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Weekly Natural Gas Storage Report

10.08.2021News

Weekly Gas Report

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The overall approach relies on weekly survey data from a sample of operators of underground storage facilities. These data are used to prepare regional and national estimates for all underground storage. The Energy Information Administration Natural Gas Storage report measures the change in the number of cubic feet of natural gas held in underground storage during the past week. Believing that transparent markets empower businesses, economies, and communities, Natural Gas Intelligence provides natural gas price transparency and key news, insights and data for the North American energy markets.

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A single frac’d well, on average, can use from 500,000 to 700,000 barrels of water – equal to more than 21 million gallons. As production continues to expand in the Basin, operators tend to use larger drilling pads to serve multiple wells, as well as extend lateral lengths to improve well yields. These tactics increase the demand for supplying, transferring, storing, and maintaining water at the location of each pad. Demand declines as residential/commercial consumption falls to lowest level for the same week since 2016. Total U.S. consumption of natural gas fell by 4.8% compared with the previous report week, according to data from IHS Markit. Natural gas consumed for power generation declined by 2.9% week over week.

The EIA report shows gas inventories for the reporting week and previous week, as well as the net change, on a national basis and for East, West and Producing regions. It also provides inventories for a year ago and the five-year average for historical comparison. The Permian Basin in West Texas and New Mexico has rapidly become the largest source of new oil reserves in the United States. Drilling activity in the region is dominated by hydraulic fracturing, or frac’ing, which enables operators to access previously unreachable hydrocarbon resources located in tight shale rock formations. Frac’ing involves injecting large amounts of water, along with proppants such as sand and some chemical additives, into shale rock formations, opening up fractures to release the trapped oil and gas found there.

Who Uses The Wsb Report?

Proven reserves are the best estimate of oil that will be extracted from a formation given the current technology, economic evaluation, and available data. The Energy Information Administration is a government agency responsible for collecting energy data, conducting analysis and making forecasts. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.

The EIA Petroleum Status Report highlights section provides production data for most line items on a trailing four-week basis. Likewise, the year-ago and previous-week comparisons also use trailing four-week figures. The U.S. Energy Information Administration makes the status report available from its website. Users may review the report using online tools which include analysis and projections by topics and data sorted by category.

Rig Activity Reports

Production of butanes , which are primarily used for finished motor gasoline production, increased by 40,000 b/d, or 4.8%. Natural gasoline, which is also used for motor gasoline blending as well as a diluent in transporting heavy crude oil, increased 26,000 b/d, or 4.6%.

The decline is largely due to a supply drop in the Appalachia Basin following Tuesday’s Enbridge pipeline explosion on its TETCO system Tuesday. The event reportedly impacts more than 1.3 Bcf north-to-south capacity.

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Once again, another week of higher bunker prices and ever lower Worldscale rates taking its toll on owners returns. Coupled with the disappointing outcome of last week’s decision by OPEC to essentially maintain the status quo and not inject the expected 1.5m barrels into the global supply chain, certainly compounds the misery. In a market awash with Oil Company relets, whose desire to keep the vessels moving and thus minimize losses, applies pressure on the independent owners to compete. Quiet mutterings of warm layup remain mutterings at present, but with continued current conditions, these may increase in volume. But we should not forget that there remains plenty of optimism for the summer and beyond, as the world hopefully returns to a form of normality.

Events API hosts numerous events each year spanning all segments of the industry. Once the data quality is assured, the remaining task for API is to use the 90% response rate data to estimate the data for the remaining 10% of the industry. API uses a combination of trend, seasonal, cyclical, and imputation methods to reach an estimate for the industry. New customers interested in subscribing to the reports, please visit the Commodities area of Refinitiv’s (formerly Thomson Reuters Financial & Risk) website, and click the “Contact Sales” button. All rates published in this report do not necessarily reflect actual transactions occurring in the market. In some circumstances, rates for certain vessel types are based on theoretical assumptions of premium or discount for particular vessel versus other vessel types. A long-awaited activity increase has finally resurfaced in the West VLGC market, albeit the majority of vessels fixed this week were off first half April dates rather than that of March.

Doe Eia Weekly Gas Storage Report

The price of ethane fell alongside with natural gas prices, declining 3%. Propane, butane, and isobutane fell by 1%, 1%, and 5%, respectively, as heating- and gasoline-blending seasons wind to a close. The average price per gallon is being reported at $2.87, or 22.2 cents higher than a month ago and 40 cents higher than a year ago. Both API and EIA sample and survey about 90% of the industry and estimate the remaining 10%. Their sample coverage and estimation process may be different which contributes to the differences in their weekly published data. However, since API and EIA need only estimate 10%, differences in their weekly estimates can be largely attributed to statistical noise.

A list of the last week’s permit activitiy will be posted in an Excel file, and in a PDF file, and provided in the link below. Completion reports and plugging affidavits will continue to be posted below for the time being. It is no exaggeration to say that natural gas is one of the most important sources of energy in the world.

Breaking Down Eia Petroleum Status Report

U.S. annual average NGPL production grew 7.0% in 2020, reaching 5.2 million barrels per day (b/d). U.S. field production of crude oil and natural gas both decreased over this period, by 7.7% and 1.9%, respectively. Working gas in storage was 1,793 Bcf as of Friday, March 5, 2021, according to EIA estimates. Stocks were 257 Bcf less than last year at this time and 141 Bcf below the five-year average of 1,934 Bcf. At 1,793 Bcf, total working gas is within the five-year historical range. Of those rigs, 102 are drilling for oil, 66 are drilling for natural gas, 3 for other , and 1 is moving. Drilling activity by province is 113 in Alberta, 35 in Saskatchewan, 7 in British Columbia, 2 in Manitoba, and 15 in other.

A Tier 2 spill is the second of three levels of response capability appropriate to an oil spill emergency. Don’t Monopolize the Conversation.We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse. While this is a U.S. indicator it tends to have a greater impact on the Canadian dollar, due to Canada’s sizable energy sector. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.

Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. The frac’ing process is mainly used in shale formations, where tight underground rock structures make traditional methods of producing oil and gas uneconomic. Frac’ing can be defined as a well stimulation process designed to maximize underground resource extraction. The process typically includes drilling a particular formation, casing the formation, completion or stimulating the well using water from the surface, producing the well, and disposing of waste from its operation. It is commonly used in conjunction with horizontal drilling to reach energy deposits that could not be accessed via traditional vertical drilling methods. According to The Desk survey of natural gas analysts, estimates of the weekly net change to working natural gas stocks ranged from net withdrawals of 39 Bcf to 104 Bcf, with a median estimate of 67 Bcf. The natural gas plant liquids composite price at Mont Belvieu, Texas, fell by 6¢/MMBtu, averaging $7.97/MMBtu for the week ending March 10.

Gas Report 7

Also, the report details the per-gallon prices of West Texas Intermediate crude, regular unleaded gasoline, No. 2 heating oil, and propane. The US energy information agency is set to release the weekly natural gas storage one day ahead of schedule to account for the holidays. Estimates suggest another negative change in storage , suggesting an increase in demand for the commodity. One of the most important factors in determining the value of mineral rights is the price of natural gas, which is directly affected by the Energy Information Administration Weekly Gas Storage Report. This report contains information about the nation’s natural gas inventory levels. If a mineral rights and royalty owner is looking to buy or sell their rights, this report can provide valuable insight into the market direction and seasonal trends. For example, natural gas prices and demand are known to rise during the winter months, as it is necessary for heating.

We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. That is until yesterday when nat gas broke above the descending trendline and area of recent consolidation where it remains – at the time of writing – although, at lower levels than yesterday. Now you can get guidance from Rock River delivered right to your inbox.

Every Thursday the Department of Energy releases its estimate of inventories for natural gas storage supply in the United States. You can even find the current natural gas storage forecast in this section. The Department of Energy releases the natural gas storage estimates every Thursday.

putrid Power Burns, Weak Balances Drive Natural Gas Forward Prices Lower

Monthly and yearly energy forecasts, analysis of energy topics, financial analysis, congressional reports. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements. Ford Motor Co. undefined announced Tuesday plans to offer $2 billion in convertible senior notes due 2026, in a private placement to qualified institutional buyers. The notes will be converted to cash, Ford stock or a combination of both, at Ford’s election.

The early price action also suggests that traders are anticipating another anemic storage report from the U.S. government. Cuts in oil production translate to less associated natural gas production. As most states unwind their stay-at-home orders and people return to work, demand will begin to normalize which will provide a clearer price picture. Should oil prices remain low, it’s likely natural gas prices will begin to rise. Following Tuesday’s pipeline explosion, prompt month prices traded up to $2.134/Dth as calendar and seasonal strips generally rose in the days leading up to the release of the EIA storage report. However, demand decimation contributed to the season’s first triple digit injection and the supply-demand imbalance led to lower prices in all but the diminishing summer strip.

Natural Gas Storage Dashboard

For information on sampling error in this report, see Estimated Measures of Sampling Variability table below.

Both API and EIA are on record stating that their reported weekly data cover roughly 90% of the industry. Both API and EIA are on record stating that their reported weekly data cover roughly 90% of the industry and they publish only estimates every week. The week started off with a firming Pacific market much lead by ECSA and NoPac grains. This however took a turn on Tuesday when charterers and owners were uncertain on where the logical market price should be. In the Atlantic, the demand has been low for some time now and the tonnage list is still growing. Mid-week we see some more demand in the North Atlantic, yet the P1A is yielding in the 17k region.

Drilling Permits & Reports

In the residential and commercial sectors, consumption declined by 9.0% as warmer-than-average temperatures across most of the country depressed space heating demand. Natural gas deliveries to U.S. liquefied natural gas export facilities averaged 10.6 Bcf/d, or 0.87 Bcf/d higher than last week. Most prices throughout the Permian production region fall approximately 30¢/MMBtu week over week. The price at the Waha Hub in West Texas, which is located near Permian Basin production activities, averaged $2.64/MMBtu last Wednesday, 20¢/MMBtu lower than the Henry Hub price.

The initial conversion rate of the notes have not yet been determined. Separately, Ford affirmed its 2021 financial guidance, but said results for the year could be negatively impacted if the current semiconductor shortage extends through the first half of the year. Ford’s stock has run up 46.0% over the past three months through Monday, while shares of rival General Motors Co. undefined have climbed 39.9% and the S&P 500 undefined has gained 7.2%. Biodiesel is a type of fuel made from organic oils, such as vegetable oil. It is often seen as an environmentally-friendly alternative to petroleum. The 1979 energy crisis was an event triggered by the Iranian Revolution that led to widespread panic about gasoline shortages in the U.S. A crack is a trading strategy that is used in energy futures to establish a refining margin.