Demand

Once Again, OPEC Cuts Global Oil Demand Forecast Amid Recession Headwinds

Once Again, OPEC Cuts Global Oil Demand Forecast Amid Recession Headwinds

OPEC slashed its global crude oil demand outlook for a second consecutive month, citing slowing economic activity in the United States and Europe as well as ongoing pandemic-related lockdowns in China and geopolitical upheaval linked to Russia’s war in Ukraine. In its closely watched monthly market report, the cartel on Monday lowered its forecast for…

November 14, 2022
National Grid, Copper Labs Technology Piloting Ways to Reduce Natural Gas Demand in Extreme Weather

National Grid, Copper Labs Technology Piloting Ways to Reduce Natural Gas Demand in Extreme Weather

After first announcing a partnership last year, National Grid plc and Copper Labs Inc. said they had demonstrated how targeted messaging can help customers reduce energy consumption during extreme weather events such as the bomb cyclone that tore through the East Coast in January. Copper Labs in March 2021 received $2 million in funding from…

November 7, 2022
Natural Gas Futures Recover Some Ground as Weather Model Adds Modest Demand

Natural Gas Futures Recover Some Ground as Weather Model Adds Modest Demand

Stronger cash prices, short-covering and caffeine following late-night celebrations as the Houston Astros swept the New York Yankees to advance to their fourth World Series in six years. Those were among the myriad reasons market observers gave for Monday’s recovery along the Nymex natural gas futures curve. At A Glance: HDDs added to long-range forecasts…

October 24, 2022
Clearfork Boosting G&P on Holly Haynesville System on Strong Customer Demand

Clearfork Boosting G&P on Holly Haynesville System on Strong Customer Demand

Growing demand from natural gas producers in the Haynesville Shale is driving a suite of gathering and processing (G&P) expansions on Clearfork Midstream LLC’s Holly System in North Louisiana. The expansions include constructing a 24-inch diameter pipeline to the east side of the Red River in northeast Red River Parish, as well as a 16-inch…

October 24, 2022
Specter of Recession Looms Large Over Global Natural Gas, Oil Markets

Specter of Recession Looms Large Over Global Natural Gas, Oil Markets

Threats of recession in the United States and across Europe are gathering force amid festering inflation and rapidly rising interest rates, developments that already tapered oil consumption and could impact commercial and industrial natural gas demand. The latest indicator: The U.S. Labor Department on Friday reported the job market remains tight but hiring is slowing.…

October 7, 2022
North American Natural Gas Marketers Report Strong Sales, LNG Demand in Second Quarter

North American Natural Gas Marketers Report Strong Sales, LNG Demand in Second Quarter

Top North American natural gas marketers reported stronger overall sales volumes for the second quarter as production gathered momentum in response to strong consumption and prices. A multitude of enduring demand drivers could fuel momentum through this year and into next, marketers and traders say. The 24 gas marketers included in the latest NGI Top…

September 29, 2022
Natural Gas Futures Spike above $8 as Heat Wave Drives Demand, Europe’s Woes Worsen

Natural Gas Futures Spike above $8 as Heat Wave Drives Demand, Europe’s Woes Worsen

Natural gas futures flew higher for the third time in four sessions as oppressive heat across most of the Lower 48 kept air conditioners cranking, and festering supply challenges in Europe bolstered the demand outlook for U.S. exports The August Nymex gas futures contract surged 74.3 cents day/day and settled at $8.007/MMBtu. September rose 74.9…

July 20, 2022
Domestic Crude Output Holds at 2022 Pinnacle as Demand Increases; OPEC Leader Dies

Domestic Crude Output Holds at 2022 Pinnacle as Demand Increases; OPEC Leader Dies

U.S. oil production last week held at a high point for the year as overall petroleum demand increased, led by consumption of travel fuels, the U.S. Energy Information Administration (EIA) reported Thursday.   Producers pumped 12.1 million b/d for the week ended July 1, according to the EIA’s Weekly Petroleum Status Report. That continued the pace…

July 7, 2022
U.S. Crude Production Flat Amid Global Supply Worries; OPEC-Plus on Deck

U.S. Crude Production Flat Amid Global Supply Worries; OPEC-Plus on Deck

American oil producers were active by 2022 standards last week. However, total output held flat for the third straight period and remained far below pre-pandemic levels, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the week ending April 29 totaled 11.9 million b/d, according to EIA. That was on par with the high…

May 4, 2022
U.S. Oil Output Holds at 2022 High as Demand Climbs Back

U.S. Oil Output Holds at 2022 High as Demand Climbs Back

For all the fear of lofty prices curbing demand, U.S. consumption of petroleum products rebounded for the week ended April 22 and producers maintained output at elevated levels by pandemic-era standards, the U.S. Energy Information Administration (EIA) said Wednesday. Demand climbed 4% week/week to 19.8 million b/d. It marked the second consecutive weekly gain after…

April 27, 2022
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