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☆ Factbox: More than 800,000 without power in U.S.
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

Dec 24 (Reuters) - More than 800,000 homes and businesses were without power in the eastern half of the United States and Texas as winter storms battered much of the country, according to data from PowerOutage.us. U.S. utilities were working to restore power after the storms moved on from their service territories but some were still dealing with high winds. The greatest numbers of outages were in New England in the northeast, with 248,162 customers without power in Maine, followed by New Hampshire, New York, Virginia and North Carolina. Nearly half of the 50 U.S. states counted more than 10,000 customers with outages due to the storms. The utility with the most outages was Central Maine Power with 188,861 customers without power.

☆ Deep freeze grips U.S. as winter 'bomb cyclone' looms ahead of holiday weekend
▼ + stars: | 2022-12-23 | by ( Steve Gorman | ) www.reuters.com time to read: +4 min

Numbing cold intensified by high winds was expected to extend as far south as the U.S.-Mexico border. The NWS map of existing or impending wintry hazards, stretching from border to border and coast to coast, "depicts one of the greatest extents of winter weather warnings and advisories ever," the agency said. The bomb cyclone could unleash snowfalls of a half inch (1.25 cm) per hour driven by gale-force winds, cutting visibility to near zero, the weather service said. Power outages were expected from high winds, heavy snow and ice, as well as the strain of higher-than-usual energy demands. The weather service said relief from the deep freeze was in sight for the northern Rockies and High Plains, where the arctic blast first materialized on Thursday.

☆ Massive winter storm threatens holiday travel for millions of Americans
▼ + stars: | 2022-12-22 | by ( Tyler Clifford | ) www.reuters.com time to read: +5 min

In its wake, the cyclone could spawn snowfalls of a half inch an hour and winds of more than 50 mph (80 kph) in the Upper Midwest and interior Northeast, the weather service said. "This will lead to dangerous, to at times impossible, land and air travel leading up to the holiday weekend," the agency said on its website. Temperatures in parts of the Southern Plains and Southeast could stay below freezing -- 30-plus degrees less than normal -- for multiple days, the weather service predicted. The weather service also warned of freezing rain in parts of Oregon and Washington in the Northwest, where the storm originated, late Thursday. That would be the biggest daily drop in output since the freeze of February 2021 when a winter storm cut gas supplies from Texas and forced the Texas electric grid operator to impose rolling power outages.

Canada is in the midst of building a large terminal to export LNG, but its completion is two years away. Canadian gas production is on track to reach a record 18 bcfd in 2022 and 19 bcfd in 2023, according to energy consultancy Rystad Energy. Pipelines are also constrained in Canada due to swift production growth, particularly TC Energy Corp's (TRP.TO) NGTL pipeline system that ships gas around and out of western Canada. In August, gas prices in Alberta briefly turned negative because of bottlenecks stemming from NGTL maintenance. U.S. LNG exports are expected to reach 10.6 bcfd in 2022 and 12.3 bcfd in 2023, according to federal estimates.

NEW YORK, Dec 15 (Reuters) - Oil prices slid about 2% on Thursday as traders worried about the fuel demand outlook due to a stronger dollar and further interest rate hikes by global central banks. "Crude prices edged lower as ... global recession risks increased after a wave of central banks delivered another strong round of tightening. Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank will raise interest rates further next year, even as the economy slips toward a possible recession. On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation. Also pressuring oil prices, Canada's TC Energy Corp (TRP.TO) said it was resuming operations in a section of its Keystone pipeline, a week after a leak of more than 14,000 barrels of oil in Kansas triggered a shutdown.

☆ United States at risk of tight electric supplies this winter -NERC
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

Those reliability concerns stem from higher peak demand projections, generator retirements, generator vulnerability to extreme weather and fuel supply and natural gas infrastructure limitations, the North American Electric Reliability Corp (NERC) said on a webcast of its 2022-2023 Winter Reliability Assessment. NERC said that the lack of interconnections with other regions limited Texas' ability to import power from other regions if problems arise. "Energy emergencies are likely in extreme conditions," NERC said about MISO, noting wind generator performance would be a key factory this winter. In New England, NERC warned that the amount of oil stored at power generators was just about 40% of capacity. "We encourage generators to fill up those tanks," Mark Olson, manager for reliability assessments at NERC, said on the webcast.

☆ US West faces power reliability issues from growing use of renewables
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

Nov 11 (Reuters) - A group responsible for power market reliability in Western North America said the growing use of renewable generation will require the region to boost planning reserves in coming years to help maintain grid reliability. That means electric companies will have to hold more resources to account for that increased variability to maintain system reliability. WECC, however, noted that reliability through 2025 increased in the latest assessment compared with last year. That's due to actions taken after the August 2020 heat wave forced California's grid operators to impose rotating outages. "Delaying retirements provides entities more time to determine how to mitigate risks once these plants retire," WECC said.

☆ Factbox: Over 210,000 without power in Florida from Hurricane Nicole
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

Nov 10 (Reuters) - Over 210,000 homes and businesses were without power in Florida early on Thursday after Hurricane Nicole crashed into the state's east coast overnight. Utilities have already restored service to about half of the roughly 400,000 customers who lost power since the storm hit Wednesday night. Hurricane Nicole weakened into a tropical storm shortly after making landfall on Florida's east coast, the National Weather Service said. read moreThe utility with the most outages and most customers already restored is Florida Power & Light Co (FPL), the nation's biggest power utility. FPL is a unit of Florida energy company NextEra Energy Inc (NEE.N).

☆ U.S. natgas output, demand to hit record highs in 2022
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - U.S. natural gas production and demand will rise to record highs in 2022, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will rise to 98.07 billion cubic feet per day (bcfd) in 2022 and 99.69 bcfd in 2023 from a record 94.57 bcfd in 2021. The agency also projected gas consumption would rise from 84.01 bcfd in 2021 to 88.39 bcfd in 2022 before sliding to 85.08 bcfd in 2023. In 2020, coal output fell to 535 million short tons, its lowest level since 1965. That compares with 4.577 billion tonnes in 2020, which was the lowest since 1983 because the coronavirus pandemic depressed demand for energy.

☆ U.S. power use to hit record in 2022 as economy grows, hotter weather -EIA
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

EIA projected power demand will climb to 4,036 billion kilowatt-hours (kWh) in 2022, from 3,930 billion kWh in 2021, before sliding to 3,989 billion kWh in 2023 as temperatures moderate. That compares with an eight-year low of 3,856 billion kWh in 2020, when the coronavirus pandemic depressed demand, and an all-time high of 4,003 billion kWh in 2018. EIA projected 2022 power sales would rise to 1,509 billion kWh for residential consumers, 1,371 billion kWh for commercial customers as more people return to work in offices and 1,014 billion kWh for the industrial sector. That compares with all-time highs of 1,477 billion kWh in 2021 for residential consumers, 1,382 billion kWh in 2018 for commercial customers and 1,064 billion kWh in 2000 for industrial customers. EIA said natural gas' share of power generation would rise from 37% in 2021 to 38% in 2022 before sliding to 36% in 2023.

☆ Duke sees big benefits from U.S. Inflation Reduction Act
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

Companies Duke Energy Corp FollowNov 4 (Reuters) - Duke Energy Corp (DUK.N) expects to receive significant tax incentives from the U.S. Inflation Reduction Act , the American company said on Friday. Duke said it will benefit from several parts of the law -- which took effect in August -- including production tax credits (PTC) for nuclear and solar power and investment tax credits for energy storage. Duke also said it could have about 13 to 17 gigawatt (GW) of connected solar power over the next 10 years, with each gigawatt of solar equal to about $60 million in annual gross PTCs. In addition, Duke said it had the potential to make $2.5 to $4.5 billion of storage investments over the next 10 years to qualify for 30% storage investment tax credits. Duke said those credits would provide its customers with a more affordable transition to clean energy.

☆ U.S. natgas futures jump 7% in volatile week on cold forecasts
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +4 min

Freeport LNG submitted a draft Root Cause Failure Analysis to the Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA) on Nov. 1, according to sources familiar with the filing. Freeport LNG, however, has not yet submitted a request to resume service. Prism Brilliance, Prism Diversity and Prism Courage were waiting off the coast from the plant, and Prism Agility was expected to arrive around Nov. 29. In what has already been an extremely volatile week, front-month gas futures rose 42.5 cents, or 7.1%, to settle at $6.400 per million British thermal units (mmBtu), the highest close since Oct. 14. With the coming of seasonally colder weather, Refinitiv projected average U.S. gas demand, including exports, would rise from 97.6 bcfd this week to 100.1 bcfd next week and 119.0 bcfd in two weeks.

The market was supported by another decline in U.S. oil inventories as refineries picked up activity ahead of the winter heating season. The oil market held its rally even as stocks fell and the dollar rallied after Federal Reserve Chair Jerome Powell said it was premature to think about pausing rate increases. U.S. crude oil stocks fell about 3.1 million barrels on the week, according to federal data. Gasoline inventories while distillate stocks rose only marginally ahead of the key heating season, when demand is expected to pick up. The ban, a reaction to Russia's invasion of Ukraine, will be followed by a halt on oil product imports in February.

Brent crude rose $1.74, or 1.8%, to $96.39 as of 12:01 p.m. EDT (1601 GMT), while U.S. West Texas Intermediate (WTI) crude was up $1.95, or 2.2%, to $90.31 per barrel. U.S. crude oil stocks fell about 3.1 million barrels on the week, according to federal data. "That is why we are seeing oil prices being supported." China's zero-COVID policy has been a main factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand. Therefore, expect oil prices to close out this year heading into triple-digit territory," PVM analyst Stephen Brennock said.

During long, cold winters, the U.S. Northeast consumes more oil and gas for heat than most of the country, especially the six-state New England region. Exacerbating those high energy costs, New England lacks enough gas pipeline capacity to meet all its heating and power generation needs on the coldest winter days. "The worse conditions get for Europe, the more exposed New England will be to elevated gas prices and LNG cargo shortages this winter." U.S. pipeline gas costs about $6 per million British thermal units, far cheaper than in Europe where gas is trading around $39 to attract LNG cargoes. But LNG accounts for about 5% of New England's gas supply, so power generators there are competing with global markets for the fuel.

☆ U.S. natgas futures drop 10% on profit-taking, mild forecasts
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +4 min

Nov 1 (Reuters) - U.S. natural gas futures dropped about 10% on Tuesday, following a 12% rise on Monday as traders took profits during a period of extreme volatility after the latest forecasts called for the weather to remain mild for the next two weeks. Analysts at energy consulting firm Gelber & Associates said the "early week surge in ... gas futures (saw) signs of exhaustion today as profit-takers pile on." Front-month gas futures fell 64.1 cents, or 10.1%, to settle at $5.714 per million British thermal units (mmBtu). Daily output was on track to drop about 4.5 bcfd to a preliminary five-month low of 95.7 bcfd on Tuesday. Last year, just 29%, or about 2.8 bcfd, of U.S. LNG exports went to Europe.

☆ U.S. regulators want more data on Texas Freeport LNG plant before restart
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - U.S. federal regulators have told Freeport LNG to provide information needed for the planned restart of its liquefied natural gas (LNG) export plant in Texas, the second-largest U.S. LNG export plant, as soon as possible to allow sufficient time for review. Freeport cannot restart without regulatory approval. At least four vessels were already lined up to pick up LNG at Freeport, according to Refinitiv data. Prism Brilliance and Prism Diversity were waiting off the coast from the plant, while Prism Courage was expected to arrive on Nov. 1 and Grace Freesia on Nov. 27. The plant's restart will provide needed fuel for heating and power as winter descends on the Northern Hemisphere.

☆ U.S. oil production nears 12 mln barrels/day, at pre-pandemic high
▼ + stars: | 2022-10-31 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. President Joe Biden has called on oil companies to boost production to reduce fuel prices. A little over two years after the pandemic wrecked havoc on demand and slashed profits, four of the five largest global oil companies brought in roughly $50 billion in net income in the most recent quarter. Crude production rose 0.9% to 11.98 million bpd in August, highest since March 2020, the U.S. Energy Information Administration (EIA) said in monthly figures. In top oil producing states, monthly output rose 1.6% to 5.10 million bpd in Texas and 0.6% to a record 1.58 million bpd in New Mexico, but fell 0.5% to 1.06 million bpd in North Dakota.

The oil and gas rig count, an early indicator of future output, fell three to 768 in the week to Oct. 28, energy services firm Baker Hughes Co said in its closely followed report on Friday. , ,Despite this week's rig decline, Baker Hughes said the total count was still up 224, or 41%, over this time last year. U.S. oil rigs fell two to 610 this week, while gas rigs decreased one to 156, their lowest since July. For the month, drillers added three rigs, after activating six oil rigs and cutting three gas rigs. That was the first monthly decrease in gas rigs since August 2021.

☆ U.S. natgas futures falls 3% on mild weather forecasts
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +3 min

Oct 28 (Reuters) - U.S. natural gas futures fell about 3% on Friday on record output and forecasts for mild weather and low heating demand through mid November, which should allow utilities to inject more gas into storage than usual for at least a few more weeks. The market was still waiting for the return of Freeport LNG's export plant in Texas. On its first day as the front-month, gas futures for December delivery fell 19.1 cents, or 3.3%, to settle at $5.684 per million British thermal units (mmBtu). During the first nine months of 2022, roughly 60%, or 6.3 bcfd, of U.S. LNG exports went to Europe, as shippers diverted cargoes from Asia to fetch higher prices. Last year, just 29%, or about 2.8 bcfd, of U.S. LNG exports went to Europe.

Oct 24 (Reuters) - U.S. natural gas futures jumped about 5% after sliding to a fresh seven-month low earlier in the session on a technical rebound and expectations demand would rise as liquefied natural gas (LNG) exports increase once export plants exit maintenance outages in coming weeks. Some traders expect Freeport will return to service in November while others believe the return will be delayed. Front-month gas futures rose 24.0 cents, or 4.8%, to settle at $5.199 per million British thermal units (mmBtu). During the first nine months of 2022, roughly 60%, or 6.3 bcfd, of U.S. LNG exports went to Europe, as shippers diverted cargoes from Asia to fetch higher prices. Last year, just 29%, or about 2.8 bcfd, of U.S. LNG exports went to Europe.

☆ U.S. natgas falls 4% to 3-mth low on mild weather, global price collapse
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +4 min

Oct 18 (Reuters) - U.S. natural gas futures fell about 4% on Tuesday to a three-month low as oil and European gas prices dropped and forecasters called for milder U.S. weather over the next two weeks. U.S. gas prices have been declining for eight weeks as record domestic output and reduced liquefied natural gas (LNG) exports have allowed utilities to inject much more gas than usual into storage. Last year, just 29%, or about 2.8 bcfd, of U.S. LNG exports went to Europe. With milder weather coming, Refinitiv projected average U.S. gas demand, including exports, would fall from 101.0 bcfd this week to 95.9 bcfd next week. U.S. LNG exports, however, could start to rise this week if Cove Point returns to service as some traders expect.

☆ U.S. Permian oil production forecast to hit record in November -EIA
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Oct 17 (Reuters) - Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is forecast to rise by about 50,000 barrels per day (bpd) to a record 5.453 million bpd in November, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday. U.S. crude oil output in major U.S. shale basins is due to rise by about 104,000 bpd to 9.105 million bpd in November, its highest since March 2020, the EIA projected. In the Bakken in North Dakota and Montana, the EIA forecast oil output will rise 22,000 bpd to 1.190 million bpd in November, the most since December 2020. Total natural gas output in the big shale basins will increase 0.6 billion cubic feet per day (bcfd) to a record 95.1 bcfd in November, the EIA forecast. Gas output in the Permian and the Haynesville in Texas, Louisiana and Arkansas will also rise to record highs of 21.1 bcfd and 16.1 bcfd in November, respectively.

☆ U.S. power use to reach record high in 2022 as economy grows, weather hotter -EIA
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

Oct 12 (Reuters) - U.S. power consumption will rise to a record high in 2022 due to rising economic activity and hotter summer weather, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Wednesday. EIA projected power demand will climb to 4,034 billion kilowatt-hours (kWh) in 2022, from 3,930 billion kWh in 2021, then slide to 4,001 billion kWh in 2023 as temperatures moderate. That compares with an eight-year low of 3,856 billion kWh in 2020, when the coronavirus pandemic depressed demand, and an all-time high of 4,003 billion kWh in 2018. That compares with all-time highs of 1,477 billion kWh in 2021 for residential consumers, 1,382 billion kWh in 2018 for commercial customers and 1,064 billion kWh in 2000 for industrial customers. EIA said natural gas' share of power generation would rise from 37% in 2021 to 38% in 2022 before sliding to 36% in 2023.

☆ U.S. home heating bills expected to surge this winter -EIA
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

Nearly half of U.S. households rely on natural gas for heat, with the average winter heating cost expected to rise to $931, up by 28% from last year, EIA said. The average cost to heat a home with gas last winter was $724, far cheaper than other major sources of heat. It is more expensive than gas at an estimated $1,359 per household this winter - but that is just a 10% increase from last winter. Homes that rely on heating oil are concentrated in the Northeast, while the biggest propane users are in the Midwest. That compares with last winter's residential costs of $13.02/mcf for gas, $2.30-3.33 per gallon for propane, 14.0 cents per kWh of electricity and $3.90 per gallon for heating oil.

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