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Energy and Markets Newsletter 121911

Energy and Markets Newsletter 121911

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Published by choiceenergy
Market Update
Market Update

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Published by: choiceenergy on Jan 19, 2012
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01/19/2012

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December 20,2011
Energy Data HighlightsRetail gasoline price
12/19/2011:
$3.229/gal
down$0.057 from week earlierup$0.247 from year earlier
12/19/2011:
$3.828/gal
down$0.066 from week earlierup$0.580 from year earlier
12/16/2011:
$93.53/bbl
down$5.88 from week earlierup$5.83 from year earlier
12/16/2011:
$3.127/mmBtu
down$0.190 from week earlierdown$0.921 from year earlier
12/10/2011:
21.664 million tons
down0.442 million tons from week earlierdown0.112 million tons from year earlier
Natural Gas/ Power News
 
EIA Storage Release 12/15/11 (Actual): -102 Bcf Previous Week:
-20
Bcf +4.3% Change from 1 Year Ago+10.3% Change 5-year Average
Net power flows into California from other Western States accounted for about 67million megawatthours (MWh), or 25% of California's total electric supply of 277million MWh in 2010 (see map). California received—on net basis (power flows into
 
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the state minus power flows out of the state)—44 million MWh from the Southwestand 22.5 million MWh from the Northwest in 2010. Interregional power flowselsewhere in the West were much lower... The West receives very small amountsof power from the East. The East and the West operate as separate electricsystems, called Interconnections. The ties between the transmission systems inthe East and West have very limited capacity for power transfers. The significanceis that the Eastern and Western interconnections (and a third interconnectioncovering most of Texas) are for most purposes electrically isolated from eachother. Each interconnection is operated independently, and trade between theinterconnections across the direct current ties is minimal.http://www.eia.gov/todayinenergy/detail.cfm?id=4370 
 
Canada Natural Gas Falls as Mild U.S. Weather Pares Furnace Use
Canadian natural gas fell as mild weather in the U.S., where most of the nation’sgas output is consumed, pares demand for heating fuels. Alberta gas dropped 2.2percent. Weather Derivatives of Belton, Missouri, said heating demand across theU.S. will trail normal by 20 percent through Dec. 26. New York’s high Dec. 21 maytouch 53 degrees Fahrenheit (12 Celsius), 12 above normal, according toAccuWeather Inc. of State College, Pennsylvania. “It’s balmy across the countryand the forecasts are warm all the way to January,” said Kyle Cooper, director of research at IAF Advisors in Houston.http://www.businessweek.com/news/2011-12-20/canada-natural-gas-falls-as-mild-u-s-weather-pares-furnace-use.html 
Cheniere Energy plans second U.S. natural gas export plant 
Cheniere Energy Inc. (LNG), the liquefied natural gas importer that Standard &Poor’s has said is on the verge of default, announced plans for a gas-export plantin Texas, the company’s second proposed terminal to ship U.S. supplies of the fueloverseas. The project would be located in San Patricio County, near Corpus Christi, Texas, on a site Cheniere previously designated for an import terminal, theHouston-based company said in a statement today. No construction timeline orcost estimate was provided for the plant, which Cheniere said will handle 13.5million tons of gas annually. Chief Executive Officer Charif Souki has been sellingshares to investors and signing sales agreements with French, Indian and Britishenergy companies to stave off a cash crunch and attract financing for a proposedgas-export terminal in southwest Louisiana.New drilling techniques have created aglut of North American gas that has depressed prices and triggered interest inexporting the fuel to more lucrative European and Asian markets. Royal DutchShell Plc (RDSA) and Apache Corp. (APA) are among the energy companiesexploring the possibility of shipping North American gas overseas.http://fuelfix.com/blog/2011/12/20/cheniere-energy-plans-second-u-s-natural-gas-export-plant/
Funds Slash Bearish Gas Bets as Prices Plunge: Energy Markets
Hedge funds reduced bearish bets on natural gas for a fourth week even aswarmer-than-normal weather and a rising storage surplus pushed prices towardthe biggest annual decline since 2006.http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/12/19/bloomberg_articlesLWGOXV6VDKHX.DTL#ixzz1h50ej6ef 
Green/ Alternative Energy News
 
Google, KKR Set California Solar Deal 
Google Inc. and KKR & Co. Inc. are expected to announce Tuesday a jointinvestment in a California solar-power project, showing investor interest in theindustry amid expiring government incentives. The Internet giant and private-equity firm will become majority owners of four solar farms south of Sacramento,according to people familiar with the matter. Recurrent Energy, the project'sdeveloper and a subsidiary of Sharp Corp., will remain a minority owner andoperate the facilities, these people said. Financial terms of the deal weren'tavailable. A person familiar with the matter said that KKR and Google beat outother bidders. Recurrent has a 20-year agreement to supply the SacramentoMunicipal Utility District with roughly enough electricity to power 13,000 U.S.homes. The customer-owned utility serves about 1.4 million people over 900square miles.http://online.wsj.com/article/SB10001424052970204058404577108892724557610.html?mod=WSJ_hp_LEFTWhatsNewsCollection 
EPA agrees with GenOn: court should avoid market disruptions
  The US Environmental Protection Agency says it agrees with a request by coal-fired utilities that a federal court should avoid disrupting the markets for emissionsallowances and electricity when it decides on whether to stay a new rule to reduceinterstate air pollution from the power sector.http://www.platts.com/RSSFeedDetailedNews/RSSFeed/ElectricPower/6782944 
Crude Oil News
OPEC Daily Basket Price 12/19/2011- $102.91(OPEC Daily Basket Price 12/16/2011- $103.57)Oil Rises a Second Day on Signs U.S. Crude Supplies Shrank, Iran Outlook 
Oil rose for a second day in New York on forecasts that U.S. crude stockpilesdeclined for a second week and speculation that further sanctions against Iran willcurb supply from OPEC’s second-largest producer. Futures advanced as much as1.5 percent, extending yesterday’s 0.4 percent gain. U.S. crude inventories fell by2 million barrels last week, according to a Bloomberg News survey beforetomorrow’s Energy Department report. Gulf Cooperation Council leaders are inSaudi Arabia for a meeting that may address responses to Iran’s nuclear program.“In the U.S., the economy is on the road to recovery, with falling unemploymentand consistently improving growth against a background of low and falling oilstockpiles,” saidChristopher Bellew, a senior broker at Jefferies Bache Ltd. inLondon. “In Europe growth is virtually non-existent.”http://www.bloomberg.com/news/2011-12-20/oil-rises-a-second-day-on-signs-u-s-crude-supplies-shrank-iran-outlook.html 
Oil Prices Boosted by Supply Worries, Improving Data
 
 Threats to supply in Iran and Kazakhstan and stronger economic data lifted oil byover $1 on Tuesday, outweighing rumbling concerns on the euro zone. Brentcrude was $1.46 higher at $105.10 a barrel. However it is still down 5 percent thismonth. U.S. light, sweet crude
 
was up $1.20 at $95.08 a barrel. Hundreds of oilworkers held a third day of protests in the capital of Kazakhstan's western oil-producing region on Monday after at least 15 people were killed in the state'sdeadliest riots in decades. The country's crude production is estimated at around1.6 million barrels per day, similar to Libya's before its civil war. There wererenewed concerns over supplies from Iran, after the Organization of the PetroleumExporting Countries (OPEC) member said crude production had dropped due tolack of investment in oil fields as the country faces the West's toughest ever

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