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Oil Prices Slide Amid Signs of Weaker Domestic, Global Demand in 2023

Oil Prices Slide Amid Signs of Weaker Domestic, Global Demand in 2023

U.S. and global crude prices opened the New Year mired in a slump, led lower by uneven domestic demand and hints of global sluggishness amid intensifying expectations of recession. After dropping Tuesday, West Texas Intermediate (WTI) prices in the United States slid below $74/bbl in intraday trading Wednesday, down more than 4%. Brent crude, the…

January 4, 2023
Domestic Crude Production Flat as Petroleum Demand Edges Higher

Domestic Crude Production Flat as Petroleum Demand Edges Higher

Demand for gasoline climbed last week and helped to drive a second consecutive gain in U.S. petroleum consumption, while oil production leveled off, new federal data show. The U.S. Energy Information Administration (EIA) said Wednesday overall demand for petroleum products for the period ended Dec. 16 climbed 5% week/week. The increase was driven by a…

December 21, 2022
OPEC Sticks to Oil Growth Forecasts for Next Year, but Urges ‘Caution’

OPEC Sticks to Oil Growth Forecasts for Next Year, but Urges ‘Caution’

OPEC last week stuck to its global demand forecasts for full-year 2022 and next year. In its monthly market report, the cartel forecast global oil demand growth this year of 2.5 million b/d and growth in 2023 of 2.2 million b/d. Researchers cited the potential for recently eased pandemic restrictions in China to drive fresh…

December 20, 2022
U.S. Petroleum Demand Rebounds as Crude Production Slips; OPEC Urges ‘Caution’

U.S. Petroleum Demand Rebounds as Crude Production Slips; OPEC Urges ‘Caution’

Demand for jet fuel propelled a rebound in U.S. petroleum consumption last week, while production eased slightly from pandemic-era highs. The U.S. Energy Information Administration (EIA) said Wednesday overall demand for petroleum products for the week ended Dec. 9 rose 2% from the prior week, led higher by a 27% jump in jet fuel consumption…

December 14, 2022
With Russia, OPEC Output in Question, U.S. Crude Production Ramps Up

With Russia, OPEC Output in Question, U.S. Crude Production Ramps Up

Domestic oil production jumped back to the 2022 peak level as OPEC and its allies affirmed plans to slash production through the end of the year as fallout from Russia’s war in Ukraine and China’s pandemic woes continued to roil global markets. The U.S. Energy Information Administration (EIA) said Wednesday output for the period ended…

December 7, 2022
Domestic Oil Output Steady as Demand Flatlines Around Thanksgiving; OPEC-plus Mulls More Cuts

Domestic Oil Output Steady as Demand Flatlines Around Thanksgiving; OPEC-plus Mulls More Cuts

U.S. crude production held steady last week while demand ticked lower even amid Thanksgiving holiday travel. Oil prices pushed higher Wednesday, though gains developed prior to the government data release. Market speculation that OPEC and its allies could further slash production through this year and into 2023 propelled bulls. Brent crude prices hovered around $85/bbl…

November 30, 2022
U.S. Crude Production Steady as Demand Drops Ahead of Holiday

U.S. Crude Production Steady as Demand Drops Ahead of Holiday

U.S. exploration and production (E&P) companies kept output for the week ended Nov. 18 at 12.1 million b/d, even with the prior week and generally on par with the level maintained through the fall, according to the Energy Information Administration (EIA).   E&Ps raised production to a pandemic-era high of 12.2 million b/d at points in…

November 28, 2022
Domestic Crude Production Flat as Demand Dips, Global Economic Headwinds Gather

Domestic Crude Production Flat as Demand Dips, Global Economic Headwinds Gather

U.S. oil production held steady last week, just shy of the pandemic-era high, even as demand slowed amid warnings of economic headwinds. The Energy Information Administration (EIA) said Wednesday that output for the week ended Nov. 11 was on par with the previous week at 12.1 million b/d. That kept production levels within 100,000 b/d…

November 16, 2022
Natural Gas Drilling Flat in Latest BKR Count; Permian, GOM Totals Climb

Natural Gas Drilling Flat in Latest BKR Count; Permian, GOM Totals Climb

The U.S. natural gas rig count finished unchanged at 155 for the week ended Nov. 11, while gains in the Gulf of Mexico (GOM) and in the Permian Basin helped drive the combined domestic tally nine units higher to 779, according to updated numbers published Friday by Baker Hughes Co. (BKR). Oil-directed drilling accounted for…

November 14, 2022
Permian, GOM Lead Surge in U.S. Drilling Activity in Updated BKR Count

Permian, GOM Lead Surge in U.S. Drilling Activity in Updated BKR Count

Driven by strong growth in the Permian Basin and in the Gulf of Mexico (GOM), the U.S. rig count surged nine units higher to 779 for the week ended Nov. 11, oilfield services provider Baker Hughes Co. (BKR) reported Friday. Oil-directed drilling accounted for the entirety of the domestic gains for the period, as the…

November 14, 2022
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