As a result of the coronavirus pandemic and its economic impacts, energy demand is set to drop by 5% in 2020, with oil and gas investments falling by an estimated 18%, according to the International Energy Agency (IEA). The global energy watchdog on Tuesday issued its flagship World Energy Outlook 2020 (WEO-2020), with the pandemic…
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Oil Demand, Prices Unlikely to Hit Pre-Covid Levels Before 2022, Says Kansas City Fed Survey
Oil demand and prices are unlikely to return to pre-Covid levels until 2022 or 2023, according to the latest quarterly energy survey conducted by the Federal Reserve Bank of Kansas City. The Kansas City Fed, as it is known, every quarter surveys current and expected energy activity across the Midcontinent, as well as expectations for…
Rebound Predicted for U.S. Industrial Natural Gas Demand in 2021
More than 5 Bcf/d of natural gas demand from the industrial sector has been lost since the start of the year, brought down by the heavy economic toll of Covid-19, the Department of Energy said. Domestic natural gas demand from the industrial sector measured 20.1 Bcf/d in June, down nearly 1.0 Bcf/d compared to year-ago…