On a day when President Biden launched a Middle East tour in part to press for greater crude output, U.S. officials said American oil production declined along with consumption. A global energy watchdog also lowered its demand outlook, citing the specter of recession. One week after reaching a 2020 high, U.S. producers pumped 12.0 million…
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U.S. Oil Production Hits New 2022 Peak, but More Runway Ahead for Growth
Domestic crude output reached a new high for the year as producers continue to gradually ramp up to meet summer demand, the U.S. Energy Information Administration (EIA) reported Wednesday. Production climbed to 12.1 million b/d for the week ended June 24, up 100,000 b/d week/week, according to the EIA’s Weekly Petroleum Status Report (WSPR). Exploration…
EIA to Post Two Weeks of Petroleum Data Following Technical Troubles; OPEC-Plus on Deck
The U.S. Energy Information Administration (EIA) said it would report two weeks’ worth of petroleum supply/demand data on Wednesday following a burst in power that damaged the agency’s hardware and forced the postponement of several reports. EIA said early Tuesday that it would publish its Weekly Petroleum Status Report (WSPR) at its regularly scheduled time…
Natural Gas Forwards Tumble as Freeport LNG Outage Loosens Summer Balances
As summer heat failed to provide the spark needed to sustain higher prices, lost demand from the Freeport liquefied natural gas (LNG) terminal outage continued to erode value in the natural gas forwards market during the June 16-22 trading period. According to NGI’s Forward Look data, benchmark Henry Hub fell 56.2 cents week/week to average…
Falling DUC Inventory Spurs Lower 48 E&Ps to Goose Drilling Activity
Exploration and production (E&P) operators in the U.S. onshore are ramping up drilling activity, particularly in the Permian Basin, to offset the shrinking drilled but uncompleted (DUC) well inventory, according to ESAI Energy LLC. Crude oil prices topping $100/bbl “have incentivized more rigs, especially from private companies, and the diminishing inventory of DUCs means more…
U.S. Oil Output Climbs Ahead of Biden’s Call for Action to Curb Energy Inflation
Crude output ticked up last week, reaching a new 2022 peak ahead of President Biden’s latest call for U.S. producers to boost activity in the face of soaring prices. The U.S. Energy Information Administration (EIA) said Wednesday output climbed to 12.0 million b/d for the week ended June 10, up 100,000 b/d week/week. It marked…
Public E&Ps Seen Adding Reserves as Exploration, Development Spending Drops
Spiking energy prices and the related across-the-board inflation aren’t being driven by a lack of oil and gas resources. Analysis from the U.S. Energy Information Administration (EIA) found that publicly traded exploration and production (E&P) companies increased proved reserves of oil and natural gas by 19.2 billion boe in 2021. This was based on the…
U.S. Crude Production Flat, Demand Up as Summer Travel Season Gets Underway
American oil producers held the line on output last week, while demand climbed and global supply worries intensified. The U.S. Energy Information Administration (EIA) said Thursday output was flat at 11.9 million b/d for the week ended June 3. It marked the fourth straight week in which production was held at that level. While that…
EIA Confirms Russia’s War Forces Seismic Shift in U.S. LNG Demand
U.S. exports of liquefied natural gas (LNG) to Europe surged during the first four months of 2022 as countries across the continent clamored for American supplies amid Russia’s invasion of Ukraine, the Energy Information Administration (EIA) said Tuesday. The demand trend, well established, continues as countries throughout Europe try to wean themselves of Russian gas…
Henry Hub to Average $8.69 in 3Q2022 Amid Strong Demand, Lagging Storage, EIA Predicts
As lagging storage inventories and robust demand pressure prices higher, Henry Hub natural gas spot prices will average $8.69/MMBtu in the third quarter, updated Energy Information Administration (EIA) projections show. Amid rising domestic production by next year, the national benchmark price should retreat to $4.74 in 2023, the agency said in the June edition of…