Demand

The fallout of the prolonged Arctic freeze that’s draped over the central United States and into Texas is still unfolding, with a temporary ban on gas exports out of the Lone Star State the latest development in the ongoing crisis.  Hours before the surprising announcement, steep decreases in production and large swings in demand fueled…

From 2020 to 2050, industrial use will make up more than 75% of natural gas demand growth as prices remain low versus historical levels over the next 30 years, according to the U.S. Energy Information Administration (EIA). As economic growth figures to drive U.S. industrial output, the industrial sector is expected to grow annual natural…

Global natural gas demand is expected to bounce back to pre-pandemic levels this year, but the recovery is likely to be uneven and growth could be weak even after demand soared amid a historic cold snap this winter.  “We opened the year with this very strong bull run in Asia, which I would say was…

Domestic petroleum demand jumped last week, eating into inventories of crude and refined products, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. commercial crude oil inventories for the week ended Feb. 5 — excluding those in the Strategic Petroleum Reserve — decreased by 6.6 million bbl from the previous week, according to EIA’s Weekly…

Natural gas futures slid further on Wednesday as weather models backed off the upcoming winter blast targeting the Lower 48. Some profit-taking also likely factored into the midweek pricing behavior, with the March Nymex contract slipping 5.6 cents day/day to $2.789. April fell 4.6 cents to $2.772. Spot gas started to retreat as well, though…

Total domestic petroleum stockpiles increased in the final week of January while demand declined amid lighter needs for transportation fuels, the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) showed. Demand has proven choppy week/week over the last several months, but it has consistently been well below year-earlier, pre-coronavirus levels because of travel…

The craterous impact of the Covid-19 pandemic on energy demand is likely to ripple out into the next decade, with consumption potentially not returning to pre-pandemic levels until 2029 or later, the U.S. Energy Information Administration (EIA) said in its latest long-term projections. The agency’s 2021 Annual Energy Outlook (AEO2021), released on Wednesday, projects changes…

Natural gas futures extended to three days a winning streak built on intensifying winter weather and renewed momentum in U.S. liquefied natural gas (LNG) demand. Before rolling off the board on Wednesday, the February Nymex gas futures contract climbed 10.4 cents day/day and settled at $2.760. March, which takes over as the prompt month on…

Oil and gas supply and demand appears now to be heading in opposite directions, setting the stage for a potential upcycle in the industry, RPC Inc. CEO Richard A. Hubble said Wednesday. Hubble, who runs the Atlanta-based oilfield services (OFS) giant, discussed the fourth quarter performance and outlook for 2021 during a conference call. RPC…