In this file:
?/span> Gas at One U.S. Hub Is Trading at $999. Last Week It Was at $4
?natural gas prices at one trading hub up 24,000% from a week ago?
?/span> Texas Spot Power Price Hits $9,000 for Fourth Day: Energy Update
?To prevent the collapse of their networks, suppliers from North Dakota to Texas are instituting rolling power cuts for the second consecutive day to limit demand?
?span style='font:7.0pt "Times New Roman"'> Occidental Declares Force Majeure as Cold Shuts in Permian Oil
?The force majeure is the first to surface among the oil giants of Texas抯 Permian Basin and underscores the deepening crisis across America抯 energy complex?
Gas at One U.S. Hub Is Trading at $999. Last Week It Was at $4
By Naureen S Malik, Gerson Freitas Jr, and Sergio Chapa, Bloomberg
February 16, 2021
A polar blast in the central U.S. has pushed natural gas prices at one trading hub up 24,000% from a week ago.
Supply for next-day delivery at the Oneok Gas Transportation hub in Oklahoma traded at $999 per million British thermal units for two contracts on Tuesday, according to David Hoy, a trader at Dynasty Power in Calgary. That compares with $4.19 a week earlier.
Gas at the Henry Hub in Louisiana, the benchmark for futures in New York, traded at $19 at about 11:45 a.m. in New York after earlier soaring to $30, Hoy said. Supply at the hub traded at $3.24 a week ago.
Production of gas in the Lower 48 states has plummeted to a three-year low as frigid weather triggers blackouts and causes liquids to freeze inside pipes, forcing wells and processing plants to shut. Underpinning the rally is the prospect of tighter inventories by the end of the winter as heating demand soars...
more, including chart
Texas Spot Power Price Hits $9,000 for Fourth Day: Energy Update
Brian K. Sullivan and Naureen S. Malik, Bloomberg
via Yahoo Finance - February 16, 2021
(Bloomberg) -- The energy crisis crippling power grids across the U.S. showed few signs of abating Tuesday morning as blackouts left almost 5 million customers without electricity during unprecedented cold weather.
Spot power prices in Texas hit the $9,000-per-megawatt-hour price cap for a fourth straight day. To prevent the collapse of their networks, suppliers from North Dakota to Texas are instituting rolling power cuts for the second consecutive day to limit demand. The severe shortages are likely to continue throughout Tuesday, and the deep freeze is forecast to remain until Wednesday at least.
Officials have reported two people dead, likely from cold, according to the Associated Press. Medical centers are rushing to administer vaccines before they go bad. Flights are grounded. More than 2 million barrels a day of oil and 10 billion cubic feet of gas production are shut and massive refineries have halted gasoline and diesel output.
The Southwest Power Pool, which controls a grid spanning 14 states from North Dakota to Oklahoma, ordered rotating outages for a second consecutive day...
Occidental Declares Force Majeure as Cold Shuts in Permian Oil
燱eather affects crude delivery in the field and on the coast
燯nclear how long supply curtailments to customers would last
By Sheela Tobben and Javier Blas, Bloomberg
February 16, 2021
Occidental Petroleum Corp., the second largest oil producer in the Permian Basin of West Texas and New Mexico, told buyers that it will be forced to curtail oil deliveries due to complications from the historic freeze in the region.
The company said that weather disrupted transportation facilities and forced delays in the receipt and delivery oil by carries, according to a force majeure notice to customers seen by Bloomberg. Oxy also expects curtailments of shipments downstream because of limited deliveries into Midland, Houston and Corpus Christi in Texas.
The force majeure is the first to surface among the oil giants of Texas抯 Permian Basin and underscores the deepening crisis across America抯 energy complex as a result of an unprecedented cold blast that began Thursday. More than two million barrels oil production a day has been halted...