12062019Fri
Last updateThu, 05 Dec 2019 8pm

Petrochemicals Set to Be Largest Driver of World Oil Demand

Petrochemicals are becoming the largest drivers of global oil demand, in front of cars, planes and trucks, according to a major study by the International Energy Agency. Petrochemicals are set to account for more than a third of the growth in world oil demand to 2030, and nearly half the growth to 2050, adding nearly 7 million barrels of oil a day by then. They are also poised to consume an additional 56 billion cubic meters (bcm) of natural gas by 2030, and 83 bcm by 2050.

Demand for plastics – the key driver for petrochemicals from an energy perspective – has outpaced all other bulk materials (such as steel, aluminum or cement), nearly doubling since 2000. Advanced economies currently use up to 20 times more plastic and up to 10 times more fertilizer than developing economies on a per capita basis, underscoring the huge potential for global growth.


Enterprise Expanding Midland to ECHO Crude Pipeline

Enterprise Products Partners L.P. has long-term agreements that support a further expansion of the Midland to ECHO crude oil pipeline system. Enterprise will build a pipeline that connects the 6 million-barrel Midland, TX storage facility to its ECHO Terminal through its Eagle Ford system in South Texas. This pipeline will have an initial capacity of 450,000 barrels per day (bpd) and can be expanded up to 540,000 bpd. It is expected to begin service in the first half of 2021.

Appalachian Basin Holds More Gas Than Previously Estimated

The Marcellus Shale and Point Pleasant-Utica Shale formations of the Appalachian Basin contain an estimated mean of 214 trillion cubic feet of undiscovered, technically recoverable continuous resources of natural gas, according to new USGS assessments.

This is a significant increase from the previous USGS assessments of both formations. In 2011, the USGS estimated a mean of 84 trillion cubic feet of natural gas in the Marcellus Shale, and in 2012 the USGS estimated about 38 trillion cubic feet of natural gas in the Utica Shale.

“Since our assessments in 2011 and 2012, industry has improved upon their development techniques for continuous resources like the shale gas in the Appalachian Basin,” said Walter Guidroz, program coordinator for the USGS Energy Resources Program. “That technological advancement, plus all of the geological information we’ve gained from the last several years of production, have allowed us to greatly expand our understanding of these formations.”

Chemical Activity Barometer Rises in September

The Chemical Activity Barometer (CAB), a leading economic indicator created by the American Chemistry Council (ACC), was up 0.1% in September on a three-month moving average (3MMA) basis following a 0.1% decline in August and gains averaging 0.2% per month during the second quarter. On a year-over-year basis, the barometer was flat at 0.0% (3MMA).

“Although one month does not make a trend, the positive September CAB reading and upward revisions in the data are encouraging signs,” said Kevin Swift, chief economist at ACC. “The barometer indicates gains in U.S. commerce into the second quarter of 2020, but at a slow pace.”

EIA: Renewables to Provide Nearly Half of Electricity by 2050

In 2018, 28% of global electricity was generated from renewable energy sources, most (96%) of which was produced from hydropower, wind, and solar technologies. In its International Energy Outlook 2019, the U.S. Energy Information Administration (EIA) projects that renewables will collectively increase to 49% of global electricity generation by 2050. Of the top three renewable sources, EIA expects solar’s share of generation to grow the fastest and hydroelectric’s share to grow the slowest.

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