Editor’s note: Each Friday, Talk Business & Politics provides “Energy In-depth,” a round-up of energy and regulatory news.
ENVIRONMENTAL GROUPS CREATE ‘THREAT MAP’ TO SHOW LOCATION OF NATION’S OIL, GAS WELLS
Three environmental groups – Earthworks, Clean Air Task Force and FracTracker Alliance – have created the “Oil & Gas Threat Map” to make the public aware of where oil and gas wells are located in their communities. Facilities listed in the interactive map are limited to 1.2 million active production wells, natural gas compressor stations and processing plants because they are the most likely to be governed by federal and state standards to eliminate methane pollution by the oil and gas industry.
In Arkansas, the map shows there are nearly 14,000 oil and gas wells, compressors and processors located within the threat radius where 187,000 Arkansas residents live. Nationally, there are 12.4 million people who live near almost 1.2 million wells and associated facilities. To check out the Threat Map, click here.
GLOBAL CRUDE OIL STOCKPILES DECLINE FOR THE FIRST TIME SINCE 2013
Outages in OPEC and non-OPEC countries cut the global oil supply by nearly 800,000 barrels per day in May. At 95.4 million barrels per day (mb/d), output stood 590 barrels per day below a year earlier – the first significant drop since early 2013. Non-OPEC supply growth is expected to return in 2017 at a modest 200,000 barrels per day, after declining by 900,000 barrels per day in 2016, according to the newly released IEA Oil Market Report.
Global oil demand growth in the first quarter of 2016 has been revised upwards to 1.6 mb/d and for 2016 growth will now be 1.3 mb/d. In 2017, IEA forecasts the same rate of growth and global demand will reach 97.4 mb/d. Non-OECD nations will provide most of the expected gains in both years. The growth rate is slightly above the previous trend, mostly due to relatively low crude oil prices, IEA said.
PLATTS LAUNCHES PRICE ASSESSMENT TOOL FOR FAST-GROWING LNG MARKET
S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, has launched the LNG Gulf Coast Marker (GCM), a price assessment tool reflecting the daily export value of fast-growing liquefied natural gas (LNG) traded from the U.S. Gulf Coast in the international spot market. According to EIA, the natural gas infrastructure that intersects the United States, Mexico and Canada is the world’s largest and most integrated natural gas market and by 2020, the Americas are expected to be the world’s third largest producer of LNG, behind Australia and Qatar.
The launch of this new price reference product follows months of consultation with the LNG industry, market participants and other stakeholders, Platts officials said. For more information on LNG and natural gas, visit the S&P Global Platts website.