Coronavirus

U.S. Energy Consumption Could Take Decade or More to Recover from Pandemic, EIA Says

U.S. Energy Consumption Could Take Decade or More to Recover from Pandemic, EIA Says

The craterous impact of the Covid-19 pandemic on energy demand is likely to ripple out into the next decade, with consumption potentially not returning to pre-pandemic levels until 2029 or later, the U.S. Energy Information Administration (EIA) said in its latest long-term projections. The agency’s 2021 Annual Energy Outlook (AEO2021), released on Wednesday, projects changes…

February 3, 2021
Under Pressure, ExxonMobil Ups Ante Against Global Warming, Promises to Contain Overall Costs

Under Pressure, ExxonMobil Ups Ante Against Global Warming, Promises to Contain Overall Costs

ExxonMobil on Tuesday pledged $3 billion to lower emissions in a bid to bolster its environmental record even as it slashed overall capital spending and vowed to safeguard its dividend. Executives, while declining to directly address a news report that ExxonMobil and fellow supermajor Chevron Corp. had discussed a potential tie-up, also said they continue…

February 2, 2021
BP ‘Greening,’ as Oil, Natural Gas Alternatives Evolve, Says Looney

BP ‘Greening,’ as Oil, Natural Gas Alternatives Evolve, Says Looney

BP plc CEO Bernard Looney is juggling dozens of balls as the supermajor ramps up oil and natural gas projects worldwide, but the focus long term, he said Tuesday, is centered on ways to expand the opportunities toward a low carbon future. Speaking from London during a webcast to discuss quarterly results, Looney said last…

February 2, 2021
Texas Oil, Gas Steadily Recovers as Industry Jobs Return, Crude Supply Steadies

Texas Oil, Gas Steadily Recovers as Industry Jobs Return, Crude Supply Steadies

The Texas oil and natural gas industry is poised to find its “cyclical trough” early this year, according to one of the state’s leading industry groups.  The state’s share of total U.S. oil production had grown to roughly 42% in 2019, and by the end of 2020 its share was up to 44%, according to…

February 2, 2021
Tale of Two Neighbors During Covid as U.S. Natural Gas Exports Grow, Canada’s Shrink

Tale of Two Neighbors During Covid as U.S. Natural Gas Exports Grow, Canada’s Shrink

Covid-19 shrank Canadian natural gas exports while American sales abroad grew despite the pandemic by reaching multiple international markets in the first nine months of 2020, according to the latest trade scorecard by the U.S. Department of Energy (DOE). U.S. exports increased by 12.4% to a new high, almost double the Canadian volumes. Canadian exports…

February 2, 2021
March Natural Gas Futures Lose More Ground Amid Mixed Demand Outlooks; Cash Prices Fall

March Natural Gas Futures Lose More Ground Amid Mixed Demand Outlooks; Cash Prices Fall

Natural gas futures flip-flopped between gains and losses early on Friday, as traders weighed fluctuating weather forecasts against renewed strength in U.S. liquefied natural gas (LNG) volumes. Still, futures ultimately finished in the red as the cloud of a bearish storage report from a day earlier — and the light winter heating demand it reflected…

January 29, 2021
CNX Reports Record-Breaking Fourth Quarter Despite Pandemic

CNX Reports Record-Breaking Fourth Quarter Despite Pandemic

Despite a volatile year marred by the Covid-19 pandemic, CNX Resources Corp. said it finished strong, delivering on a more cautious approach implemented early in 2020 when the virus spread across the world and weighed on energy demand.  “2020 marked the most successful year we’ve seen as an” exploration and production company, “and frankly, as…

January 29, 2021
Global Petroleum Demand Drop in 2020 Marked Steepest on Record, EIA Says

Global Petroleum Demand Drop in 2020 Marked Steepest on Record, EIA Says

Global demand for petroleum products plummeted in 2020, the U.S. Energy Information Administration (EIA) confirmed in a report Friday, noting the dramatic impacts of government lockdowns and travel restrictions imposed to slow the spread of the coronavirus. EIA estimated 92.2 million b/d of petroleum and other liquid fuels were consumed globally in 2020, a 9%…

January 29, 2021
March Natural Gas Futures Lose Ground After Storage Report, Forecasts Disappoint

March Natural Gas Futures Lose Ground After Storage Report, Forecasts Disappoint

A key weather model pointed to lighter heating demand EIA reported a withdrawal of 128 Bcf from natural gas storage The print was below the midpoint of analysts’ estimates Natural gas futures faltered Thursday following a bearish storage report and a key weather model pointing to lighter heating demand than previously expected, ending a rally.…

January 29, 2021
March Debuts with Thud; Natural Gas Futures Fall After Storage Withdrawal Fails to Impress

March Debuts with Thud; Natural Gas Futures Fall After Storage Withdrawal Fails to Impress

Natural gas futures faltered Thursday following a bearish storage report and a key weather model pointing to lighter heating demand than previously expected, ending a rally. On its first day as the prompt month, the March Nymex gas futures contract shed 3.8 cents day/day and settled at $2.664. It ended a three-day run of solid…

January 28, 2021