The impacts of a Winter Storm Uri, which wreaked havoc on the Texas energy system in mid-February, are lingering nearly two months later as downstream facilities await freeze-related repairs. “From a natural disaster perspective, the impact on the petrochemical space from Uri is much greater than any previous event that we’ve had in recent memory,”…
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As Demand Recovers, Oil Inventories Decline for First Time Since February, EIA Says
U.S. oil inventories decreased for the first time in five weeks as demand rebounded, the U.S. Energy Information Administration (EIA) said Wednesday. In its Weekly Petroleum Status Report, EIA said crude inventories — excluding those in the Strategic Petroleum Reserve — fell by 900,000 bbl from the previous week. Still, at 501.8 million bbl, U.S.…
As Demand Eases and Production Ticks Up, U.S. Oil Inventories Rise Again, EIA Says
Domestic crude oil inventories increased by nearly 2 million bbl last week, the U.S. Energy Information Administration (EIA) said Wednesday, marking a fourth-straight week of swelling stocks amid lingering demand weakness. In its Weekly Petroleum Status Report (WPSR), EIA said overall demand in the week ended March 19 fell 1% week/week and was off 4%…
Stockpiles of U.S. Crude Mount; IEA Says Global Oil Demand Recovery Gradual Through 2023
U.S. oil inventories increased for a third-consecutive week as demand for travel fuels remained light and as refinery activity, while increasing, held far below capacity following the blast of winter weather that froze the Texas energy grid in February. Domestic commercial crude inventories for the week ended March 12 — excluding those in the Strategic…
Asia Said No. 1 Destination in 2020 for U.S. LNG Exports
Asia dethroned Europe as the top destination for U.S. liquefied natural gas (LNG) cargoes last year, taking in almost half of all exports, according to the Energy Information Administration (EIA). U.S. exports to Asia increased 67% in 2020 compared with 2019, accounting for 3.1 Bcf/d, EIA said. Though Covid-19 brought global economies to a near…
EIA Raises Henry Hub NatGas Forecast to $3.14; Brent Pegged at $65-70 for March and April
In the wake of last month’s record-high natural gas prices in the physical market, the Energy Information Administration (EIA) is raising its projected 2021 Henry Hub spot price average to $3.14/MMBtu. The updated projection, issued on Tuesday as part of the agency’s latest Short-Term Energy Outlook (STEO), is nearly 20 cents higher than the $2.95…
U.S. Commercial Crude Oil Inventories Surge as Refinery Utilization Holds at Weak Levels, EIA Says
U.S. oil inventories jumped last week, marking a second consecutive spike as refineries continued to operate well below capacity in the aftermath of the February Arctic freeze that upended the Texas energy system. Domestic commercial crude oil inventories for the week ended March 5 — excluding those in the Strategic Petroleum Reserve — increased by…
As Demand Flattens and Production Ticks Up, U.S. Crude Oil Inventories Swell, EIA Says
Domestic crude oil inventories increased by more than 20 million bbl last week, the U.S. Energy Information Administration (EIA) said Wednesday, as demand leveled off, production rose and Gulf Coast refinery utilization rates nosedived. In its Weekly Petroleum Status Report (WPSR), EIA said overall demand in the week ended Feb. 26 ticked up 0.4% week/week…
Pandemic Cut U.S. Natural Gas Production by 1% in 2020, EIA Says
U.S. annual natural gas production in 2020 declined 1% year/year and averaged 111.2 billion Bcf/d, a reflection in part of the pullback in drilling activity following the demand destruction and downward pressure on prices caused by the coronavirus pandemic. In releasing its latest 2020 estimate, measured by gross withdrawals, the U.S. Energy Administration (EIA) also…
Natural Gas Production in Texas Dropped 45% Amid Historic Freeze
U.S. dry natural gas production plummeted during the Arctic freeze that descended upon Texas last week, hitting a low of 69.7 billion Bcf/d, the U.S. Energy Information Administration (EIA) said in a research note Thursday. The low point, reached on Feb. 17, marked a decline of 21% from the average of the prior week, the…