Last updateMon, 28 Sep 2020 2pm

Global Chemicals Output Increases in July

Data collected and tabulated by the American Chemistry Council show that with improving activity in many nations, global chemicals production rose by 1.4% in July following a 1.6% gain in June and declining activity for January through May. During July, chemical production increased in major regions except Latin America and Africa and the Middle East. Headline global production was off 5.1% year-over-year on a three-month moving average basis and was off 5.2% from the peak level in December. Global output stood at 112.4% of its average 2012 levels.

API: U.S. Energy Markets are Rebalancing, Remain Fragile

The U.S. returned to being a net energy exporter in August despite disruptions from Hurricane Laura and ongoing uncertainty over the pandemic, according to data released in the American Petroleum Institute’s (API) August 2020 Monthly Statistical Report and Q3 2020 Industry Outlook. Higher demand and lower supply translated into lower crude oil inventories and further illustrated the gradual rebalancing of the market.

“Although the market remains fragile, we saw substantive progress in August towards the rebalancing and normalizing of key indicators,” API chief economist Dean Forman said. “The U.S. return to net exporter status despite disruptions from Hurricane Laura is significant in that it shows a combination of resilience in international demand coupled with domestic refiners increasingly turning to domestic sweet crude despite and in fact due to the pandemic-driven recession.”

U.S. Manufacturers Increasing Use of Natural Gas, HGLs

Preliminary results from the U.S. Energy Information Administration’s 2018 Manufacturing Energy Consumption Survey show that the consumption of energy by manufacturers in the United States has continued to increase since its 2010 low. Natural gas and hydrocarbon gas liquids (HGLs) led the increase, together accounting for more than half of the sector’s energy consumption in 2018. The U.S. manufacturing sector’s consumption of electricity has also increased slightly since 2010, but consumption of naphtha and fuel oils, coal, coke, and breeze has declined.

Pennsylvania Sets Natural Gas Production Record

In 2019, about 6.8 trillion cubic feet of natural gas was produced from unconventional gas wells in Pennsylvania. According to the Department of Environmental Protection, this represents the largest volume of natural gas on record (a more than 10% increase from the previous year) that has been produced in Pennsylvania in a single year. Currently, Pennsylvania is the second largest producer of natural gas in the nation (Texas produces the most).

Report Shows Bright Future Ahead for Permian Basin

Recent projections in a new report from the Permian Strategic Partnership show that the Permian Basin region’s unique assets are poised for growth in the coming decades. A new analysis from researchers at Texas A&M University predicts the region will produce between 3.2 and 5.6 million barrels of oil per day and between 10.1 and 19.7 billion cubic feet of natural gas per day in the years ahead, despite the economic headwinds caused by the COVID-19 pandemic.

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