Crude Oil

LNG, Crude Oil Drove Record Tonnage at Port of Corpus Christi in 2023

LNG, Crude Oil Drove Record Tonnage at Port of Corpus Christi in 2023

The Port of Corpus Christi in South Texas moved a record amount of tonnage last year, driven primarily by higher crude oil and LNG shipments. Goods jumped 8.1% year/year to 203 million tons (Mt). The port said crude oil exports were the biggest factor, which jumped 12.5% to 126.1 Mt. A record volume of 16.3…

January 24, 2024
Slumping Natural Gas Prices Further Curb Inflation, Even as Job Growth Endures

Slumping Natural Gas Prices Further Curb Inflation, Even as Job Growth Endures

Producers and others along the natural gas value chain are apprehensive about the substantial shift in trading momentum this year, but the sector’s price slump is playing an outsized role in drawing down inflation and easing recession worries. The U.S. Department of Labor said Tuesday its Consumer Price Index (CPI) increased at a 3.1% rate…

December 13, 2023
Associated Natural Gas Production Surges in Permian Basin, Bolstering Supply and Taming Prices

Associated Natural Gas Production Surges in Permian Basin, Bolstering Supply and Taming Prices

Production of associated natural gas – fuel produced in concert with oil – surged in the prolific Permian Basin over the past five years, supporting strong total supplies and, for much of this year, helping to keep U.S. prices in check. Associated gas produced from the top three oil plays in the Permian region –…

November 7, 2023
Kingston Expanding Midstream in Clearwater with Rangeland Canada Takeover

Kingston Expanding Midstream in Clearwater with Rangeland Canada Takeover

Kingston Midstream Alberta Ltd. has stepped forward to buy the three-year-old Marten Hills Pipeline System in the Clearwater field in Canada, with the takeover of Rangeland Midstream Canada Ltd. from its Texas owners. The transaction, for an undisclosed amount, is set to be completed by the end of this month. Marten Hills, which was placed…

September 15, 2023
Domestic Crude Production Returns to 2023 High; EPA Aims to Jumpstart EVs

Domestic Crude Production Returns to 2023 High; EPA Aims to Jumpstart EVs

U.S. oil producers ramped up output last week even as near- and long-term demand grew increasingly uncertain amid recession fears and a new push to shift American drivers to electric-powered cars and trucks. Domestic exploration and production (E&P) firms generated 12.3 million b/d of oil for the week ended April 7, according to the U.S.…

April 12, 2023
U.S. Oil Production Flattens as Saudi Arabia, Russia Cut Output

U.S. Oil Production Flattens as Saudi Arabia, Russia Cut Output

U.S. exploration and production (E&P) firms kept crude output even last week amid an uncertain demand outlook and expectations for steep cuts to global supplies. E&Ps produced 12.2 million b/d for the week ended March 31, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) on Wednesday. The result was flat…

April 5, 2023
U.S. Crude Exports Hit Record in 2022, Lifted by Shift in Trade Patterns

U.S. Crude Exports Hit Record in 2022, Lifted by Shift in Trade Patterns

U.S. crude oil exports hit an all-time high last year of 3.6 million b/d amid upheaval in global energy markets, according to the U.S. Energy Information Administration (EIA).  EIA said U.S. oil exports increased by 22% year/year, or 640,000 b/d, in 2022.  An increase in U.S. crude production, releases from the nation’s Strategic Petroleum Reserve…

March 31, 2023
Domestic Crude Production Holds Strong, Prices Recover Despite Banking Crisis

Domestic Crude Production Holds Strong, Prices Recover Despite Banking Crisis

U.S. exploration and production (E&P) firms last week approached the pandemic-era peak oil output level as catalysts for global demand gather and benchmark crude prices recover from fears imposed by financial system upheaval. E&Ps churned out 12.2 million b/d for the week ended March 24, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum…

March 29, 2023
U.S. Oil Production Returns to 2023 Peak Level; Demand Rises Despite Fresh Worries

U.S. Oil Production Returns to 2023 Peak Level; Demand Rises Despite Fresh Worries

Domestic crude production climbed back to the high mark of the pandemic era as U.S. consumption of petroleum products increased and mounting Chinese demand fueled global growth expectations. American exploration and production (E&P) firms boosted output by 100,000 b/d to 12.3 million b/d for the week ended March 17, according to the U.S. Energy Information…

March 22, 2023
Saudi Aramco CEO Warns of Industry Underinvestment, Says Natural Gas, Oil to ‘Remain Essential’

Saudi Aramco CEO Warns of Industry Underinvestment, Says Natural Gas, Oil to ‘Remain Essential’

Saudi Arabia’s state-owned oil producer posted record profits for 2022, up nearly 50% year/year, lifted by soaring oil and natural gas prices. Saudi Arabian Oil Co., better known as Aramco, tripled the 2022 profit recorded by ExxonMobil, lifted by higher sales volumes and improved margins for refined products. Commodity prices surged early in the year…

March 22, 2023
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