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Energy Transfer stuck in 'valuation purgatory'; global oil demand growth slowing

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Energy Transfer stuck in 'valuation purgatory'; global oil demand growth slowing

Editor's Note: Today's edition of the Daily Dose was published late due to technical issues. We apologize for the inconvenience.

Top News

Energy Transfer stuck in 'valuation purgatory' almost a year after restructuring

Energy Transfer LP may have finally found its M&A "prince," but the pipeline partnership's stagnant stock price reflects corporate governance issues likely to deter new investors despite the company's simplified structure, industry experts said.

Calif. regulators get earful as PG&E blackouts continue

Pacific Gas and Electric Co. continued to maintain power shutoffs to hundreds of thousands of its customers in California on Oct. 10 after high winds and dry weather conditions prompted concerns that circuits could ignite wildfires.

OPEC sees global oil demand growth slowing as economic growth stagnates

OPEC revised lower its projection for world oil demand growth for 2019 and 2020 and expects world oil supply growth to continue to slow.

US weekly coal production falls 13.4% YOY

Total U.S. coal production for the week ended Oct. 5 decreased 13.4% year over year to 13.2 million tons from 15.2 million tons, according to data from the U.S. Energy Information Administration.

Quoted

"Basically this is giving agencies a one-time chance to rescind whatever guidance documents they want without going through any type of public process," said Amit Narang, a regulatory policy advocate at the consumer advocacy group Public Citizen, on President Donald Trump's executive orders aimed at reining in the use of guidance by federal agencies like the U.S. Environmental Protection Agency.

Power

* Moody's warns that as investors zero in on environmental, social and governance risks during the U.S. energy industry's carbon transition, merchant coal generators face waning prospects for debt refinancing.

* Senate Democrats will push for a vote next week to reverse the Trump administration's repeal of carbon emissions regulations for power plants, Politico reported.

* On the same day that PG&E initiated an unprecedented precautionary blackout across Northern and Central California to prevent its power lines from sparking the kind of wildfires that landed the utility and its parent company, PG&E Corp., in Chapter 11 restructuring, a federal bankruptcy judge blew the joint cases wide open.

* The Federal Energy Regulatory Commission on Oct. 8 denied access, even under a nondisclosure agreement, to confidential information concerning capacity suppliers seeking to remove themselves from ISO New England's forward capacity market.

* Former EPA employees requested the House Committee on Oversight and Government Reform to investigate whether the agency's recent actions in California were intended as retaliation for the state's failure to support Trump's political agenda.

Natural gas

* Pipeline and property rights advocates on Oct. 9 offered competing visions of changes needed to ease tensions over landowner interests, as a major U.S. natural gas pipeline buildout continues linking production to domestic and international demand.

* Storage operators put a net 98 Bcf into natural gas inventories in the Lower 48 during the week to Oct. 4, above the five-year-average injection of 89 Bcf, the U.S. Energy Information Administration reported.

* Petróleo Brasileiro SA - Petrobras and Equinor ASA signed a memorandum of understanding for the joint development of businesses related to natural gas value chain produced from partnership projects.

* Nigerian National Petroleum Corp. agreed to prepay $2.5 billion for upstream gas development projects with Nigeria LNG Ltd., according to Reuters.

Oil

* Oil prices rose Oct. 11 amid reports that two missiles hit an Iranian oil tanker in the Red Sea, raising concerns about heightening geopolitical tensions between Iran and Saudi Arabia.

* Enbridge Inc. reportedly offered at least $24 million to settle a lawsuit by Bad River Band of Lake Superior Chippewa to shut the Line 5 pipeline in the tribe's reservation, according to Wisconsin Public Radio.

* The Brazilian government released the results of its 16th bid round Oct. 10, which offered 36 blocks covering 29,300 square kilometers in the Pernambuco-Paraíba, Jacuípe, Camamu-Almada, Campos and Santos maritime sedimentary basins in Brazil.

* The International Energy Agency cut its oil demand growth forecast by 100,000 barrels per day for 2019 and 2020, due to a technical adjustment with new data showing higher U.S. demand in 2018.

* BP PLC now expects to deliver $10 billion in divestment proceeds by the end of 2019. The company is also to take a noncash, nonoperating after-tax charge of $2 billion to $3 billion in its third-quarter 2019 results.

* Saudi Arabian Oil Co. could give final approvals for its planned initial public offering next week, Bloomberg News reported, citing people familiar with the matter.

Coal

* Teck Resources Ltd. has yet to nail down plans for possible cost controls such as job cuts amid "challenging conditions," a company spokesperson told S&P Global Market Intelligence in response to inquiries about a media report that said Teck plans to cut jobs at Canadian metallurgical coal operations.

* The reopening of Blackjewel LLC mines could be delayed by at least three weeks due to the need to transfer mining permits and cleanup liabilities to new owner Eagle Specialty Materials LLC, the Casper (Wyo.) Star-Tribune reported.

* Foresight Energy LP is among the 17 added to San Francisco City & County Employees' Retirement System's list of restricted thermal coal companies, Pensions & Investments reported.

ChartWatch

SNL Image

Xcel Energy Inc., one of the first major investor-owned utilities in the U.S. to announce a goal to decarbonize its power fleet, plans to cut emissions from its generation facilities 80% from 2005 levels by 2030, and to deliver carbon-free power by 2050. To reach this goal, the company, which serves 3.6 million electric customers across parts of Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas and New Mexico, will add 2,074 MW of wind power through 2021, according to data compiled by S&P Global Market Intelligence.

New from RRA

* Northern Illinois Gas Co. was recently authorized a significant gas distribution base rate increase and was permitted to establish a decoupling mechanism. The authorized rate increase is more than 90% of the rate hike supported by the company at the end of the proceeding.

The day ahead

* The Baker-Hughes Rig Count is due out today.

* Early morning futures indicators pointed to a higher opening for the U.S. equity markets. To view more SNL equity market indexes, click here. To view more SNL Energy commodities prices, click here.

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Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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