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OPEC-Plus Holds Line on Oil Production Targets Even as Demand, Prices Jump

OPEC-Plus Holds Line on Oil Production Targets Even as Demand, Prices Jump

Citing rising global energy needs, the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Monday affirmed a plan to increase crude production through November. The cartel stopped short of further boosting output levels, however, a decision that fueled supply concerns and sent oil futures to seven-year highs. OPEC, led by Saudi Arabia,…

October 4, 2021
Lower 48 E&Ps Spurning New Wells, Drawing Down DUCs at ‘Unsustainable Delta’

Lower 48 E&Ps Spurning New Wells, Drawing Down DUCs at ‘Unsustainable Delta’

U.S. exploration and production (E&P) companies are completing wells at record rates, outpacing new wells by nearly 250 a month, according to Raymond James & Associates Inc. Analyst John Freeman in a note to clients Monday said the domestic count of drilled but uncompleted wells, aka DUCs, has dropped by nearly 3,300 from nearly 9,000…

September 27, 2021
Activity Rises in Permian, Eagle Ford as U.S. Rig Count Climbs on Oil Drilling

Activity Rises in Permian, Eagle Ford as U.S. Rig Count Climbs on Oil Drilling

Increased activity in the Permian Basin and Eagle Ford Shale helped push the U.S. rig count nine units higher to 512 during the week ended Friday (Sept. 17), according to the latest data from Baker Hughes Co. (BKR). A 10-rig increase in oil-directed drilling offset a one-rig decline in natural gas-directed rigs in the United…

September 17, 2021
Global Oil Consumption in 2022 Likely Above Pre-Covid Levels, Says OPEC

Global Oil Consumption in 2022 Likely Above Pre-Covid Levels, Says OPEC

Global oil demand in 2022 is gathering pace to exceed pre-pandemic levels, the Organization of the Petroleum Exporting Countries (OPEC) said Monday. In its Monthly Oil Market Report, the cartel said the Covid-19 Delta variant put a crimp in forecasts for the second half of 2021. However, economic growth worldwide in 2021 and 2022 remains…

September 13, 2021
Fitch Raises Henry Hub, Euro Natural Gas Price Assumptions on Resurgent Demand, Supply Challenges

Fitch Raises Henry Hub, Euro Natural Gas Price Assumptions on Resurgent Demand, Supply Challenges

Fitch Ratings Inc. has substantially raised its Henry Hub and European natural gas price assumptions through 2022, citing “strong year-to-date prices, recovering demand and supply challenges.” “U.S. gas prices have…benefited from heightened weather-driven demand, as well as U.S. dry and associated gas production discipline,” the credit ratings analysts said, adding that liquefied natural gas (LNG)…

September 2, 2021
Most GOM Natural Gas, Oil Still Offline as Entergy Foresees Power Outages ‘For Weeks’ After Ida

Most GOM Natural Gas, Oil Still Offline as Entergy Foresees Power Outages ‘For Weeks’ After Ida

Ida came in like the major hurricane she was, temporarily reversing the course of the Mississippi River and shutting down nearly all of the natural gas and oil produced in the Gulf Mexico (GOM). The aftermath also is looking to be long and difficult as thousands of people may be without power into the fall.…

August 30, 2021
Lower 48 Associated Gas Output Broke Yearslong Uptrend in 2020, EIA Says

Lower 48 Associated Gas Output Broke Yearslong Uptrend in 2020, EIA Says

Associated natural gas production from U.S. onshore oil plays fell in 2020, marking the first year/year decline in output since 2016, the Energy Information Administration (EIA) said in a research note published Monday. Production of associated gas from the Permian and Anadarko basins, as well as from the Bakken, Eagle Ford and Niobrara shales, fell…

August 23, 2021
Lower 48 Natural Gas, Oil Predicted to Climb in September, Says EIA

Lower 48 Natural Gas, Oil Predicted to Climb in September, Says EIA

Natural gas and oil production is predicted to increase in September month/month in the seven key producing regions of the Lower 48, according to the Energy Information Administration (EIA).  The EIA’s monthly Drilling Productivity Report (DPR), issued on Monday, highlights forecast activity in the Anadarko, Appalachia and Permian basins, Bakken, Eagle Ford and Haynesville shales,…

August 16, 2021
U.S. Natural Gas Rig Count Down One as Oil Count Surges

U.S. Natural Gas Rig Count Down One as Oil Count Surges

The U.S. natural gas rig count dropped one unit to 102 for the week ended Friday (Aug. 13), while a surge in the oil patch drove a sharp increase in the combined domestic drilling tally, according to the latest figures from Baker Hughes Co. (BKR). Ten oil-directed rigs were added in the United States for…

August 13, 2021
U.S. Adds More Oil Rigs in Lower 48, while Natural Gas Count Holds Steady

U.S. Adds More Oil Rigs in Lower 48, while Natural Gas Count Holds Steady

The United States gained three drilling rigs for the week ending Friday (Aug. 6), all working in the Lower 48, according to Baker Hughes Co. (BKR).  There were 491 active rigs total in the U.S. onshore and Gulf of Mexico (GOM), compared with 247 for the same period of 2020. The weekly rig tally is…

August 6, 2021
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