Coronavirus

Leading natural gas marketers in North America collectively reported lower sales volumes in 4Q2020, marking the sixth year/year decline over the last seven quarters, according to NGI’s Top North American Natural Gas Marketers rankings. The flat result posted for 3Q2020 marked the lone exception. The 24 gas marketers included in the latest survey reported combined…

A week after extending production cuts, the Organization of the Petroleum Exporting Countries (OPEC) on Thursday raised its forecast for world oil demand in 2021, reflecting the cartel’s expectations for a stronger economic recovery in the second half of the year. OPEC, in its Monthly Oil Market Report (MOMR) released Thursday, said it now expects…

Eagle Ford Shale pure-play Penn Virginia Corp. plans to maintain its current two-rig program through 2021 to grow production after it temporarily suspended drilling last year because of the Covid-19 pandemic. During a conference call Wednesday to discuss 4Q2020 results, CEO Darrin Henke said continuing with two rigs “makes sense” in light of the recent…

Domestic crude oil production in 2020 dropped 8% from the prior year in response to the demand hits caused by the coronavirus pandemic, the U.S. Energy Information Administration (EIA) said Tuesday. A record hurricane season further complicated matters.  The 935,000 b/d decline to an average 11.3 million b/d last year marked the steepest annual decrease…

Natural gas futures on Monday tumbled for a fourth straight day amid mild weather, demand uncertainty and steady production. The April Nymex contract settled at $2.664/MMBtu, down 3.7 cents day/day. May fell 4.1 cents to $2.698. Weak near-term weather demand also weighed on cash prices. NGI’s Spot Gas National Avg. shed 25.5 cents to $2.500.…

Members of the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to hold the line on oil production in April. The alliance was following the lead of Saudi Arabia energy ministers who argued to keep output steady as producers gauge the success of coronavirus vaccines and the potential for…

Natural gas futures on Monday hovered in a narrow range of gains and losses as traders weighed outlooks for mild spring weather and its dampening effect on domestic demand against a recovery in liquefied natural gas (LNG) levels. The April Nymex contract ultimately settled at $2.777/MMBtu, up six-tenths of a cent day/day, supported by strength…

Oil prices rallied this week as traders absorbed new – and elevated – forecasts for 2021 amid signs that U.S. inventories could trail rising demand as the year unfolds. Key oil benchmarks traded near 13-month highs this week, with West Texas Intermediate (WTI) crude surpassing $63/bbl on Thursday and Brent crude hovering around $67. WTI…

The Permian Basin will be the go-to target for Devon Energy Corp. this year, with 80% of this year’s capital budget and nearly all of the rigs directed to the massive formation.  The Oklahoma City-based independent issued its legacy fourth quarter and full-year results last week. Results from WPX Energy Inc., which completed its merger…