• 6 hours Oil Pares Gains After API Reports Surprise Crude Inventory Build
  • 6 hours Elon Musk Won’t Get Paid Unless Tesla Does “Extraordinarily Well”
  • 7 hours U.S. Regulators Keep Keystone Capacity Capped At 80 Percent
  • 7 hours Trump Signs Off On 30 Percent Tariff On Imported Solar Equipment
  • 9 hours Russian Funds May Invest In Aramco’s IPO To Boost Oil Ties
  • 10 hours IMF Raises Saudi Arabia Growth Outlook On Higher Oil Prices
  • 12 hours China Is World’s Number-2 In LNG Imports
  • 23 hours EIA Weekly Inventory Data Due Wednesday, Despite Govt. Shutdown
  • 1 day Oklahoma Rig Explodes, Leaving Five Missing
  • 1 day Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 1 day Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 1 day Libya’s NOC Restarts Oil Fields
  • 1 day US Orion To Develop Gas Field In Iraq
  • 4 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 4 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 4 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 4 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 4 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 4 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 4 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 5 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 5 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 5 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 5 days Venezuelan Output Drops To 28-Year Low In 2017
  • 5 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 5 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 5 days Kinder Morgan Delays Trans Mountain Launch Again
  • 6 days Shell Inks Another Solar Deal
  • 6 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 6 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 6 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 6 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 6 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 6 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 6 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 6 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 7 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 7 days Norway Grants Record 75 New Offshore Exploration Leases
  • 7 days China’s Growing Appetite For Renewables
  • 7 days Chevron To Resume Drilling In Kurdistan
OPEC Oil Production Falls In December

OPEC Oil Production Falls In December

OPEC’s oil production fell in…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Oil And Gas Run Low As East Coast Sees Record Snowfall

Snow

The past week of continuous record low temperatures and snowfall has oil-dependent power plants in the northeast scrambling to secure supplies of some of the dirtiest burning oil available in the market due to an impending supply shortage, according to a new report by Hellenic Shipping News.

Oil fuels 30 percent of the New England power plant market, but winter storms could lead to another foot of snow, making it difficult for tankers or trains to deliver needed commodities, Marcia Blomberg of regional grid operator ISO New England, said.

Oil imports to the East Coast jumped by almost 60 percent last week in anticipation of increased demand due to heating needs. JBC Energy predicts distillate use to increase by 90,000 barrels per day in January and February as well.

The cold weather, expected to become a “bomb cyclone” in the coming days, has also shocked natural gas markets. Extreme cold is cutting production in North Dakota’s Bakken, while demand is surging because everyone is turning up the thermostat to stay warm.

Reuters said that gas flowing through interstate pipelines from North Dakota dropped from 1.3 billion cubic feet per day in the week ending on December 25 to just 1 bcf/d as of Tuesday. Texas (-20 percent) Oklahoma (-22 percent) and Pennsylvania (-5 percent) are also reporting weather-related production problems, Genscape data says.

The U.S. has built a long line of new gas-fired power plants in recent years to burn cheap natural gas, which has catapulted natural gas into the top spot for electricity generation. So while gas consumption fluctuates seasonally, the spring and autumn lows are getting higher and the winter spikes are also getting higher. This is a structural increase that will continue to grow over time.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Rusty57 on January 05 2018 said:
    Where's the article on renewable solar and wind picking up the lack?
  • Peter on January 05 2018 said:
    Just sit in your Tesla with heater on until the oil gets delivered.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News