Exports are insufficient so far to keep propane inventories manageable, but as the price continues to drop, that could change.
Having eclipsed coal as primary fuel, midstream deal flow dominates utilities.
Paddy Padmanathan, CEO and president of ACWA Power International, believes renewables will pack a competitive punch to the oil and gas markets, but says that will take time.
Comments from executive contrast with company’s previous statements.
Iran vows to continue to export oil, but statistics indicate economic pressure.
Oil fell further from 2019 highs on March 22, but was set for a third straight week of gains due to supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela.
Other disruptions, including bottlenecks in Canada, squeeze global supply of heavy crude.
The Narrabri project, owned by Santos Ltd., could ease a looming gas shortage in eastern Australia, but is at risk of becoming a casualty in a weekend election in the country’s most populous state.
Oil held near 2019 highs on March 20, supported by tightening U.S. stocks and declining output from key producers due to OPEC production cuts and U.S. sanctions on Iran and Venezuela.
U.S. crude oil stockpiles last week fell by nearly 10 million barrels, the most since July, boosted by strong export and refining demand, the EIA said.