Wednesday, May 29, 2024

Energy Information Administration News

Offshore Energy Production & the World Economy

Copyright NickEyes/AdobeStock

As the price of gas continues to seemingly hold steady at around three dollars a gallon, the pocketbooks of Americans continue to suffer. Regretfully, due to global conflict and the outbreak of wars across Europe and the Middle East, oil prices are continuing to climb upwards, troubled by geopolitical conflict and fears of a potential shutdown of international oil and gas fields.Thankfully…

Saudi Arabian Crude Oil Exports Fall 12%

“By agreeing to an additional voluntary production cut within OPEC (Organization of the Petroleum Exporting Countries) of 500,000 barrels per day in May and announcing a further independent production cut of 1,000,000 barrels per day in July, Saudi Arabia is aiming to reduce excess supply and support prices,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.According to the EIA (U.S. Energy Information Administration)…

U.S. LNG Exports to Europe on Track to Surpass Biden Promise

Copyright Wirestock/AdobeStock

When U.S. President Joe Biden promised European leaders in March that he would help secure new supplies of liquefied natural gas to offset shortages from Russia’s invasion of Ukraine, his pledge was greeted with skepticism.After all, the U.S. LNG industry was already hitting its export limits and the global market is dominated by long-term contracts that can dictate where exported gas would go for 20years at a time.It turns out…

US Becomes Top LNG Exporter in First Half of 2022 -EIA

© Wojciech Wrzesień / Adobe Stock

The United States became the top liquefied natural gas (LNG) exporter in the first half of 2022, the Energy Information Administration (EIA) said, citing data from CEDIGAZ, as the country increased supply to Europe amid the Ukraine crisis.U.S. LNG exports rose 12% to average 11.2 billion cubic feet per day (bcfd) in the first half of the year compared with the second half of 2021, the EIA said.

US Steps Up Heavy Crude Imports

© a166f105 / Adobe Stock

U.S. refiners last month imported the most heavy crude in nearly two years, customs data showed, as they cranked up motor fuel production and sought to replace sanctioned Russian oil.Higher heavy-crude imports are common in summer-driving months, but this year's increase comes as the Biden administration is calling on for refiners to ramp up output and shave profit margins to ease soaring prices.

Oil Prices Rise Over 2% as US Inventories Decline

© leeyiutung / Adobe Stock

Oil prices rose for a second day on Friday as the market reacted to falling U.S. inventories.Signs of strong Asian demand from both China and India also strengthened the market.Brent crude oil futures were up $1.49, or 2%, at $75.60 a barrel by 1:12 p.m. ET (1712 GMT). U.S. West Texas Intermediate futures were up $1.67, or 2.3%, at $74.61."The market is coming to grips with the historic drop in U.S.

U.S. Crude Oil Exports: When 'Less is More'

© SHUTTER DIN/AdobeStock

Longer sailing distances cushion fall in US crude oil exportsTon mile demand generated by US crude oil exports has fallen by 9.7% in the first two months of 2021 compared with the start of 2020. The fall could however have been much worse; In volume terms, seaborne crude oil exports have fallen by 18.8%, to 20.9m tonnes, a 4.8m tonnes decline compared with last year, according to data from the US Census Bureau.While seaborne crude oil exports to all regions have fallen…

Oil Market On Track to Rebalance Around Mid-2021

© namning / Adobe Stock

U.S. petroleum inventories have continued to converge down towards the five-year average, a sign that oil market rebalancing remains on track, despite the resurgence of the coronavirus since the end of 2020.Total stocks of crude oil and products, excluding the strategic petroleum reserve, fell by 12 million barrels last week and are down by 130 million barrels since the middle of 2020.Stocks have fallen in 24 out of the last 30 weeks, according to data from the U.S.

Oil Rises to 11-month High

© viking75 / Adobe Stock

Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56.58 a barrel by after touching its highest level since last February at $56.75. U.S. West Texas Intermediate (WTI) gained 96 cents, or 1.8%, to $53.28.Saudi…

Saudi Cuts Drive Oil to 11-month High

© Travel mania/AdobeStock

Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent crude was up 5 cents to $54.35 a barrel at 1231 GMT after touching $54.90, a fresh high not seen since before the first COVID-19 lockdowns in the West.U.S. West Texas Intermediate (WTI) was up 26 cents, or 0.5% to $50.89 after touching $51.28.Wednesday's storming of the U.S.

US Energy Exports Severely Disrupted by Hurricane Laura

File photo (Credit: Andrew Kendrick, U.S. Coast Guard)

Oil and gas exports from the United States have been severely disrupted by Hurricane Laura, with nearly a million barrels per day (bpd) of crude exports likely reduced this week by closures of U.S. Gulf Coast terminals and disruptions at ports.The hurricane also temporarily suspended operations at several liquefied natural gas (LNG) facilities in the world’s third largest exporter of the super-cooled gas…

U.S. Sends First Crude Shipment to Saudi Arabia in Years

Illustration by evgenii/AdobeStock

The United States sent a shipment of crude to Saudi Arabia in June, data from the U.S. Census Bureau showed on Wednesday, in what appears to be the first such delivery since the U.S. ban on crude exports ended in 2015.The United States shipped about 550,000 barrels, or 18,300 barrels per day (bpd), of crude to Saudi Arabia in June, U.S. Census data shows. The U.S. Energy Information Administration has no recorded instances of a U.S. crude shipment to Saudi Arabia.U.S.

Flurry of US Crude Export Fixtures Offers Slimmer of Hope

© nevskyphoto / Adobe Stock

A flurry of tentative bookings to export U.S. crude oil from the Gulf Coast suggests demand is edging up after the coronavirus slammed energy consumption worldwide.BP, Trafigura and Equinor have all tentatively fixed vessels this past week to carry U.S. crude to global destinations over the coming month, according to Refinitiv Eikon data and shipping sources.Commodities merchant Trafigura and Occidental Petroleum are among companies looking to book vessels to ship crude from the U.S.

Oil Drops but Still Set for Biggest Monthly Gain in Years

Image by namning - AdobeStock

Oil prices were dragged sharply lower on Friday by weak U.S. fuel demand, fears of a second wave of coronavirus cases in South Korea, and a worsening in U.S.- China relations, but were still on track for a hefty monthly gain.July Brent crude fell 72 cents, or 2%, to $34.57 a barrel by 1203 GMT and the more active August contract also lost 72 cents, or 2%, to $35.31. U.S. West Texas Intermediate (WTI) crude was down 83 cents…

Oil rises 5% in second weekly gain on output cuts, demand hopes

© Pavel Ignatov / Adobe Stock

Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.The number of operating oil and natural gas rigs fell by 34 to an all-time low of 374 this week - reflecting data going…

Country-by-Country Look at Dropping Fuel Demand

© Prod. Numérik/AdobeStock

It's hardly news that the COVID-19 pandemic has sent most every market into tumult, most notably the oil and gas market as political power plays flood the world with oil precisely when demand has plummeted. Here we provide some recent insights on just how steep falls in fuel demand has been as lockdowns to contain the spread of the novel coronavirus limit the movement of more than 4 billion people.UNITED STATESU.S.

Pemex Trading Arm Mulls Canceling May-June Cargos

© Vladimir / Adobe Stock

The trading arm of Mexican state oil company Pemex is mulling options to slash the number of fuel cargoes the country imports in May and June as demand plummets because of the coronavirus, three sources close to the talks told Reuters.Pemex last week declared force majeure over fuel supplies from its trading arm PMI Comercio Internacional after a bottleneck of more than 60 vessels built up outside Mexican ports…

Enterprise Offers Crude Shipments From Gulf Coast to Cushing

© Jim / Adobe Stock

Enterprise Products Partners LP said it would offer spot shipments of crude on an existing pipeline from the U.S. Gulf coast to Cushing, Oklahoma, the delivery point for benchmark U.S. crude futures, as demand to store oil inland surges.The move marks a sharp reversal from recent pipeline projects that were all built connecting inland markets to the Gulf Coast as U.S. crude exports climbed to record highs after Washington lifted a ban in late 2015.However…

The Numbers Tell the Story of Oil Industry Crisis

© Kalyakan/AdobeStock

Global oil producers and refiners are struggling with a series of unprecedented dislocations as the simultaneous epidemic and volume war between Saudi Arabia and Russia rip through every element of the supply chain.Some idea of the extraordinary speed and scale of the disruptions was evident in the "Weekly Petroleum Status Report" published by the U.S. Energy Information Administration on Wednesday.The United States is the world's largest oil consumer and producer…

Brent Crude Drops to $26.35. Outlook Bleak

Oil markets received a lift from the U.S. stimulus chatter, but for the most part activity remains rudderless, awash in a sea of oil, - Illustration by OOSORIOartist - AdobeStock

Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus will bolster economic activity.Brent crude futures fell $1.04, or 3.75%, to $26.35 a barrel by 0834 GMT. West Texas Intermediate (WTI) crude futures fell 94 cents, or 3.8%, to $23.55 a barrel.