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U.S. Petroleum Stocks Rise as Weekly Demand Falls, EIA Says

U.S. Petroleum Stocks Rise as Weekly Demand Falls, EIA Says

Total domestic petroleum stockpiles increased in the final week of January while demand declined amid lighter needs for transportation fuels, the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) showed. Demand has proven choppy week/week over the last several months, but it has consistently been well below year-earlier, pre-coronavirus levels because of travel…

February 3, 2021
U.S. Energy Consumption Could Take Decade or More to Recover from Pandemic, EIA Says

U.S. Energy Consumption Could Take Decade or More to Recover from Pandemic, EIA Says

The craterous impact of the Covid-19 pandemic on energy demand is likely to ripple out into the next decade, with consumption potentially not returning to pre-pandemic levels until 2029 or later, the U.S. Energy Information Administration (EIA) said in its latest long-term projections. The agency’s 2021 Annual Energy Outlook (AEO2021), released on Wednesday, projects changes…

February 3, 2021
Texas Oil, Gas Steadily Recovers as Industry Jobs Return, Crude Supply Steadies

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…

February 2, 2021
Texas Governor Ready to Fight Biden’s ‘Extreme Hostility’ Against Oil, Gas Industry

Texas Governor Ready to Fight Biden’s ‘Extreme Hostility’ Against Oil, Gas Industry

Texas Gov. Greg Abbott has directed state agencies to use the tools in their toolbox to challenge the Biden administration’s actions that threaten the oil and natural gas industry. Abbott last week issued state Executive Order GA-33 that he said is designed to protect the nation’s largest energy state from what he said is federal…

February 1, 2021
U.S. Natural Gas Rig Count Steady; Oil Patch Keeps Rising

U.S. Natural Gas Rig Count Steady; Oil Patch Keeps Rising

The U.S. natural gas rig count remained unchanged at 88 during the week ending Friday (Jan. 29), while the ongoing recovery in domestic oil-directed drilling continued, according to the latest figures from oilfield services provider Baker Hughes Co. (BKR). On the strength of growth in the oil patch, the combined U.S. rig count rose six…

January 29, 2021
Permian Rig Growth Sets Pace as U.S. Oil Patch Continues Rising

Permian Rig Growth Sets Pace as U.S. Oil Patch Continues Rising

On the strength of growth in the oil patch, and in the Permian Basin in particular, the U.S. rig count continued its ascent during the week ending Friday (Jan. 29), climbing six units to 384, according to oilfield services provider Baker Hughes Co. (BKR). All of the net gains on the week were in oil-directed…

January 29, 2021
GM Eyes All-Electric Vehicle Future, with 40% of U.S. Models Running on Batteries by Mid-Decade

GM Eyes All-Electric Vehicle Future, with 40% of U.S. Models Running on Batteries by Mid-Decade

General Motors on Thursday set a goal to become carbon neutral by 2040, with a vision of an all-electric future and aspirations to eliminate tailpipe emissions from new light-duty vehicles by 2035.  The goal is to offer 30 all-electric models globally by mid-decade, with 40% of the U.S. models battery electric by the end of…

January 28, 2021
Murphy CEO Blasts Biden EO, Says U.S. Oil, Gas Workforce Punished and ‘Highly Likely’ to Boost Oil Prices

Murphy CEO Blasts Biden EO, Says U.S. Oil, Gas Workforce Punished and ‘Highly Likely’ to Boost Oil Prices

Houston-based Murphy Oil Corp. reported solid results in North America during 4Q2020, but the CEO put them aside Thursday morning, opening a conference call by criticizing President Biden for imposing a federal leasing ban that may impact the independent’s onshore and offshore development. CEO Roger W. Jenkins shared a microphone with his executive team to…

January 28, 2021
‘Greater Visibility’ for Stronger E&P Activity by Private, Public Operators, says RPC Chief

‘Greater Visibility’ for Stronger E&P Activity by Private, Public Operators, says RPC Chief

Oil and gas supply and demand appears now to be heading in opposite directions, setting the stage for a potential upcycle in the industry, RPC Inc. CEO Richard A. Hubble said Wednesday. Hubble, who runs the Atlanta-based oilfield services (OFS) giant, discussed the fourth quarter performance and outlook for 2021 during a conference call. RPC…

January 27, 2021
EIA Reports Substantial Drop in U.S. Oil Inventory as Imports Decline

EIA Reports Substantial Drop in U.S. Oil Inventory as Imports Decline

The United States’ crude oil inventories — excluding those in the Strategic Petroleum Reserve — declined by 9.9 million bbl last week as imports fell and demand was met increasingly with domestic supplies, according to the Energy Information Administration (EIA). In its Weekly Petroleum Status Report for the period ended Jan. 22, EIA said that,…

January 27, 2021