Demand

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…

Rebounding industrial activity – and energy needed to fuel it – along with continued strong demand for U.S. exports could drive natural gas consumption through 2022, according to analysts who presented during a webinar (replay available) hosted Tuesday by Natural Gas Intelligence (NGI) and Independent Commodity Intelligence Services (ICIS). An accelerating U.S. economy and manufacturing…

Oil consumption could surge more than previously expected and reach record levels this year, a global energy watchdog said, as restrictions to combat the coronavirus ease faster than anticipated, global economic growth mounts and pent-up travel demand unfurls. The International Energy Agency (IEA), in its monthly oil outlook report on Friday, projected global oil demand…

Natural gas futures took a big step down midweek as weather models better aligned in showing more warmth in the forecast for the rest of the month. After a brief slip below $4.000/MMBtu, the March Nymex gas futures contract settled Wednesday at $4.009, off 23.9 cents from Tuesday’s close. April slid 23.8 cents to $3.980.…

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…

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…

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…

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…

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…