U.S. Energy Information Administration (EIA)
Geopolitical tensions in the Middle East and ongoing risks that threaten global supply have experts questioning where oil prices will move next.
The draw wiped out nearly all the year-over-year excess natural gas in storage, according to U.S. Energy Information Administration data.
U.S. energy storage capacity could expand to more than 30 gigawatts by year-end 2024, the EIA says.
Rising hydrocarbon production has allowed the U.S. to join the world’s leading energy exporters. Robust natural gas production will allow it to stay there.
Tens of millions of Americans are expected to hit the roads this Thanksgiving. But they’ll be paying less at the pump than they did a year ago, according to Energy Information Administration figures.
The Energy Information Administration also reported that gas production in the Lower 48 also set a record.
According to the Energy Information Administration’s 2023 International Energy Outlook, coal use will taper, natural gas will either stay flat or grow and the U.S. will remain a net oil exporter.
The oil and gas rig count, an early indicator of future output, fell by seven to 623 in the week to Sept. 29.
The extension of OPEC+ and Saudi Arabia production cuts are predicted to make oil and gasoline more expensive.
To attract capital back into the sector, the largest oil and gas companies are spending less on exploration and development and more on shareholder returns. How long can they keep the gravy train rolling in different commodity cycles?
For the week ending Aug. 18, the oil and gas rig count fell by 12 to 642, the lowest since February 2022.
The oil and gas rig count dropped to 654, a decrease of 5 in the week ending Aug. 11.
The EIA forecasts solar to account for about 55% of the utility-scale capacity additions in the U.S. for the rest of this year.
Stocks fell and the dollar's value rose after the credit ratings of 10 banks of varying size were cut by Moody's.