Demand

January Natural Gas Futures Post Modest Gain Ahead of Next Round of EIA Storage Data

January Natural Gas Futures Post Modest Gain Ahead of Next Round of EIA Storage Data

With liquidity wearing thin ahead of the holidays, traders were not looking to take on weather risks midweek despite continued uncertainty in the forecast. The January Nymex gas futures contract settled 5.5 cents higher day/day Wednesday at $3.802/MMBtu. February climbed 4.8 cents to $3.761. At A Glance: Cold coming, but expected to last Storage deficit…

December 15, 2021
U.S. Crude Production Holds at 2021 Peak as Demand Spikes

U.S. Crude Production Holds at 2021 Peak as Demand Spikes

U.S. oil output last week held strong by pandemic standards, but demand for petroleum products surged during the period and inventories declined, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the week ended Dec. 10 was flat at a 2021 high of 11.7 million b/d. It had climbed by 100,000 b/d each of…

December 15, 2021
Winter Discounts the Norm for Natural Gas Forwards; West Coast Basis Widens

Winter Discounts the Norm for Natural Gas Forwards; West Coast Basis Widens

As natural gas traders in the western United States braced for higher demand, prices throughout the rest of the country continued to erode during the five-day Dec. 2-8 trading period, NGI’s Forward Look data show. January fixed price trades for delivery at Henry Hub fell 44.3 cents week/week to $3.835/MMBtu, and most Lower 48 hubs…

December 10, 2021
Domestic Oil Production Hits 2021 High for Second Straight Week

Domestic Oil Production Hits 2021 High for Second Straight Week

U.S. oil output climbed to a new 2021 peak for a second consecutive week as Lower 48 producers continued to gradually ramp up to meet increased demand, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the week ended Dec. 3 rose to 11.7 million b/d, up 100,000 b/d week/week, EIA said in its…

December 8, 2021
Following Expected Record 2021, Kinder Morgan Projecting ‘Robust’ Results in New Year

Following Expected Record 2021, Kinder Morgan Projecting ‘Robust’ Results in New Year

Kinder Morgan Inc. (KMI) said it expects to post banner full-year 2021 results and drive even stronger earnings next year. Bolstered by exceptional winter demand for natural gas earlier in the year, the Houston-based operator is projecting it would earn 76 cents/share this year. Seismic first quarter sales gains made amid surging demand and soaring…

December 8, 2021
Natural Gas Forward Prices Soften on Lack of Cold, but Strong Export Demand to Continue

Natural Gas Forward Prices Soften on Lack of Cold, but Strong Export Demand to Continue

A steep sell-off early in the Oct. 28-Nov. 3 period because of generally unsupportive weather sent natural gas forward prices tumbling by double digits. December forward prices plunged an average 17.0 cents, while the balance of winter (December-March) slid 16.0 cents, according to NGI’s Forward Look. Summer (April-October) prices also softened, but losses were smaller…

November 5, 2021
ExxonMobil Hikes Low-Carbon Spending to $15B, a Four-Fold Hike to 2027

ExxonMobil Hikes Low-Carbon Spending to $15B, a Four-Fold Hike to 2027

ExxonMobil has boosted its annual spending on low-carbon ventures to $3 billion a year over the next five years, four times higher than initially planned, with expanded emissions targets set to be issued later this year, CEO Darren Woods said Friday. Woods detailed the $15 billion capital now earmarked during a wide-ranging conference call. Analysts…

October 29, 2021
Domestic Oil Stocks Dip as Petroleum Demand Roars Back, Output and Imports Decline

Domestic Oil Stocks Dip as Petroleum Demand Roars Back, Output and Imports Decline

U.S. crude inventories declined for the first time in four weeks as demand for gasoline and other fuels derived from oil bounced back and imports and production slid lower. The U.S. Energy Information Administration (EIA) said Wednesday oil inventories for the week ended Oct. 15, excluding those in the Strategic Petroleum Reserve, decreased by 400,000…

October 20, 2021
OPEC Downgrades Oil Demand Expectations for 2021, but Consumption Holds Strong

OPEC Downgrades Oil Demand Expectations for 2021, but Consumption Holds Strong

While strong, consumption of oil proved uneven through the first nine months of 2021, interrupted by outbreaks of the coronavirus Delta variant. This led the world’s largest cartel of crude producers to downgrade its demand outlook for the full year. The Organization of the Petroleum Exporting Countries (OPEC), however, said Wednesday that lofty natural gas…

October 13, 2021
Exports, Industrial Sector Seen Driving U.S. Natural Gas Demand This Winter

Exports, Industrial Sector Seen Driving U.S. Natural Gas Demand This Winter

A growing industrial sector and record-high export activity are expected to be key drivers of increased U.S. natural gas demand this winter, according to a leading trade group. Liquefied natural gas (LNG) exports are expected to grow by 16% over last winter, while pipeline exports to Mexico are expected to get an 18% boost, the…

October 7, 2021
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