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EU member states are expected to embark on national campaigns to reduce gas consumption in the household and commercial sectors, to mitigate the impact on the industry. European gas demand curtailment would have major adverse impacts on the industrial sector, particularly the refining...
Saudi Aramco has plans to almost double its fleet, which in the past 10 years has averaged 45 jackups, to 92 contracted jackups by the end of 2023. Between ADNOC Drilling and Advanced Energy Systems, they hold 70% of jackup purchases in 2022. Based on production targets and curren...
Just like last month, I am again lowering my West Texas Oil ((WTI)) forecast for the upcoming month by ten dollars per barrel to range between $90 to $110. While the physical market remains tight, oil may be held in check by the approaching shoulder season and recessionary fears. ...
The largest production decreases came from the GOM, Texas and New Mexico. In the On-shore L48, May production increased by 95 kb/d to 9,542 kb/d. North Dakota’s May output rebounded from the April storm to 1,049 kb/d, an increase of 155 kb/d from April. The slowing of r...
Inventory just keeps falling. US Crude Production remains on a very slow recovery with a headwind from SPR releases. Crude working inventory continues a drawdown which one can interpret as an industry continuing to improve its use of working capital. Inventory just keeps...
Wild price swings caused a $4.427 price range over one month. The range was over three times the June 2020 low. The coming winter season could push prices over the $10 level for the first time in fourteen years. The compelling case for natural gas comes from US energy policy a...
While Europe cut demand for gas by 15%, Russia also lowered flows through Nord Stream 1. Gas prices are now skyrocketing. Both decisions will result in falling demand for gas. The energy crisis will lead Europe into recession - the question is just how bad will it be? Eu...
Since the Russian invasion of Ukraine, there have been increasing questions about the ability of Canada, the world's fourth largest oil producer - and specifically the oil sands - to contribute more oil to the United States and the global market. Market instabilities of the past - bot...
Since the beginning of Russia’s planned Nord Stream 1 maintenance period (from July 11 to 22), European gas storage stock change has dropped below historical averages. Today, Europe is adding significantly less gas to its storage than it has at this time over the past five year...
In all fairness to the Atlanta Fed, some of last week’s statistical releases indicate an economic slowdown, but at a very slow pace, nothing like the rapid contraction that accompanied serious contractions in 2008-9 or 2020. Russia’s Gazprom last week notified major cust...