International

U.S. Petroleum Inventories Drop Again; Expectations Mount for Another Pull Following Texas Freeze

U.S. Petroleum Inventories Drop Again; Expectations Mount for Another Pull Following Texas Freeze

Domestic crude oil inventories dropped substantially for a second straight week for the week ended Feb. 12, the U.S. Energy Information Administration (EIA) said Thursday, as demand increased and production declined. Analysts said the surge in frigid weather that blasted the nation’s midsection this week and upended daily life in Texas – where energy infrastructure…

February 18, 2021
Saudi Arabia May Reverse Course, Respond to Rise in Oil Prices with Increased Production

Saudi Arabia May Reverse Course, Respond to Rise in Oil Prices with Increased Production

Saudi Arabia, which leads the Organization of the Petroleum Exporting Countries (OPEC), may quickly ramp up production this spring, following the recent momentum in oil prices and its own expectations for increased demand in the second half of 2021. It would mark a stark shift from its current stance. OPEC and its allies, aka OPEC-plus,…

February 17, 2021
Oklahoma Natural Gas Prices Hit Fresh $1,250/MMBtu High as Industry Struggles Continue Amid Record Cold

Oklahoma Natural Gas Prices Hit Fresh $1,250/MMBtu High as Industry Struggles Continue Amid Record Cold

Amid a seemingly never-ending wave of Arctic air that crippled infrastructure in the so-called energy capital of the world and across the country’s midsection, resulting in widespread power outages, natural gas prices continued to reach new heights in Oklahoma on Wednesday. Next-day gas prices soared into the thousands in the Sooner State, according to NGI…

February 17, 2021
Oil Demand Recovery Expected by late 2021, Production Could Follow, New Forecasts Show

Oil Demand Recovery Expected by late 2021, Production Could Follow, New Forecasts Show

The recovery in global oil demand will limp along early in 2021 but should quicken in the second half of the year, as coronavirus vaccine distribution efforts make headway and travel increases, both the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries, aka OPEC, said in new forecasts this month.  In…

February 16, 2021
Oil Consumption to Rebound in 2021, but Pandemic Lurks as Wildcard, EIA Says

Oil Consumption to Rebound in 2021, but Pandemic Lurks as Wildcard, EIA Says

Oil consumption will rise in 2021 alongside a global economic recovery and increased travel, though demand this year is not likely to match the levels prior to the pandemic, the U.S. Energy Information Administration (EIA) said. In a supplement to its monthly Short-Term Energy Outlook (STEO) report, the agency forecast global oil consumption would gather…

February 9, 2021
NGI’s Hub & Flow Podcast Explores Impact of Twists in Mexico Power Sector on Natural Gas Market — Listen Now

NGI’s Hub & Flow Podcast Explores Impact of Twists in Mexico Power Sector on Natural Gas Market — Listen Now

Click here to listen to a new episode of NGI’s Hub & Flow podcast. Senior Editor Christopher Lenton, who oversees NGI’s Mexico GPI, and Mexico energy expert David Rosales discuss the evolving Mexican power market and its impacts on the natural gas industry.  Believing that transparent markets empower businesses, economies and communities, NGI works to…

February 9, 2021
Shell Sees LNG Volumes and Upstream Results Slide in 2020, Along with Profits

Shell Sees LNG Volumes and Upstream Results Slide in 2020, Along with Profits

The pandemic discombobulated the timeline for the massive natural gas export project underway in British Columbia, but Royal Dutch Shell plc has been able to recoup some of the lost time because most of the construction is in Chinese yards, which are “back and running,” CEO Ben van Beurden said Thursday. The CEO and CFO…

February 4, 2021
LNG Exports, Industrial Use Seen Driving Natural Gas Demand Growth Through 2050

LNG Exports, Industrial Use Seen Driving Natural Gas Demand Growth Through 2050

Exports and industrial use will be the key drivers of natural gas consumption growth in the United States through 2050, while demand from other sectors, including electricity generation, is expected to increase slowly or remain flat, according to the Energy Information Administration’s (EIA) latest long-term projections. Under the baseline reference case in the agency’s Annual…

February 4, 2021
In Wake of Earnings Slump, ExxonMobil Critics Call for Greater Change

In Wake of Earnings Slump, ExxonMobil Critics Call for Greater Change

Agitated by activist investors, ExxonMobil this week promised substantial new investments to combat the effects of climate change and announced the election of a new director as part of what it called a broader board “refreshment.” However, activist investor Engine No. 1 LLC said the changes were insufficient. The San Francisco firm said it stood…

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