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Moderating Cold Outlook Sends Natural Gas Futures Tumbling Ahead of Latest EIA Report

Moderating Cold Outlook Sends Natural Gas Futures Tumbling Ahead of Latest EIA Report

Significant moderation in the extent of forecast cold over the next two weeks kept the pressure on natural gas futures in early trading Thursday. Coming off a 25.2-cent swoon a day earlier, the February Nymex contract was down another 11.0 cents to $3.921/MMBtu at around 8:50 a.m. ET. As of early Thursday, weather models were…

January 20, 2022
EIA Forecasts Rising U.S. Natural Gas Exports

EIA Forecasts Rising U.S. Natural Gas Exports

In updated forecasting stretching to 2023, the Energy Information Administration (EIA) last week laid out a vision of rising natural gas production and exports alongside moderating U.S. prices. Natural gas spot prices at Henry Hub averaged $3.91/MMBtu for 2021, the agency said in its latest Short-Term Energy Outlook. This year and next should bring slightly…

January 19, 2022
Global Oil Forecast to Average $75 in 2022 as Consumption Grows

Global Oil Forecast to Average $75 in 2022 as Consumption Grows

Brent crude oil prices are set to average $75/bbl in 2022, up from $71 in 2021, as the world is on track to increase its consumption of liquid fuels over the next two years, according to updated projections from the Energy Information Administration (EIA). The world consumed 96.9 million b/d on average in 2021, a…

January 12, 2022
U.S. Crude Stocks Drop as Production Levels Off, Demand Increases

U.S. Crude Stocks Drop as Production Levels Off, Demand Increases

Inventories of U.S. oil continued to decline early in 2022 – extending a trend that developed last year – as petroleum demand climbed and production ticked down, the Energy Information Administration (EIA) said Wednesday. For the week ended Jan. 7, domestic commercial crude inventories, excluding those in the Strategic Petroleum Reserve, decreased by 4.6 million…

January 12, 2022
U.S. Crude Production Holds Strong Even as Demand Tapers Amid Holidays, Omicron

U.S. Crude Production Holds Strong Even as Demand Tapers Amid Holidays, Omicron

U.S. oil producers, unfazed by the Omicron variant of the coronavirus and an anticipated lull in demand between the Christmas and New Year holidays, maintained production at a 2021 peak level during the final week of the year. The U.S. Energy Information Administration (EIA) said Wednesday that domestic crude output held at 11.8 million b/d…

January 5, 2022
OPEC-Plus Shrugs Off Omicron, Moves to Pump More Oil

OPEC-Plus Shrugs Off Omicron, Moves to Pump More Oil

A coalition of major oil producing countries agreed on Tuesday to further boost output to meet expectations for strong demand, despite concerns about the rapidly spreading Omicron variant of the coronavirus. Policymakers from the Organization of the Petroleum Exporting Countries (OPEC), headed by Saudi Arabia, and a Russia-led group of allies known as OPEC-plus, said…

January 4, 2022
U.S. Crude Production Holds at 2021 Peak as Demand Spikes

U.S. Crude Production Holds at 2021 Peak as Demand Spikes

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…

December 15, 2021
Domestic Oil Production Hits 2021 High for Second Straight Week

Domestic Oil Production Hits 2021 High for Second Straight Week

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…

December 8, 2021
Against Backdrop of Omicron Worries, EIA Predicts $71 Brent for December

Against Backdrop of Omicron Worries, EIA Predicts $71 Brent for December

As the recent discovery of the Covid-19 Omicron variant has renewed concerns about a potential decline in consumption, Brent crude oil spot prices are set to average $71/bbl in December and $73 through the first quarter of 2022, according to updated projections from the Energy Information Administration (EIA). In an updated forecast published Tuesday as…

December 8, 2021
U.S. Poised to Become World’s Biggest LNG Exporter, EIA Says

U.S. Poised to Become World’s Biggest LNG Exporter, EIA Says

The United States will have the world’s largest liquefied natural gas (LNG) export capacity in 2022 once the sixth train at Cheniere Energy Inc.’s Sabine Pass terminal and Venture Global Inc.’s Calcasieu Pass facility come online in Louisiana next year, according to the Energy Information Administration (EIA).* At that point, peak U.S. LNG production capacity…

December 3, 2021
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