IIR's October 29th Market Scorecard Brings You Breaking Geopolitical News
Stay current with the latest geopolitical events, and more importantly, instantly connect to how these events may impact you and your business strategies.
IIR's Market Scorecard gives you the breaking news headlines from around the world, along with the directional impact to commodities, with expert indicators, and live links to IIR key research so you instantly have the details you need and make the right decisions.
Entergy Struggles with Hurricanes, COVID-19 as it Plots Major NGCC, Transmission Buildouts
In a constantly changing U.S. energy market, Entergy Corporation finds itself at the center of the storm--literally. Utilities across Louisiana are still reeling from hurricanes Laura, Sally and Delta in August, September and October, respectively, and now are enduring Hurricane Zeta. Entergy, which serves many areas along the U.S. Gulf Coast, saw its bottom line take a hit from the hurricanes and COVID-19, but remains optimistic about its long-term outlook. Industrial Info is tracking $9 billion in active projects from Entergy, including nearly $2 billion worth that are nearing or under construction.
American Electric Power, Alberta Production Curtailments: Your Daily Energy News
U.S. Oil Rig Count Rises for Fifth Week in a Row - Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by six to 211 in the week ending October 23. That followed increases in each of the last four weeks.
Alberta to End Monthly Oil Production Curbs in December - Canada's main oil-producing province of Alberta will lift curbs on crude production ahead of schedule at the start of December, as coronavirus-related shutdowns ease pipeline congestion, Energy Minister Sonya Savage said on Friday. The move comes a month ahead of when the restrictions were set to end. Nearly 16% of the crude production in the province, home to the world's third-largest oil reserves, is currently offline, Savage said.
AEP Boosts Quarterly Earnings - American Electric Power reported Q3 2020 earnings of $749 million, compared with earnings of $734 million in Q3 2019.
IIR Top Refining News Today: October 26th 2020
ExxonMobil restarted the 120,000-BBL/d FCCU today, October 26, at its 350,000-BBL/d Beaumont, Texas, refinery after it was shut down on October 23 due to an upset. Separately, the 40,000-BBL/d CHD-2 ULSD Diesel Hydrotreater was restarted on October 25 after it was shut down on October 6.
Marathon's 210,000-BBL/d Robinson, Illinois, refinery experienced a power outage on October 23. The restart of five units occurred early on October 24. The event lasted less than 24 hours.
Total shut and restarted the 30,000-BBL/d DHT 3 Diesel (ULSD) Unit 855 due to heavy rains on October 23 at its 190,000-BBL/d Port Arthur, Texas, refinery.
NavigatIIR: More than $57 Billion in Texas Industrial Projects Impacted by COVID-19
As COVID-19 becomes entrenched in our daily lives, it resonates through the industrial world in the form of delayed final investment decisions, project startup delays and completion delays due to a lack of critical components or socially distanced workforces. According to Industrial Info's project database, no state has been more affected than Texas, where Industrial Info is tracking more than $57 billion in projects that have been impacted by COVID-19.
To read the complete article, check out the most recent edition of Industrial Info's NavigatIIR online newsletter.
China's Output of Crude Oil Up 2.4% in September 2020, an Industrial Info Market Brief
In September 2020, China's crude oil output reached 16.1 million metric tons, an increase of 2.4% from September 2019, according to China's National Bureau of Statistics. From January to September 2020, China's crude oil output totaled 146.25 million metric tons, a 1.7% increase from the same period last year.
In September 2020, China's crude oil imports totaled 48.48 million metric tons, a 17.6% drop from September 2019. From January to September 2020, China's crude oil imports totaled 420 million metric tons, an increase of 12.7% from the same period last year.
China's processed volumes of crude oil reached 57.35 million metric tons in September 2020, an increase of 2.4% from September 2019. From January to September 2020, China's processed volumes of crude oil totaled 500 million metric tons, an increase of 2.9% from the same period last year.
Texas Set to Remain Wind Power Leader in U.S.
Texas easily eclipses other U.S. states when it comes to the amount of wind-generated power. According to the U.S. Energy Information Administration (EIA), if Texas were a country, it would have the fifth-highest wind generation capacity in the world. And this capacity is only growing. The EIA reports that Texas' wind capacity grew nearly 17% in 2019, rising from 24.1 gigawatts (GW) in 2018 to 28.1 GW in 2019.
Texas is an ideal place for wind generation, and in April 2019, when Texas hit peak monthly wind generation of 7,900 gigawatt-hours, the state's windfarms ran at an overall utilization rate of 44%. According the EIA, "Monthly wind capacity factors in Texas are slightly higher and less variable than in the United States as a whole."
NavigatIIR: California, New York Slow Their Roll on Ambitious Green Energy Plans Amid COVID-19
Despite some of the toughest state-level measures to prevent the spread of COVID-19, California and New York are seeing their long-term fallout from the pandemic grow even longer. As two of the five states with the highest unemployment rates, according to the U.S. Department of Labor, both are hitting the brakes on their ambitious renewable energy plans as project owners struggle to find a way to pursue development. Industrial Info is tracking more than $2.8 billion worth of renewable-energy projects in these two states that have been delayed or otherwise affected by COVID-19 precautions.
I just joined Parler! Looking forward to meeting everyone here.