Genscape Inc. was calling for demand in California and Nevada to decline from 9.55 Bcf/d Thursday to 6.50 Bcf/d Friday and to around 5.6 Bcf/d by the weekend.
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“For example, when demand averaged 3.96 Bcf/d for four days in January 2017, SoCal’s system-wide receipts averaged 3.03 Bcf/d. That left 930 MMcf/d that needed to be made up via storage withdrawals,” Genscape said. “But with demand at 3.82 Bcf/d over the past three days, receipts have only come in at 2.64 Bcf/d, necessitating an average withdrawal of 1.18 Bcf/d.”
Genscape analyst Joseph Bernardi further noted to NGI that SoCalGas is reporting daily storage withdrawals exceeding the 1 Bcf/d mark this week, “also for the first time in over a year.”
BP shut the unit on Friday night for the work, according to energy industry intelligence service Genscape.
All that warmth means lower prices for natural gas and electricity to heat homes and businesses. Wholesale power in New York fell to an 11-week low Tuesday morning, according to Genscape data. In New York City, the real time peak power price sank 69 percent to $10.96 a megawatt-hour, the lowest for the region since Dec. 5.
Last month Libya produced 1.083 million bpd of crude oil, and 1.133 million of total liquids, Genscape said, adding that its oil production monitoring showed that oil fields in Libya appeared to operate relatively consistently in January, without steep, significant dips below the average production levels due to weather or pipeline attacks.
The system was designed to reward PES for success, but had no contingency plan to protect the refiner against the failure that would quickly follow the deal. The rail terminal has averaged just 58,000 bpd since the contract was signed, according to figures provided to Reuters by energy intelligence service Genscape, because Carlyle and PES could no longer access crude at prices low enough to make the rail shipments profitable.
The program is April 4 from 7:30 a.m. to 3:15 p.m. at Walsh University’s Barrette Center in North Canton. It’s the fifth year for the event, co-sponsored by the Canton Chamber and Shale Directories. Participants in this year’s seminar include:
• Colette Breshears, natural gas analyst for Genscape.
WEDNESDAY, FEB. 21
Genscape weekly ARA crude stockpiles report
Sempra Energy’s $9.45b takeover of Oncor Electric Delivery, hearings by Public Utility Commission of Texas begin.
Caterpillar Inc. at Barclays Industrial Select Conference