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Actions to mitigate the 2019 novel coronavirus disease (COVID-19) have caused daily weekday electricity demand in New York City to decrease by 16% in April compared with expected demand, after accounting for seasonal temperature changes. However, decreases in the city's electricity demand have not occurred uniformly across the day. The largest differences between actual and expected demand have been during daytime weekday hours when many schools and businesses that normally would have been open are now closed.
In the past three years, the South Atlantic region of the United States installed more new utility-scale solar photovoltaic (PV) capacity than any other region of the country. States in the South Atlantic region installed 2.2 gigawatts (GW) of new solar capacity in 2019, more than double the 1.0 GW installed in California, which had the second-highest new solar capacity additions. Despite being home to the strong sun states of Arizona, New Mexico, and Nevada, at 0.9 GW, less solar capacity was installed in the rest of the West region in 2019 than in either the South Atlantic or in California.
Producers were operating the fewest oil and natural gas drilling rigs on record in the United States at 339 on May 12, the lowest level in the Baker Hughes Company's rig count data series that dates back to 1987. The number of active rigs began sharply decreasing in mid-March as crude oil prices fell: rigs have fallen by 56% (433 rigs) since March 17. Most of the decrease was in oil-focused geologic plays, but natural gas-focused plays also saw significant decreases.
As mitigation efforts to contain the 2019 novel coronavirus disease (COVID-19) pandemic continue to lead to rapid declines in petroleum consumption around the world, the production of liquid fuels globally has changed more slowly, leading to record increases in the amount of crude oil and other petroleum liquids placed into storage in recent months. In its May Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects global inventory builds will be largest in the first half of 2020. EIA estimates that inventory builds rose at a rate of 6.6 million barrels per day (b/d) in the first quarter and will increase by 11.5 million b/d in the second quarter because of widespread travel limitations and sharp reductions in economic activity.
Pairing renewable energy generators with energy storage, particularly batteries, is increasingly common as the cost of energy storage continues to decrease. The U.S. Energy Information Administration's (EIA) latest inventory of electric generators shows that the number of solar and wind generation sites co-located with batteries has grown from 19 paired sites in 2016 to 53 paired sites in 2019. This trend is expected to continue: according to planned installations reported to EIA, another 56 facilities pairing renewable energy and battery storage will come online by the end of 2023.
Futures in New York slid 2 percent Friday but notched a 13 percent increase for the week.
Rigzone panelists highlight their perspectives on the top oil market hits and misses for the week ending May 22, 2020.
"Great uncertainty" over the coronavirus has discouraged Beijing from setting an economic growth target.
Here is a recap of the most popular downstream-related articles this past week on Rigzone.
A coalition of 23 free-market, small business and consumer groups is urging President Trump not to impose tariffs on imported crude oil.