Coronavirus

Once Again, OPEC Cuts Global Oil Demand Forecast Amid Recession Headwinds

Once Again, OPEC Cuts Global Oil Demand Forecast Amid Recession Headwinds

OPEC slashed its global crude oil demand outlook for a second consecutive month, citing slowing economic activity in the United States and Europe as well as ongoing pandemic-related lockdowns in China and geopolitical upheaval linked to Russia’s war in Ukraine. In its closely watched monthly market report, the cartel on Monday lowered its forecast for…

November 14, 2022
Montney Natural Gas Production Returns to Pre-Pandemic Growth

Montney Natural Gas Production Returns to Pre-Pandemic Growth

Not even the Covid-19 pandemic halted growth of Montney Shale production in northeastern British Columbia (GC), according to the latest annual industry performance review by the BC Oil and Gas Commission (BCOGC). Natural gas flows increased by 11% to 6.2 Bcf/d as of year-end 2021 from 5.6 Bcf/d at the same time in 2019 before…

October 4, 2022
Natural Gas Futures Volatile Ahead of Prompt Month Expiry, but Finish Up Near $9.00

Natural Gas Futures Volatile Ahead of Prompt Month Expiry, but Finish Up Near $9.00

Natural gas futures fluctuated Tuesday as traders assessed an inconsistent production recovery, a mixed domestic weather outlook, ongoing uncertainty in Europe and the looming expiration of the June contract. The June Nymex gas futures contract ultimately settled at $8.796/MMBtu, up 5.2 cents day/day. It had gained 66 cents a day earlier. The July contract ticked…

May 24, 2022
Domestic Oil Production, Demand Climb in Tandem as Summer Travel Nears

Domestic Oil Production, Demand Climb in Tandem as Summer Travel Nears

U.S. producers boosted output back up to the 2022 peak, but domestic demand also accelerated last week and is expected to continue climbing as Americans increase travel during the summer months. The U.S. Energy Information Administration (EIA) said Wednesday production for the period ended May 13 totaled 11.9 million b/d, up by 100,000 b/d from…

May 18, 2022
Crude Prices Seesaw as Covid Surges, Strategic Oil Releases Loom, OPEC Cuts Forecasts in War’s Wake

Crude Prices Seesaw as Covid Surges, Strategic Oil Releases Loom, OPEC Cuts Forecasts in War’s Wake

Russia’s war in Ukraine threatens global crude supplies, but a resurgence of the coronavirus in China is curbing demand as the United States and other countries prepare to release oil from strategic reserves. The result: volatile prices. Brent crude prices on Tuesday climbed more than 6% to about $104/bbl intraday following OPEC Secretary General Mohammad…

April 12, 2022
With Fresh Pandemic Concerns and Spring Temperatures, April Natural Gas Futures Contract Flops on Final Day

With Fresh Pandemic Concerns and Spring Temperatures, April Natural Gas Futures Contract Flops on Final Day

Natural gas futures floundered on Tuesday as the domestic weather outlook shifted increasingly bearish, production ticked up and energy commodities broadly dipped lower amid pandemic flare-ups and the potential for a cease-fire in Ukraine. On its final day as the prompt month, the April Nymex gas futures contract lost 17.2 cents day/day and settled at…

March 29, 2022
North American Natural Gas Marketers Hold Steady Through 2021, NGI Survey Shows

North American Natural Gas Marketers Hold Steady Through 2021, NGI Survey Shows

In a year defined by rebounding energy demand and a strong but vulnerable economic recovery amid coronavirus vaccine campaigns, leading natural gas marketers posted nearly flat sales volumes in 2021, according to NGI’s Top North American Natural Gas Marketers ranking. The 22 natural gas marketers included in the latest survey reported combined sales transactions of…

March 22, 2022
Global Power Outages, High Prices, Extreme Weather and Supply Chain Issues Arose in 2021

Global Power Outages, High Prices, Extreme Weather and Supply Chain Issues Arose in 2021

Extreme weather events, supply shortages, post-Covid-19 demand growth and technical failures gave rise to roughly 4% of the world’s population, roughly 350 million people, experiencing major power outages in 2021, according to IHS Markit researchers. IHS Markit analyst Rama Zakariasaid some of the largest outages occurred in regions with a relatively reliable supply of energy,…

February 8, 2022
Robust Global Oil Demand Forecast Despite Omicron, Though Supply Outlook Mixed

Robust Global Oil Demand Forecast Despite Omicron, Though Supply Outlook Mixed

Even as the Omicron variant of the coronavirus spreads rapidly and threatens to at least stall travel and economic activity, forecasters are sticking to bullish expectations for demand in the year ahead while eyeing potential supply challenges. Brent crude, the international benchmark for oil prices, eclipsed $88/bbl in Wednesday trading, reaching a high last seen…

January 19, 2022
U.S. E&Ps, OFS Players Expected to Reset in 2022, with Eyes on Inflation, Supply Chains

U.S. E&Ps, OFS Players Expected to Reset in 2022, with Eyes on Inflation, Supply Chains

Natural gas and oil producers in the United States are likely to increase their overall capital spending this year as they face a supply chain squeeze, labor issues and higher prices for services, but the mantra to remain disciplined has not changed.

January 18, 2022
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