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U.S. Crude Production Steady as Demand Drops Ahead of Holiday

U.S. Crude Production Steady as Demand Drops Ahead of Holiday

U.S. exploration and production (E&P) companies kept output for the week ended Nov. 18 at 12.1 million b/d, even with the prior week and generally on par with the level maintained through the fall, according to the Energy Information Administration (EIA).   E&Ps raised production to a pandemic-era high of 12.2 million b/d at points in…

November 28, 2022
Natural Gas Imports from Canada Rising in Western U.S.

Natural Gas Imports from Canada Rising in Western U.S.

Natural gas imports from Canada to the western United States have increased by 4.1% so far this year versus the same period in 2021, according to new analysis by the U.S. Energy Information Administration (EIA). The border-crossing points at Sumas, WA, and Eastport, ID, “principally supply metropolitan areas in the Pacific Northwest and California, where…

November 23, 2022
Natural Gas Futures, Spot Prices Fly on Freeport Clarity, December Cold, Threat of Railroad Strike

Natural Gas Futures, Spot Prices Fly on Freeport Clarity, December Cold, Threat of Railroad Strike

Natural gas futures found fresh footing on Monday, as traders mulled an updated relaunch timeline for a major export facility, railroad union members considered a strike, and forecasts pointed to another round of wintry weather in early December. At A Glance: LNG facility aims for December return Demand could intensify next month Analysts expect large…

November 21, 2022
Once Again, OPEC Cuts Global Oil Demand Forecast Amid Recession Headwinds

Once Again, OPEC Cuts Global Oil Demand Forecast Amid Recession Headwinds

OPEC slashed its global crude oil demand outlook for a second consecutive month, citing slowing economic activity in the United States and Europe as well as ongoing pandemic-related lockdowns in China and geopolitical upheaval linked to Russia’s war in Ukraine. In its closely watched monthly market report, the cartel on Monday lowered its forecast for…

November 14, 2022
U.S. E&Ps Step Up Oil Production as Demand Climbs, Recession Lurks

U.S. E&Ps Step Up Oil Production as Demand Climbs, Recession Lurks

Domestic crude production climbed notably last week, putting output near the 2022 peak, as U.S. demand accelerated and global market conditions tightened. The Energy Information Administration (EIA) said Wednesday that output for the week ended Nov. 4 climbed by 200,000 b/d from the previous week to 12.1 million b/d. That brought production close to the…

November 9, 2022
EIA Slashes Natural Gas Price Forecast, But Potential Remains for Winter Spikes

EIA Slashes Natural Gas Price Forecast, But Potential Remains for Winter Spikes

With storage refilling at a faster-than-expected clip ahead of winter, the Energy Information Administration (EIA) has slashed its projected natural gas spot price for the remainder of 2022 and the first quarter of 2023. In its latest Short-Term Energy Outlook (STEO), published Tuesday, the agency said it now expects Henry Hub spot prices to average…

November 8, 2022
Natural Gas Futures Extend Rally as Wintry Weather Nears; Spot Prices Surge

Natural Gas Futures Extend Rally as Wintry Weather Nears; Spot Prices Surge

Natural gas futures flew higher on Monday, bolstered by forecasts for substantially colder weather and stronger heating demand. The December Nymex contract gained 54.4 cents day/day to settle at $6.944/MMBtu, adding to a 42.5 cent rally in Friday’s session. January climbed 49.0 cents to $7.244. At A Glance: Forecasts add ‘hefty’ dose of demand Potential…

November 7, 2022
December Natural Gas Futures Prices Rally on Colder Weather Outlook, Short Covering

December Natural Gas Futures Prices Rally on Colder Weather Outlook, Short Covering

Colder shifts in weather forecasts for mid-November outweighed the potential for increased storage injections, propelling natural gas futures on Monday. At A Glance: Prompt month jumps 67 cents Cash prices recover in West Texas Analysts expect stout storage injection After losing ground to close out last week, the December Nymex gas futures contract climbed 67.1…

October 31, 2022
U.S. Power Sector Consumed Less Natural Gas in 2021, but Demand Seen Rebounding This Year

U.S. Power Sector Consumed Less Natural Gas in 2021, but Demand Seen Rebounding This Year

Consumption of natural gas by U.S. power generators fell by 3% year/year in 2021 after four straight years of growth, the Energy Information Administration (EIA) said Monday. “High natural gas prices in 2021 made natural gas a less competitive fuel, particularly compared with coal; coal prices for electricity generators remained relatively stable in 2021,” said…

October 31, 2022
Strong Natural Gas Production Should Help Balance Market Against Chilly Winter, LNG Demand, AGA Says

Strong Natural Gas Production Should Help Balance Market Against Chilly Winter, LNG Demand, AGA Says

Heating demand could prove stronger this winter than last, given National Weather Service (NWS) forecasts for colder temperatures in northern markets. But robust production levels this fall should help balance prices and meet domestic market needs and increased international demand for LNG. That assessment is according to the American Gas Association’s (AGA) winter outlook, delivered…

October 24, 2022
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