Oil

Most U.S. energy executives expect Henry Hub natural gas prices to average $2.40-2.79/Mcf by the end of 2021, but a solid number foresee prices of as much as $3.19, according to a survey by the Federal Reserve Bank of Dallas. The Dallas Fed, as it is better known, every quarter surveys executives of exploration and…

Natural gas futures advanced Monday – the first trading session of 2021 – building on the nearly 12-cent gain to finish last year, with U.S. liquefied natural gas (LNG) exports strong, production flat and the weather-driven demand outlook improved. The February Nymex gas futures contract settled at $2.581/MMBtu, up 4.2 cents day/day. March rose 3.5…

The new year could see the global oil market swing from its current state of oversupply to some of the highest monthly supply deficits in years as the rollout of Covid-19 vaccines propels a recovery in demand, according to experts. Raymond James & Associates Inc. analysts said Monday they expect “hefty” crude oil inventory draws…

Oil demand is not expected to return to 2019 levels until the end of next year or early 2022, with future growth to be “much more modest” than the 2 million b/d growth rates of the past, according to IHS Markit Vice Chairman Daniel Yergin. The executive, who released his newest book, “The New Map:…

San Antonio-based Howard Energy Partners (HEP) has agreed to acquire a refinery services facility in Corpus Christi, TX, from a subsidiary of MPLX LP, management announced Tuesday. HEP has executed an agreement to acquire the Javelina Facility, a treating and fractionation plant capable of extracting natural gas liquids, as well as olefins and hydrogen, from…

The U.S. natural gas rig count finished unchanged at 83 for the period ending Wednesday (Dec. 30), while an increase in oil activity saw domestic drilling close out 2020 on a positive note, according to updated numbers published by oilfield services provider Baker Hughes Co. (BKR). Driven by a three-rig increase in oil-directed drilling, the…

Amid gains in the Permian Basin, the U.S. rig count climbed three units to 351 for the period ending Wednesday (Dec. 30), according to updated numbers published by oilfield services provider Baker Hughes Co. (BKR). Oil-directed drilling accounted for all of the domestic rigs added for the period, according to the BKR numbers, which are…

An extra C$20 million ($15 million) has been added to construction costs of the Trans Mountain Pipeline expansion for a detour around a southern British Columbia (BC) native tribe, according to evidence before the Canada Energy Regulator (CER). The oil pipeline’s route change raises the expense of steering the project past the Coldwater Indian Band…

Offshore driller Pacific Drilling Co. expects to emerge from bankruptcy by the end of the year after the U.S. Bankruptcy Court for the Southern District of Texas confirmed the company’s proposed reorganization plan. “The Court’s confirmation of our plan represents an important milestone in our progress towards emergence by year-end with a fully de-levered balance…