Harvest Midstream is poised to take full ownership of some South Texas crude oil transportation and logistics assets as it seeks to expand services for upstream and downstream customers in the Eagle Ford Shale. The privately held midstream company announced a purchase and sale agreement to acquire the remaining 75% stake in Arrowhead ST Holdings…
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API Working to Ensure Federal Natural Gas, Oil Leasing Continues, Emissions Drop
To ensure the United States holds its mantle as a top natural gas and oil producer, the American Petroleum Institute (API) plans to push for continued access to federal leasing and advocate that producers advance their work to reduce carbon emissions.
Global Oil Forecast to Average $75 in 2022 as Consumption Grows
Brent crude oil prices are set to average $75/bbl in 2022, up from $71 in 2021, as the world is on track to increase its consumption of liquid fuels over the next two years, according to updated projections from the Energy Information Administration (EIA). The world consumed 96.9 million b/d on average in 2021, a…
U.S. Crude Stocks Drop as Production Levels Off, Demand Increases
Inventories of U.S. oil continued to decline early in 2022 – extending a trend that developed last year – as petroleum demand climbed and production ticked down, the Energy Information Administration (EIA) said Wednesday. For the week ended Jan. 7, domestic commercial crude inventories, excluding those in the Strategic Petroleum Reserve, decreased by 4.6 million…
Global Oil, Natural Gas Investments Seen Rising 4% in 2022
Global oil and gas investment is expected to grow by $26 billion this year as the industry continues to recover from the worst of the coronavirus, according to new analysis from Rystad Energy. Overall oil and gas investment is forecast to climb by 4% to $628 billion this year from $602 billion in 2021. “The…
Natural Gas Prices to Decline Through 2023 as Production, Exports to Rise, EIA Says
In updated forecasting stretching to 2023, the Energy Information Administration (EIA) on Tuesday laid out a vision of rising natural gas production and exports alongside moderating U.S. prices. Natural gas spot prices at Henry Hub averaged $3.91/MMBtu for 2021, the agency said in its latest Short-Term Energy Outlook (STEO). This year and next should bring…
With Demand Strong and Worst Omicron Fears Eased, a Path Clears for $100 Oil in 2022
With global benchmark oil prices already hovering around $80/bbl on strong demand early in the year — despite a surge in coronavirus cases — analysts said consumption could reach record levels this year and potentially drive the cost of crude into the triple digits.
Midcontinent, Rockies Record Highest Oil and Gas Prices in Years to Spur Drilling, Kansas City Fed Says
Average oil and natural gas prices of $73/bbl and $4.27/MMBtu, respectively, were needed to justify substantially more drilling during the fourth quarter of 2021, according to a survey of Midcontinent and Rockies energy firms by the Federal Reserve Bank of Kansas City. That translates into the highest “substantial increase price” average recorded for oil since…
New York’s Retired Teachers Fund Ceasing Natural Gas, Oil and Coal Investments
The New York State Teachers’ Retirement System (NYSTRS) plans to end its investments in 20 natural gas, oil and thermal coal reserve holdings with a market value of $1 billion as they “pose climate-related risks” to the investment portfolio. The massive retirement fund in late December also said it wants to divest $66 million worth…
U.S. Crude Production Holds Strong Even as Demand Tapers Amid Holidays, Omicron
U.S. oil producers, unfazed by the Omicron variant of the coronavirus and an anticipated lull in demand between the Christmas and New Year holidays, maintained production at a 2021 peak level during the final week of the year. The U.S. Energy Information Administration (EIA) said Wednesday that domestic crude output held at 11.8 million b/d…