Recession

The upstream natural gas and oil industry in Texas is at risk of slowing in part as natural gas prices have plunged by more than 160% year/year, according to the Texas Alliance of Energy Producers (TAEP). NGI’s spot natural gas price at the Henry Hub was $2.090/MMBtu at the start of April, down more than…

Employment in the U.S. oilfield services and equipment sector (OFS) increased by 2,907 jobs in March and reached its highest level in three years, according to an analysis of federal data by the Energy Workforce & Technology Council. Total OFS jobs climbed to 656,368 last month, a high mark since the onset of the coronavirus…

U.S. exploration and production (E&P) firms last week approached the pandemic-era peak oil output level as catalysts for global demand gather and benchmark crude prices recover from fears imposed by financial system upheaval. E&Ps churned out 12.2 million b/d for the week ended March 24, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum…

Domestic crude production matched the pandemic-era peak, while demand last week declined and extended a trend early in 2023. The U.S. Energy Information Administration (EIA) said Wednesday output for the period ended Jan. 20 clocked in at 12.2 million b/d – matching the high mark of the past two years and on par with the…

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…

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…

Threats of recession in the United States and across Europe are gathering force amid festering inflation and rapidly rising interest rates, developments that already tapered oil consumption and could impact commercial and industrial natural gas demand. The latest indicator: The U.S. Labor Department on Friday reported the job market remains tight but hiring is slowing.…

U.S. oil output declined last week as prices descended and concerns mounted about global recession and geopolitical tumult tied to Russia’s invasion of Ukraine. Production for the week ended Sept. 23 declined by 100,000 b/d to 12.0 million b/d, the U.S. Energy Information Administration (EIA) said Wednesday in its Weekly Petroleum Status Report. The drop…

With a U.S. recession appearing more likely in 2023 and uncertainty swirling around natural gas flows from Russia to Europe, natural gas markets may be in for a bumpy ride heading into the shoulder and winter seasons. “Our baseline is that you will see a recession in 2023,” Macquarie Group Ltd.’s David Doyle, head of…