
FROM THE OIL PATCH
IEA: OECD Europe gas demand fell by record level in 2022-23 heating season
Natural gas consumption in OECD Europe fell by an estimated 16%, or 55 billion cu m, year-on-year during the 2022-23 heating season–its steepest drop in absolute terms for any winter season on record, according to IEA data. Natural gas consumption in OECD Europe fell by an estimated 16%, or 55 billion cu m (bcm), year-on-year (y-o-y) during the 2022-23 heating season (October through March) – its steepest drop in absolute terms for any winter season on record, according to data from the International Energy Agency (IEA). “High gas prices continued to weigh on gas use in industry, while milder weather
Taking a Philosophical Stance in Justifying Fossil Fuel Use
The fossil fuel guilt trip laid upon the public leaves many feeling insecure and questioning their dependency on oil and gas. There seems to be no end to the continuous debate. It looms in the news and the fabric of all sources of communication. One individual has countered the attack with his message of support and justification. Instead of citing statistics and fiscal analysis, Alex Epstein, philosopher and author, presents a moral approach supporting fossil fuel use. Utilizing a robust arsenal of communication methods, Epstein counters those who sell the world on climate change, and claim fossil fuels will lead
Natural Gas Continues to Set Records
Natural gas production in the U.S. has increased for 23 consecutive months as electric power distribution and liquefied natural gas (LNG) exports continued to rise. The Energy Information Administration (EIA) stated this week that U.S. dry natural gas production in February averaged 101.5 billion cubic feet per day (Bcf/d), which
What Happened To Oil & Gas Dealmaking In The First Quarter?
After a very fruitful period that saw the energy sector emerge as the best performer in 2022, the oil price rally has ground to a halt and fully reversed course as oil and prices tumbled to multi-year lows. Energy prices have slid again after the Fed hiked interest rates on Wednesday to
14,000 inactive oil and gas wells in US remain unplugged, posing risks for leaks, researchers say
There are tens of thousands of inactive offshore oil and gas wells that remain unplugged in the U.S., posing the risk of possible leaks into the ocean, according to new research. Over 14,000 inactive oil and gas wells in the Gulf of Mexico’s offshore waters, inland waters and wetlands are
EIA lowers 2024 crude oil price forecast
The US Energy Information Administration forecasts the Brent crude oil spot price to average $74/bbl in 2024, $7/bbl lower than forecast in last month’s Short-Term Energy Outlook. In its May issue Short-Term Energy Outlook (STEO), the US Energy Information Administration (EIA) forecasts the Brent crude oil spot price to average
CRUDE OIL WEEKLY UPDATE (Week Ending 05-19-23)
Crude Oil Summary (EIA): U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending May 12, 2023, which was 245
NATURAL GAS WEEKLY UPDATE (Week Ending 05-19-23)
In the News (EIA):U.S. associated natural gas production will likely grow through 2050:In our Annual Energy Outlook 2023 (AEO2023), natural gas produced from wells targeting
Zekelman Industries Steel Snapshot for May 2023
(by Mike Mechley, Executive VP of Strategic Procurement, www.ZekelmanIndustries.com) Platts May HR Coil $1,125 down $50 from April. Import offers have significantly increased due to
Preston Pipe Report – May 2023
(by Paul Vivian and Rick Preckel, www.prestonpipe.com) Market Monitor – Last month we commented about the supply situation for large diameter line pipe in the
Pipe Logix Line Pipe Report – April 2023
(by Rye Druzin, www.pipe-logix.com) Line pipe prices declined by 0.6% in April with domestic prices down by 0.3% and import prices down by 1%. This
AISI Press Release on Latest U.S. Imports of Steel Products – May 2023
(American Iron and Steel Institute, www.steel.org – (05-05-23) Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, the American Iron