As the recent discovery of the Covid-19 Omicron variant has renewed concerns about a potential decline in consumption, Brent crude oil spot prices are set to average $71/bbl in December and $73 through the first quarter of 2022, according to updated projections from the Energy Information Administration (EIA). In an updated forecast published Tuesday as…
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U.S. Poised to Become World’s Biggest LNG Exporter, EIA Says
The United States will have the world’s largest liquefied natural gas (LNG) export capacity in 2022 once the sixth train at Cheniere Energy Inc.’s Sabine Pass terminal and Venture Global Inc.’s Calcasieu Pass facility come online in Louisiana next year, according to the Energy Information Administration (EIA).* At that point, peak U.S. LNG production capacity…
U.S. Crude Output Reaches ‘21 Peak; Focus Shifts to OPEC-Plus Production
Domestic oil production reached a 2021 high last week as demand waned in the face of lofty prices, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the week ended Nov. 26 rose to 11.6 million b/d, up 100,000 b/d from the prior week and far ahead of the 11.1 million b/d a year…
Domestic Crude Inventories Fall as Demand Jumps; Biden Calls for More Output, Attacks Energy Producers
U.S. oil stocks fell for the first time in four weeks as Americans shrugged off lofty prices and demand rose, the U.S. Energy Information Administration (EIA) said Wednesday. EIA said crude inventories for the week ended Nov. 12, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 2.1 million bbl from the previous week.…
Domestic Oil Stocks Gain Ground as Production Ticks Up; OPEC-Plus Weighs Output Bump
U.S. crude inventories increased last week as producers boosted supplies and demand only nudged ahead amid lofty fuel prices that kept consumption in check, albeit at solid levels. It marked the second consecutive weekly increase in stockpiles. The U.S. Energy Information Administration (EIA) said Wednesday oil inventories for the week ended Oct. 29, excluding those…
U.S. Crude Inventories Rise as Petroleum Demand Tapers and Production Holds Steady, EIA Says
Domestic oil stocks climbed while demand for gasoline and other fuels derived from crude slowed last week as Americans scaled back consumption following recent price surges. The U.S. Energy Information Administration (EIA) said Wednesday oil inventories for the week ended Oct. 22, excluding those in the Strategic Petroleum Reserve, increased by 4.3 million bbl from…
Domestic Oil Stocks Dip as Petroleum Demand Roars Back, Output and Imports Decline
U.S. crude inventories declined for the first time in four weeks as demand for gasoline and other fuels derived from oil bounced back and imports and production slid lower. The U.S. Energy Information Administration (EIA) said Wednesday oil inventories for the week ended Oct. 15, excluding those in the Strategic Petroleum Reserve, decreased by 400,000…
DUC Drawdown Continuation to Bump U.S. Onshore Natural Gas, Oil Production Next Month
U.S. onshore oil and natural gas production is set to rise from October to November, propelled by supply growth in the Permian Basin and Haynesville Shale, according to updated projections Monday from the U.S. Energy Information Administration (EIA). Natural gas production from seven key U.S. producing regions — the Anadarko, Appalachia and Permian basins, along…
Winter Heating Costs for U.S. Natural Gas Expected to Rise Sharply
American households can expect significant increases in home heating costs this winter, including a 30% increase in natural gas expenditures versus last winter, according to the U.S. Energy Information Administration (EIA). The agency said as part of its latest Short-Term Energy Outlook (STEO) that it expects a 3% increase in average U.S. heating degree days…
Tech Innovations Boost Permian Oil and Natural Gas Productivity, EIA Says
Advanced technologies, such as longer lateral wells and multi-well pad drilling, are driving ongoing efficiencies and increased productivity in developing oil and natural gas resources in the prolific Permian Basin, the U.S. Energy Information Administration (EIA) said in a report Tuesday. The Permian, which spans West Texas and southeastern New Mexico, accounted for about 30%…