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.…
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Stockpiles of U.S. Crude Drop as Demand Mounts, Production Tapers
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…
As Demand Further Strengthens, August Natural Gas Futures Extend Rally; Cash Prices Climb
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%…
Natural Gas Forward Prices Surge on Heat, Lagging Production
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…
Northeast Production, Storage Concerns Take Center Stage as Natural Gas Forward Prices Rally
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…
U.S. Crude Inventories Extend Downward Slide; OPEC Reaches Tentative Production Compromise
Despite a second straight uptick in production and a rare weekly decline in demand this summer, U.S. crude oil inventories plunged notably for a fourth consecutive week, according to the U.S. Energy Information Administration (EIA). U.S. commercial crude inventories — excluding those in the Strategic Petroleum Reserve — decreased by 7.9 million bbl in the…
Freeport LNG Eyes 2022 to Sanction Fourth Train as Market Undergoes ‘Total Transformation’
The developers of the Freeport liquefied natural gas (LNG) export facility in Texas are targeting a mid-2022 final investment decision (FID) and a 2026 startup for the plant’s fourth train as customers indicate interest for long-term contracts. However, CEO Michael Smith told NGI last week that Freeport LNG will maintain a patient approach when it…
Overall U.S. Energy Consumption Fell in 2020, but Natural Gas Remained at Record Levels
The United States saw the largest recorded annual decrease in overall energy consumption last year, falling from 100 quadrillion (quad) Btu in 2019 to 93 quad in 2020, according to the Energy Information Administration (EIA). However, renewable energy demand grew. The Covid-19 pandemic and other economic factors played a significant role in reducing energy consumption,…
U.S. Oil Inventories Drop as Demand Ramps Up and Production Dips, EIA Says
Stockpiles of U.S. crude fell to a 2021 low last week after production eased and demand for petroleum products continued to climb – another in a string of indicators pointing to a tightening oil market. Domestic commercial crude inventories in the week ended June 18, excluding those in the Strategic Petroleum Reserve, decreased by 7.6…
U.S. Petroleum Demand Declines for Second Week; Oil Production Ticks Up
Demand for U.S. petroleum fell for a second consecutive week, while crude production rebounded, the U.S. Energy Information Administration (EIA) said Wednesday. Refinery utilization, however, reached a 2021 high, the agency said in its Weekly Petroleum Status Report (WPSR). Refineries operated at 91.3% of their capacity and inputs averaged 15.9 million b/d during the week…