Natural Gas in Underground StorageThe weekly EIA Natural Gas Storage Report advised that there was an injection of 2Bcf (billion cubic feet) into Underground Storage for the week ending December 1st, 2017.
This is 12Bcf below the median forecast of an 11Bcf withdrawal, the average prediction of sector analysts and traders in the Dow Jones Newswires weekly survey. The withdrawal one year ago was 43Bcf and the 5-year average withdrawal is 69Bcf. Storage is 264Bcf below last year for the same week and 36Bcf below the 5-year average.
Natural Gas PricingAs of 8:56AM CST, January 2018, (the prompt month) Natural Gas was trading at $2.80, -$0.27 from one week ago and the 1-Year Spread average was $2.82, -$0.17 from one week ago.
Crude Oil PricingAs of 9:01AM CST, January, 2018, (the prompt month) Light, Sweet Crude on the NYMEX was at $56.35, -$1.33 from one week ago.
Crude Oil InventoryUS crude inventories fell by 5.6 million barrels to 448.1 million barrels for the week ended Dec 1, according to data released yesterday morning by the US Department of Energy. Traders in the Reuters poll projected a draw of 2.3M barrels.
U.S. Rotary RigsU.S. Rotary Rigs drilling for natural gas were +4 at 180 for the week of December 1st. The number of rigs currently drilling for Natural Gas is 61 higher than last year’s level of 119. US Rigs drilling for oil were +2 at 749 There are 272 more rigs targeting oil than last year. Canadian rigs were +7 at 222 for the week. Rigs targeting oil remain at 81% of all drilling activity.
GeopoliticalR.I.P., CPP? Clean Energy Trend Likely To Continue Despite Trump’s Clean Power Repeal: West Virginia Attorney General Patrick Morrisey stood in front of the state’s capitol to rally the roughly 120 coal miners and industry boosters gathered there.
“The fight against the unlawful Clean Power Plan started in Charleston, West Virginia,” Morrisey said, noting the state’s role in a legal challenge to the Obama-era rule. The federal rule would have required states to find ways to ratchet down power plant emissions of greenhouse gases.
WeatherThe AccuWeather 1-5 day Outlook forecasts below-normal temperatures for most of the Eastern half of the country. The west will be at normal or above normal temps. The 6-10 Day Outlook projects a similar forecast but with more of the Western US at above-normal temps. The 11-15 day Outlook forecasts the Northeast quarter of the country at below-normal temps with the Western half at above-normal temps. The 30-Day Outlook projects above-normal temps for the Southern half of the country with below-normal temps for the North-Central states.
Sustainability and Renewables
California’s Largest Solar Energy Project Set for Oil Field: California oil and gas producer Aera Energy and solar energy supplier GlassPoint Solar announced plans to build the state’s largest solar energy project, located at the Belridge oilfield west of Bakersfield. The companies say it will be the first of its kind in the world to use solar steam and solar electricity to power oilfield operations. When completed, the facility will have an 850 MW solar thermal facility that can produce 12 million barrels of steam annually and a 26.5 MW photovoltaic facility for electricity, according to Aera Energy and GlassPoint Solar.