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Texas Bans Gas Deliveries Beyond Its Limits: Energy Update

(Bloomberg) – Texas Governor Greg Abbott bans the state's natural gas sales beyond its borders. This is a sign that the crisis is plaguing the energy markets and leaving millions in the dark is far from easing. While many households in the state of Lone Star have done so, some natural gas and electricity suppliers are struggling to stay warm and get drinking water. You are ready to make billions of dollars from skyrocketing energy prices. Comstock Resources Inc., the gas producer of Dallas billionaire Jerry Jones, is one of those making big profits. BloombergNEF estimates that electricity sales could exceed $ 30 billion this week. A Canadian wind and solar power company in the state of Lone Start estimates it could lose as much as $ 47 million due to extreme weather. See also: Soaring Texas electricity prices promise both Doom and RichesBlackouts, which left nearly 3 million homes in Texas with no electricity on Wednesday, is expected to last through at least Thursday. Around 46,000 megawatts of electricity remained offline – enough to supply more than 9 million households with electricity. The Texas grid operator cut the power supply and charged the state's power grid overnight to its lowest level since early Monday. The data indicate that the agency has made little or no progress in switching the lights and heat back on. The economic effects are cascading. US oil production has dropped a record 40% while fracking has gone dark in the Permian Shale Games. The freezing growled grain shipments and delayed coronavirus vaccine delivery. Amazon.com Inc. closed facilities from Illinois to Texas. Gasoline prices are rising due to refinery outages, while propane used for heating rose to its highest level since 2014. Several oil industry companies have invoked force majeure warning customers that they will not be able to make deliveries under contract. Effects are being felt on the global crude oil market. Read More: How Extreme Cold Turned Into US Energy Crisis: QuickTakeAll Time Stamps Are EST. Texas May Lose 60% of Grapefruit Harvest in Deep Freeze (6:30 p.m.), Texas, Florida was predicted to be the largest US American Grapefruit producer this season is surpassed. Up to 60% of its crops were likely wiped out during the brutal cold explosion that is still ravaging the state. "These are likely completely lost," said Dale Murden, a farmer and president of Texas Citrus Mutual, a trading group based in Mission, Texas. Almost all of the late-season Valencia oranges in Texas were also likely destroyed, he said. Texas, known for its ruby ​​reds, should produce 200,000 tons of grapefruit this season, closely followed by Florida with 196,000 tons, according to the latest US Department of Agriculture forecasts. The next estimate for Texas is planned for April. Most of the US Midwest Explorer pipeline was closed due to a cold snap (5:24 p.m.). Most of Explorer Pipeline Co.'s refined pipeline system, which connects refineries on the US Gulf Coast to the Chicago area, is located in the system is expected to restart on Thursday, said Dolin Argo, vice president of operations Explorer, emailed with. Explorer has 1,830 miles of pipe in its system connecting the Port Arthur, Texas refinery hub to Hammond, Indiana. Texas bans natural gas companies from taking fuel out of the state (5:23 p.m.), Texas governor Greg Abbott said during a media briefing Wednesday that he said he had issued an order that would allow Texas gas producers to sell to electricity producers outside their borders Prohibited until February 21st. Dan Woodfin, Senior Director of System Operations at the Texan grid operator Ercot, previously said in an interview that there is a lack of gas supply.This is one of the reasons why there are problems getting power plants back on stream. Abbott said he and other governors raised concerns about the sharp spike in natural gas prices during the crisis on a conference call with President Joe Biden. Spot prices in neighboring Oklahoma soared over $ 1,000 per million British thermal units on Wednesday, up more than 100 times the week before. Gasoline prices start to rise as cold explosion (3:31 p.m.) supply chains lead to hiccups in the US. The utility system is driving gasoline prices soaring as refineries in the country's oil processing center attempt to get out of a disastrous freezer. Texas officials warned of bottlenecks in the western part of the state on a 405-mile stretch late Wednesday. Section of Interstate 10. Dozens of truck stops in Texas and nearby states were closed this week due to power outages. Gasoline prices were already rising before the winter flood amid optimism about the introduction of Covid-19 vaccines and the annual transition to summer fuel. From New Years through Wednesday, the national average price rose 28 cents to $ 2.54 a gallon – an additional penny every other day. Communications outages in Texas and Oklahoma (3:25 p.m.) Telecommunications providers reported 140 outages in Texas, affecting nearly 280,000 wireless device users on Wednesday morning, the Federal Communications Commission said in an update posted on their website. Power outages forced communication service providers to rely on emergency power. However, the agency said icy roads were affecting their ability to fuel generators. There have been seven outages in Oklahoma that affected more than 23,000 cell phone users. How can you restart a frozen oil well? (3:24 p.m.) Restarting oil and gas wells that have been shut down by the extreme cold in much of the U.S. will not be quick or easy, even after the ice thaws and power restored. Nationwide oil production has been reduced by at least a third, and in the Permian Basin of Texas, the heart of the American shale industry, production has decreased by as much as 65%. However, bringing back rivers will likely take much longer than it took to break in. Most wells produce a mixture of oil, gas, and water, and it is the last one that causes the problems. Although it can leave the well at boiling point, the water immediately comes into contact with steel pipes that are more than a hundred degrees colder. According to Richard Spears, vice president of Spears & Associates Inc., an industry advisor, this can cause it to freeze and restrict flow from the well. Acts of God Rise with Frost Disrupting U.S. Energy Industry (2:54 p.m.) Numerous energy companies are issuing force majeure warning customers of cuts in the supply of crude oil and refined products across Texas as the extremely cold weather cuts power and plant operations disturbs. Plains All American Pipeline LP warned shippers, who used more than a dozen of their pipelines, of the effects of freezing on their operations. Other companies that issued similar warnings included Oryx Midstream Services LLC, Occidental Petroleum Corp. and Citgo Petroleum Corp. Austin Power Crews Receive Hostile Receptions (2:48 p.m.) Municipal utility workers in the Texan capital, Austin, face threats, and in some cases had things thrown at them while they worked to restore the damaged energy infrastructure : "Our crews worked around the clock and in these elements," Austin Energy said in a tweet. “Some of our crews report harassment, threaten them and even throw things at them. I know people are extremely frustrated. But please, please, do not contact AE crews. “Dallas Cowboys Owner's Gas Drill Hits & # 39; Jackpot & # 39; if prices rise (2:22 p.m.) The natural gas producer of the Dallas billionaire Jerry Jones benefits from an increase The prices for the fuel as brutal freezing seize the central USA and leave millions without electricity. Comstock Resources Inc. has been able to sell gas from its Haynesville Shale wells in East Texas and North Louisiana at premium prices since Thursday. As demand bounces amid the cold, gas has surged above $ 1,000 per million UK thermal units at some regional hubs. Texas Crisis Hits Canadian Wind Power Provider With Protection Loss (2:15 p.m.) The Texas Energy Crisis, which has driven electricity prices soaring, has also risen Leaving a Canadian renewable energy company with protection losses after wind and solar plants in Lone Star state due to extreme weather were disturbed. Innergex Renewable Energy Inc. of Longueuil, Quebec, estimates the potential financial impact of the weather events at $ 45 million to $ 60 million ($ 35 to $ 47 million) on a consolidated basis, said a statement on Wednesday. South Texas Nuclear Power Plant Restart (2:14 p.m.) The South Texas Nuclear Power Plant Project restarted the Unit 1 reactor, which has been out of service since Monday.The 1.35 gigawatt reactor is currently running at 5%, according to the Nuclear Regulatory Commission. The plant went out of operation early Monday because the extreme cold affected the feed water pumps. The South Texas Project Nuclear Power Plant has restarted the Unit 1 reactor that had failed since Monday. Winter storm to dispose of snow in New York and Icy Rain in Texas (1): 44 p.m.) Another winter storm is moving east and central US, threatening to bring snow to the northeast and freezing rain to the southern states, the already suffer power outages in a frozen state. Central Park in Manhattan and Boston could be 6 to 8 inches (15 to 20 inches of snow by early Friday, Washington and Philadelphia 4 to 6, the National Weather Service said. In the meantime, the cold in the Great Plains and the South is increasing last a few more days and there will likely be icing from East Texas to Alabama. Outages likely to continue as power supplies remain low (7:20 am). The need for power outages to control demand on the Texas power grid is likely to continue since the data shows little evidence of improvement in the available power supply. System utilization remains at suppressed levels, indicating that limitations still exist. For more articles like this, visit bloomberg.com. Subscribe now to keep up with the Most trusted business news source to stay up to date. © 2021 Bloomberg LP