On March 28, Africa’s biggest economy and also the continent’s largest oil producer, Nigeria, will go to the polls to elect its new president.
By Eklavya Gupte | March 26, 2015 04:33 PM Comments (0)
By News Desk | March 25, 2015 05:30 PM Comments (0)
While US crude oil production was almost flat for the week ended March 20, total commercial stocks increased 8.170 million barrels to 466.678 million barrels, according to data released today from the US Energy Information Administration.
Refineries were slightly more active during the week, with the utilization rate increasing 0.9 percentage point to 89% of operable capacity. Maintenance season has kept utilization rate under 90% since January 16, with the exception of one week. To read a total breakdown of the latest EIA data, see the Platts analysis here.
By Ross McCracken | March 25, 2015 01:01 AM Comments (3)
The coal industry is in crisis. It has failed to recognize the structural shift in power generation driven by regulation rather than price and has missed the window of opportunity to invest in clean coal technologies. Now it faces a slow King Canute style demise, as elaborated by Ross McCracken, managing editor of Platts Energy Economist.
By Alex Froley | March 24, 2015 01:01 AM Comments (0)
It went largely unnoticed by the general media, but last week there was a significant announcement for the UK gas industry: the country’s main gas storage site may have its capacity cut by around a quarter, reducing the volumes that can be held in reserve next winter.
Just two years ago, during a cold winter, there were warnings that the country “was just six hours away from running out of gas.” So why would storage capacity be cut now, and does it matter? Read the rest of this entry »
By Robert Perkins | March 23, 2015 12:01 AM Comments (2)
By Vandana Hari | March 20, 2015 01:58 PM Comments (0)
A swallow does not a summer make, they say.
How about two? India has just released its February oil consumption data. And rather remarkably, gasoline sales are up 18.3% on year, on the heels of a 17.7% spike seen in January.
For the two months, gasoline consumption averaged about 470,000 b/d, compared with 398,000 b/d a year ago. Read the rest of this entry »
By Brian Scheid | March 20, 2015 12:01 AM Comments (0)
As oil prices continue to fall amid flat demand and near-record supply, a dramatic production slowdown is expected to hit the US sometime this summer, if not earlier.
But no matter how unfavorable market fundamentals may be to Bakken operators, North Dakota is likely to see a “big surge” in production this June, potentially besting another supply record even if prices continue to crater, according to Lynn Helms, director of the state’s Department of Mineral Resources.
By Eric Wieser | March 19, 2015 12:00 PM Comments (0)
Tucked in the recently released PJM Market Monitor annual report are a couple of tables showing that there will more than 10 GW of generation retired this year in the PJM footprint.
The conventional wisdom goes that 1 MW of power provides electricity to roughly 1,000 homes. So, if 10 GW are retired, then supposedly an estimated 10 million homes in the PJM footprint are going to be without power.
By Desmond Wong | March 19, 2015 12:01 AM Comments (0)
This winter saw record volumes of LNG arriving on the shores of Europe, as cargoes sought value in an environment of weak LNG spot pricing. Cargoes flowed in from not only Qatar, but also from production sites like Trinidad and Tobago as portfolio players sought to optimize volumes into Europe while purchasing Asia Pacific delivery cargoes elsewhere to fulfill existing commitments.
By News Desk | March 18, 2015 04:08 PM Comments (0)
The latest data from the US Energy Information Administration shows US crude oil stockpiles rose 9.62 million barrels during the week ended March 13, again surpassing analysts’ expectations about the build. At 458.51 million barrels, US stockpiles for this time of year are at the highest level seen in at least 80 years, the EIA said. Learn more about crude oil production, imports, refinery demand and regional stocks in our latest Platts analysis, which you can read here.