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U.S. Oil Production Hits New 2022 Peak, but More Runway Ahead for Growth

U.S. Oil Production Hits New 2022 Peak, but More Runway Ahead for Growth

Domestic crude output reached a new high for the year as producers continue to gradually ramp up to meet summer demand, the U.S. Energy Information Administration (EIA) reported Wednesday. Production climbed to 12.1 million b/d for the week ended June 24, up 100,000 b/d week/week, according to the EIA’s Weekly Petroleum Status Report (WSPR). Exploration…

June 29, 2022
EIA to Post Two Weeks of Petroleum Data Following Technical Troubles; OPEC-Plus on Deck

EIA to Post Two Weeks of Petroleum Data Following Technical Troubles; OPEC-Plus on Deck

The U.S. Energy Information Administration (EIA) said it would report two weeks’ worth of petroleum supply/demand data on Wednesday following a burst in power that damaged the agency’s hardware and forced the postponement of several reports. EIA said early Tuesday that it would publish its Weekly Petroleum Status Report (WSPR) at its regularly scheduled time…

June 28, 2022
Natural Gas Forwards Tumble as Freeport LNG Outage Loosens Summer Balances

Natural Gas Forwards Tumble as Freeport LNG Outage Loosens Summer Balances

As summer heat failed to provide the spark needed to sustain higher prices, lost demand from the Freeport liquefied natural gas (LNG) terminal outage continued to erode value in the natural gas forwards market during the June 16-22 trading period. According to NGI’s Forward Look data, benchmark Henry Hub fell 56.2 cents week/week to average…

June 24, 2022
Falling DUC Inventory Spurs Lower 48 E&Ps to Goose Drilling Activity

Falling DUC Inventory Spurs Lower 48 E&Ps to Goose Drilling Activity

Exploration and production (E&P) operators in the U.S. onshore are ramping up drilling activity, particularly in the Permian Basin, to offset the shrinking drilled but uncompleted (DUC) well inventory, according to ESAI Energy LLC. Crude oil prices topping $100/bbl “have incentivized more rigs, especially from private companies, and the diminishing inventory of DUCs means more…

June 22, 2022
U.S. Oil Output Climbs Ahead of Biden’s Call for Action to Curb Energy Inflation

U.S. Oil Output Climbs Ahead of Biden’s Call for Action to Curb Energy Inflation

Crude output ticked up last week, reaching a new 2022 peak ahead of President Biden’s latest call for U.S. producers to boost activity in the face of soaring prices. The U.S. Energy Information Administration (EIA) said Wednesday output climbed to 12.0 million b/d for the week ended June 10, up 100,000 b/d week/week. It marked…

June 15, 2022
Public E&Ps Seen Adding Reserves as Exploration, Development Spending Drops

Public E&Ps Seen Adding Reserves as Exploration, Development Spending Drops

Spiking energy prices and the related across-the-board inflation aren’t being driven by a lack of oil and gas resources. Analysis from the U.S. Energy Information Administration (EIA) found that publicly traded exploration and production (E&P) companies increased proved reserves of oil and natural gas by 19.2 billion boe in 2021. This was based on the…

June 15, 2022
U.S. Crude Production Flat, Demand Up as Summer Travel Season Gets Underway

U.S. Crude Production Flat, Demand Up as Summer Travel Season Gets Underway

American oil producers held the line on output last week, while demand climbed and global supply worries intensified. The U.S. Energy Information Administration (EIA) said Thursday output was flat at 11.9 million b/d for the week ended June 3. It marked the fourth straight week in which production was held at that level. While that…

June 8, 2022
EIA Confirms Russia’s War Forces Seismic Shift in U.S. LNG Demand

EIA Confirms Russia’s War Forces Seismic Shift in U.S. LNG Demand

U.S. exports of liquefied natural gas (LNG) to Europe surged during the first four months of 2022 as countries across the continent clamored for American supplies amid Russia’s invasion of Ukraine, the Energy Information Administration (EIA) said Tuesday. The demand trend, well established, continues as countries throughout Europe try to wean themselves of Russian gas…

June 7, 2022
Henry Hub to Average $8.69 in 3Q2022 Amid Strong Demand, Lagging Storage, EIA Predicts

Henry Hub to Average $8.69 in 3Q2022 Amid Strong Demand, Lagging Storage, EIA Predicts

As lagging storage inventories and robust demand pressure prices higher, Henry Hub natural gas spot prices will average $8.69/MMBtu in the third quarter, updated Energy Information Administration (EIA) projections show. Amid rising domestic production by next year, the national benchmark price should retreat to $4.74 in 2023, the agency said in the June edition of…

June 7, 2022
TTF Sell Off Continues as Natural Gas Inventories Climb, Imports Stay Strong – LNG Recap

TTF Sell Off Continues as Natural Gas Inventories Climb, Imports Stay Strong – LNG Recap

European natural gas prices continued their decline Tuesday as storage inventories on the continent appeared on track to fill by the end of summer. The prompt Title Transfer Facility (TTF) contract has shed nearly $5 over the last week. While liquefied natural gas (LNG) arrivals have slowed somewhat, they remain well above deliveries at this…

June 7, 2022
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