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…
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OPEC-Plus Deal Driving Global Oil Market Rebalancing, Says EIA
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…
Hefty Storage Build, Containment Threats Send Natural Gas Futures Spiraling
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…
U.S. Natural Gas Prices to Average $3.40 in January as Domestic, Overseas Demand Climbs, Says EIA
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. LNG Exports Record First Year/Year Decline Since January 2016 as Pandemic Reverberates
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…
Natural Gas Forward Prices Rally Ahead of Laura, but LNG Impacts Not Yet Known
Natural gas forward prices experienced yet another surge in the week before Hurricane Laura, a Category 4 storm packing 150 mph winds, made landfall, according to NGI’s Forward Look. Double-digit gains were the norm outside of the Northeast and California, helped in part by surging global gas prices and a pullback in production ahead of…
Winter Demand, Slumping Production to Boost Henry Hub Prices in Coming Months, Says EIA
Rising demand for natural gas heading into winter months, combined with reduced production, is likely to put upward pressure on prices, lifting the total 2020 Henry Hub spot price average to $2.03/MMBtu, with 2021 expected to average $3.14/MMBtu, according to the Energy Information Administration (EIA). That 2020 estimate, which is included in a Short-Term Energy…
August Natural Gas Futures Find Momentum Amid Expectations for Lower Storage Build
Traders shrugged off early weather concerns Wednesday and nudged August natural gas futures higher as major polls showed expectations for a positive storage injection report that would reflect improved supply/demand balance. The August Nymex contract rose six-tenths of a cent day/day and settled at $1.681/MMBtu. September climbed four-tenths of a cent to $1.718. NGI’s Spot…
Weekly Natural Gas Prices Stumble as Heat Outlook Eases
Spot natural gas prices sputtered slightly over the course of the past week, as forecasts turned modestly cooler. NGI’s Weekly Spot Gas National Avg. lost 4.5 cents to $1.685 for the July 13-17 trading period. While the heat outlook eased to start the week, losses were minimal as the week wore on with forecasters continuing…
Natural Gas Forwards Hit ‘Neutral’ as Heat, Storage Fail to Inspire Rally
Coming off a sharp surge from the prior week, natural gas forwards sputtered a bit during the July 9-15 period as spiking coronavirus cases across the United States threatened continued economic and energy demand recovery, according to NGI’s Forward Look. Meanwhile, higher oil prices have incentivized producers to return to the oil patch, resulting in…