Baker Hughes reports that the US oil/gas rig counts fell for a fourth month, to a low of Oct 2021.
Baker Hughes, a leading energy services company, said that the U.S. has cut its number of operating oil and gas rigs for the fourth consecutive month to the lowest level since October 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by seven in the week ending June 27. Baker Hughes reported that the number of rigs is down by 34 this week, or about 6% from this time last year. Baker Hughes reported that oil rigs dropped by six this week to 432, their lowest level since October 2021. Gas rigs also decreased by two, to 109.
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for eight weeks running.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the eighth consecutive week for the first since September 2023. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending June 20 to 554. This is the lowest it has been since November 2020. Baker Hughes reported that the number of rigs is down by 34, or 5.8% from this time last year. Baker Hughes reported that oil rigs dropped by one this week to 438, the lowest level since October 2021.
EIA: US natgas production and demand will reach record highs by 2025
The U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook, published on Tuesday, predicted that both the U.S. Natural Gas output and demand would reach record levels in 2025. EIA projects that dry gas production in 2024 will increase from 103.2 billion cubic feet per day (bcfd), to 105.9 in 2025, and then 106.4 in 2026. This compares to a record-breaking 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption will rise from 90.5 bcfd, a record in 2024, to 91.3 bcfd by 2025 and then ease back to 91.1bcfd by 2026.
EIA: US crude oil production hit a record high in March while demand fell
The U.S. Energy Information Administration reported in its Petroleum Supply Monthly Report on Friday that U.S. crude output reached a record monthly high in March while the demand for oil products fell to the lowest level in a full year. The U.S. crude output increased to 13,49 million barrels a day in March. This is up from the previous all-time record of 13,45 million bpd, which was set in October 2024. EIA data show that crude oil production in Texas, which is the top oil producing state in the United States…
Freeport LNG On Track to Return to Full Production
U.S. liquefied natural gas company Freeport LNG's export plant in Texas was on track to take in more natural gas on Thursday after a small reduction on Wednesday, a sign the plant was heading back to full power, according to gas flow data from financial firm LSEG.Officials at Freeport LNG had no comment.Freeport is one of the most closely watched LNG export plants in the world because the start and stop of its operations often cause price swings in global gas markets.When flows to Freeport drop, gas prices in the U.S.
US Natural Gas Prices Fall 6% in Volatile Contract Expiration Trade
U.S. natural gas futures fell about 6% on Wednesday to a one-week low in volatile contract expiration trade, pressured by an expected decline in gas flows to liquefied natural gas (LNG) export plants.Traders said Freeport LNG in Texas might reduce output and they pointed to forecasts for less demand this week than previously expected.On its last day as the front-month, gas futures for June delivery on the New York Mercantile Exchange (NYMEX) fell 19.4 cents, or 5.7%…
US drillers reduce oil and gas rigs at lowest level since November 2021, according to Baker Hughes
Baker Hughes, an energy services company, said Friday that U.S. firms have cut back on the number of natural gas and oil rigs for the fourth consecutive week, making it the lowest count since November 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by 10 in the week ending May 23. This was the first time in 2024 that drillers had reduced their number of rigs for four consecutive weeks. Baker Hughes reported that the number of rigs is down by 34 or 6% from last week.
US drillers have cut oil and natural gas rigs in the third week of a row, according to Baker Hughes
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the third consecutive week for the first since mid-April. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending May 16 to 576, the lowest level since January. Baker Hughes reported that the rig count was down 28 rigs or 5% from this time last week. Baker Hughes reported that oil rigs dropped by one to 473 in the past week, which is their lowest level since January.
US drillers have cut oil and natural gas rigs in the third week of a row, according to Baker Hughes
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the first week since mid-April. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending May 16 to 576, the lowest level since January. Baker Hughes reported that the rig count is down 28 rigs or 5% from this time last week. Baker Hughes reported that oil rigs dropped by one to 473 in the past week, which is their lowest level since January.
Increased US Natural Gas Storage Capacity in 2024
The U.S. Energy Information Administration said that underground natural gas storage capacity will increase in 2024 in the Lower 48 States, according to a report published late on Wednesday. The agency uses two metrics for assessing working gas storage capacities - demonstrated maximum capacity and working gas designed capacity. The working gas is the gas injected into and removed from the reservoir. This is the gas that is injected and withdrawn from the reservoir.
The US natgas price has fallen on the market due to rumors that Freeport LNG in Texas will shut down
The price of U.S. Natural Gas Futures declined on Tuesday, as market speculation spread that the Texas export facility of U.S. company Freeport LNG would be shut down. Freeport officials declined to comment. Freeport is one the most closely monitored LNG export plants around the world, as the start and end of its operations can cause large price swings on global gas markets. Gas prices in the U.S. typically drop when flows to Freeport decrease due to the lower demand from the export plant for the fuel.
EIA: US power consumption will reach new highs by 2025 and 26.
The U.S. Energy Information Administration (EIA) said Tuesday that the U.S. will reach record levels of power consumption in 2025 and in 2026. EIA projects that power demand will increase to 4,205 billion Kilowatt Hours (kWh) by 2025, and 4,252 in 2026. This is a significant rise from the record 4,097 in 2024. These increases are due to the growth of data centers for artificial intelligence, cryptocurrency and home and business use of electricity. EIA estimates that by 2025, residential customers will consume 1,525 billion kWh of electricity.
Baker Hughes reports that US drillers have cut back on oil and gas drilling for the first time in 3 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of rigs for the first time since three weeks. The number of oil and gas rigs, a good indicator of future production, dropped by three in the week ending May 2 to 584. Baker Hughes reported that the number of rigs is down by 21 this week, or 3% from this time last year. Baker Hughes reported that oil rigs dropped by four this week to 479, while gas-rigs increased by two to 101.
EIA reports that US oil production rose in February, as New Mexico set a record.
The U.S. Energy Information Administration reported on Wednesday that the total crude oil production in the United States increased slightly in February, as Texas and New Mexico, two of its top producers reversed recent declines by pumping more barrels. The data revealed that the oil output of the world's largest producer, Saudi Arabia, rose by about 29,000 barrels a day in February. The data revealed that Texas, the top oil producing state, increased its output by 41,000 barrels per day (bpd) in February, bringing it to 5.62 millions bpd.
EQT will spend less and produce more US natgas by 2025
EQT Energy, the second largest natural gas producer in the United States, will reduce its capital expenditure but increase energy production by 2025. Range Resources, on their part, said they would keep both output and spending relatively constant from 2024. Companies released their first quarter earnings reports and spending plans on Tuesday. The U.S. Gas Prices are forecast to increase in 2025. This year, companies will likely pull out record amounts of gas. EQT plans to spend between $1.950 and $2.70 billion in maintenance capital by 2025…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since four weeks. The number of oil and gas rigs, a good indicator of future production, increased by two in the week ending April 17 to 585. Baker Hughes published the rig counts report one day earlier on Thursday, due to Good Friday. Baker Hughes reported that despite this week's increase in rigs the total count is still 34 rigs or 5% lower than this time last year.
US EIA warns that tariffs and trade uncertainties will lower oil demand
The U.S. Energy Information Administration's (EIA's) monthly short-term Energy Outlook report on Thursday said that recent developments in global trade policies are expected to reduce global oil and fuel consumption growth through 2026. As a result of the uncertainty created by a possible lower global growth rate and higher oil supplies, the U.S. Department of Energy’s statistical arm has cut its forecasts of U.S. oil demand and global oil consumption growth for this year and next. Since U.S. president Donald Trump announced last week a blanket 10% duty on all U.S.
EIA: US power consumption will reach new highs by 2025 and 26.
The U.S. Energy Information Administration announced in its Short Term Energy Outlook on Thursday that the U.S. will reach new records in power consumption in 2025 and in 2026. EIA projects that power demand will increase to 4,201 billion Kilowatt Hours (kWh) by 2025, and 4,244 trillion kWh by 2026. This is a significant rise from the record 4,097 kWh of 2024. These increases are due to the growth of data centers dedicated for artificial intelligence, cryptocurrency and home and business use.
LSEG data indicates that Freeport LNG will resume service in Texas after a lightning strike.
Data from the financial firm LSEG revealed that natural gas flows at Freeport LNG's Texas export plant were expected to increase on Tuesday, after a lighting strike on a pipe caused it to close on Monday. Freeport is one the most closely monitored LNG export plants around the world, as the start and end of its operations can cause large price swings on global gas markets. Gas prices in the U.S. typically drop when flows to Freeport decrease due to the lower demand from the export plant for the fuel.
US oil production dropped to an 11-month low, according to data.
The U.S. Energy Information Administration reported on Monday that U.S. crude production dropped by 305,000 barrels a day in January to 13,15 million bpd, its lowest level since Feb. 2024. The data revealed that this was the largest monthly decline in U.S. crude oil production since January 2024. The EIA lowered their estimate of U.S. record oil production for December by about 40,000 barrels per day to 13.45million bpd. The oil output in Texas, which is the largest U.S. state for oil production, dropped by 105,000 barrels per day (bpd) to 5,58 million bpd.
