As both domestic and global demand for travel fuels derived from oil builds, domestic crude inventories dropped substantially for a third straight week, the U.S. Energy Information Administration (EIA) said Wednesday. Excluding those in the Strategic Petroleum Reserve, domestic oil inventories for the week ended July 2 decreased by 6.9 million bbl from the previous…
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After Lull, U.S. Petroleum Demand Jumps and Stockpiles Dwindle
Demand for U.S. petroleum spiked last week as consumption of gasoline and jet fuel jumped alongside a fading pandemic and increased travel. The U.S. Energy Information Administration (EIA) said Wednesday that demand during the week ended June 11 increased 16% week/week, with gasoline demand up 10%, jet fuel consumption ahead 22%, and demand for distillate…
June 17, 2021
Betting on Mounting Oil Demand, OPEC and Allies Agree to Boost Production
The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to ramp up crude production in anticipation of increased demand. The shift comes despite elevated uncertainty about the coronavirus pandemic and its still festering impacts on global travel and economic activity. Saudi Arabia-led OPEC and an allied group of leading…
April 1, 2021
North Dakota Examining Potential for Bakken Natural Gas, Liquids Storage
North Dakota’s Industrial Commission (IC) has asked the state legislature to authorize pursuing options to add oil and natural gas storage for the Bakken Shale. The governor-led commission “pre-filed a bill for next year’s legislature to take on permitting of oil, gas and natural gas liquids storage,” said Department of Mineral Resources director Lynn Helms.…
December 17, 2020
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