Domestic petroleum demand declined last week, dragged lower by a drop in distillate fuel consumption, while production recovered in the wake of Hurricane Ida, according to the latest U.S. Energy Information Administration (EIA) inventory report. EIA’s Weekly Petroleum Status Report, released Wednesday, showed output climbed to 11.1 million b/d for the week ended Sept. 24.…
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OPEC Says More Energy Sector Investment Needed; Oil Dominance to Hold Through 2045
Already falling short of projected demand growth, a lack of investment in the oil industry threatens to lead to further volatility and a future energy shortfall, according to the Organization of the Petroleum Exporting Countries (OPEC). In its 15th Annual World Oil Outlook (WOO) released Tuesday, the Saudi-led cartel said underinvestment remained one of the…
October Natural Gas Futures Finish with Flurry, Flirt with $6.00; Cash Prices Surge
Natural gas futures flew higher again on Monday – up more than 30 cents early — as worries about global energy supplies intensified and bulls dominated U.S. trading ahead of front-month expiration. Traders took some profits in afternoon action, but the October contract still finished in the green and up more than 70 cents over…
World’s Largest Oil, Natural Gas Producers to Increase Carbon, Methane Cuts
A dozen of the top global oil and natural gas producers, whose goal when they came together was to cut emissions from their upstream businesses, have increased the targets for methane and carbon to 2025. The CEO-led Oil and Gas Climate Initiative (OGCI), launched in 2014, said last week it has set more stringent targets…
Corpus Port in South Texas Beginning Third Phase of Expansion
Great Lakes Dredge & Dock Co. LLC has been tapped to construct the third phase of a landmark expansion of the Port of Corpus Christi Ship Channel in South Texas. The U.S. Army Corps of Engineers awarded a $139 million contract to the dredging service provider, which is tasked with extending the ship channel west…
U.S. Propane Prices Spike as Europe, Asia Compete for Tight Supplies
Wholesale propane prices at the main U.S. natural gas liquids (NGL) hub have reached their highest level in more than seven years amid tight global supply and strong demand, according to the latest government figures. The Energy Information Administration (EIA) said wholesale propane prices at Mont Belvieu, TX, increased to an average of $1.33/gal during…
TotalEnergies Sees Oil Demand Plateauing, but Natural Gas Key to Energy Transition
Global oil demand should plateau earlier than estimated, likely before 2030, but natural gas will continue to play a key role in the energy transition, TotalEnergies said Monday. The Paris-based multi-energy major provided its third annual short-term forecast in the Energy Outlook (EO) 2021. Ahead of the upcoming United Nations (UN) Climate Change Conference, also…
Top Global Oil, Natural Gas Producers Set Bigger Targets to Cut Carbon, Methane Intensity
A dozen of the world’s largest oil and natural gas producers, whose goal when they came together was to cut emissions from their upstream businesses, have increased the targets for methane and carbon to 2025. The CEO-led Oil and Gas Climate Initiative (OGCI), launched in 2014, said Tuesday it has set more stringent targets to…
Permian Oil, Natural Gas Essential through Global Energy Transition, Says ConocoPhillips CEO
The decision to plunk down $9.5 billion to purchase Royal Dutch Shell plc’s Permian Basin assets is going to give ConocoPhillips a bountiful and low-cost supply that will be necessary as the world evolves toward a low-carbon future, CEO Ryan Lance said. The mega deal announced late Monday is for Shell’s West Texas portfolio within…
U.S. Petroleum Demand, Production Bounce Back Amid Post-Ida Recovery
Domestic petroleum demand and production increased notably last week, as the Gulf of Mexico (GOM) energy complex recuperated from the havoc imposed by Hurricane Ida, the latest U.S. Energy Information Administration (EIA) inventory report showed. EIA’s Weekly Petroleum Status Report, released Wednesday, showed production climbed to 10.6 million b/d for the week ended Sept. 17,…