The global midstream energy industry is likely to expand only modestly through 2023 and next year, given slumping natural gas prices and stubbornly high inflation, according to Moody’s Investors Service. The rating agency’s research arm, in a new outlook, emphasized the modest growth would follow strong performances across 2022, a year in which energy demand…
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Domestic OFS Employment Nears Pre-Pandemic Levels, with Gains in November
U.S. oilfield employment rose in November month/month, with gains in all six tracked categories, according to the trade group Energy Workforce & Technology Council. Domestic jobs in the broad oilfield services and equipment sector, aka OFS, climbed by an estimated 2,346 jobs to 645,486 in November, the preliminary data from the U.S. Bureau of Labor…
With Demand Strong and Worst Omicron Fears Eased, a Path Clears for $100 Oil in 2022
With global benchmark oil prices already hovering around $80/bbl on strong demand early in the year — despite a surge in coronavirus cases — analysts said consumption could reach record levels this year and potentially drive the cost of crude into the triple digits.
Bearish Shifts in December Weather Outlook, Coronavirus Weigh on Natural Gas Futures
Natural gas futures floundered Monday as the prospect of a coronavirus resurgence and the potential for weak weather demand extending into December weighed on markets. The December Nymex contract dropped 27.6 cents day/day and settled at $4.789/MMBtu. January fell 28.4 cents to $4.861. At A Glance: Forecasts point to light weather-driven demand next month New…
ConocoPhillips Sees ‘External Pressures’ Mounting for Energy Industry as Biden Presidency Begins
The Lower 48 will again factor heavily into ConocoPhillips’ operating plans this year despite what the company’s chief executive said are “external pressures” facing the industry as the Biden administration appears ready to more actively regulate oil and natural gas operations. Meanwhile, the world’s largest independent continues grappling with a global economy weakened by the…
Texas Oil, Gas Steadily Recovers as Industry Jobs Return, Crude Supply Steadies
The Texas oil and natural gas industry is poised to find its “cyclical trough” early this year, according to one of the state’s leading industry groups. The state’s share of total U.S. oil production had grown to roughly 42% in 2019, and by the end of 2020 its share was up to 44%, according to…
Fading Expectations for Frigid Temperatures Weigh Down Natural Gas Futures
Natural gas futures plunged on Tuesday after forecasts over the holiday weekend trended warmer for late January and early next month, diminishing prior expectations for a widespread winter freeze that would fuel robust heating demand. The February Nymex gas futures contract settled at $2.546/MMBtu, down 19.1 cents day/day. March fell 16.7 cents to $2.529. Spot…
Warmer Weather Outlook Snaps 2021 Win Streak for Natural Gas Futures
Natural gas futures faltered on Friday, ending a five-day streak of positive finishes. Traders focused on a shift in weather forecasts that pointed to a potential delay in the onset of widespread freezing temperatures from early in the third full week of January to later in the month. The February Nymex gas futures contract settled…
January Natural Gas Futures Climb After Winter Freeze, Inventory Decline; Cash Prices Lose Luster
Natural gas futures advanced Friday following forecasts for freezing temperatures, steadily strong liquefied natural gas (LNG) levels and a bullish withdrawal from storage. The January Nymex contract settled at $2.700/MMBtu, up 6.4 cents day/day. February rose 4.4 cents to $2.681. NGI’s Spot Gas National Avg., meanwhile, dropped 55.0 cents to $3.010. Traders took profits and…
Natural Gas Production Declines from Seven Major U.S. Regions to Continue into 2021, EIA Says
The downtrend in natural gas production from seven major U.S. producing regions that has persisted for much of 2020 will extend into 2021, according to updated projections from the Energy Information Administration (EIA). Gas production from the Anadarko, Appalachian and Permian basins, as well as from the Bakken, Eagle Ford, Haynesville and Niobrara formations, is…