Ethane stock levels in October 2009 dropped to a 16-month low of 986,000 barrels (bbl), according to the U.S. Energy Information Administration, as a result of increased demand for ethylene. This stock level represented a 51% drop from the previous year, when the storage level was 2 million bbl.
Propane stock levels remained stagnant in October 2009, which is the latest information available from the U.S. Energy Information Administration, as they dropped 1% to 2 million barrels from the previous month.
Butane stock levels nearly doubled in October 2009 from their stock levels in the previous year, rising from 1.1 million barrels to 2.1 million barrels. This stock level was also 2% greater than the September 2009 stock level and 39% greater than in May.
Iso-butane stock levels were down 13% over a six-month period running from May 2009 to October 2009 when stocks fell from 572,000 barrels (bbls) to 496,000 bbls according to the most recent data available from the U.S. Energy Information Administration (EIA).
C5+ stock levels were down 48% during a year-on-year basis from October 2008 to October 2009 as stocks decreased from 961,000 barrels (bbl) to 503,000 bbl, according to the most recent information from the U.S. Energy Information Administration.
The U.S. E&P sector appears poised for a strong showing as the global economy continues rebounding this year, according to KeyBanc analysts.
Clean Energy Fuels Corp. received a contract to build and operate a second CNG station at Dallas/Fort Worth Airport. This new station will serve the airport’s 46 rental car center shuttle buses as well as CNG vehicles in the region.
As old coal plants get shut down, gas producers have plenty to cheer about as the retirements will drive 3- to 5 billion cubic feet per day of incremental gas demand.
Enterra Energy Corp. became the latest Canadian energy trust to convert to a corporation due to the tax legislation that was passed by the Canadian government in 2006 that will tax trusts, which are similar in design and set-up to American master limited partnerships (MLPs), at the same rate as corporations in 2011.
Western Gas Partners completed its third dropdown acquisition from its parent, Anadarko Petroleum Corp. The US$254.4 million acquisition includes the Granger gathering system and the Granger plants, all of which are located in southwest Wyoming.
Maintaining gas demand will be ‘an increasingly Sisyphean struggle’ without some help from Mother Nature, report says.
Enterprise Products Partners’ Q4 2009 results were highlighted by a 42% increase in revenue to US$8.4 billion and a 78% increase in net income to $406 million due to record natural gas liquid, crude and petrochemical volumes that it transported, as well as record equity NGL production and fractionation volumes and increased volumes of natural gas it transported.