Oil

A result of both higher retail prices and higher forecast consumption, the Energy Information Administration (EIA) expects U.S. households to spend more on energy this winter compared with the 2021-22 heating season, with the largest increase for homes that heat with natural gas. The agency’s latest Winter Fuels Outlook, included in its updated Short-Term Energy…

After tumbling by more than half since 2020, the number of drilled but uncompleted wells (aka DUCs) may have hit a bottom late this summer, but some growth could materialize into 2023, according to the latest tally by the U.S. Energy Information Administration (EIA). The EIA’s September Drilling Productivity Report showed that after reaching more…

Despite a massive throttling of pipeline natural gas to Europe after Russia’s February invasion of Ukraine, European Union (EU) members in September still led the world in Russian oil and natural gas imports, according to a new report. Since the beginning of the conflict in Ukraine, EU members have imported around $97 billion in Russian…

Employment in the U.S. oilfield services and equipment sector rose by an estimated 2,566 jobs to 640,767 in September after adjustments to August numbers, according to an Energy Workforce & Technology Council analysis of federal data. The advance continued a trend as the industry rebounds from the slowdown imposed in 2020 by the coronavirus pandemic.…

Click here to listen to the latest episode of NGI’s Hub & Flow, in which NGI Senior Markets Editor Kevin Dobbs interviews Liberty Energy CEO Chris Wright. Wright is bullish on natural gas demand for years to come – and says fossil fuels will be needed for many decades, likely much longer.   Against that backdrop,…

The consortium of oil-producing countries known as OPEC-Plus spurred rare bipartisanship in the U.S. capital after the cartel said it would slash crude production. The group said last week its decision to cut output by 2 million b/d in November was in response to global recessionary headwinds and threats to demand. But Washington lawmakers on…

Driven by a slowdown in the Gulf of Mexico (GOM), the U.S. rig count fell three units to 762 for the week ended Friday (Oct. 7), according to updated numbers from oilfield services provider Baker Hughes Co. (BKR). Declines in the United States included two oil-directed rigs and one natural gas-directed rig. One rig was…

Amid a slowdown in the Gulf of Mexico (GOM), the U.S. natural gas rig count fell one unit to 158 for the week ended Friday (Oct. 7), according to the latest figures from oilfield services provider Baker Hughes Co. (BKR). Declines in the United States also included two oil-directed rigs, with the combined U.S. count…

Threats of recession in the United States and across Europe are gathering force amid festering inflation and rapidly rising interest rates, developments that already tapered oil consumption and could impact commercial and industrial natural gas demand. The latest indicator: The U.S. Labor Department on Friday reported the job market remains tight but hiring is slowing.…