Demand

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…

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…

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…

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…

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,…

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…

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…

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…

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…