Demand

Global oil demand in 2022 is gathering pace to exceed pre-pandemic levels, the Organization of the Petroleum Exporting Countries (OPEC) said Monday. In its Monthly Oil Market Report, the cartel said the Covid-19 Delta variant put a crimp in forecasts for the second half of 2021. However, economic growth worldwide in 2021 and 2022 remains…

Fitch Ratings Inc. has substantially raised its Henry Hub and European natural gas price assumptions through 2022, citing “strong year-to-date prices, recovering demand and supply challenges.” “U.S. gas prices have…benefited from heightened weather-driven demand, as well as U.S. dry and associated gas production discipline,” the credit ratings analysts said, adding that liquefied natural gas (LNG)…

Consumption of U.S. petroleum climbed last week, driven by demand for jet and distillate fuels, while production ticked up and inventories dropped, the U.S. Energy Information Administration (EIA) said Wednesday.  The boost in consumption extended a summer-long trend — a few weekly interruptions aside — despite mounting coronavirus cases that forced downward revisions to oil…

With the hottest temperatures of the summer expected to soon reside in the market’s rearview, natural gas forwards receded during the Aug. 5-11 trading week, including large markdowns in the western United States, NGI’s Forward Look data show. Discounts of around a dime or more in fixed price prompt-month forwards were the norm for most…

Vortexa Ltd.’s Felix Booth, head of liquefied natural gas (LNG), doesn’t expect the global market to loosen anytime soon as supplies remain scarce and demand rebounds from lows of the Covid-19 pandemic.  Based in Singapore, Booth recently joined energy analytics firm Vortexa, which is aiming to cast a wider net in the evolving LNG business.…

With output falling and demand rising, U.S. crude inventories resumed a downward trend last week, the U.S. Energy Information Administration (EIA) said Wednesday.   U.S. commercial oil inventories in the week ended July 23, excluding those in the Strategic Petroleum Reserve, decreased by 4.1 million bbl from the previous week. At 435.6 million bbl, U.S. crude…

Natural gas futures on Monday advanced for a seventh consecutive session as robust domestic cooling demand and strong liquefied natural gas (LNG) export levels continued to drive up prices that are at their highest levels since 2018. The August Nymex contract advanced 4.2 cents day/day and settled at $4.102/MMBtu. The prompt month gained nearly 11%…

With the scorching temperatures the South Central United States is used to seeing in the summer finally starting to build, and production lagging recent highs, August natural gas forward prices soared 32.0 cents on average during the trading period ending July 21, according to NGI’s Forward Look. Price gains were just as impressive for the…

Natural gas forward prices continued to fall at the front of the curve during the trading period ending Wednesday (July 14), pressured by inconsistent summer weather and fluctuating production. However, Northeast markets rebounded as another heat wave drove up regional demand, stalling a more pronounced rebuilding of storage inventories that is needed ahead of the…