Oil prices

OPEC-Plus Cut Could Send Oil Prices Soaring Above $100, Entice U.S. E&Ps to Ramp Up

OPEC-Plus Cut Could Send Oil Prices Soaring Above $100, Entice U.S. E&Ps to Ramp Up

Lower 48 energy producers, in response to a massive OPEC-plus supply cut that is expected to spur a surge in oil prices, could bolster crude output in the final months of 2022 to both capitalize and ensure domestic supply/demand balance, analysts said Thursday. U.S. exploration and production (E&P) companies could increase output to 12.7 million…

October 6, 2022
Natural Gas, Oil Industry Profits Forecast to Retreat in 2023 on Slower Demand, Economic Pull Back

Natural Gas, Oil Industry Profits Forecast to Retreat in 2023 on Slower Demand, Economic Pull Back

Global energy company earnings, which surged on stronger oil and natural gas prices, should ease in 2023 as the industry adjusts to slower demand growth and an economic slowdown, according to Moody’s Investors Service. “The pace of improvement in fundamental industry conditions will also decelerate after a strong post-lockdown rebound in earnings and credit quality…

September 21, 2022
Henry Hub Natural Gas in 4Q Likely to Average $9, with Brent $98, Says EIA

Henry Hub Natural Gas in 4Q Likely to Average $9, with Brent $98, Says EIA

Natural gas spot prices at Henry Hub will average roughly $9/MMBtu during the fourth quarter before retreating to around $6 on average in 2023 amid rising domestic production, according to the latest projections from the Energy Information Administration (EIA). Spot prices at the national benchmark averaged $8.80 in August, versus $7.28 in July, the agency…

September 9, 2022
OPEC-Plus to Cut Output as West Seeks to Cap Russian Crude Prices

OPEC-Plus to Cut Output as West Seeks to Cap Russian Crude Prices

OPEC and its Russian allies, on Monday agreed to reduce global crude oil output by 100,000 b/d in October, in what the Saudi-led cartel said was a proactive move to stabilize the market. At the monthly ministerial meeting, the cartel noted the “adverse impact of volatility and the decline in liquidity on the current oil…

September 6, 2022
North Dakota Natural Gas Production Surges as Capture Rate Holds Steady

North Dakota Natural Gas Production Surges as Capture Rate Holds Steady

Natural gas production in North Dakota swelled by 9.7% in June versus May to 3.06 Bcf/d, while oil production rose 3.5% to 1.1 million b/d, according to the latest figures from the North Dakota Industrial Commission (NDIC). The increases reflect a full recovery from disruptions caused by April snowstorms, as well as strong market fundamentals…

August 19, 2022
ExxonMobil’s Woods Says Permian, LNG to Assist Europe, but Diversification Key

ExxonMobil’s Woods Says Permian, LNG to Assist Europe, but Diversification Key

ExxonMobil’s ability to invest through the pandemic enabled the supermajor to ramp up supply quickly as demand soared this year, with Permian Basin and LNG supply expanding, CEO Darren Woods said Friday. On the back of the Permian and a flood of investments in Guyana and liquefied natural gas projects worldwide, ExxonMobil’s deep pockets have…

July 29, 2022
OPEC-Plus Vows to Boost Crude Production, Offering Potential Respite for Soaring Prices

OPEC-Plus Vows to Boost Crude Production, Offering Potential Respite for Soaring Prices

The oil-rich consortium of countries known as OPEC-plus on Thursday affirmed its intentions, first signaled earlier in June, to ramp up production in July and August. It is targeting output growth of 648,000 b/d both months.  If the cartel could meet its goals, the group’s average crude generation would climb to nearly 44 million b/d…

June 30, 2022
E&P and OFS Execs Foresee $7.55 Natural Gas, $108 Oil by Year’s End

E&P and OFS Execs Foresee $7.55 Natural Gas, $108 Oil by Year’s End

Natural gas and oil industry executives across Texas, northern Louisiana, and southern New Mexico expect a Henry Hub natural gas price of $7.55/MMBtu and a West Texas Intermediate (WTI) oil price of $108/bbl by the end of this year, according to the Federal Reserve Bank of Dallas. The Dallas Fed, as it is known, obtained…

June 24, 2022
Brent to Average $108 in Last Half of 2022, EIA Says

Brent to Average $108 in Last Half of 2022, EIA Says

Brent crude oil prices will average $108/bbl in the second half of 2022 as low global inventory levels heighten potential volatility and as geopolitical actions increase uncertainty, the Energy Information Administration (EIA) said in an updated forecast Tuesday. The global crude benchmark, which averaged $113 in May, is expected to fall to $97 in 2023,…

June 9, 2022
Goldman Forecasting $140 Oil for 3Q as Global Supply Pressures Persist

Goldman Forecasting $140 Oil for 3Q as Global Supply Pressures Persist

International benchmark Brent crude prices will average $140/bbl between July and September and hang near that level through the first half of next year, analysts at Goldman Sachs Group forecasted. That marks a substantial jump from their earlier call for global prices to average $125 in the third quarter. Prices may need to climb even…

June 8, 2022
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