Energy News
-
Thieves are increasingly raiding solar power stations across Japan for copper transmission wiring as prices for the metal have surged globally. Local governments are planning ordinances to regulate trade in the metal, but they are seeking nationwide legal measures to discourage the thefts. One solar power farm in Ichikawa, Chiba Prefecture, was hit by ...
-
The former president of a Texas energy company was sentenced today to six years and six months in prison for his role in an illegal kickback scheme and a commodities insider trading scheme involving natural gas futures contracts. According to court documents, Matthew Clark, 56, of Needville, Texas, conspired with others to direct his employer’s trades to ...
-
When talking about the structure of the forward curve in the WTI futures market, there are two market terms traders should be familiar with. 1) Contango, when the forward price of a futures contract is higher than the spot price. 2) Backwardation, when the forward price of the futures contract is lower than the spot price. An oil lesson with Bob Iaccino ...
-
The National Institute of Statistics and Geography (INEGI) presents the results of the Monthly Industrial Activity Indicator (IMAI). This allows us to know and monitor the evolution of industrial activity in Mexico. In April 2024 and with seasonally adjusted figures, industrial activity decreased 0.5% at a monthly rate. By component and with seasonally ...
-
New U.S. crude oil and natural gas production data. This month we are publishing regional crude oil and natural gas production data. These data provide a regional breakout of domestic crude oil and natural gas production in existing production tables and introduce some data series previously published in the Drilling Productivity Report and Shale Gas and Tight Oil into the STEO. • U.S. crude oil production. U.S. crude oil production grows in our forecast by 2% from 2023 to an annual average of 13.2 million barrels per day (b/d) in 2024 and by another 4% in 2025 to 13.7 million b/d. Increasing production is led by the Permian region, which is the source of almost 50% of domestic crude oil production, followed by the Eagle Ford region and the Federal Gulf of Mexico. • OPEC+ crude oil production. In our May outlook, we had assumed OPEC+ would begin to relax some voluntary production cuts beginning in the third quarter of 2024 (3Q24). In line with the group’s recent announcement, we now expect OPEC+ will begin relaxing voluntary cuts in 4Q24. As a result, we expect that the extension of voluntary OPEC+ production cuts will cause global oil inventories to continue falling through 1Q25. Although we expect crude oil prices to rise from early June levels, lower-than-expected Brent prices in May mean our forecast for 2024 is $84/b, 4% lower than our May forecast. • Natural gas production. We expect U.S. marketed natural gas production to fall by 1% in 2024 because of low natural gas prices. Ma post: #OOTT | EIA STEO Current Yr Crude F'cast (Bpd) Jun: 13.24M (prev 13.20M) - Forward Yr Crude F'cast (Bpd): 13.71M (prev 13.73M) - Current Yr Dry NatGas F'cast (Bcf/d): 102.05 (prev 102.99) - Forward Yr Dry NatGas F'cast (Bcf/d): 104.40 (prev 104.79) https://t.co/lrkVjEBv5L pic.twitter.com/p0RMESrtze EIA expects crude oil production in the Permian Basin to increase by nearly 8% in 2024 The U.S. Energy Information Administration (EIA) expects crude oil production in the Permian Basin to average about 6.3 million barrels per day in 2024, an increase of nearly 8% from 2023. The Permian Basin accounts for nearly half of U.S. crude oil production, and EIA expects increased production in the Permian and other regions will drive U.S. oil production to successive records in 2024 and 2025. EIA has expanded its Short-Term Energy Outlook (STEO) forecasts to include regional trends in the primary oil and natural gas production regions in the United States—Appalachia, Bakken, Eagle Ford, Haynesville, and Permian. “Incorporating regional forecasts of oil and natural gas production helps us tell a more comprehensive story of hydrocarbon production trends in the United States,” said EIA Administrator Joe DeCarolis. “Consider the natural gas market, where we’ve seen prices decline far more rapidly than production. We knew that associated natural gas, which is produced as a byproduct of increasing crude oil production, was a driver of relatively stable natural gas production. Now our forecasts clearly show the important regional relationship of oil and natural gas production.” EIA expects U.S. marketed natural gas production to decrease slightly more than 1% in 2024 in response to low natural gas prices. Production is forecast to increase in the Permian, Bakken, and Eagle Ford regions this year, while declining
-
Natural gas recently broke through the resistance at the $2.800 mark and reached a high of $2.940 before pulling back. Price seems to have completed its retest and is resuming the climb to the swing high. A larger correction might still test the Fib levels to draw more buying pressure. The 38.2% Fib is holding so far at $2.734 while the 50% level is at ...
-
Wednesday is shaping up to be one of the most important days of the year for economic news, as investors will hear about the path of inflation and the manner in which the Federal ...
-
Opec has again kept its global oil supply and demand forecasts unchanged for this year and 2025. The group still expects demand to rise by 2.25mn b/d to 104.46mn b/d in 2024 and ...
-
Nearly four years ago, while campaigning in the runup to the last presidential election, Donald Trump warned that President Joe Biden would “destroy” the oil industry. As Trump ...
-
Total nonfarm payroll employment increased by 272,000 in May, and the unemployment rate changed little at 4.0 percent, the U.S. Bureau of Labor Statistics reported today. ...
-
French President Emanuel Macron said Sunday he was dissolving the National Assembly and calling a snap legislative election after his party suffered a heavy defeat in elections ...
-
post: BREAKING: Israeli official says Hamas has rejected the ceasefire and hostage deal proposed by President Biden - Axios
-
Natural Gas: chart Natural gas gains ground as traders focus on weather forecasts, which predict strong demand from June 13. In case natural gas settles above the resistance at $3.02 – $3.09, it will head towards the next resistance level, which is located in the $3.28 – $3.32 range. WTI Oil: chart WTI oil is mostly flat as traders react to OPEC 2024 ...
-
After the Relative Strength Index (RSI) of Crude Oil retested its March 2023 lows, oil price rebounded from the $72.50 low back above its yearly trending support, towards a $78.30 high. The market has already priced in the increase in oil supplies concerning the expected demand potential and OPEC quota compliance. The next focus will be on the developing ...
-
Singapore-based oil and commodities trading powerhouse Trafigura Group has posted the smallest profit since the 2020 oil crisis as volatility in energy markets hit new lows. Trafigura’s net profit dropped to $1.47 billion in the six months through March, good for a 73% decline from a record $5.5 billion posted a year earlier. The company’s revenue fell 5.4% ...