Commodity Prices

Brent crude oil prices once again are expected to reach $90/bbl-plus by the second quarter of next year amid falling global inventories, and prices for the benchmark would likely average $92 for full year 2023, according to updated modeling from the Energy Information Administration (EIA). In its latest Short-Term Energy Outlook (STEO), published Tuesday, the…

Natural gas futures soared over the summer months, driving up costs for utilities that bought gas ahead of the fall months and then passed along the hikes to consumers, new federal data show. More inflation lurks as winter weather and heating demand near. The U.S. Department of Labor on Thursday (Oct. 13) said overall consumer…

A result of both higher retail prices and higher forecast consumption, the Energy Information Administration (EIA) expects U.S. households to spend more on energy this winter compared with the 2021-22 heating season, with the largest increase for homes that heat with natural gas. The agency’s latest Winter Fuels Outlook, included in its updated Short-Term Energy…

Constrained availability of oilfield services (OFS) supply capacity in North America, and increasingly internationally, rank among ongoing “tailwinds” for natural gas and oil prices, management at Schlumberger Ltd. said Friday. The OFS giant sees “a decoupling of upstream spending from potential near-term demand volatility, resulting in resilient global oil and gas activity growth in 2022…

Calgary-based oilsands producer Cenovus Energy Inc. is predicting a bumpy ride for North American oil and natural gas supply and for prices in light of Covid-19 relapses and Russia’s invasion of Ukraine.  “Current fundamentals suggest a tight market will persist” for natural gas, management said as part of the 1Q0222 results. “But this could be…

The world’s top oilfield operator, Schlumberger Ltd., is anticipating oil and natural gas demand to push “successive years of market growth,” with the upcycle now in full gear, CEO Olivier Le Peuch said Friday. “As demand continues to strengthen and new investments are committed to diversify energy supply, the duration and scale of this upcycle…

Calfrac Well Services Ltd., a Calgary-based specialist in hydraulic fracturing that works in Canada, as well as Argentina, Russia and the United States, said a revival in drilling last year and commodity prices provide momentum, but there is uncertainty on the horizon. “A prolonged period of underinvestment in the upstream sector, in combination with a…

A steady recovery in global energy demand, combined with tighter natural gas and oil supplies,  are creating favorable conditions for activity in the year ahead, Schlumberger Ltd. CEO Olivier Le Peuch said Friday. The largest oilfield services (OFS) company in the world unveiled its strong fourth quarter results, with Le Peuch detailing the outlook and…

Higher-than-expected oil and natural gas production, as well as stronger prices, are giving New Mexico’s coffers a boost, the state’s Legislative Finance Committee (LFC) recently reported. The committee also anticipates Fiscal Year (FY) 2021 oil output of 408 million bbl, or 1.12 million b/d — a 10.8% year/year increase. “Global consumption and demand for oil…