U.S. dry natural gas production plummeted during the Arctic freeze that descended upon Texas last week, hitting a low of 69.7 billion Bcf/d, the U.S. Energy Information Administration (EIA) said in a research note Thursday. The low point, reached on Feb. 17, marked a decline of 21% from the average of the prior week, the…
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Oil Production, Demand Drop Amid Energy Crisis in Texas
Crude oil production in the United States plummeted but so too did demand amid last week’s bitter freeze that caused an energy crisis in Texas. Stockpiles ticked up as a result, the Energy Information Administration (EIA) said in its latest Weekly Petroleum Status Report (WPSR) on Wednesday. U.S. commercial crude inventories for the week ended…

Saudi Arabia May Reverse Course, Respond to Rise in Oil Prices with Increased Production
Saudi Arabia, which leads the Organization of the Petroleum Exporting Countries (OPEC), may quickly ramp up production this spring, following the recent momentum in oil prices and its own expectations for increased demand in the second half of 2021. It would mark a stark shift from its current stance. OPEC and its allies, aka OPEC-plus,…

Oklahoma Natural Gas Prices Hit Fresh $1,250/MMBtu High as Industry Struggles Continue Amid Record Cold
Amid a seemingly never-ending wave of Arctic air that crippled infrastructure in the so-called energy capital of the world and across the country’s midsection, resulting in widespread power outages, natural gas prices continued to reach new heights in Oklahoma on Wednesday. Next-day gas prices soared into the thousands in the Sooner State, according to NGI…

Natural Gas Prices Hit Historic $999/MMBtu High as Unrivaled Cold Strains Supply, Fuels Record Demand
Natural gas futures soared Tuesday following a historic Arctic freeze that crippled much of the nation’s natural gas infrastructure as demand soared to unprecedented levels. The March Nymex gas futures contract settled at $3.129/MMBtu, up 21.7 cents from Friday. April prices lagged a bit, climbing 10.7 cents to $2.983. Cash prices remained volatile after the…

Natural Gas Futures Called Higher as Severe Cold Brings ‘Chaos’ to U.S. Energy Markets
Amid reports of power outages and production freeze-offs resulting from an intense cold blast stretching down into the Gulf Coast over the holiday weekend, natural gas futures were sharply higher in early trading Tuesday. The March Nymex contract was trading at $3.095/MMBtu at around 8:50 a.m. ET, up 18.3 cents from Friday’s settlement. A result…

Environmental Groups’ Legal Victory Protects Sage Grouse, Marks Another Blow to Drilling on Federal Lands
Environmental groups that sued to throw out a federal plan allowing new exploration and mining on public lands heralded a recent win in court that they said was vital to protect greater sage grouse. A federal judge on Thursday overturned a Trump administration decision to jettison sage grouse protections from 10 million acres in the…

Natural Gas Futures Take Back Seat to Cash as ‘Punishing’ Cold Drives Largest Increases ‘In Years’
Intraday natural gas price volatility was on full display midweek as traders assessed the impacts of a substantial, though likely temporary, decline in export demand and the potential for a more moderate end-of-February following some of the coldest weather in years. After tumbling to a $2.741/MMBtu intraday low, the March Nymex gas futures contract bounced…

Natural Gas Futures Languish Despite Extremely Frigid Outlook; Cash Retreats
Weather model volatility left natural gas traders flummoxed on Monday, with double-digit increases early in the session nearly erased by the close. With the frigid cold descending from Canada into the Lower 48 seen possibly continuing into March, though, the March Nymex gas futures contract settled 1.9 cents higher than Friday at $2.882. April edged…

Argentina’s Vaca Muerta Oil Production on Course for Record Year
Oil production from the vaunted Vaca Muerta shale deposit in the Neuquén basin in Western Argentina has come roaring back after months of slower exploration and production activity. Vaca Muerta reached a record high of 124,000 b/d in December, and it can continue toward 145,000–150,000 by the end of 2021 if current activity levels continue,…