Coquest Daily Energy Report
Crude Oil Futures for March 2023 settled down$0.10 @ $78.49/bbl. trading in a $1.62 range including the overnight-RBOB settled down 6.23/cpg and Heating Oil settled down 3.36/cpg. Gasoline deliveries on the West coast have been shut down by a leak at a pipeline facility in California. The shutdown is affecting deliveries of gasoline and diesel from the Los Angeles area east to areas including Las Vegas and Phoenix. Pipeline operator Kinder Morgan told reporters the leak was discovered last Thursday afternoon at a company station near Los Angeles and that its pipelines were shut down while the crews worked to resolve the issue. “There are no injuries or fire reported as a result of this incident,” said the company statement. It is not known how much fuel leaked or when service would be restored. “The appropriate regulatory agencies have been notified, and an investigation into the cause and quantity of the release will be conducted.”
Natural Gas Futures for March 2023 settled down $0.082 @ $2.389/mmbtu trading in a 0.162 cent range including the overnight session. Freeport LNG sought permission from federal regulators on Monday to restart commercial operations at its long-idled liquefied natural gas export plant, a move that could soon provide the world with another much needed source of the super-cooled fuel. The amount of gas flowing from U.S. pipelines to Freeport jumped on Monday to its highest since the facility was shut last June after the company restarted one of the plant’s three liquefaction trains. In a filing with the U.S. Federal Energy Regulatory Commission on Monday, Freeport asked for permission to put Phase 1 of its restart plan into commercial operation. Energy regulators and analysts have said they do not expect Freeport to return to full commercial operations for months.
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