Brent crude oil prices are poised to average $86/bbl for the remainder of 2023 before falling to an average of $81 in 2024 amid rising global inventories, according to the Energy Information Administration’s (EIA) latest projections. Downward pressure could start to emerge for the global crude benchmark in 2Q2024, when global oil inventories “will begin…
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Natural Gas Futures Prices Bounce Higher on Cooler Late April Forecast, Short-Covering
Still on a sugar high from too many Cadbury eggs over the Easter holiday weekend, natural gas futures prices soared as weather data showed cool weather returning to the Lower 48 in about a week’s time. With some short-covering likely aiding the rally, the May Nymex natural gas contract settled Monday’s regular session at $2.172/MMBtu,…
U.S. Crude Exports Hit Record in 2022, Lifted by Shift in Trade Patterns
U.S. crude oil exports hit an all-time high last year of 3.6 million b/d amid upheaval in global energy markets, according to the U.S. Energy Information Administration (EIA). EIA said U.S. oil exports increased by 22% year/year, or 640,000 b/d, in 2022. An increase in U.S. crude production, releases from the nation’s Strategic Petroleum Reserve…
U.S. Natural Gas Production, LNG Exports Expected to Grow Through 2050, EIA Forecasts
U.S. natural gas production and LNG exports are likely to grow between now and 2050 with domestic gas consumption dropping only slightly, according to the Energy Information Administration (EIA). All of the scenarios modeled in EIA’s latest Annual Energy Outlook (AEO) released last Thursday show the United States remaining a net exporter of natural gas…
U.S. Petroleum Export Growth to Continue Long Term, EIA Says
The United States have burgeoned as a key energy supplier amid Russia’s war in Ukraine, with petroleum product exports doubling from 2010-2022, and the Energy Information Administration (EIA) is expecting this growth to continue. In the past year of a major global energy reshuffling, average U.S. petroleum product exports grew 7% to 5.97 million b/d…
EIA Cuts Henry Hub Forecast as January, February Possibly Warmest on Record
Amid lower-than-expected heating demand this winter, the Energy Information Administration (EIA) said Tuesday it is raising its projected end-March storage carryout to more than 1.9 Tcf, a 27% increase compared to projections issued in January. A 1.9 Tcf end-March carryout would also represent a 23% surplus to the prior five-year average, EIA said in its…
Natural Gas Futures, Cash Prices Rise Amid Series of Winter Blasts
Natural gas futures extended their gains on Monday as weather models continued to show cold over much of the Lower 48 for early to mid-March and Freeport LNG stayed on its path toward full operations. With some nascent technical momentum also in play, the newly prompt April Nymex natural gas contract settled at $2.731/MMBtu, up…
EIA Sees Continued Onshore Natural Gas Production Growth in March, Paced by Haynesville
With the Haynesville Shale continuing to serve as the biggest driver of projected onshore natural gas production growth, output from seven key Lower 48 plays is poised to grow by 426 MMcf/d from February to March, according to the Energy Information Administration (EIA). In its latest Drilling Productivity Report (DPR), published Monday, the agency modeled…
Lower 48 Plays to Add 400 MMcf/d of Production from February to March, EIA Says
With the Haynesville Shale continuing to serve as the biggest driver of projected onshore natural gas production growth, output from seven key Lower 48 plays is poised to grow by 426 MMcf/d from February to March, according to the Energy Information Administration (EIA). In its latest Drilling Productivity Report (DPR), published Monday, the agency modeled…
Minnesota Setting Course to Carbon-Free Emissions by 2040
Gov. Tim Walz of Minnesota’s Democratic-Farmer-Labor Party has signed into law clean energy goals that target a carbon-free electricity grid by 2040. State House File 7 (HF7) amended Minnesota’s Renewable Energy Standard statute. It added a target for electric utilities, generation and transmission cooperatives, and municipal power agencies to generate or procure by 2035 at…