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September 7, 2011

Energy Data Highlights


Retail gasoline price 9/5/2011: $3.674/gal up$0.047 from week earlier up$0.992 from year earlier Retail diesel price 9/5/2011: $3.868/gal up$0.048 from week earlier up$0.937 from year earlier Crude oil futures price 9/2/2011: $86.45/bbl up$1.08 from week earlier up$11.43 from year earlier Natural gas futures price 9/2/2011: $3.872/mmBtu down$0.059 from week earlier up$0.122 from year earlier Weekly coal production 8/27/2011: 21.153 million tons up0.366 million tons from week earlier down0.251 million tons from year earlier http://www.eia.gov/ Natural Gas/ Power News EIA Storage Release 9/1/11 (Actual): +55 Bcf Previous Week: +73 Bcf -4.4% Change from 1 Year Ago -2.0% Change 5-year Average Chesapeake Energy continues march to liquids: CEO Chesapeake Energy's CEO on Tuesday said his company is not concerned if natural gas prices remain low, since the second largest US gas producer is continuing its march toward a more liquids-centric production profile. http://www.platts.com/RSSFeedDetailedNews/RSSFeed/NaturalGas/6445114

New pipeline will move NGLs from Panhandle to Mont Belvieu Enterprise Products Partners, Enbridge Energy Partners and Anadarko Petroleum will build a new 580-mile natural gas liquids pipeline from Skellytown in the Texas Panhandle to natural gas processing plants in Mont Belvieu, Texas. http://fuelfix.com/blog/2011/09/06/new-pipeline-with-move-ngls-from-panhandleto-mont-belvieu/ Russia launches major new gas pipeline to Europe, bypasses Ukraine At the height of a new round of quarreling between Russia and Ukraine over natural gas prices, Russian Prime Minister Vladimir Putin on Tuesday launched a major pipeline that will start pumping gas to Western Europe next month, bypassing Ukraine. With the click of a computer mouse in front of flashing cameras, Putin opened the valve to let the gas into the first Nord Stream pipeline at the Portovaya compressor station at the Russian-Finnish border, a stone's throw from his hometown of St. Petersburg. According to the Russian state-controlled gas-and-oil giant Gazprom, the 765-mile long Nord Stream pipeline -- costing more than $12 billion -- directly links Russia with the European Union via the Baltic Sea bed. http://www.cnn.com/2011/WORLD/europe/09/06/russia.new.pipeline/ Eni to Reopen Libyan Gas Facility The Italian government confirmed Tuesday it expects a key natural-gas import facility from Libya operated by Eni SpA to reopen by Oct. 15, marking the first major resumption of a foreign-led petroleum operation following the ousting of Col. Moammar Gadhafi from Tripoli. Officials from the Italian government and Italian oil giant Eni have said the resumption of Greenstream is critical in light of the coming winter months. Greenstream accounts for 10% of Italy's gas and feeds the fuel to Southern European country from the Wafa field, of which Eni is joint operator with the Libyan National Oil Company, and which was never shut during the Libyan civil upheaval this year. http://online.wsj.com/article/SB1000142405311190453740457655469216460857 6.html?mod=WSJ_Commodities_LEFTTopNews EU gas demand for H1 2011 drops 9% due to milder weather: Eurogas EU gas demand over the first half of 2011 fell 9% from the same period of 2010, EU gas industry association Eurogas said Wednesday, giving preliminary estimates for total 2011 demand to be down 5-7% year-on-year at 485-495 billion cubic meters. http://www.platts.com/RSSFeedDetailedNews/RSSFeed/NaturalGas/8315727

Green/ Alternative Energy News


Ethanol subsidy will likely fade with fuel seen as peaking: Marathon CEO Ethanol may have reached a saturation point and policy on subsidizing the fuel may shift, Marathon Petroleum CEO Gary Heminger said Tuesday. "Ethanol has hit a blend wall," Heminger said at an energy and power http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Oil/6444684

China Benefits as US Solar Industry Withers The bankruptcies of three American solar power companies in the last month, including Solyndra of California on Wednesday, have left Chinas industry with a dominant sales position almost three-fifths of the worlds production capacity

and rapidly declining costs. http://www.cnbc.com/id/44365972

Crude Oil News


OPEC Daily Basket Price 9/6/2011 $108.32 (9/5/2011 $108.42) Crude oil-directed weekly rig count surpassed 1,000 Since surpassing the weekly count of natural gas-directed rigs on April 21, the number of oil-directed rigs continued to increase steadily through August http://www.eia.gov/todayinenergy/detail.cfm?id=2950 Recent Rig Counts Last Count Change Cou from Prior nt Count -7 +9 -8 Date of Prior Count 26 Aug 11 26 Aug 11 June 2011 Change Date of from Last Last Year's Year Count +315 +129 +41 03 Sept 10 03 Sept 10 July 2010

Area U.S. Canada Internatio nal

2 Sept 1968 11 2 Sept 11 July 2011 517 1150

http://investor.shareholder.com/bhi/rig_counts/rc_index.cfm Weak world economies pull down energy prices Energy prices tumbled Sept. 2 ahead of the long US holiday weekend as a result of a government report that essentially no nonfarm payroll jobs were added in August, while hiring for June and July also was revised lower. http://www.ogj.com/articles/2011/09/market-watch-weak-world-economies-pulldown-energy-prices.html Oil industry: Boost in energy could create 1M jobs Government policies to increase domestic energy production could create up to a million jobs over the next seven years, the oil industry says in a new report aimed at influencing the political debate over jobs.The American Petroleum Institute says in a report being released Wednesday that proposals to expand offshore oil drilling, boost production of natural gas in New York and other states and build a Canada-to-Texas oil pipeline could boost the U.S. economy. http://www.google.com/hostednews/ap/article/ALeqM5jQEObPaNwYgEe3qFSXRrmMLeH1w?docId=b4b48fe67e544d64a91a03ea7cc00c35 Rebound for Nymex open-outcry About three months ago I wrote about how the floor of the New York Mercantile Exchange was increasingly looking like a 20th century relic as crude oil options trading followed futures on to electronic screens

http://www.ft.com/intl/cms/s/0/d1f395e2-d92e-11e0-884e-00144feabdc0.html? ftcamp=rss#axzz1XGdMVzRn Brent Rises Above $113 on Lower US Crude Stocks Forecast Brent crude rose above $113 a barrel for the second consecutive day on Wednesday on expectations of lower U.S. crude stockpiles after a storm disrupted production in the Gulf of Mexico. A Reuters poll ahead of the weekly inventory report from the U.S. Energy Information Administration showed an average forecast for a drop of 1.9 million barrels in the week to Sept. 2. http://www.cnbc.com/id/44416230 Crude Gains on Forecast Stockpile Drop as Cyclone Builds in Gulf of Mexico Oil advanced from the lowest in more than a week in New York as a weather system in the Gulf of Mexico threatened supplies in the U.S., where production halts because of storms have already reduced crude stockpiles. http://www.bloomberg.com/news/2011-09-06/oil-rebounds-from-two-week-low-innew-york-brent-premium-to-wti-at-record.html Oil rises to near $87 as Obama speech awaited Oil prices rose to near $87 a barrel Wednesday amid a strong rebound in equity markets, a weaker dollar and hopes that President Barack Obama will announce new economic support measures in a major policy speech later this week. http://money.msn.com/business-news/article.aspx? feed=AP&date=20110907&id=14228292 Oil Producers Target Asia as Outlook in West Bleak Oil producers from Brazil to Azerbaijan are targeting Asia to expand sales as growth falters in the U.S. and Europe, highlighting confidence that the world's fastest-growing energy market will offset any demand slump in industrialised nations. At Singapore's annual Asia-Pacific Petroleum Conference (APPEC) this week, company executives are still upbeat about booming energy consumption in the region, despite the uncertainty surrounding the pace of global economic growth. "Many investors see bright prospects for the longer-term future of energy companies in the Asian region with an outlook for robust demand growth powered by the emerging nations," said Ric Spooner, chief market analyst at CMC Markets. http://www.cnbc.com/id/44420969 Gasoline Tracks European Oil With WTI Collapse: Chart of the Day Gasoline is rising along with European Brent crude this year as U.S. benchmark West Texas Intermediate priced in the Midwest failed to reflect tighter global supply, according to an analyst at Baker & OBrien Inc. The CHART OF THE DAY shows U.S. pump prices tracking European oil this year. Both are up 19 percent, while WTI is down 5 percent. WTI fell to a record $26.21 a barrel below Brent Aug. 19 as supply entering Cushing, Oklahoma, the U.S. crude trading hub, exceeds the pipeline capacity to ship oil out of the region. http://www.bloomberg.com/news/2011-09-05/gasoline-tracks-european-oil-withwti-collapse-chart-of-the-day.html

Crude oil glut, maintenance work to help refiners A crude oil glut in the Midwest and maintenance downtime scheduled on the West Coast will help profit margins for several refiners, according to an RBC Capital Markets analyst. Analyst Jacques Rousseau said in a Wednesday morning research note he is raising earnings estimates for the third quarter and the full years of 2011 and 2012 for many refiners. But he also cautioned that risks to profits have increased due in part to high gas prices and weak economic growth that could impact demand. http://www.msnbc.msn.com/id/44343140/ns/business-personal_finance/t/crude-oilglut-maintenance-work-help-refiners/ Sunoco to Exit Refining, Conduct Strategic Review Sunoco, which has been shedding assets to focus on its logistics business, plans to exit its refining business and said it would conduct a strategic review of the oil refiner. http://www.cnbc.com/id/44407778 Diesel could fuel refinery comeback With demand for gasoline declining as drivers cut back, domestic refiners may get new life from an old product diesel. http://fuelfix.com/blog/2011/09/06/diesel-could-fuel-refinery-comeback/ Chevron makes potentially big oil find in Gulfs Moccasin play Chevron has made a new oil discovery in the deep-water Gulf of Mexico. http://fuelfix.com/blog/2011/09/06/chevron-make-big-oil-find-in-gulfs-mocassinplay/ Clear weather means Gulf crews return to work *update* Improved weather conditions in the Gulf of Mexico has cleared the way for companies to get crews back out to production platforms http://fuelfix.com/blog/2011/09/06/clear-weather-means-gulf-crews-return-to-work/

Weather
Hurricane Katia Weakens Off Bermuda as Storm Develops in Gulf Katia weakened to a Category 1 hurricane between the U.S. East Coast and Bermuda while a storm system in Mexicos Bay of Campeche has a 40 percent chance of growing into a cyclone, the National Hurricane Center said. http://www.bloomberg.com/news/2011-09-07/hurricane-katia-weakens-offbermuda-as-storm-develops-in-gulf.html

Tropical Depression FOURTEEN http://www.nhc.noaa.gov/text/refresh/MIATCPAT4+shtml/070841.shtml

6 to 10 Day Outlooks Temperature

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8 to 14 day Outlooks Temperature

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