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U.S. Still 2020 Global Leader in Petroleum, Natural Gas Production Despite Pandemic Drop-Off

U.S. Still 2020 Global Leader in Petroleum, Natural Gas Production Despite Pandemic Drop-Off

Even amid declines associated with the Covid-19 pandemic, the United States maintained its status as the globe’s leading producer of petroleum and natural gas in 2020, a recent analysis from the Energy Information Administration (EIA) shows. Domestic petroleum and natural gas output fell year/year in 2020 after reaching record highs in 2019, EIA said in…

July 22, 2021
Inventories of U.S. Oil Climb as Exports Taper, Imports Rise; Demand Holds Strong

Inventories of U.S. Oil Climb as Exports Taper, Imports Rise; Demand Holds Strong

U.S. crude stockpiles ended a summer-long streak of descensions even as domestic demand increased and production was flat, the U.S. Energy Information Administration (EIA) said Wednesday. The agency noted that exports of American crude dropped during the week, while imports climbed. U.S. commercial crude inventories — excluding those in the Strategic Petroleum Reserve — increased…

July 21, 2021
Despite Covid-19 Declines, U.S. Still World’s Leading Petroleum and NatGas Producer in 2020

Despite Covid-19 Declines, U.S. Still World’s Leading Petroleum and NatGas Producer in 2020

Even amid declines associated with the Covid-19 pandemic, the United States maintained its status as the globe’s leading producer of petroleum and natural gas in 2020, a recent analysis from the Energy Information Administration (EIA) shows. Domestic petroleum and natural gas output fell year/year in 2020 after reaching record highs in 2019, EIA said in…

July 20, 2021
Natural Gas Futures Rally for Second Day, Bolstered by Demand Outlook; Spot Prices Spike

Natural Gas Futures Rally for Second Day, Bolstered by Demand Outlook; Spot Prices Spike

Natural gas futures on Monday cruised higher for a second consecutive session as forecasts pointed to stronger weather-driven demand over the back half of July. The August Nymex contract advanced 10.5 cents day/day and settled at $3.779/MMBtu. The prompt month had gained 6.0 cents on Friday to close out trading last week. The September contract…

July 19, 2021
U.S. Crude Inventories Extend Downward Slide; OPEC Reaches Tentative Production Compromise

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…

July 14, 2021
U.S. Natural Gas Rig Count Up Two as GOM Activity Rises

U.S. Natural Gas Rig Count Up Two as GOM Activity Rises

The U.S. natural gas rig count rose two units to finish at 101 during the week ended Friday, a week that also saw a notable uptick in drilling activity in the Gulf of Mexico (GOM), according to updated data from oilfield services provider Baker Hughes Co. (BKR). Drilling gains in the United States for the…

July 9, 2021
Overall U.S. Energy Consumption Fell in 2020, but Natural Gas Remained at Record Levels

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,…

July 7, 2021
June Brought the Heat, Prompting 14-cent Gain in EIA’s 2021 Henry Hub Natural Gas Price

June Brought the Heat, Prompting 14-cent Gain in EIA’s 2021 Henry Hub Natural Gas Price

After June brought higher cooling demand and a widening storage deficit, the Energy Information Administration (EIA) said it is raising its projected average Henry Hub natural gas spot price to $3.21/MMBtu for 2021. The latest price forecast, published in the July edition of the agency’s Short-Term Energy Outlook (STEO), represents a 14-cent increase over the…

July 7, 2021
U.S. Crude Inventories Plunge Again as Demand Momentum Exceeds Supply

U.S. Crude Inventories Plunge Again as Demand Momentum Exceeds Supply

Domestic crude oil inventories dropped last week, continuing a trend as mounting demand alongside a rebound in travel and economic activity outstripped production, the U.S. Energy Information Administration (EIA) said Wednesday. Excluding those in the Strategic Petroleum Reserve, crude stocks plunged by 6.7 million bbl during the week ended June 25, EIA’s Weekly Petroleum Status…

June 30, 2021
U.S. Oil Inventories Drop as Demand Ramps Up and Production Dips, EIA Says

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…

June 23, 2021
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