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U.S. Crude Production to Reach Record High in 2024, EIA Says

U.S. crude production will rise to record highs in 2024 and 2025, but will grow less than it did last year, the U.S. Energy Information Administration (EIA) said on Tuesday. In its Short-Term Energy Outlook (STEO), EIA projected U.S. crude production will rise by 290,000 million barrels per day (bpd) to 13.21 million bpd this …

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U.S. Natgas Prices Up 4% to 7-Week High Ahead of Record Demand Next Week

U.S. natural gas futures climbed about 4% to a seven-week high on Tuesday on forecasts for extremely cold weather next week that will boost demand to a record high. In addition to sky-high gas demand, extreme cold could cause production to drop by freezing oil and gas wells, pipes and other energy equipment as happened …

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Massive Winter Storm Batters U.S., Knocks Out Power to Over 300,000 Customers

A massive winter storm moving across the eastern half of the U.S. on Tuesday ahead of a forecast brutal freeze this weekend knocked out power to over 302,000 homes and businesses in nine states. The hardest hit states so far were Georgia with over 65,000 power outages, Florida with over 62,000 outages and Alabama with …

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Enverus Releases its 2024 Outlook – Focus on the Shifting Dynamics of Oil and Gas, Energy Transition and Geopolitics

FOR IMMEDIATE RELEASE Jon Haubert | 303.396.5996 Enverus releases its 2024 Outlook  Series of reports focus on the shifting dynamics of oil and gas, energy transition and geopolitics AUSTIN, Texas (Jan. 9, 2024) — Enverus, the most trusted energy-dedicated SaaS company, has released its 2024 Outlook that includes a series of reports discussing topics the organization believes …

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Shale’s Shift to All-Stock Deals Gives It Muscle Against OPEC Maneuvers

APA Corp.’s $2.6 billion purchase of Callon Petroleum Co. extends the industry’s strategy of lining up drilling sites without piling on debt. Permian Basin oil and natural gas output may grow in 2024, though at a slower pace than last year. The new year in the shale patch kicked off much as the old one ended, with a hefty all-stock takeover. …

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Large Crude Unit, Coker Shut at Biggest U.S. Refinery

HOUSTON, Jan 8 (Reuters) – The large crude distillation unit (CDU) and coker were shut on Monday at Motiva Enterprises (MOTIV.UL) 626,000 barrel-per-day (bpd) Port Arthur, Texas refinery, the largest in the U.S., said sources familiar with plant operations. The 350,000-bpd VPS-5 CDU and the 110,000-bpd DCU-2 coker are scheduled to remain shut for a …

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Oil Rises Over a $1 as Middle East Crisis, Inflation Fight in Focus

Summary Hapag-Lloyd to continue avoiding Red Sea/Suez Canal 300,000 bpd of supply still offline in Libya American Petroleum Institute weekly data due at 2130 GMT (Reuters) – Oil prices rose by more than $1 on Tuesday after sliding in the previous session as markets weighed Middle East tensions against demand worries and rising OPEC supply. …

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U.S. Natgas Prices Drop 4% With Oil Futures, Ample Inventories

U.S. natural gas futures dropped about 4% on Monday because the country has ample amounts of gas in storage and the coldest weather expected over the next week will likely hit over the long U.S. Martin Luther King holiday weekend when many businesses and government offices are shut. Analysts said there was currently about 12.2% …

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U.S. Supreme Court Declines to Hear Exxon, Koch Industries Appeal on Venue in Climate Case

The U.S. Supreme Court on Monday declined to hear a bid by major fossil fuel companies and an industry trade group to move a lawsuit filed by Minnesota accusing them of worsening climate change out of state court and into federal court, the energy industry’s favored venue. Exxon Mobil Corp, Koch Industries and the American …

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