
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
Texas Senate Votes To Add More Natural Gas Capacity To Fix Grid Issues
The Texas Senate voted this week to add more natural gas-fired capacity to the state grid to add more reliable power to the Electric Reliability Council of Texas (ERCOT) and make it ready to meet demand in any circumstances. Since Winter Storm Uri crippled the Texas grid in February 2021, leaving millions
Germany Doubles Down On LNG Fearing Another Gas Pipeline Attack
Germany looks to install one or two floating LNG import terminals at its largest island, Rügen in the Baltic Sea, as officials do not rule out further attacks on energy and gas pipeline infrastructure, sources with knowledge of the plans told Bloomberg on Thursday. Germany cannot rule out another attack on a
Moody’s: Energy industry outlook stable amid firm fundamentals
The outlook for the global energy industry is stable over the next 12-18 months, with earnings remaining elevated as the industry steps down from exceptionally high gains in 2022, according to recent analysis from Moody’s Investors Service. The outlook for the global energy industry is stable over the next 12-18
EIA: Mexico’s oil output stabilizes after years of decline
After nearly two decades of steady decline, Mexico’s petroleum and liquid fuels production has held steady since 2019. Mexico’s production is to remain relatively flat through 2024, according to the US EIA’s forecast. After nearly two decades of steady decline, Mexico’s petroleum and liquid fuels production has held steady since
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