Eia

The Energy Information Administration (EIA) reported a surprising low-side 46 Bcf injection into natural gas storage inventories for the week ending Oct. 9. The EIA figure was around 10 Bcf below consensus, and Nymex futures, which surged early Thursday, climbed another couple of notches. The November contract was trading at $2.792/MMBtu in the minutes leading…

The number of uncompleted oil and natural gas wells is slowly declining across the Lower 48’s major basins, but the current backlog should be enough to turn to sales until drilling increases, according to federal data. The Energy Information Administration (EIA) in its monthly Drilling Productivity Report (DPR) on Tuesday analyzed production trends into November.…

Productivity per rig is climbing in the seven major natural gas and producing basins of the Lower 48, but overall output is forecast to decline month/month across the board in November, according to the Energy Information Administration (EIA). The Drilling Productivity Report (DPR) issued on Tuesday by EIA projects that total natural gas output from…

Political instability, sanctions, hurricanes and the coronavirus pandemic intersected and sent oil production outages soaring this year, new federal data show. Disruptions to crude oil and condensate production were up among members of both the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries through September, the U.S. Energy Information Administration (EIA) said Tuesday.…

U.S. crude oil production rebounded in September, though researchers anticipate new declines in the coming months. Oil production climbed to an estimated 11.2 million b/d in September from 10.8 million b/d in August, the Energy Information Administration (EIA) said in the latest Short-Term Energy Outlook (STEO). Production averaged 11.0 million b/d in July, up 0.5…

A watershed agreement in April to slash oil production by the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, has begun to achieve its intended effect of rebalancing an oversupplied global crude market, the U.S. Energy Information Administration (EIA) said Wednesday. At the time of the agreement, OPEC-plus called for a cut…

Natural gas futures plunged Thursday amid intensifying imbalance concerns and escalating worries about looming storage surpluses as summer cooling needs dwindle.  The losses occurred as Hurricane Sally’s destruction imposes uncertainty, and the full impacts of other demand drivers this fall also remain unclear. The October Nymex contract dropped 22.5 cents day/day and settled Thursday at…

Demand for natural gas is likely to increase domestically and overseas heading into the winter, while production stagnates, pushing Henry Hub spot prices to an average of $3.40/MMBtu in January, the Energy Information Administration (EIA) said Wednesday. In the latest Short-Term Energy Outlook (STEO), forecasters said monthly average spot prices should “remain higher than $3.00/MMBtu…

U.S. liquefied natural gas (LNG) exports fell by 23.2% in June compared to the same month last year, their first year/year (y/y) decline since January 2016, according to the latest monthly data compiled by the Energy Information Administration (EIA). Total natural gas exports dropped by 6.1% to 11.3 Bcf/d, the first annual decline for any…