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US Weekly Energy Report - 2 November 2017



Market Commentary

The latest Weekly Petroleum Status Report from the Energy Information Administration (EIA) demonstrated this week that U.S. crude oil exports hit a new all-time record high. For the week ending October 27, the EIA reported crude exports at 2.133 million barrels per day, up more than 200,000 barrels per day from the prior week. The report also demonstrated an increase in U.S. crude oil production for the sixth time in the last eight weeks, with output reaching 9.553 million barrels per day.

In a judgment issued on Wednesday, a U.S. federal appeals court upheld approvals from the Department of Energy (DOE) for liquefied natural gas (LNG) terminals in Maryland, Louisiana, and Texas, denying petitions from the Sierra Club to overturn the authorizations. Despite arguments that federal agencies have failed to adequately assess greenhouse gas emissions from upstream production, the U.S. District of Columbia Court of Appeals ruled that projects at Dominion Energy Cove Point LNG, Sabine Pass LNG, and Corpus Christi LNG could move forward.

Mexico’s state-owned power utility, Comision Federal de Electricidad (CFE), announced this week that it would be increasing retail electricity tariffs for commercial and industrial users in November. Industrial users will see an increase of 2.6% to 3.5% compared to rates in October, while commercial rates will be up 1.5% to 2.4% over the same period. Natural gas pipeline constraints have increased CFE’s reliance on fuel oil and LNG shipments to fuel its electricity needs, putting upward pressure on power prices.

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