Coronavirus

California Blueprint Looking to Forge ‘Oil-Free Future,’ Lead Nation in Climate Change Fight

California Blueprint Looking to Forge ‘Oil-Free Future,’ Lead Nation in Climate Change Fight

California Gov. Gavin Newsom unveiled his proposed 2022-2023 budget proposal to continue confronting the state’s “greatest existential threats” – the pandemic and climate change – while bolstering economic growth. Specifically for energy, Newsom’s ambition under his California Blueprint is to create “an oil-free future” for California by reducing the state’s reliance on fossil fuels while…

January 12, 2022
U.S. Crude Production Holds Strong Even as Demand Tapers Amid Holidays, Omicron

U.S. Crude Production Holds Strong Even as Demand Tapers Amid Holidays, Omicron

U.S. oil producers, unfazed by the Omicron variant of the coronavirus and an anticipated lull in demand between the Christmas and New Year holidays, maintained production at a 2021 peak level during the final week of the year. The U.S. Energy Information Administration (EIA) said Wednesday that domestic crude output held at 11.8 million b/d…

January 5, 2022
Natural Gas Futures Fail to Maintain Footing Despite Production Drop, Heating Demand

Natural Gas Futures Fail to Maintain Footing Despite Production Drop, Heating Demand

Natural gas prices faltered on Tuesday even as domestic forecasts showed robust near-term heating demand and as producers curtailed output amid freezing conditions. The February Nymex gas futures contract shed 9.8 cents day/day and settled at $3.717/MMBtu. March fell 9.6 cents to $3.582. NGI’s Spot Gas National Avg. fell 30.0 cents to $4.295 as prices…

January 4, 2022
NexTier Swapping More Diesel for Natural Gas-Powered Fleets, but Covid Variants Still Threatening

NexTier Swapping More Diesel for Natural Gas-Powered Fleets, but Covid Variants Still Threatening

U.S. land-based NexTier Oilfield Solutions Inc. said pressure pumping work picked up in the final three months of 2021, with more fleets deployed than in the third quarter.  The gains came despite the surge of Covid-related infections during December caused by the Omicron variant, management noted.  The Houston-based oilfield services firm said it averaged 30…

January 4, 2022
Surging Coronavirus Cases Expected to Slow Global Oil Demand

Surging Coronavirus Cases Expected to Slow Global Oil Demand

Rising coronavirus cases driven by the new Omicron variant are expected to curb but not derail a global recovery in oil demand, the International Energy Agency (IEA) said Tuesday in its latest Oil Market Report for December.   IEA noted that cases are climbing across many regions of the world in the wake of Omicron outbreaks…

December 14, 2021
Jet Fuel Supplies Fall to Lowest Level Since 2014 Before Bouncing Back, EIA Says

Jet Fuel Supplies Fall to Lowest Level Since 2014 Before Bouncing Back, EIA Says

U.S. inventories of jet fuel reached a seven-year low last month as mounting demand intersected with lower production, federal researchers said in a report Monday. Jet fuel supplies had increased over the summer months as refineries ramped up output to meet rebounding demand for gasoline and distillate fuels. Refiners processed more crude to meet that…

December 14, 2021
Raymond James Looks Past Omicron, Raises Oil Price Forecast

Raymond James Looks Past Omicron, Raises Oil Price Forecast

Despite fears about the Omicron variant of the coronavirus and rising global oil output, Raymond James Financial Inc. analysts are increasingly optimistic about strong crude prices through 2023. “Our bullish oil view over the next few years not only remains firm, but we’re actually increasing our long-term price forecast,” the analysts, John Freeman and Justin…

December 7, 2021
Oilfield Services and Equipment Job Growth Pauses in November, but Gains Solid for 2021

Oilfield Services and Equipment Job Growth Pauses in November, but Gains Solid for 2021

U.S. oilfield services and equipment sector employment took a step back in November after eight consecutive months of gains, according to a new Energy Workforce & Technology Council analysis of federal data. Using Bureau of Labor Statistics (BLS) data, the Council, along with researchers from the University of Houston, found that the sector shed 818…

December 7, 2021
January Natural Gas Futures Plunge in Debut Amid Mild Weather Signs, Coronavirus Concerns

January Natural Gas Futures Plunge in Debut Amid Mild Weather Signs, Coronavirus Concerns

Natural gas futures nosedived on Monday on forecasts for benign weather into December and worries about the possible effects of a new coronavirus variant on energy demand. The January Nymex contract, on its opening day as the prompt month, dropped 62.3 cents day/day and settled at $4.854/MMBtu. February fell 59.6 cents to $4.768. NGI’s Spot…

November 29, 2021
Global Natural Gas Markets Monitoring Spread of Latest Covid-19 Variant — LNG Recap

Global Natural Gas Markets Monitoring Spread of Latest Covid-19 Variant — LNG Recap

Natural gas prices in Asia and Europe moved higher Monday despite growing concerns over a new variant of Covid-19 that weighed on commodities late last week. A colder shift in the forecast and a reduction in pipeline imports in Europe were supporting prices as traders continue to monitor the potential impacts of the Omicron variant…

November 29, 2021
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