Coronavirus

Alberta E&P Taxes to Decline on Government Response to Covid-19

Alberta E&P Taxes to Decline on Government Response to Covid-19

Alberta natural gas and oil producers predict their annual taxes will drop by C$85 million ($64 million) thanks to provincial and municipal reductions announced Monday as a response to the Covid-19 andemic. The relief program for exploration and production (E&P) companies cuts levies on wells, drilling equipment, pipelines and industrial property for three years. While…

October 20, 2020
U.S. Oil Inventories Decline Further, but Coronavirus Threats Lurk

U.S. Oil Inventories Decline Further, but Coronavirus Threats Lurk

Demand for petroleum products mounted early in October, cutting into U.S. inventories of crude and refined products, but a resurgence of the coronavirus pandemic across swaths of the Lower 48 and Europe threaten to thwart the trend and weigh down oil prices. Demand for fuel derived from oil was crushed earlier this year by the…

October 16, 2020
Raymond James Says Natural Gas to Jump in 2021, Boosted by Production Cuts

Raymond James Says Natural Gas to Jump in 2021, Boosted by Production Cuts

The extensive oil production declines amid the coronavirus pandemic’s fallout cut deep enough into associated gas supplies to likely help drive up Henry Hub natural gas prices in 2021, according to Raymond James & Associates. “The 2020 oil crash is still likely to drive a massive imbalance in U.S. gas supplies in 2021,” Raymond James…

October 15, 2020
U.S. Home-Bound Workforce Sharply Impacting Transportation Fuel Outlook, Says OPEC

U.S. Home-Bound Workforce Sharply Impacting Transportation Fuel Outlook, Says OPEC

Energy demand contraction triggered by Covid-19 lockdown measures has drastically reduced U.S. fuel consumption, but a cold winter could boost heating oil consumption as more people continue to work from home, the Organization of the Petroleum Exporting Countries (OPEC) said Tuesday. The oil cartel issued its global winter forecast in the latest Monthly Oil Market…

October 13, 2020
Lower 48 Tight Oil Output to Recover, but Possibly Not As Strong Pre-Covid, Says OPEC

Lower 48 Tight Oil Output to Recover, but Possibly Not As Strong Pre-Covid, Says OPEC

U.S. tight oil production should recover quickly as world energy demand recovers from Covid-19, but Lower 48 output may not again hit its previous forecasts, the Organization of the Petroleum Exporting Countries said Thursday. The Saudi-led oil cartel, aka OPEC, in its flagship 14th annual World Oil Outlook (WOO), cited the “unprecedented scale and impact”…

October 8, 2020
Alberta Natural Gas Industry Considered Integral to Economic Recovery Post Covid-19

Alberta Natural Gas Industry Considered Integral to Economic Recovery Post Covid-19

Natural gas rose to the top of the Alberta government’s economic recovery agenda in a plan announced Tuesday to reverse supply/demand declines that set in well before the Covid-19 pandemic. “For more than 100 years, natural gas has been the cornerstone of Alberta’s energy economy,” said a provincial policy paper titled “Getting Alberta Back to…

October 7, 2020
Permian Output Seen Ramping Up in 2021

Permian Output Seen Ramping Up in 2021

Production in the Permian Basin will likely decline through the year but then begin to increase through at least 2026, even if prices do not rise significantly, according to analysts. “We see the Permian as a relative winner among domestic basins given favorable production economics, independent of a call on higher commodity prices,” the Morgan…

October 6, 2020
Energy Sector Job Losses Said Unlikely to Return Until Late 2021

Energy Sector Job Losses Said Unlikely to Return Until Late 2021

The downturn in the U.S. energy sector caused by the Covid-19 pandemic is “truly like no other” as 70% of the jobs lost this year may not come back until the end of 2021, the Deloitte consultancy said Monday. However, the economic devastation presents opportunities for the oil and gas industry to accelerate its transformation…

October 5, 2020
Column: Covid-19 Means Less Strain on Mexican Gas and Power Systems, and Proves Reliability of Imports

Column: Covid-19 Means Less Strain on Mexican Gas and Power Systems, and Proves Reliability of Imports

Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process. Prud’homme was central to the development of Cenagas, the nation’s natural gas pipeline operator, an entity formed in 2015 as part of…

October 2, 2020
Mexico Financial Authorities Warn of Additional Pemex Downgrade as Pandemic Rages On

Mexico Financial Authorities Warn of Additional Pemex Downgrade as Pandemic Rages On

Additional credit rating downgrades of Mexican national oil company Petróleos Mexicanos (Pemex) and of the sovereign are among the biggest internal risks facing the country’s economy as it struggles to emerge from a still-raging coronavirus pandemic and economic downturn, according to local authorities. In its latest summary of risks facing the economy issued Tuesday, Mexico’s…

September 30, 2020
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