May 17, 2020

U.S. crude oil growth stabilizes global price

Admin
2 min
Crude oil prices
[email protected] Make sure to check out the latest issue of Energy Digital magazine Rising crude oil production in the United States contributed to...

Make sure to check out the latest issue of Energy Digital magazine 

Rising crude oil production in the United States contributed to relatively stable global crude oil prices in 2013, at around the same annual average levels of the previous two years. West Texas Intermediate (WTI) spot prices averaged $98 per barrel (bbl) in 2013, up 4 percent from 2012 and the highest annual average since 2008.

New pipeline and railroad infrastructure alleviated transportation constraints that had put downward pressure on WTI prices. The North Sea Brent spot price averaged $109/bbl, down 3 percent from 2012. Brent prices came under downward pressure as rising U.S. light sweet crude oil production reduced the need for U.S. imports, thereby increasing supplies of Brent-quality crude oil available to the global market.

Significant events affecting oil markets in 2013 included:

U.S. highlights

  • Domestic crude oil production increased 1.0 million bbl/d – rising more than the combined increases in the rest of the world – to reach its highest level in 24 years. This increase marked the largest observed annual increase in U.S. history.
  • Production exceeded imports during several weeks for the first time in nearly two decades.
  • Transportation infrastructure improvements enabled crude oil from Cushing, Oklahoma, and the Bakken, Permian, and Eagle Ford tight oil formations, to better reach refineries, reducing the need for foreign crude oil.

Global highlights

  • China accounted for almost one-third of growth in global demand and surpassed the United States to become the world's largest importer of crude oil.
  • EIA estimates that global unplanned supply disruptions averaged 2.6 million bbl/d in 2013, 0.7 million bbl/d higher than the previous year. OPEC (Organization of the Petroleum Exporting Countries) producers had the largest volume outages at 1.8 million bbl/d.
  • Despite significant production disruptions, international crude oil prices were relatively stable last year because higher U.S. production and seasonally elevated Saudi Arabian production (Saudi Arabia maintained peak summer production levels into the fall) offset outages elsewhere.
  • Total liquid fuels production from members of OPEC fell by 0.9 million bbl/d in 2013. Non-OPEC liquid fuels production, concentrated in the United States, grew by more than 1.4 million bbl/d in 2013, more than offsetting the decline in OPEC production.

Source: U.S. Energy Information Administration

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Apr 16, 2021

Hydrostor receives $4m funding for A-CAES facility in Canada

energystorage
Canada
Netzero
Dominic Ellis
2 min
The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction
The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction...

Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.

The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction. 

The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.

The project has support from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada.

Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.

The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”

A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth. 

Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."

The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.

Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019. 

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