Omicron

Robust Global Oil Demand Forecast Despite Omicron, Though Supply Outlook Mixed

Robust Global Oil Demand Forecast Despite Omicron, Though Supply Outlook Mixed

Even as the Omicron variant of the coronavirus spreads rapidly and threatens to at least stall travel and economic activity, forecasters are sticking to bullish expectations for demand in the year ahead while eyeing potential supply challenges. Brent crude, the international benchmark for oil prices, eclipsed $88/bbl in Wednesday trading, reaching a high last seen…

January 19, 2022
Oil, Natural Gas Spending Across World to Increase This Year, Rystad Says

Oil, Natural Gas Spending Across World to Increase This Year, Rystad Says

Global oil and gas investment is expected to grow by $26 billion this year as the industry continues to recover from the worst of the coronavirus, according to new analysis from Rystad Energy. Overall oil and gas investment is forecast to climb by 4% to $628 billion this year from $602 billion in 2021. “The…

January 12, 2022
U.S. Crude Production Holds Strong Even as Demand Tapers Amid Holidays, Omicron

U.S. Crude Production Holds Strong Even as Demand Tapers Amid Holidays, Omicron

U.S. oil producers, unfazed by the Omicron variant of the coronavirus and an anticipated lull in demand between the Christmas and New Year holidays, maintained production at a 2021 peak level during the final week of the year. The U.S. Energy Information Administration (EIA) said Wednesday that domestic crude output held at 11.8 million b/d…

January 5, 2022
Near-Term Cold Fuels Monstrous January Natural Gas Bidweek Gains in Some Locations

Near-Term Cold Fuels Monstrous January Natural Gas Bidweek Gains in Some Locations

On the cusp of the winter season’s first widespread cold snap, natural gas prices for January baseload were a mixed bag during the bidweek trading period from Dec. 27-29. Propelled by hefty premiums on the West and East coasts, which countered $1.00-plus losses elsewhere across the country, NGI’s January Bidweek National Avg. climbed 18.5 cents…

January 3, 2022
U.S. Petroleum Demand Tapers as Omicron Cases Mount

U.S. Petroleum Demand Tapers as Omicron Cases Mount

Americans pulled back on distillate fuel, gasoline and jet fuel consumption last week as spread of the Omicron variant of the coronavirus accelerated, data from the U.S. Energy Information Administration (EIA) showed. EIA said Wednesday that total petroleum demand for the week ended Dec. 17 dropped 12% week/week to 20.5 million b/d. Demand for gasoline…

December 23, 2021
Raymond James Looks Past Omicron, Raises Oil Price Forecast

Raymond James Looks Past Omicron, Raises Oil Price Forecast

Despite fears about the Omicron variant of the coronavirus and rising global oil output, Raymond James Financial Inc. analysts are increasingly optimistic about strong crude prices through 2023. “Our bullish oil view over the next few years not only remains firm, but we’re actually increasing our long-term price forecast,” the analysts, John Freeman and Justin…

December 7, 2021