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RBN Energy 07/13/2020 21:00
In the nearly three months since it began initial service, natural gas flows on Cheniere Energy’s Midship Pipeline out of the SCOOP/STACK have ramped up, and now consistently top 700 MMcf/d. This, despite production from the Oklahoma basins declining by close to 10% in that time. In other words, Midship is doing what it was supposed to do — namely, giving producers and shippers incremental capacity to reach relatively more attractively priced markets. However, the pipeline was also meant to connect that supply region with growing LNG export demand on the Gulf Coast, which has been slashed in recent months as global oversupply and poor economics have marginalized U.S. LNG cargoes. That raises the question, where are Midship flows heading? To.
RBN Energy 07/12/2020 21:00
The crude oil market may be approaching another rough patch, with the trajectory of the COVID pandemic and OPEC+ again poised to inflict a double whammy on U.S. producers. For the past couple of months, refinery demand for crude has been rebounding as the U.S. has made tentative steps toward reopening. Over the same period, domestic production of oil declined and then flattened out, and now appears to be headed for a midsummer uptick as more shut-in wells are brought back online. But there’s potential trouble just ahead. The months-long imbalance between crude supply and demand boosted U.S. oil inventories in commercial storage to record-high levels over the past few weeks, with even more oil flowing into rented space in the Strategic Petro.
RBN Energy 07/09/2020 21:00
U.S. LNG exports in recent months have gone from providing a consistent and growing source of demand to balance the U.S. natural gas market to now being a drag on demand growth and the gas market balance. Rising storage surpluses and record low prices in Europe and Asia, along with relative strength in the U.S. national benchmark prices at Henry Hub, have turned the economics upside down for U.S. exports and led to widespread cancellations of contracted cargoes. Feedgas deliveries and cargo liftings at Lower-48 terminals both have plummeted to the lowest levels since early 2019, despite domestic liquefaction capacity climbing by more than 4 Bcf/d since then. Moreover, the dynamics that led to the current predicament are likely to persist at.
RBN Energy 07/07/2020 21:00
So far, 2020 has been another bad year for bitumen producers in Alberta’s oil sands. For the second year in a row, they have been forced to endure production curtailments, this time in response to COVID impacts on demand and the resulting record-low heavy oil prices. Still, there are at least glimmers of hope that the bitumen market will soon enter at least a modest recovery mode, and that further gains will be possible in 2021 and beyond. Moving all of that bitumen to market in pipelines and in rail cars is going to require even more diluent than the record amounts already consumed in late 2019 and early 2020. Today, we consider the outlook for bitumen production, what that outlook means for future diluent demand, and if that demand can —
RBN Energy 07/05/2020 21:00
The demand destruction caused by COVID-19 hasn’t only hurt producers and refiners; it’s also slowed the development of a number of planned midstream projects. In fact, the only multibillion-dollar crude-related project to reach a final investment decision (FID) during the pandemic is TC Energy’s Keystone XL, which in late March won financial backing from Alberta’s provincial government. But Keystone XL soon hit another snag, this time in the form of U.S. district and appellate court rulings that vacated the project’s Nationwide Permit 12 for construction in and around hundreds of streams and wetlands along the U.S. portion of the pipeline’s route in the U.S. More important, the courts also put on ice — at least for now — the use of the gene.
RBN Energy 07/01/2020 21:00
Solar photovoltaic projects accounted for an impressive 40% of all the new electric generating capacity installed in the U.S. in 2019. —. the third time since 2015 that solar additions outpaced installations of natural-gas capacity. And the early 2020s are shaping up as another good period for solar, especially in states that offer both intense sun and the broad expanses of land required for large-scale solar projects. Texas is a case in point; some 8,000 megawatts (MW) of new solar capacity is expected to be added there in the 2020-22 period. Solar power, like wind power before it, has come to be so prolific in the Lone Star State that you’d think it would be having a significant impact on how much gas-fired generation is needed day to day,
RBN Energy 06/30/2020 21:00
Producers in Alberta’s oil sands have been through good times and bad times the past few years. Sure, there’s been a lot of growth in output since 2010. But they’ve also seen wildfires that forced one-third of production offline. And pipeline takeaway constraints that sent prices tumbling and spurred government-imposed production cutbacks. And lately, they’ve been struggling through a global pandemic that slashed crude-oil demand and led to further curtailments. Despite it all, producers and the province of Alberta are hopeful about an oil sands rebound, and shippers are optimistic that they can source an increasing share of the diluent they would need to transport bitumen from Western Canada. There’s good news on that front: there appears
RBN Energy 06/29/2020 21:00
U.S. exports of motor gasoline and diesel to Mexico increased steadily from 2013 through 2018 as demand for refined products south of the border increased and throughput at Pemex’s six older, investment-starved refineries declined. U.S.-to-Mexico shipments of gasoline and diesel sagged in 2019, though, as Pemex started to implement a major refinery rebuilding program, and fell further in the spring of 2020 as the social and economic effects of COVID kicked in and Mexican demand for motor fuels plummeted. So what’s ahead for U.S. refined product exports as Mexican demand gradually rebounds later this year and in 2021? As we discuss today, that will largely depend on the Mexican government’s determination to have its debt-laden energy company.
RBN Energy 06/28/2020 21:00
Chesapeake Energy’s announcement yesterday that it has filed for Chapter 11 bankruptcy protection is only the latest sign of how much the seismic economic shocks from the pandemic-triggered demand destruction have roiled the U.S. E&P sector. With equity prices plummeting to historic lows, oil and gas producers have focused their efforts on shoring up their balance sheets and share prices, by tightening their belts going into 2020, reducing capital expenditures by an average 14% in order to boost free cash flow and increase shareholder returns. So, it’s no surprise that the industry has aggressively battened down the hatches operationally and financially, mothballing rigs, suspending completions, shutting-in producing wells, slashing dividen.
RBN Energy 06/25/2020 23:39
The CME/NYMEX Henry Hub prompt contract settled at $1.482/MMBtu yesterday, down 11.5 cents (7%) from the previous day and the lowest settle that the market has ever seen during June trading. That’s also a 33-cent (18%) drop from just two weeks ago when prompt futures were around $1.80/MMBtu. The immediate rationale is the larger-than-expected and larger-than-normal storage build reported by the Energy Information Administration yesterday. But current price levels are also indicative of bigger problems looming for the gas market, namely that while gas production is down by nearly 10 Bcf/d, demand is down by even more. As a result, by mid-July, the storage inventory appears likely to reach record highs for that time of year — record highs tha.
RBN Energy 06/24/2020 22:29
Tallgrass Energy and DCP Midstream’s Cheyenne Connector pipeline and the REX Cheyenne Hub Enhancement projects are set to begin operations tomorrow, June 26, after receiving FERC approval yesterday. The natural gas projects will add takeaway capacity out of the Denver-Julesburg and Powder River production basins. For Tallgrass, the incremental capacity has the potential to increase utilization of its Rockies Express Pipeline (REX), which has struggled to fully recontract its mainline capacity after a slew of long-term contracts expired last year. For gas producers, the new capacity and hub upgrades mean an alternative route out of the core DJ with farther-reaching destination options for gas flows, including access to REX and its growing di.
RBN Energy 06/23/2020 21:00
The folks who transport bitumen from the Alberta oil sands to faraway markets depend on light hydrocarbons collectively known as diluent to help make highly viscous bitumen flowable enough to be run through pipelines or loaded into rail tank cars. The catch is — or was, we should say — that Western Canada wasn’t producing nearly enough condensate and other diluent to keep pace with fast-rising demand, so a few years ago, two pipelines from Alberta to the U.S. Midwest were repurposed to allow diluent to be piped north. More recently, though, Western Canadian production of diluent has been soaring and new pipeline capacity has been built within Alberta to deliver it to the oil sands. That has the potential to reduce the need for imports from
RBN Energy 06/18/2020 21:00
Enbridge’s proposal to have crude oil shippers on its now fully uncommitted Mainline sign long-term contracts for as much as 90% of the 2.9-MMb/d pipeline network’s capacity is a big deal — and controversial. Refiners and integrated producer/refiners generally support the plan, which is now up for consideration by the Canada Energy Regulator, while Western Canadian producers with no refining operations of their own — and, for many, no history of shipping on the Mainline — mostly oppose it. What’s driving their contrasting views? It’s complicated, of course, but what it really comes down to is that everyone wants to avoid what they see as a bad outcome. Refiners and “integrateds” fear that if the current month-to-month approach to pipeline s.
RBN Energy 06/17/2020 21:00
Since last summer, the Corpus Christi area has emerged as the U.S.’s leading crude export venue. In the first five and a half months of 2020, it accounted for an astounding 45% of the barrels being shipped abroad — astounding because in the same period last year, the Corpus area held less than a 20% share. What is sometimes forgotten, though, is that little Ingleside, TX, located across Corpus Christi Bay from Corpus proper, is the area’s crude-export leader, with the Moda Midstream and Flint Hills Resources terminals responsible for just over half of Greater Corpus’s total export volumes. And, with the new South Texas Gateway Terminal nearing completion, Ingleside’s role will only increase in the coming months. Today, we conclude a series
RBN Energy 06/16/2020 21:00
March’s crude oil price crash hit the E&P sector like a tsunami, shattering capital and operating budgets, upending drilling plans, and eviscerating equity valuations. The initial responses by producers to the price collapse included a flood of capex reductions, corporate belt-tightening, and scattered production shut-ins. But first-quarter earnings reports issued in late April and early May provided the first detailed insight into the financial wreckage the crisis unleashed on U.S. E&Ps. It wasn’t pretty. The plunge in the WTI oil price to $20/bbl at the end of the first quarter triggered a combined $60 billion in impairments of oil and gas reserves across the 41 E&Ps we track, as well as a 16% decline in average revenue per barrel of oil

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