Natural Gas in Underground Storage

The weekly EIA Natural Gas Storage Report advised today that there was an injection of  59Bcf into Underground Storage for the week ending 8/17/19.

This is 2Bcf below the forecast of a 61Bcf injection, the average prediction of sector analysts and traders in the Dow Jones Newswires weekly survey. This compares with an injection of 47Bcf last year and a 51Bcf injection for the five-year average. Storage is 369Bcf above last year for the same week and 103Bcf below the 5-year average. Working gas in storage stands at 2,797Bcf. Natural gas production reported another record high over this past weekend. (Read More ...)

Natural Gas Pricing

As of 9:50AM CST, October 2019, (the new prompt month) Natural Gas was trading at $2.18, -$0.05 from one week ago and the 1-Year Spread average was $2.34, -$0.05 from one week ago.

Crude Oil Pricing

As of 9:52AM CST, October, 2019, (the new prompt month) Light, Sweet Crude on the NYMEX was at $55.21 +$2.80 from one week ago.

Crude Oil Inventory

US crude inventories decreased by 2.7 million barrels to 437.8 million for the week ended August 17th, according to data released yesterday morning by the US Dept of Energy. Traders in the Reuters poll projected a decrease of 1.9 million barrels.

U.S. Rotary Rigs

According to the Baker Hughes Count, US Rotary Rigs targeting Natural Gas were -4 at 165 for the week ending August 16th and -21 from last year. Rigs targeting Crude were +6 at 764. There are 99 fewer rigs targeting oil than last year. US Rigs drilling for oil remain at 82% of all drilling activity. Canadian Rigs were +2 at 140 and -69 from last year.

Geopolitical

Kulusuk, Greenland (CNN) On one of the hottest days this summer, locals in the tiny village of Kulusuk, Greenland, heard what sounded like an explosion. It turned out to be a soccer field's worth of ice breaking off a glacier more than five miles away.
Greenland lost 12.5 billion tons of ice to melting on August 2, the largest single-day loss in recorded history and another stark reminder of the climate crisis.

Kulusuk is also base camp for NASA's OMG (Oceans Melting Greenland) program. OMG scientists traveled to the world's biggest island this year after a heatwave scorched the United States and Europe, smashing temperature records and triggering the mass melting of its ice sheet.

NASA oceanographer Josh Willis and his team are investigating how the ice is being attacked not only by rising air temperatures but also by the warming ocean, which is eating it away from underneath.

"There is enough ice in Greenland to raise the sea levels by 7.5 meters, that's about 25 feet, an enormous volume of ice, and that would be devastating to coastlines all around the planet," said Willis. "We should be retreating already from the coastline if we are looking at many meters [lost] in the next century or two." (Read More ...)

Weather

The AccuWeather 1-5 Day Outlook forecasts above-normal temps for most of the Western US, as well as West Texas Georgia and Mississippi. The North-Central states are projected to be at  below-normal temps, with normal temps for the balance of the country, including the entire East Coast.

The 6-10 Day Outlook forecasts above-normal temps for the West, Northeast, Georgia and Mississippi. The center of the country is projected to be at below-normal temps with the balance of the country at normal temps. 

The 11-15 Day Outlook forecasts above-normal temps for the western third of the US and New England. The Center of the country will be at below-normal temps with the balance of the country at normal temps.

The 30-Day Outlook shows above-normal temps for Northwest and the East Coast from Maine to South Carolina, with the balance of the country at normal temps.

The 90-Day Outlook shows above-normal temps for the Far- Northwest, with the balance of the country at normal temps.

Severe Weather: Thunderstorms and cooler weather are forecast for the Northeast for the next few days.

Sustainability and Renewables

Renewable energy breakthrough: Scientists economically extract hydrogen from oil: RENEWABLE green energy could be a step closer after scientists developed an economical method to extract hydrogen (H2) from oil sands. However, engineers have now developed an economical method of extracting hydrogen from oil sands.

This method could be used to power hydrogen-powered vehicles, in addition to generating electricity. Hydrogen is regarded as an efficient transport fuel, similar to traditional fuels such as petrol and diesel, without the associated pollution problems. The process can extract hydrogen from existing oil sands reservoirs, with large supplies found in Canada and Venezuela. This revolutionary process can be applied to mainstream oil fields, causing them to produce hydrogen instead of oil.

Although hydrogen-powered vehicles are known to be efficient, the high price of extracting hydrogen from oil reserves means the technology has not been economically viable. However, engineers have now developed an economical method of extracting hydrogen from oil sands.

Dr Ian Gates, of the Department of Chemical Engineering at the University of Calgary, said: “There are vast oil sand reservoirs in several countries, with huge fields in Alberta in Canada, but also in Venezuela and other countries.” (Read More ...)

This Week's Key Take-Away

Still summer. Still really hot. Another picture of Greenland's ice sheet; and Iceland is warmer than Greenland. Strange. It also seems strange to be seeing all of this ice in this week's report.

Why, of course, is because Greenland is in the news. For reasons known only to him and his inner circle of advisors, the president has made headlines about wanting to buy Greenland. A diminishing asset, if the scientists are correct about it's rate of melting. There's something weird if not rotten in this state of Denmark.

Jokes aside, the alarm has sounded on the world's melting glaciers and the serious danger it portends for land on the planet. Since humans live on the land and population is growing, less land is not preferable... especially to those living in the areas that will be immediately affected.

Obviously coastal cities would be destroyed but the change in temperature would kill much of the marine life on the planet, coupled with the melting ice affecting the degree of salinization of the world's water. Add to that the dearth of predictions of how it would change temperatures and weather; oh, and let's not forget whatever ancient microbes, long encased and sequestered in permafrost might damage our health. Perhaps it's time to take global warming more seriously.