Petroleum

OPEC Downgrades Oil Demand Expectations for 2021, but Consumption Holds Strong

OPEC Downgrades Oil Demand Expectations for 2021, but Consumption Holds Strong

While strong, consumption of oil proved uneven through the first nine months of 2021, interrupted by outbreaks of the coronavirus Delta variant. This led the world’s largest cartel of crude producers to downgrade its demand outlook for the full year. The Organization of the Petroleum Exporting Countries (OPEC), however, said Wednesday that lofty natural gas…

October 13, 2021
With Imports Up, U.S. Crude Inventories Climb a Second Week

With Imports Up, U.S. Crude Inventories Climb a Second Week

Domestic petroleum demand rose last week, but strong crude production and imports ended up driving U.S. inventory gains for a second straight week, the Energy Information Administration (EIA) said. EIA’s Weekly Petroleum Status Report, released Wednesday, showed production climbed to 11.3 million b/d for the week ended Oct. 1, up from 11.1 million b/d the…

October 6, 2021
Global E&P Natural Gas Output Flat and Petroleum Levels Lower in 2Q2021, Says EIA

Global E&P Natural Gas Output Flat and Petroleum Levels Lower in 2Q2021, Says EIA

Global oil and natural gas explorers made some wrong-way bets on the direction of commodity prices during 2Q2021, with hedging losses for 90 of the biggest U.S. and overseas producers totaling $11 billion, the Energy Information Administration (EIA) said Wednesday. The net hedging losses among the world’s largest exploration and production (E&P) companies were the…

September 30, 2021
Production Rebounds as U.S. Petroleum Consumption Drops, but Demand Expected to Bounce Back

Production Rebounds as U.S. Petroleum Consumption Drops, but Demand Expected to Bounce Back

Domestic petroleum demand declined last week, dragged lower by a drop in distillate fuel consumption, while production recovered in the wake of Hurricane Ida, according to the latest U.S. Energy Information Administration (EIA) inventory report. EIA’s Weekly Petroleum Status Report, released Wednesday, showed output climbed to 11.1 million b/d for the week ended Sept. 24.…

September 29, 2021
U.S. Petroleum Demand, Production Bounce Back Amid Post-Ida Recovery

U.S. Petroleum Demand, Production Bounce Back Amid Post-Ida Recovery

Domestic petroleum demand and production increased notably last week, as the Gulf of Mexico (GOM) energy complex recuperated from the havoc imposed by Hurricane Ida, the latest U.S. Energy Information Administration (EIA) inventory report showed. EIA’s Weekly Petroleum Status Report, released Wednesday, showed production climbed to 10.6 million b/d for the week ended Sept. 17,…

September 22, 2021
U.S. Petroleum Production, Demand Flat as Ida’s Impacts Linger

U.S. Petroleum Production, Demand Flat as Ida’s Impacts Linger

The aftershocks of Hurricane Ida kept a lid on petroleum output and demand last week, long after the storm hammered Louisiana and production facilities in the Gulf of Mexico (GOM) on Aug. 29, the latest U.S. Energy Information Administration (EIA) inventory report showed. For the week ended Sept. 10, production inched ahead to 10.1 million…

September 15, 2021
U.S. Petroleum Demand Holds Strong Even as Delta Variant Raises New Worries

U.S. Petroleum Demand Holds Strong Even as Delta Variant Raises New Worries

Consumption of U.S. petroleum climbed last week, driven by demand for jet and distillate fuels, while production ticked up and inventories dropped, the U.S. Energy Information Administration (EIA) said Wednesday.  The boost in consumption extended a summer-long trend — a few weekly interruptions aside — despite mounting coronavirus cases that forced downward revisions to oil…

August 18, 2021
U.S. Petroleum Demand Tapers, Output Ticks Up; White House Calls for OPEC-Plus Production Hike

U.S. Petroleum Demand Tapers, Output Ticks Up; White House Calls for OPEC-Plus Production Hike

Demand for U.S. petroleum eased last week after strong summer gains overall, while domestic production inched up but held far below pre-pandemic levels. Stockpiles of U.S. crude decreased slightly, however, as imports also declined, the U.S. Energy Information Administration (EIA) said Wednesday. Commercial oil inventories in the week ended Aug. 6 — excluding those in…

August 12, 2021
Stockpiles of U.S. Crude Drop as Demand Mounts, Production Tapers

Stockpiles of U.S. Crude Drop as Demand Mounts, Production Tapers

With output falling and demand rising, U.S. crude inventories resumed a downward trend last week, the U.S. Energy Information Administration (EIA) said Wednesday.   U.S. commercial oil inventories in the week ended July 23, excluding those in the Strategic Petroleum Reserve, decreased by 4.1 million bbl from the previous week. At 435.6 million bbl, U.S. crude…

July 28, 2021
U.S. Still 2020 Global Leader in Petroleum, Natural Gas Production Despite Pandemic Drop-Off

U.S. Still 2020 Global Leader in Petroleum, Natural Gas Production Despite Pandemic Drop-Off

Even amid declines associated with the Covid-19 pandemic, the United States maintained its status as the globe’s leading producer of petroleum and natural gas in 2020, a recent analysis from the Energy Information Administration (EIA) shows. Domestic petroleum and natural gas output fell year/year in 2020 after reaching record highs in 2019, EIA said in…

July 22, 2021
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