With output falling and demand rising, U.S. crude inventories resumed a downward trend last week, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. commercial oil inventories in the week ended July 23, excluding those in the Strategic Petroleum Reserve, decreased by 4.1 million bbl from the previous week. At 435.6 million bbl, U.S. crude…
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U.S. LNG Exports Hit New High in First Half of 2021
U.S. liquefied natural gas (LNG) exports hit record highs in the first half of 2021 as new capacity ramped to meet growing global demand. LNG exports averaged 9.6 Bcf/d in the first six months of the year, according to the U.S. Energy Information Administration. That is a stark contrast to last year when demand cratered…
As Demand Further Strengthens, August Natural Gas Futures Extend Rally; Cash Prices Climb
Natural gas futures on Monday advanced for a seventh consecutive session as robust domestic cooling demand and strong liquefied natural gas (LNG) export levels continued to drive up prices that are at their highest levels since 2018. The August Nymex contract advanced 4.2 cents day/day and settled at $4.102/MMBtu. The prompt month gained nearly 11%…
U.S. Still 2020 Global Leader in Petroleum, Natural Gas Production Despite Pandemic Drop-Off
Even amid declines associated with the Covid-19 pandemic, the United States maintained its status as the globe’s leading producer of petroleum and natural gas in 2020, a recent analysis from the Energy Information Administration (EIA) shows. Domestic petroleum and natural gas output fell year/year in 2020 after reaching record highs in 2019, EIA said in…
Inventories of U.S. Oil Climb as Exports Taper, Imports Rise; Demand Holds Strong
U.S. crude stockpiles ended a summer-long streak of descensions even as domestic demand increased and production was flat, the U.S. Energy Information Administration (EIA) said Wednesday. The agency noted that exports of American crude dropped during the week, while imports climbed. U.S. commercial crude inventories — excluding those in the Strategic Petroleum Reserve — increased…
Despite Covid-19 Declines, U.S. Still World’s Leading Petroleum and NatGas Producer in 2020
Even amid declines associated with the Covid-19 pandemic, the United States maintained its status as the globe’s leading producer of petroleum and natural gas in 2020, a recent analysis from the Energy Information Administration (EIA) shows. Domestic petroleum and natural gas output fell year/year in 2020 after reaching record highs in 2019, EIA said in…
Natural Gas Futures Rally for Second Day, Bolstered by Demand Outlook; Spot Prices Spike
Natural gas futures on Monday cruised higher for a second consecutive session as forecasts pointed to stronger weather-driven demand over the back half of July. The August Nymex contract advanced 10.5 cents day/day and settled at $3.779/MMBtu. The prompt month had gained 6.0 cents on Friday to close out trading last week. The September contract…
U.S. Crude Inventories Extend Downward Slide; OPEC Reaches Tentative Production Compromise
Despite a second straight uptick in production and a rare weekly decline in demand this summer, U.S. crude oil inventories plunged notably for a fourth consecutive week, according to the U.S. Energy Information Administration (EIA). U.S. commercial crude inventories — excluding those in the Strategic Petroleum Reserve — decreased by 7.9 million bbl in the…
U.S. Natural Gas Rig Count Up Two as GOM Activity Rises
The U.S. natural gas rig count rose two units to finish at 101 during the week ended Friday, a week that also saw a notable uptick in drilling activity in the Gulf of Mexico (GOM), according to updated data from oilfield services provider Baker Hughes Co. (BKR). Drilling gains in the United States for the…
Overall U.S. Energy Consumption Fell in 2020, but Natural Gas Remained at Record Levels
The United States saw the largest recorded annual decrease in overall energy consumption last year, falling from 100 quadrillion (quad) Btu in 2019 to 93 quad in 2020, according to the Energy Information Administration (EIA). However, renewable energy demand grew. The Covid-19 pandemic and other economic factors played a significant role in reducing energy consumption,…