Forecast

Raymond James Says Natural Gas to Jump in 2021, Boosted by Production Cuts

Raymond James Says Natural Gas to Jump in 2021, Boosted by Production Cuts

The extensive oil production declines amid the coronavirus pandemic’s fallout cut deep enough into associated gas supplies to likely help drive up Henry Hub natural gas prices in 2021, according to Raymond James & Associates. “The 2020 oil crash is still likely to drive a massive imbalance in U.S. gas supplies in 2021,” Raymond James…

October 15, 2020
U.S. Home-Bound Workforce Sharply Impacting Transportation Fuel Outlook, Says OPEC

U.S. Home-Bound Workforce Sharply Impacting Transportation Fuel Outlook, Says OPEC

Energy demand contraction triggered by Covid-19 lockdown measures has drastically reduced U.S. fuel consumption, but a cold winter could boost heating oil consumption as more people continue to work from home, the Organization of the Petroleum Exporting Countries (OPEC) said Tuesday. The oil cartel issued its global winter forecast in the latest Monthly Oil Market…

October 13, 2020
Seven Key Oil, Natural Gas Producing Regions Set to Lower Output in November, Says EIA

Seven Key Oil, Natural Gas Producing Regions Set to Lower Output in November, Says EIA

Despite anticipated increases in productivity per rig across seven key U.S. producing regions, overall oil and gas output from these areas is expected to fall across the board from October to November, according to updated numbers released Tuesday by the Energy Information Administration (EIA). The agency’s latest Drilling Productivity Report (DPR) projects that total natural…

October 13, 2020
Lower 48 Tight Oil Output to Recover, but Possibly Not As Strong Pre-Covid, Says OPEC

Lower 48 Tight Oil Output to Recover, but Possibly Not As Strong Pre-Covid, Says OPEC

U.S. tight oil production should recover quickly as world energy demand recovers from Covid-19, but Lower 48 output may not again hit its previous forecasts, the Organization of the Petroleum Exporting Countries said Thursday. The Saudi-led oil cartel, aka OPEC, in its flagship 14th annual World Oil Outlook (WOO), cited the “unprecedented scale and impact”…

October 8, 2020
Permian Output Seen Ramping Up in 2021

Permian Output Seen Ramping Up in 2021

Production in the Permian Basin will likely decline through the year but then begin to increase through at least 2026, even if prices do not rise significantly, according to analysts. “We see the Permian as a relative winner among domestic basins given favorable production economics, independent of a call on higher commodity prices,” the Morgan…

October 6, 2020
Winter Natural Gas Prices Seen Rising into 2021 on Market’s Resilience Despite Pandemic

Winter Natural Gas Prices Seen Rising into 2021 on Market’s Resilience Despite Pandemic

Shrinking production, growing exports and somewhat colder weather should see this winter’s natural gas prices trend upward compared with last winter, even as the Covid-19 pandemic threatens to hinder demand, according to new projections from the Natural Gas Supply Association (NGSA). Total exports, both by way of liquefied natural gas (LNG) terminals and via pipeline…

October 1, 2020
OPEC Reduces Oil Demand Forecast into 2021 from Covid-19’s Lingering Impacts

OPEC Reduces Oil Demand Forecast into 2021 from Covid-19’s Lingering Impacts

The Covid-19 pandemic’s crushing impact to energy demand and prices has led the Organization of the Petroleum Exporting Countries, aka OPEC, to again reduce its forecast for oil into 2020. The International Energy Agency (IEA) on Tuesday also reduced for the second consecutive month its outlook for oil demand. IEA also warned that Covid-19 may…

September 15, 2020
Slumping Natural Gas Production Forecast Across Lower 48 into October, Except in Permian

Slumping Natural Gas Production Forecast Across Lower 48 into October, Except in Permian

The Permian Basin is the only one of the seven major producing areas of the Lower 48 forecast to see an increase in natural gas and oil output in October month/month, according to a forecast by the Energy Information Administration. In the monthly Drilling Productivity Report (DPR) issued on Monday, EIA researchers estimated that overall,…

September 15, 2020
Global Natural Gas Looks Strong but Facing Challenges from Renewables, Hydrogen, Says BP

Global Natural Gas Looks Strong but Facing Challenges from Renewables, Hydrogen, Says BP

A “pronounced shift” to renewables, combined with a shift to electricity and hydrogen, led BP plc to reduce its annual forecast for global natural gas as a primary energy source. The annual Energy Outlook was introduced on Monday by chief economist Spencer Dale during a webcast. The economics team led by Spencer Dale used Rapid,…

September 14, 2020
Global Oil Demand Seen Leveling Off at 92-95 Million b/d Until Pandemic Contained

Global Oil Demand Seen Leveling Off at 92-95 Million b/d Until Pandemic Contained

Although global oil demand has come roaring back to about 89% of pre-coronavirus levels, it is expected to plateau around 92-95 million b/d, or 92-95% of pre-Covid levels through the first quarter of 2021, according to a new analysis by IHS Markit. “The meteoric rise of world oil demand from the lowest lows of the…

August 25, 2020
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