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.
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.
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 drillers reduce oil and gas rigs in the US for the first time in six-weeks - Baker Hughes
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of oil rigs for the first six weeks. The number of oil and gas rigs, a good indicator of future production, dropped by one in the week ending March 7 to 592. Baker Hughes reported that the total number of rigs is 30 or 5% lower than it was at this time last week. Baker Hughes reported that oil rigs remained unchanged at 486 rigs this week while gas rigs dropped by one to 101.
The US natgas price is rising due to concerns about Canada tariffs
U.S. Natural Gas Futures rose 10% on Tuesday to a 26 month high, on record flows into liquefied gas export plants. There was also concern that Canadian gas exports could be affected by the tariffs placed on Canada and Mexico by U.S. president Donald Trump. Canada provides about 8% total U.S. demand for gas, including exports. Some of these return to Canada. The U.S. will consume approximately 90.2 billion cubic foot per day (bcfd), and export another 21.1 bcfd as LNG or via pipelines in 2024 to Mexico, Canada and other countries. The majority of U.S. gas exports are to Mexico.
The US natgas price is rising due to concerns about Canada tariffs
U.S. Natural Gas Futures rose 10% on Tuesday to a 26 month high, on record flows into liquefied gas export plants. There was also concern that Canadian gas exports could be affected by the tariffs placed on Canada and Mexico by U.S. president Donald Trump. Canada provides about 8% total U.S. demand for gas, including exports. Some of these return to Canada. The U.S. will consume approximately 90.2 billion cubic foot per day (bcfd), and export another 21.1 bcfd as LNG or via pipelines in 2024 to Mexico, Canada and other countries. The majority of U.S. gas exports are to Mexico.
EIA reports that US oil and natural gas production reached a record high in December.
The U.S. Energy Information Administration reported on Friday that U.S. crude and natural gas production set records in December and oil demand reached multi-month highs. The EIA reported that crude oil production reached 13,491 million barrels a day (bpd), up from 13,314 million in November, and surpassing the previous all-time record of 13.436 in October. EIA reported that oil production in the Federal Offshore Gulf of Mexico Region increased 12.3% to 1.86m bpd in December, marking the highest level since October 2023.
EIA: US natgas production and demand will reach record highs by 2025
The U.S. Energy Information Administration released its Short-Term Energy Outlook Tuesday, predicting that both the U.S. Natural Gas output and demand would reach record highs by 2025. EIA's projected dry gas production is expected to rise from 103.1 billion cubic feet per day in 2024, to 104.6 bcfd by 2025, and then 107.3 bcfd by 2026. This compares to a record-breaking 103.6 bcfd for 2023. The agency projected that domestic gas consumption will rise from 90.2 billion cubic feet per day (bcfd) in 2024, to 90.7 in 2025 and then ease back to 90.2-bcfd by 2026.
EIA: US power consumption will reach new highs by 2025 and 26.
The U.S. Energy Information Administration stated in its Tuesday Short Term Energy Outlook that the U.S. will reach record levels of power consumption in 2025 and in 2026. EIA projects that the demand for electricity will increase to 4,179 billion Kilowatt Hours (kWh) by 2025, and to 4,239 billion in 2026. This is an increase from a previous record of 4,082 billion in 2024. EIA predicts that by 2025, residential customers will consume 1,524 billion kWh of electricity. Commercial customers will consume 1,458 trillion kWh and industrial customers 1,054 trillion kWh.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 8 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first eight-week period. The number of oil and gas drilling rigs, a good indicator of future production, increased by six in the week ending January 31. Baker Hughes reported that despite this week's increase in rigs the total count is still 37 rigs or 6% lower than this time last year. Baker Hughes reported that oil rigs increased by seven this week to 479, while gas rigs decreased by one to 98. This weekly increase in oil rigs is the largest since February 2023.
Freeport LNG plant in Texas is on track to end outage due to increased natgas flow
Data from LSEG showed that the natural gas flow to Freeport LNG’s export facility in Texas was set to increase on Thursday, after a power outage during a winterstorm forced it to close on Tuesday. Freeport is among the most closely monitored LNG export plants around the world, as the start-up or halting 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.
Freeport LNG plant in Texas will remain closed until the power supply stabilises
Freeport LNG, a U.S. company that exports liquefied gas, said Wednesday it had closed its Texas plant on Jan. 21, due to an electrical problem caused by a winter storm. It will remain shut until the power supply is stabilized. CenterPoint Energy officials in the United States were not immediately available to comment. CenterPoint released a statement on Tuesday stating that more than 99.9% customers in the Greater Houston Area still have power and that crews continue to respond to scattered outages.
After holiday weekend, US demand for natgas is expected to reach record levels
The U.S. demand for natural gas is expected to hit a record next week, as the extreme cold that has gripped the U.S. this winter will put pressure on power grids again the day following the Martin Luther King Jr. Day weekend. This week, gas futures reached two-year highs ahead of the freezing weather. Meanwhile, spot prices in several major hubs around the country have risen to their highest level since January 2024's Martin Luther King holiday weekend. The week before last, gas demand reached its current record high. Next-day prices also soared.
EIA predicts that oil prices will be pressured by oversupply between 2025 and 2026
The U.S. Energy Information Administration's Short-Term Energy Outlook, released on Tuesday, said that oil prices would be pressured in 2025 and in 2026 due to the global production growth exceeding demand. Analysts expect a glut of oil this year after the demand growth in the two largest consumers, the U.S.A. and China, slowed dramatically in 2024. The EIA expects Brent crude prices to drop 8%, to an average of $74 per barrel by 2025. Prices will then continue to decline to $66 per barrel by 2026. The EIA has slightly increased its estimate for the record U.S.
EIA: US power consumption will reach new highs by 2025 and 26.
The Short Term Energy Outlook, published by the Energy Information Administration on Tuesday, predicted that U.S. electricity consumption would reach record levels in 2025 and in 2026. EIA projects that the demand for electricity will increase to 4,175 billions kWh by 2025, and 4,252 trillions kWh by 2026. This is a significant increase from the 4,089 billions kilowatt hours (kWh) recorded in 2024. EIA predicts that by 2025, residential customers will consume 1,519 billion kWh of electricity.
US natgas flow to Freeport LNG Export Plant in Texas reduced – LSEG data
According to data provided by financial firm LSEG, the amount of natural gases flowing to Freeport LNG’s Texas export plant was on course to reach a new one-month record low on Monday. Freeport LNG has one of the highest levels of attention in the world, as the start-up and shutdown of its operation can cause huge price swings on global gas markets. U.S. Gas Futures have turned negative in part due to the reduction in Freeport, after rising about 10% earlier in session to a 2-year high. The price of gas futures in Europe at the Title Transfer Facility benchmark (TTF) was up 4%.
Winter storms in the US could lead to power outages and a reduction of natgas supplies
According to energy analysts, the next few weeks could see massive power outages across the U.S. and a spike in natural gas demand. As a result of the "freeze offs" of oil and gas pipes and wells, the demand for gas is expected to increase. According to the U.S. Energy Information Administration, gas is responsible for 43% of America's electricity generation and 45% of its homes are heated by it. Prices could rise next week due to a combination of a surge in demand and fewer supplies.
