Crude oil inventories fell 3.4 MMBO during surprise week-over-week draw Crude oil inventories fell today, giving markets a pleasant surprise, and sending WTI prices up above $46 per barrel. Economist expected a small build for the week ended May 6, 2016, with the average estimate at 80 MBO. The numbers released by the DOE today showed a draw of 3.4
Crude oil price volatility has declined since its peak in March according to a report from the EIA on May 10, 2016. During the first three months of 2016, crude oil prices were relatively more volatile than in recent history. The elevated volatility occurred when overall oil prices were low, and volatility was driven by high uncertainty related to supply,
Primary Energy Consumption by Source and Sector – 2014 This graphic from the EIA helps visualize some of the data leaking out of the agency’s massive knowledge vault. In their measure for total U.S. energy consumption in 2014, they use the graphic to help visually break it down by source and end use (sector). For example, it’s not a
From EIA Source: U.S. Energy Information Administration, based on Canada’s National Energy Board, Canada’s Energy Future 2016: Energy Supply and Demand Projections to 2040 In its recent publication, Canada’s Energy Future (CEF), Canada’s National Energy Board (NEB) projects that both Canada’s natural gas production and its domestic natural gas consumption will increase through the next decade. Exports of natural gas
Upstream Costs in 2015 were 25% to 30% Below 2012 levels Hydraulic fracturing has taken center stage in the U.S. as the preferred method of drilling with 77% of onshore rigs operating horizontally according to rig counts. As wells have gone through the learning curve of horizontal drilling, and lateral lengths of the wells have increased, the completion cost associated
Preliminary dry NatGas the highest annual total on record dating back to 1930 EIA’s Natural Gas Monthly, with data through December 2015, has been released. Highlights follow: In December, dry natural gas production was the highest for the month since EIA began reporting dry natural gas production data in 1973. Preliminary dry natural gas production for December 2015 was 2,289 billion
Recently enacted laws call for the sale of SPR oil to reduce the budget deficit and fund new infrastructure projects The Strategic Petroleum Reserve (SPR) is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts. The caverns have a design capacity of 714 million barrels and store emergency
Production forecast says NatGas will be down by 365 MMcf/d in Jan The Energy Information Administration (EIA) forecasts that next month. Despite the trend of more efficient wells, the EIA said it anticipates lower production in all major oil producing regions except the Permian and the Utica in January. The most substantial drop in production is expected to come from
Extensions of existing fields continues to push reserves higher The Energy Information Administration (EIA) announced today that 2014 was the fourth-highest year on record for crude oil reserves as the United States added 3.4 billion barrels of crude oil and lease condensate to its proved reserves. U.S. total crude oil and lease condensate reserves at year-end 2014 now stand at
Short-term prices likely to remain low Both the Energy Information Administration (EIA) and International Energy Agency (IEA) released their most recent pricing outlooks for the energy markets today, giving a glimpse into what two of the most widely followed energy agencies see as the future of energy markets. The EIA’s Short Term Energy Outlook (STEO) forecasts prices out through 2016,
The Energy Information Administration (EIA) released its data for the number of new and reactivated coal mines that began production in 2013, showing that the year had the lowest number of active coal mines since the administration began tracking numbers in 2003. In 2013, 103 mines came online as 271 were idled or closed, resulting in a 14% decline in
The Permian ranks among the top-20 oil producing countries on a stand-alone basis The Permian Basin continues to deliver amid declining activity, with production levels expected to rise past 2,000 MBOPD in the Energy Information Administration’s (EIA) September issue of the Drilling Productivity Report. The Permian has, for the most part, been the only major oil and gas play to
