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Domestic Crude Stocks Dip Again; IEA Says Global Oil Demand Outlook Brightens

Domestic Crude Stocks Dip Again; IEA Says Global Oil Demand Outlook Brightens

U.S. crude stockpiles declined for a third straight week as domestic demand increased, federal data released Wednesday show. A separate global forecast, meanwhile, pointed to increased oil consumption through 2021, as coronavirus vaccination programs gain momentum and economic activity increases. In its Weekly Petroleum Status Report (WPSR), the U.S. Energy Information Administration (EIA) said domestic…

April 14, 2021
Permian, Haynesville Growth Highlight EIA’s Latest Lower 48 Production Forecast

Permian, Haynesville Growth Highlight EIA’s Latest Lower 48 Production Forecast

Despite projected gains from the Permian Basin and Haynesville Shale, overall natural gas production from seven key U.S. onshore regions is set to decline from April to May, according to updated figures released Monday by the U.S. Energy Information Administration (EIA). Total output from the seven regions — the Anadarko, Appalachia and Permian basins, as…

April 12, 2021
EIA Expanding Monthly Biofuels Updates

EIA Expanding Monthly Biofuels Updates

The U.S. Energy Information Administration (EIA) plans to issue monthly reports that expand upon biofuels data. EIA’s first edition of Monthly Biofuels Capacity and Feedstocks Update was published Wednesday (March 31) with January data. “We developed the Monthly Biofuels Capacity and Feedstocks Update because of the significant growth in U.S. production of renewable fuels,” said…

April 11, 2021
EIA Forecasts Dramatic Increase in 2021 Henry Hub Prices

EIA Forecasts Dramatic Increase in 2021 Henry Hub Prices

Henry Hub natural gas spot prices are set to average $2.73/MMBtu during the second quarter of 2021 and should average $3.04 for the year, a dramatic increase over 2020 prices, according to updated projections from the U.S. Energy Information Administration (EIA). Spot prices at the national benchmark averaged $2.62 in March, EIA said in the…

April 8, 2021
Crude Inventories Decline Even as Overall Demand Sputters, EIA Says

Crude Inventories Decline Even as Overall Demand Sputters, EIA Says

U.S. oil inventories shrunk for a second consecutive week despite a demand drop amid a gradual recovery in economic activity and mixed coronavirus vaccine rollouts. In its Weekly Petroleum Status Report (WPSR), the U.S. Energy Information Administration (EIA) said Wednesday crude inventories for the week ended April 2 — excluding those in the Strategic Petroleum…

April 7, 2021
Texas Storm Fallout Festers in Petrochemical, NGL Sectors

Texas Storm Fallout Festers in Petrochemical, NGL Sectors

The impacts of a Winter Storm Uri, which wreaked havoc on the Texas energy system in mid-February, are lingering nearly two months later as downstream facilities await freeze-related repairs. “From a natural disaster perspective, the impact on the petrochemical space from Uri is much greater than any previous event that we’ve had in recent memory,”…

April 6, 2021
As Demand Recovers, Oil Inventories Decline for First Time Since February, EIA Says

As Demand Recovers, Oil Inventories Decline for First Time Since February, EIA Says

U.S. oil inventories decreased for the first time in five weeks as demand rebounded, the U.S. Energy Information Administration (EIA) said Wednesday. In its Weekly Petroleum Status Report, EIA said crude inventories — excluding those in the Strategic Petroleum Reserve — fell by 900,000 bbl from the previous week. Still, at 501.8 million bbl, U.S.…

March 31, 2021
As Demand Eases and Production Ticks Up, U.S. Oil Inventories Rise Again, EIA Says

As Demand Eases and Production Ticks Up, U.S. Oil Inventories Rise Again, EIA Says

Domestic crude oil inventories increased by nearly 2 million bbl last week, the U.S. Energy Information Administration (EIA) said Wednesday, marking a fourth-straight week of swelling stocks amid lingering demand weakness. In its Weekly Petroleum Status Report (WPSR), EIA said overall demand in the week ended March 19 fell 1% week/week and was off 4%…

March 24, 2021
Stockpiles of U.S. Crude Mount; IEA Says Global Oil Demand Recovery Gradual Through 2023

Stockpiles of U.S. Crude Mount; IEA Says Global Oil Demand Recovery Gradual Through 2023

U.S. oil inventories increased for a third-consecutive week as demand for travel fuels remained light and as refinery activity, while increasing, held far below capacity following the blast of winter weather that froze the Texas energy grid in February. Domestic commercial crude inventories for the week ended March 12 — excluding those in the Strategic…

March 17, 2021
Asia Said No. 1 Destination in 2020 for U.S. LNG Exports

Asia Said No. 1 Destination in 2020 for U.S. LNG Exports

Asia dethroned Europe as the top destination for U.S. liquefied natural gas (LNG) cargoes last year, taking in almost half of all exports, according to the Energy Information Administration (EIA). U.S. exports to Asia increased 67% in 2020 compared with 2019, accounting for 3.1 Bcf/d, EIA said. Though Covid-19 brought global economies to a near…

March 15, 2021
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