Demand

Enbridge Sees ‘Renewed Interest’ in U.S. Gulf Crude, LNG Exports as Pandemic Fears Fade

Enbridge Sees ‘Renewed Interest’ in U.S. Gulf Crude, LNG Exports as Pandemic Fears Fade

Canadian pipeline giant Enbridge Inc. said Friday it was seeing an uptick in interest for crude and liquefied natural gas (LNG) exports from the U.S. Gulf Coast amid an anticipated global economic recovery from the Covid-19 pandemic. “Our solid regional footprint and premier North American integrated pipeline networks are ideally positioned to capitalize on these…

May 10, 2021
Mexico Natural Gas Market Spotlight: West Coast Supporting Demand, Prices

Mexico Natural Gas Market Spotlight: West Coast Supporting Demand, Prices

Strong demand on Mexico’s Pacific Coast helped prop up Waha’s May bidweek price, which jumped 31.0 cents month/month to average $2.685. Spurred by new infrastructure and demand on the West Coast, Mexico imports via pipeline from the United States have been unseasonably strong, spiking to a record 7.1 Bcf/d in mid-April. Analysts at Energy Aspects…

May 6, 2021
Devon CEO Urges Lower 48 E&Ps to Focus on Generating Cash, Limiting Oil, Gas Production

Devon CEO Urges Lower 48 E&Ps to Focus on Generating Cash, Limiting Oil, Gas Production

Devon Energy Corp. CEO Rick Muncrief said it’s time for his peers to get their act together and stop expanding oil and gas production until demand outpaces supply. Speaking with investors during a first quarter conference call on Wednesday, Muncrief took the pulpit to preach to fellow exploration and production (E&P) companies. Mirroring comments by…

May 5, 2021
Export Demand Driving Summer Optimism, but Storage Concerns Starting to Simmer

Export Demand Driving Summer Optimism, but Storage Concerns Starting to Simmer

Riding the momentum from rallying futures prices as the natural gas market begins to look optimistically toward summer, forwards firmed by the double digits throughout much of the Lower 48 during the April 22-28 trading week, NGI Forward Look data show. With continued strength in export volumes — via liquefied natural gas (LNG) and pipeline…

April 30, 2021
Modest Recovery for Natural Gas Forwards Foreshadows Increasingly Tight Balances This Summer

Modest Recovery for Natural Gas Forwards Foreshadows Increasingly Tight Balances This Summer

Lingering cold weather and strong export demand fueled a modest rebound for natural gas forward prices across North America during the trading period from April 15-21, according to NGI’s Forward Look. Falling prices on the U.S. East Coast, however, brought the overall average down at the front of the curve, while more notable gains were…

April 23, 2021
Domestic Crude Inventories Climb, Ending Streak of Declines, EIA Says

Domestic Crude Inventories Climb, Ending Streak of Declines, EIA Says

As demand eased, stockpiles of U.S. oil increased last week and ended a previous three-week run of inventory decreases, federal data show. In its Weekly Petroleum Status Report (WPSR), the U.S. Energy Information Administration (EIA) said domestic crude inventories for the week ended April 16 rose by 600,000 bbl from the previous week. The total,…

April 21, 2021
Baker Hughes Raises Global LNG Demand Forecast to 2030

Baker Hughes Raises Global LNG Demand Forecast to 2030

Baker Hughes Co. is projecting global demand growth for oil and natural gas into the second half of the year, aligned with rising demand for carbon-neutral products. “As we look ahead to the rest of 2021, we remain cautiously optimistic that the global economy and oil demand will recover from the impact of the global…

April 21, 2021
Asian Industrials Seen Driving 3.2% Rise in Global Natural Gas Demand This Year

Asian Industrials Seen Driving 3.2% Rise in Global Natural Gas Demand This Year

Consumption in the industrial sector is expected to drive a 3.2% year/year (y/y) increase in global natural gas demand during 2021, according to a second quarter Gas Market Report published by the International Energy Agency (IEA). This compares with a 2.8% increase forecast in the 1Q2021 report, IEA’s inaugural offering in the series. The projected…

April 15, 2021
Domestic Crude Stocks Dip Again; IEA Says Global Oil Demand Outlook Brightens

Domestic Crude Stocks Dip Again; IEA Says Global Oil Demand Outlook Brightens

U.S. crude stockpiles declined for a third straight week as domestic demand increased, federal data released Wednesday show. A separate global forecast, meanwhile, pointed to increased oil consumption through 2021, as coronavirus vaccination programs gain momentum and economic activity increases. In its Weekly Petroleum Status Report (WPSR), the U.S. Energy Information Administration (EIA) said domestic…

April 14, 2021
Crude Inventories Decline Even as Overall Demand Sputters, EIA Says

Crude Inventories Decline Even as Overall Demand Sputters, EIA Says

U.S. oil inventories shrunk for a second consecutive week despite a demand drop amid a gradual recovery in economic activity and mixed coronavirus vaccine rollouts. In its Weekly Petroleum Status Report (WPSR), the U.S. Energy Information Administration (EIA) said Wednesday crude inventories for the week ended April 2 — excluding those in the Strategic Petroleum…

April 7, 2021
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