The global midstream energy industry is likely to expand only modestly through 2023 and next year, given slumping natural gas prices and stubbornly high inflation, according to Moody’s Investors Service. The rating agency’s research arm, in a new outlook, emphasized the modest growth would follow strong performances across 2022, a year in which energy demand…
Inflation
Articles from Inflation
Oilfield Services Employment Hits Highest Level Since Onset of Pandemic
Employment in the U.S. oilfield services and equipment sector (OFS) increased by 2,907 jobs in March and reached its highest level in three years, according to an analysis of federal data by the Energy Workforce & Technology Council. Total OFS jobs climbed to 656,368 last month, a high mark since the onset of the coronavirus…
Natural Gas Price Uncertainty, Federal Policies Escalating Unease for U.S. E&Ps, OFS
Plummeting natural gas prices, workforce shortages, cost inflation and frustration with federal policies are a few of the challenges giving U.S. oil and gas executives headaches, according to a new survey conducted by the Federal Reserve Bank of Dallas. The Dallas Fed, as it is better known, collected responses from 147 firms from March 15-23…
Ascent Resources Outlines Steady Utica Drilling Plan as Natural Gas Prices Seen Weakening
Privately-held Ascent Resources Utica Holdings LLC, Ohio’s largest natural gas producer, is joining its publicly-traded peers in keeping production and activity flat this year as the commodity outlook has softened. Ascent, also one of the nation’s largest private natural gas producers, is guiding for 2-2.1 Bcfe/d of production in 2023, in line with the 2.1…
American Oil Producers Keep Output Elevated; IEA, OPEC Ramp Up Demand Forecasts
U.S. crude production held firm at a pandemic-era high as new forecasts called for rising global demand tied to an expected surge in Chinese travel fuel consumption. American producers generated 12.3 million b/d for the week ended Feb. 10, on par with the prior week and the high mark of the past nearly three years,…
U.S. Inflation Remains Elevated, but Pace Eases Amid Weaker Natural Gas Prices
U.S. inflation held at lofty levels but the pace of consumer cost increases edged lower in January, in part due to soft natural gas prices, extending a seven-month trend of easing expense pressure. The Labor Department’s Consumer Price Index increased 6.4% in January from a year earlier – more than three times the 2% level…
Weaker Natural Gas Prices, Higher Borrowing Costs Push Inflation Lower
Weakened natural gas prices – following a massive run-up last summer – intersected with rising interest rates to ease inflation that had only a few months ago reached a 40-year high. Further New York Mercantile Exchange gas futures price drops early this year, owing in part to relatively benign winter weather across most of January,…
Falling Natural Gas Prices, Rising Interest Rates Tap Brakes on Inflation
Weakened natural gas prices – following a massive run-up last summer – intersected with rising interest rates to ease inflation that had only a few months ago reached a 40-year high. Further New York Mercantile Exchange gas futures price drops early this year, owing in part to relatively benign winter weather across most of January,…
‘Good Time’ for Global LNG as Customers Ready to Talk, Says Baker Hughes CEO
Baker Hughes Co. generated record orders in the fourth quarter, driven by “multiple awards” for LNG and offshore production equipment, CEO Lorenzo Simonelli said Monday. In a conference call to discuss quarterly and full-year earnings, the CEO noted that operationally, the Houston-based oilfield services (OFS) giant “continues to navigate challenges” in “different parts of the…
Oil Prices Slide Amid Signs of Weaker Domestic, Global Demand in 2023
U.S. and global crude prices opened the New Year mired in a slump, led lower by uneven domestic demand and hints of global sluggishness amid intensifying expectations of recession. After dropping Tuesday, West Texas Intermediate (WTI) prices in the United States slid below $74/bbl in intraday trading Wednesday, down more than 4%. Brent crude, the…