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Today in Energy
1 - Existing resource base and policy decisions provide the West with electric fuel diversity
Short, timely articles with graphics on energy facts, issues, and trends.
2 - Iran's oil exports not expected to increase significantly despite recent negotiations
3 - Marcellus region to provide 18% of total U.S. natural gas production this month
4 - December natural gas prices spike in Boston
5 - Gas furnace efficiency has large implications for residential natural gas use
Coal, natural gas, and hydroelectric sources continue to contribute the majority of overall electricity generation in the West. However, a combination of aggressive state renewable portfolio standards, continued federal tax credits, grants, and other support has encouraged the increased use of non-hydro renewable sources of electricity generation (the green portion of the graph) in the West.
The U.S. Energy Information Administration does not anticipate an immediate impact on global liquid fuels supply following the November 24 agreement between Iran and the five permanent members of the United Nations Security Council plus Germany on Iran's nuclear program. The agreement does not directly allow for additional Iranian oil sales, although it does suspend sanctions on associated insurance and transportation services to those countries already granted import waivers.
Production of natural gas in the Marcellus region, located in Pennsylvania and West Virginia, is expected to exceed 13 billion cubic feet per day (Bcf/d) this month, based on estimates in the U.S. Energy Information Administration's latest Drilling Productivity Report (DPR), which will be released later today.
The average bidweek price of natural gas in New England for December settled at $14.52 per million British thermal units (MMBtu), well above prices in other U.S. regions, according to the IntercontinentalExchange monthly index. For buyers and sellers who transact at bidweek (the last five days of trading for a monthly contract), prices and volumes remain constant throughout the month. In the past 20 years, natural gas in the Northeast has only reached this level on two occasions.
About 40% of the energy delivered to the residential sector is attributed to space heating, and natural gas- and propane-fired furnaces account for almost half of that, making them a large target for potential energy efficiency gains. Yet the minimum efficiency level of gas furnaces has changed little over the last 20 years.
Oil and Gas
1 - UPDATE 2-Brent steady above $109, awaits Fed move on tapering
2 - UPDATE 1-Brent edges down towards $109 on tapering concerns
3 - Brent edges down toward $109 on tapering concerns
4 - UPDATE 2-Chevron sees cost jump at Australia Gorgon LNG project
5 - NYMEX-US crude slips further, stockpile drop seen as tax move
6 - Buckeye completes acquisition of 20 terminals
7 - Russia ties Ukraine gas price relief to better terms for Black Sea fleet
8 - Chevron sets 2014 budget at $39.8 bln
9 - UPDATE 1-In Podesta, a Keystone skeptic returns to White House
10 - COMMODITIES-Natgas rallies as cold hits U.S.; NY crude oil down
11 - UPDATE 7-Brent crude rises, U.S. crude falls as spread widens
12 - GLOBAL MARKETS-Stocks fall on Fed view; euro climbs for 7th day
13 - Commodities tomorrow: US oil prices decline
14 - GLOBAL MARKETS-Stocks fall as budget deal boosts Fed taper view; euro gains
15 - Pump Patrol: National average price steady
16 - UPDATE 6-Oil drops as U.S. gasoline stocks build; Libya ports to reopen
17 - UPDATE 2-Encana to raise gas liquids output by 30 pct
18 - GLOBAL MARKETS-Stocks lower on Fed taper expectations; euro climbs
19 - UPDATE 5-Oil edges above $109 after U.S. crude stocks build
20 - UPDATE 1-Libya PM expects ports to reopen, rejects autonomy chief
21 - U.S. gasoline futures fall to session low after EIA data
22 - Mexico Senate OKs energy reform, pends lower house approval
23 - Big decline in crude supplies
24 - UPDATE 4-Oil sinks below $109, market eyes U.S. data
25 - UPDATE 1-Encana to increase natural gas liquids production by 30 pct
26 - UPDATE 1-Exxon offers rare gasoil term contract from S.Arabia
27 - More refinery closures on the cards for 2014 -IEA
28 - Libya's oil security force expects eastern ports to reopen Sunday
29 - UPDATE 3-Oil steady above $109, market eyes U.S. data
30 - European refiners, desperate for markets, look to Asia
SINGAPORE, Dec 12- Brent futures held steady above $109 a barrel on Thursday as a looming U.S. budget deal backed expectations the Federal Reserve may act soon to unwind a stimulus programme that has supported oil prices, keeping investors at bay.
SINGAPORE, Dec 12- Brent futures edged towards $109 a barrel on Thursday as a looming U.S. budget deal backed expectations the Federal Reserve may act soon to unwind a stimulus programme that has supported oil prices. Expectations are creating a weaker sentiment for oil and other commodities, "said Chee Tat Tan, investment analyst at Phillip Futures in Singapore.
SINGAPORE, Dec 12- Brent futures slid toward $109 a barrel on Thursday as a looming U.S. budget deal backed expectations the Federal Reserve may act soon to unwind a stimulus programme that has supported oil prices. Expectations are creating a weaker sentiment for oil and other commodities, "said Chee Tat Tan, investment analyst at Phillip Futures in Singapore.
LOS ANGELES, Dec 12- Chevron Corp raised the cost of its giant Gorgon liquefied natural gas project in Australia by $2 billion on Wednesday, the second increase in just over a year to take the total cost to $54 billion.
SINGAPORE, Dec 12- U.S. crude futures eased on Thursday after losing more than a dollar in the previous session, as investors saw a steep decline in U.S. oil stocks as a move by refiners to avoid taxes rather than a sign of strong demand. *U.S. crude for January delivery was off 10 cents at $97.34 a barrel by 0049 GMT after dropping $1.07 on Wednesday.
Buckeye Partners L.P. said Wednesday that it completed its purchase of 20 liquid petroleum storage terminals from Hess Corp. for $850 million, expanding its business on the East Coast and the Caribbean. Buckeye, based in Houston, said 19 of the terminals are located on the East Coast, including one in New York Harbor. Hess Corp. shares fell $1 to close at $78.94.
WASHINGTON, Dec 11- Moscow might be willing to give Ukraine relief on the price of natural gas it imports from Russia if Kiev granted better terms for the Russian naval fleet in Ukraine's Crimea, a senior Russian official said on Wednesday.
Dec 11- Chevron Corp, the second-largest U.S. oil company, said it plans to spend $39.8 billion on projects and exploration in 2014, about 5 percent below the expected 2013 spending.
WASHINGTON, Dec 11- John Podesta's return to the White House could dim prospects for the Keystone XL pipeline's approval, environmentalists said Wednesday, as the Democratic Party elder and Keystone critic crafts policies to curb climate change.
NEW YORK, Dec 11- Natural gas futures hit 7- month highs on Wednesday after cold weather forecasts bumped up expectations for heating demand in the United States, while U.S. crude prices tumbled on a report showing a build in gasoline inventories. Copper rose for a fourth straight session in London, hitting a one-month high together with zinc.
NEW YORK, Dec 11- Brent oil rose on supply concerns as traders remained skeptical that Libyan oil exports would resume while U.S. crude fell after government data showed large builds in refined oil products, suggesting sluggish oil demand.
NEW YORK, Dec 11- Stock markets worldwide slipped on Wednesday after a budget deal in Washington removed some of the fiscal uncertainty hanging over the U.S. economy, boosting expectations the Federal Reserve may soon start reducing its stimulus.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.
NEW YORK, Dec 11- Stock markets worldwide slipped on Wednesday after a budget deal in Washington removed some of the fiscal uncertainty hanging over the economy, boosting expectations the Federal Reserve may soon start reducing stimulus.
The cheapest gas is currently in Del City, Oklahoma at $2.67 today, reports CNBC's Sharon Epperson.
*Two new pipelines set to drain oil from Cushing. NEW YORK, Dec 11- Crude oil futures prices fell on both sides of the Atlantic as a U.S. inventory report showed a build in gasoline stocks and Libya said its ports could reopen by the weekend, raising the prospect of more crude in the world market.
CALGARY, Alberta, Dec 11- Encana Corp, Canada's largest natural gas producer, will boost liquids production by 30 percent in 2014 as it moves to execute a plan from its new chief executive to concentrate spending on regions rich in high-value gas liquids and oil.
NEW YORK, Dec 11- Stock markets worldwide slipped on Wednesday after the U.S. Congress announced a provisional budget deal, which heightened expectations of a stimulus reduction by the Federal Reserve.
LONDON, Dec 11- Oil rose above $109 a barrel on Wednesday, erasing earlier losses after closely-watched U.S. inventory data showed the biggest draw on crude oil stocks this year.
TRIPOLI, Dec 11- Libya's government expects eastern tribes to reopen three oil ports this weekend as pledged but refuses to deal with an autonomy movement demanding a share of oil exports, Prime Minister Ali Zeidan said on Wednesday.
NEW YORK, Dec 11- U.S. gasoline futures fell to a session low after U.S. government data showed an inventory build much higher than analysts' expectations. U.S gasoline inventories rose by 6.7 million barrels, data from the U.S. Energy Information Administration showed on Wednesday, compared with the forecast in a Reuters poll for a 1.8 million barrel build.
MEXICO CITY, Dec 11- Mexico's Senate on Wednesday signed off on an energy bill that aims to lure private capital into the state-run oil and gas industry in the biggest shake-up since a 1938 nationalization, sending it to the lower house for debate and final approval.
CNBC's Sharon Epperson reports oil supplies dropped by 10.6 million barrels and gasoline supplies rose by 6.7 million barrels.
*Two new pipelines set to drain oil from Cushing. LONDON, Dec 11- Oil edged down below $109 a barrel on Wednesday, shrugging off forecasts of surging global demand from the west's energy watchdog, while the market awaited U.S. data that is expected to show a drop in crude stockpiles.
Dec 11- Encana Corp, Canada's largest natural gas producer, said it would boost liquids production by 30 percent in 2014 as part of new Chief Executive Doug Suttles' plan to focus spending on regions rich in gas liquids and oil.
*Sign of Saudi Arabia becoming self-sufficient in meeting gasoil needs. SINGAPORE, Dec 11- Exxon Mobil Corp has offered gasoil cargoes through a rare term tender from its joint-venture refinery in Saudi Arabia, in a further sign that the country is becoming more self-sufficient in meeting its gasoil needs.
*New refineries in China will start to have effect in 2014. LONDON, Dec 11- An increase in new oil refining capacity and a rise in production of fuel not processed at refineries will lead to more plant closures in 2014, the International Energy Agency said in its latest monthly report.
TRIPOLI, Dec 11- Libya's oil security force expects an eastern autonomy movement to reopen seized export ports this weekend as promised, the force's commander said on Wednesday. Such seizures have slashed Libya's oil output to 250,000 bpd, from 1.4 million bpd in July, and added to chaos in the North African country two years after the fall of Muammar Gaddafi.
*Two new pipelines set to drain oil from Cushing. LONDON, Dec 11- Oil held steady above $109 a barrel on Wednesday, shrugging off predictions from the West's energy watchdog of rising global demand as the market awaited U.S. data that is expected to show a drop in crude stockpiles.
LONDON, Dec 11- Embattled European refiners are looking east in the scramble for customers, delivering what could be record volumes of naphtha to Asia in January and seeking Asian buyers for gasoline as their traditional U.S. market dries up.