MARKETWIRE ALERTS

MARKETWIRE ALERTS 

MarketWire Afternoon News for November 19th

Updated at 5:00 PM ET 

HEADLINES:

—  CPV Breaks Ground for Gas-Fired 1,350 MW Texas Plant

— U.S. Plans New Oil Drilling for California, Florida

— CEC: California Gasoline Stocks Climb 83,000 Bbl on Week

— CEC: California Diesel Stocks Fall 20,000 Bbl on Week

— ExxonMobil, Enterprise to Expand Bahia NGL Line to 1M Bpd

— Baker Hughes Secures 1.3 GW Gas Turbine Order from Dynamis

—  EIA reports 14 Bcf Withdrawal from US NatGas Storage

— DOL: Initial Jobless Claims at 220,000 Week-Ended Nov 15

NEWS:

CPV Breaks Ground for Gas-Fired 1,350 MW Texas Plant

Competitive Power Ventures (CPV) announced Thursday (11/20) it has officially broken ground on a 1,350-megawatt combined-cycle natural gas power plant in the Permian Basin.

The CPV Basin Ranch Energy Center will provide much-needed, dispatchable generation to Texas utility ERCOT, CPV said in a statement.

The project represents an investment of approximately $2 billion and will result in over $400 million in local tax revenue throughout the life of the project.

Gemma Power Systems will lead construction efforts for the project, which will be equipped with turbines provided by GE Vernova.

U.S. Plans New Oil Drilling for California, Florida

The Trump administration is planning an expansion of U.S. oil drilling involving as many as 34 potential offshore projects that would include rigs off the coast of California and Florida, the Department of the Interior announced Thursday (11/20).

Under the expanded Outer Continental Shelf (OCS) Oil and Gas Leasing plan, there would be six Pacific Coast lease sales between 2027 and 2030 involving drilling off the coast of California for the first time since the mid-1980s.

There are a total of 27 OCS areas currently under operation and 21 of them would see new drilling, covering approximately 1.27 billion acres, the department said.

Aside from the six Pacific areas, seven areas in the Gulf of America and others off Alaska have been targeted for offshore drilling.

The Eastern Gulf of Mexico, whose coast was off-limits in the past to due to environmental efforts aimed at protecting Florida’s tourism-based economy, will see new lease sales too between 2029 and 2030.

“Offshore oil and gas production does not happen overnight. It takes years of planning, investment, and hard work before barrels reach the market,” Doug Burgum, secretary of the Interior, said in remarks accompanying the announcement.

California Governor Gavin Newsom, however, objected to the Pacific expansion of the OCS, saying it would be “dead on arrival” in the state, where opposition to offshore oil projects was clear. The federal plan does not require direct approval from California lawmakers, but the state has powerful regulatory tools to block it.

“As it relates to offshore oil drilling, it’s overwhelmingly opposed by members of all political parties in the state of California,” Newsom told a news conference on the sidelines of a climate conference in Brazil.

Florida’s lawmakers had also pushed back strongly against drilling off the state’s coast during the first Trump administration between 2016 and 2020.

CEC: California Gasoline Stocks Climb 83,000 Bbl on Week

MIAMI, FL (DTN) – California gasoline inventories climbed in the week ending November 14, driven by increases in Northern and Southern California, according to the California Energy Commission’s Weekly Fuels Report released Thursday (11/20).

Statewide gasoline stocks, including CARB reformulated, non-California, and blending components, climbed by 83,000 bbl to 10.242 million bbl, up 2% from last year.

Northern California saw the largest movement this week, with total gasoline inventories falling by 134,000 bbl to 4.910 million bbl, but still up 8% annually.

Northern CARB gasoline climbed by 22,000 bbl to 3.047 million bbl. Northern non-California gasoline climbed by 115,000 bbl to 315,000 bbl. Northern blending components fell by 271,000 bbl to 1.548 million bbl.

Southern California gasoline inventories climbed by 217,000 bbl to 5.332 million bbl, down 3% year over year.

Southern CARB gasoline climbed by 185,000 bbl to 2.404 million bbl. Southern non-California gasoline climbed by 56,000 bbl to 502,000 bbl. Southern blending components fell by 24,000 bbl to 2.426 million bbl.

Statewide gasoline production fell by 483,000 bbl to 4.954 million bbl, down 22% from the previous year.

Southern California gasoline production fell by 718,000 bbl to 2.951 million bbl, down 31% annually.

Southern CARB gasoline production fell by 887,000 bbl to 2.608 million bbl, while Southern non-California gasoline fell by 169,000 bbl to 343,000 bbl.

Northern California gasoline production climbed by 234,000 bbl to 2.002 million bbl, but remained down 5% from last year. Northern CARB production climbed by 123,000 bbl to 1.818 million bbl, while Northern non-California gasoline climbed by 111,000 bbl to 184,000 bbl.

CEC: California Diesel Stocks Fall 20,000 Bbl on Week

California diesel inventories fell in the week ending November 14, led by sharp declines in Northern California, according to the California Energy Commission’s Weekly Fuels Report released Thursday (11/20).

Statewide diesel stocks, including CARB and other grades, sank by 20,000 bbl to 2.428 million bbl, down 4% year over year.

Northern California saw the largest movement this week, with total diesel inventories falling by 124,000 bbl to 978,000 bbl. Northern CARB diesel stocks fell by 235,000 bbl to 584,000 bbl, while Northern other diesel climbed by 111,000 bbl to 394,000 bbl.Northern diesel stocks were down 12% from last year.

Southern California diesel inventories climbed by 104,000 bbl to 1.45 million bbl, up 1% from last year. Southern CARB diesel climbed by 135,000 bbl to 777,000 bbl, while Southern other diesel fell by 31,000 bbl to 673,000 bbl.

Statewide diesel production climbed by 8,000 bbl to 1.429 million bbl, but was down 10% from last year.

Southern California diesel production led output this week, with total production climbing by 39,000 bbl to 930,000 bbl, though still down 12% annually.

Southern CARB diesel production climbed by 70,000 bbl to 548,000 bbl, while Southern other diesel fell by 31,000 bbl to 382,000 bbl.

Northern California diesel production fell by 31,000 bbl to 499,000 bbl, down 5% from the previous year. Northern CARB diesel output fell by 646,000 bbl to minus 78,000 bbl, while Northern other diesel climbed by 615,000 bbl to 577,000 bbl.

ExxonMobil, Enterprise to Expand Bahia NGL Line to 1M Bpd

SECAUCUS, NJ (DTN) – ExxonMobil is acquiring a 40% stake in the 600,000-bpd Bahia natural gas liquids (NGL) pipeline from operator Enterprise Products Partners, with plans to build a 92-mile extension that would boost the project’s capacity to 1 million bpd, the two companies announced Thursday (11/20).

The deal, expected to close by early 2026 and subject to regulatory approvals, grants ExxonMobil an undivided joint interest of 40% in the pipeline that is ready to commence commercial operations, linking Permian’s Midland and Delaware basins to Enterprise’s Mont Belvieu fractionation complex.

Once the deal closes, the companies plan to boost the project’s capacity by 400,000 bpd with the construction of a 92-mile extension, dubbed the “Cowboy Connector,” to ExxonMobil’s Cowboy natural gas processing plant in New Mexico.

Enterprise said the expansion was to accommodate the Permian Basin’s projected NGL growth, which is forecast to exceed 30% between 2024 and 2030. It added that it will remain operator of the combined expanded system, targeted for completion by the fourth quarter of 2027.

Baker Hughes Secures 1.3 GW Gas Turbine Order from Dynamis

Baker Hughes is to provide Dynamis Power Solutions with 25 aeroderivative gas turbines to drive mobile power generation systems across upstream, refining and petrochemical applications, the two companies announced Thursday (11/20).

The 1.3-gigawatt (GW) deal, originally booked in the third quarter of 2025, involves a combination of Baker Hughes’ LM2500, LM6000 and LM9000 turbines, the companies said in a news release.

The LM9000s, particularly, have resilience to operating in challenging environments, with record-setting short rig-up and commissioning times, the release added.

EIA reports 14 Bcf Withdrawal from US NatGas Storage

Energy Information Administration data released midmorning Thursday (11/20) show a 14 billion cubic feet withdrawal into U.S. natural gas storage to 3.946 trillion cubic feet in the week ended November 14.

Natural gas in U.S. storage is 0.6% lower than last year and 3.8% above the five-year average of 3.8 Tcf.

Regionally, EIA reports the East registered a 9 Bcf withdrawal to 905 Bcf, 3% less than a year ago and 1.2% lower than the five-year average.

Natural gas in storage in the Midwest decreased 5 Bcf week-on-week to 1112 Bcf, a 2.5% deficit compared to the same week a year ago and 0.3% higher than the five-year average.

Mountain region natural gas in storage increased 2 Bcf, down 0.3% year-on-year to 21.2% above the five-year average.

South Central storage fell 2 Bcf to 1316 Bcf, 2% more than in the same week last year and 5.4% above the five-year average.

DOL: Initial Jobless Claims at 220,000 Week-Ended Nov 15

The advance figure for seasonally adjusted initial U.S. unemployment claims was 220,000 in the week ending November 15, down 8,000 from the previous week’s level, which was left unrevised at 228,000, the Department of Labor (DOL) reported Thursday (11/20).

The four-week moving average was 224,250, a decrease of 3,000 from the previous week’s unrevised average of 227,250.

DOL reported the advance seasonally adjusted insured unemployment rate at 1.3% for the week ending November 8, unchanged from the previous week’s unrevised rate. The department reports the unemployment rate at a one-week lag.

The advance number for seasonally adjusted insured unemployment during the week of November 8 was 1,974,000, up 28,000 from previous week’s level.

DOL noted that it was the highest level for insured unemployment since the week to November 6, 2021, when it stood at 2,041,000.