Kevin Dobbs

Russia said it would cut its roughly 10 million b/d oil production by 5% in retribution of Western sanctions amid the Kremlin’s nearly year-long war in Ukraine. The decision follows steps by Russia in 2022 to slash the bulk of natural gas exported via pipeline to the European Union (EU) – moves that hastened calls…

U.S. natural gas prices are expected to prove volatile through much of 2023, though the lofty $10 handle approached last summer appears far from reach, given ample supplies and the specter of a recession. Such is the assessment of the Energy Information Administration (EIA) in a report released Thursday. In the supplement to its latest…

Weakened natural gas prices – following a massive run-up last summer – intersected with rising interest rates to ease inflation that had only a few months ago reached a 40-year high. Further New York Mercantile Exchange gas futures price drops early this year, owing in part to relatively benign winter weather across most of January,…

Domestic crude production climbed to the highest level since 2020 as demand for petroleum products pushed ahead last week, the U.S. Energy Information Administration (EIA) said Wednesday. American producers generated 12.3 million b/d for the week ended Feb. 3, up by 100,000 b/d from the prior week, data from EIA’s latest Weekly Petroleum Status Report…

Strong and steady U.S. oil and natural gas production has in 2023 outpaced demand and weighed down prices. Analysts are increasingly joining a chorus of calls for a pullback on output – or even sharper price pressure moving into the spring. West Texas Intermediate crude traded around $75/bbl early this week, far from the highs…

Employment in the U.S. oilfield services and equipment sector (OFS) advanced in January along with an overall surge in jobs to start the new year. OFS employment rose by an estimated 3,069 jobs to 652,090 last month, according to an analysis of federal data by the Energy Workforce & Technology Council. The January increase made…

Citing weaker natural gas prices amid robust production, National Fuel Gas Co. said it revised lower its earnings outlook for 2023. The Williamsville, NY-based company now projects earnings per share of $5.35-$5.75, a decrease of $1.10 per share from the midpoint of its prior guidance range. CEO David Bauer said in the company’s fiscal first…

Weakened natural gas prices – following a massive run-up last summer – intersected with rising interest rates to ease inflation that had only a few months ago reached a 40-year high. Further New York Mercantile Exchange gas futures price drops early this year, owing in part to relatively benign winter weather across most of January,…

Natural gas prices nosedived in February bidweek trading under the pressure of enduring benign weather, light heating demand and robust production. NGI’s February Bidweek National Avg. sunk $8.290 month/month to $5.430/MMBtu. That compared with the $6.785 average for the year-earlier period. Prices dropped across the Lower 48 during the Jan. 25-27 bidweek trade, with natural…