, 2015
Canadian underground inventories rose just 0.8% in November for a monthly gain of 15.8 Mcm, according to the National Energy Board (NEB). As of Dec. 1 they stood at 1921.7 Mcm, the equivalent of 12.1 MMbbl. The slight build followed stocks rising 0.5% in October. Compared to a year ago, however, November volumes were a marked 92.9% higher, or by 925.3 Mcm.
Wednesday, January 7, 2015
U.S. Rep. Joe Barton (R-Texas) has introduced legislation that would remove all restrictions on the export of crude oil from the U.S. H.R. 5814 notes that growing domestic production from shale reservoirs has made the nation the largest oil producer in the world, but laws governing exporting are nearly 40 years old. Rep. Jim Bridenstine (R-Okla.) is an original cosponsor of the bill.
Saturday, November 29, 2014
The Propane Council of Texas (ProCOT), a nonprofit organization dedicated to promoting the use of cleaner burning, domestically produced propane, is offering incentives to Texas businesses that upgrade their fleet vehicles to autogas. ProCOT now offers up to a $7500 incentive per new propane vehicle purchased or converted by a private fleet. The program cap is $15,000 per private fleet. In return for the incentives, recipients will be required to provide data on their business fleet.
Saturday, November 29, 2014
The vast majority of potential U.S. tight oil production growth remains economical in the current lower crude oil price environment, according to a new report by IHS, a global source of information and insight in the energy industry. About 80% of potential gross U.S. tight oil capacity additions in 2015 would remain resilient at West Texas Intermediate (WTI) prices as low as $70/bbl, the report maintains. The report examines the outlook for U.S. tight oil in light of the recent drop in crude oil prices, which have fallen by nearly one-third since summer.
Saturday, November 29, 2014
Five medium-duty beverage trucks fueled by propane autogas have begun operation at Nestlé Waters North America’s Los Angeles location. The trucks will deliver Arrowhead Mountain Spring Water to area businesses and residents. Reasons cited for the purchase of the trucks include an alternative fuel system that maintains full factory warranty, ease of fueling, and low infrastructure cost. Nestlé Waters operates more than 2000 trucks nationwide, primarily fueled by diesel.
Saturday, November 29, 2014
IC Bus LLC (Lisle, Ill.) in November was showcasing its new CE Series school bus at the National Association for Pupil Transportation’s 40th annual Summit in Kansas City, Mo. IC Bus will manufacture the propane-fueled CE Series at its assembly plant in Tulsa. Deliveries will begin this summer, and buses will go into service at the start of the 2015-2016 school year.
Saturday, November 29, 2014
Spot propane at Conway, Kan. Tuesday, Nov. 25 was sustaining its strengthening and climbed another 1.25 cents compared to the Monday email Update as the nation headed into the Thanksgiving holiday weekend. Monday saw Midwest spots rise 1.626 cents, this after the market plunged nearly a dime late the previous week. Meanwhile, the most recent gain has stretched Conway’s premium to Mont Belvieu out to 3 cents. That advantage had shrunk to 1.25 cents Monday.
Saturday, November 29, 2014
Texas added more than 19,000 new private-sector jobs in oil and natural gas production in 2013, almost six times the number added in New Mexico, the next highest state for energy production jobs added last year, reports the Energy Information Administration (EIA). The extraction, drilling, and support jobs categories are a measure of on-the-ground production jobs and do not reflect the many jobs at oil and natural gas corporate headquarters based in Texas.
Saturday, November 29, 2014
Since August, both crude oil and currency markets have been influenced by lower economic growth expectations in countries outside the U.S., notes the Energy Information Administration (EIA). Prices in both markets recently broke out of established trading ranges, driven by concerns about weaker future global demand. The current situation, with the dollar index and oil prices moving in opposite directions, presents a sharp contrast to one in which crude oil supply disruptions or geopolitical risks would cause both the dollar index and crude prices to rise.
Saturday, November 29, 2014
LPG exports are so dependent on the severity of winter in North America that all eyes are now on the weather, this because severe weather hit demand for very large gas carriers (VLGCs) last year, according to the latest edition of the “LPG Forecaster,” published by the shipping consultancy Drewry (London).
Saturday, November 29, 2014
Railroad Commission of Texas (RRC) commissioners have unanimously adopted disposal well rule amendments designed to address operations in areas of historical or future seismic activity. Disposal wells are permitted by RRC to safely dispose of non-hazardous produced water (saltwater) and hydraulic fracture flow-back fluid from oil and gas wells.
Saturday, November 29, 2014
While principal postings were mixed Tuesday, Nov. 25, gains outnumbered losses, although many prices were unchanged compared to the Monday email Update. Most Dixie Pipeline postings trended higher and Midwest prices either lost ground or held firm.
Postings on the Dixie at Apex, N.C. climbed a half cent to 2 cents or remained the same, and prices shifted to a low of 89.64 cents and a high of 91.00 cents/gal. At Conway, Kan., postings shed a penny or did not move, and prices were from 82.82 to 85.51 cents.
Postings on the Dixie at Apex, N.C. climbed a half cent to 2 cents or remained the same, and prices shifted to a low of 89.64 cents and a high of 91.00 cents/gal. At Conway, Kan., postings shed a penny or did not move, and prices were from 82.82 to 85.51 cents.
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