Oil

The Energy Information Administration (EIA) said this week that it’s raising its expected average 2021 Henry Hub natural gas spot price to $3.07/MMBtu, which would come in more than $1 above the $2.03 average recorded in 2020. In the June edition of its Short-Term Energy Outlook issued Tuesday, the agency said it expects the average…

Demand for U.S. petroleum fell for a second consecutive week, while crude production rebounded, the U.S. Energy Information Administration (EIA) said Wednesday. Refinery utilization, however, reached a 2021 high, the agency said in its Weekly Petroleum Status Report (WPSR). Refineries operated at 91.3% of their capacity and inputs averaged 15.9 million b/d during the week…

Texas-based exploration and production (E&P) firms Independence Energy LLC and Contango Oil & Gas Co. announced Tuesday they will merge in an all-stock transaction. The E&Ps produced a combined 111,000 boe/d of oil and gas in the first quarter across several major Lower 48 basins. Houston-based Independence is owned and managed by global investment firm…

Brent prices are forecast to average $68/bbl in 3Q2021 before production worldwide begins to escalate, sending the average price down to around $60/bbl in 2022, the Energy Information Administration (EIA) said Tuesday. In the Short-Term Energy Outlook, researchers noted that Brent averaged $68/bbl in May, a 25% uptick from January. “In the coming months, we…

The chief executive of the pipeline operator that was temporarily crippled by a ransomware attack last month apologized to Americans. During testimony before a Senate panel on Tuesday, he acknowledged that Colonial Pipeline was susceptible to hackers and that it is still grappling with challenges caused by the infiltration. “We are deeply sorry for the…

Dallas-based EnLink Midstream LLC has increased its earnings guidance for 2021 amid strengthening natural gas and oil prices, with an eye on expanding operations and lowering carbon emissions. “We are pursuing exciting growth opportunities in the Permian and Louisiana, as well as experiencing improved activity in Oklahoma and North Texas,” CEO Barry E. Davis said.…

After climbing for two consecutive weeks, U.S. petroleum demand declined during the last week of May, the U.S. Energy Information Administration (EIA) said Wednesday. Still, refinery utilization reached a high for the year to date, and analysts anticipate demand to prove strong this summer. EIA said in its Weekly Petroleum Status Report (WPSR) overall petroleum…

Click here to listen to the latest episode of NGI’s Hub & Flow podcast in which NGI Mexico Senior Editor Christopher Lenton interviews Lourdes Melgar of the Rice University’s Baker Institute for Public Policy and MIT about the upcoming midterm elections in Mexico and the impact they could have on the natural gas market. The…

The Organization of the Petroleum Exporting Countries and its oil-producing allies, aka OPEC-plus, vowed to further increase output in July, keeping with a plan agreed to in April that calls for the cartel to add more than 2 million b/d back into the market between May and the end of July. The group led by…