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…
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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…
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…
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…
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…
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%…
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.…
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…
Lower 48 DUC Well Inventory Down to Pre-Pandemic Levels as Oil Prices Recover
Lower 48 oil and gas producers have drawn down their inventory of drilled but uncompleted (DUC) wells to pre-pandemic levels, reflecting an improved commodity pricing and demand outlook, according to new analysis by Rystad Energy. After reaching a multiyear high of 6,548 wells last June, the DUC count in the country’s major oil regions fell…
North American Oil, Gas Midstream Outlook Focus of Latest NGI’s Hub & Flow
Click here to listen to the latest episode of NGI’s Hub & Flow podcast. Kinder Morgan Inc. kicked off earnings season for North American oil and gas midstream companies, reporting lower transportation volumes across its systems but continuing to improve its balance sheet. The Houston-based midstreamer plans to toe the line this year when it…