An increasingly small percentage of oil and natural gas wells is supplying the majority of U.S. production, according to a new report from the Energy Information Administration (EIA) based on Enverus data. The trend is because of the proliferation of horizontal wells combined with hydraulic fracturing in the Lower 48, researchers said. “Oil and natural…
Eia
Articles from Eia
Domestic Crude Production Flat as Petroleum Demand Edges Higher
Demand for gasoline climbed last week and helped to drive a second consecutive gain in U.S. petroleum consumption, while oil production leveled off, new federal data show. The U.S. Energy Information Administration (EIA) said Wednesday overall demand for petroleum products for the period ended Dec. 16 climbed 5% week/week. The increase was driven by a…
Natural Gas Futures Fly as Midwest Turns Cold, but Weather Models Toying With Traders
Natural gas futures exploded early Monday as weather models shifted colder with a double whammy of bitter wintry weather expected to sweep across the Lower 48 later this month. While subsequent model runs sapped quite a bit of momentum, the January Nymex gas futures contract still settled 34.2 cents higher at $6.587/MMBtu. February futures jumped…
December Natural Gas Futures Prices Falter on Expiration; Cash Cascades
Natural gas futures on Monday floundered following forecasts for milder weather and estimates of strong production to start the week, continuing a slump as the December contract traded into expiration. At A Glance: Weather demand fades in outlook Analysts expect second storage pull Rail strike lurks for natural gas bulls After falling in Friday’s session,…
U.S. Crude Production Steady as Demand Drops Ahead of Holiday
U.S. exploration and production (E&P) companies kept output for the week ended Nov. 18 at 12.1 million b/d, even with the prior week and generally on par with the level maintained through the fall, according to the Energy Information Administration (EIA). E&Ps raised production to a pandemic-era high of 12.2 million b/d at points in…
Natural Gas Imports from Canada Rising in Western U.S.
Natural gas imports from Canada to the western United States have increased by 4.1% so far this year versus the same period in 2021, according to new analysis by the U.S. Energy Information Administration (EIA). The border-crossing points at Sumas, WA, and Eastport, ID, “principally supply metropolitan areas in the Pacific Northwest and California, where…
Natural Gas Futures, Spot Prices Fly on Freeport Clarity, December Cold, Threat of Railroad Strike
Natural gas futures found fresh footing on Monday, as traders mulled an updated relaunch timeline for a major export facility, railroad union members considered a strike, and forecasts pointed to another round of wintry weather in early December. At A Glance: LNG facility aims for December return Demand could intensify next month Analysts expect large…
Once Again, OPEC Cuts Global Oil Demand Forecast Amid Recession Headwinds
OPEC slashed its global crude oil demand outlook for a second consecutive month, citing slowing economic activity in the United States and Europe as well as ongoing pandemic-related lockdowns in China and geopolitical upheaval linked to Russia’s war in Ukraine. In its closely watched monthly market report, the cartel on Monday lowered its forecast for…
U.S. E&Ps Step Up Oil Production as Demand Climbs, Recession Lurks
Domestic crude production climbed notably last week, putting output near the 2022 peak, as U.S. demand accelerated and global market conditions tightened. The Energy Information Administration (EIA) said Wednesday that output for the week ended Nov. 4 climbed by 200,000 b/d from the previous week to 12.1 million b/d. That brought production close to the…
EIA Slashes Natural Gas Price Forecast, But Potential Remains for Winter Spikes
With storage refilling at a faster-than-expected clip ahead of winter, the Energy Information Administration (EIA) has slashed its projected natural gas spot price for the remainder of 2022 and the first quarter of 2023. In its latest Short-Term Energy Outlook (STEO), published Tuesday, the agency said it now expects Henry Hub spot prices to average…