Energize Weekly, July 8, 2020 The novel coronavirus pandemic continues to torque and warp energy demand and markets in the U.S. from shifts in electricity demand to filling commercial oil storage to record levels. Electricity demand is projected by the U.S. Energy Information Administration (EIA) to be the lowest since 2009 – 998 billion kilowatt-hours – and 5 percent below
Energize Weekly, July 1, 2020 The picture remains grim for shale oil and gas companies as nearly a third risk bankruptcy or acquisition at current oil prices. A survey of industry executives finds that most don’t expect a rebound until 2021 – if ever. The problems for the sector have been growing for years, according to an analysis by the
Energize Weekly, June 24, 2020 Energy jobs – from oil and gas rigs to rooftop solar installations – continue to plummet under the weight of low oil prices and the novel coronavirus pandemic. In May, 27,000 additional clean energy workers filed unemployment claims, bringing the total job loss in the sector to 621,000 since March, according to an analysis done
Energize Weekly, June 3, 2020 Energy investment across the world has suffered an unparalleled 20 percent decline, equal to $400 billion, in 2020, as a result of the novel coronavirus pandemic, according to the International Energy Agency (IEA). The IEA had projected an increase of 2 percent in global energy investment for the year, which would have been the biggest
Energize Weekly, May 20, 2020 Renewable electricity generation is set to surpass coal-fired generation in 2020, as coal continues to slide, having hit a 42-year low in 2019, according to the U.S. Energy Information Administration (EIA). The EIA is projecting a 25 percent drop in coal-fired generation in 2020 and an 11 percent increase in renewable generation, leading to renewables
Energize Weekly, May 6, 2020 In the face of the novel coronavirus pandemic, utilities and utility regulators are moving to postpone rate increases and guard against service shutdowns for customers as most states continue to impose stay-at-home orders for their residents. The moves are also creating some financial risk and uncertainties for utilities, according to industry analysts. Regulatory commissions in
Energize Weekly, April 22, 2020 Pandemic and recession are rippling through almost every corner of the energy sector from oil companies to wind, solar and energy storage manufacturers. “Over half the world’s population is now under lockdown, as demand for power drops and the risk of global recession grows,” according energy consultant Wood Mackenzie. “A ‘return to normal’ will be
Energize Weekly, March 18, 2020 The oil market is set for a long price war, falling consumption, a shake-out among U.S. shale drillers and a missed opportunity for Asian economies, according to industry analysts. Yet even as depressed prices lead to fewer drilling rigs and a slowing in U.S. production, some operators may be in a better position to ride
Energize Weekly, March 11, 2020 Annual U.S. crude oil and natural gas production hit records in 2019, as did domestic natural gas consumption, according to data from the federal Energy Information Administration (EIA). Crude oil production was up 11 percent over 2018 to an average of 12.23 million barrels per day (b/d), with output reaching 12.86 million b/d in November
Energize Weekly, February 12, 2020 New York City Mayor Bill de Blasio is taking aim at fossil fuels seeking to end the use of natural gas and oil in large buildings and banning the development of oil and gas infrastructure in the city. Other initiatives include switching the municipal feet to electric vehicles and increasing rooftop solar in the city.
Energize Weekly, February 5, 2020 While U.S crude oil production is set to grow by 9 percent in 2020 to 13.3 million barrels a day, production growth will slow in 2021 due to a decline in active drill rigs, according to a federal Energy Information Administration (EIA). EIA is projecting a 3 percent increase in production in 2021 over 2020
Energize Weekly, January 29, 2020 Spot prices for oil and natural gas are expected to trend downward in 2020 as geopolitical risks abate for oil and U.S. natural gas production grows, according to the U.S. Energy Information Administration (EIA). In 2019, Brent crude spot oil prices were spurred upward by events in the Middle East, including attacks on oil tankers
Energize Weekly, January 29, 2020 The oil and gas industry needs to be major player in the global transition to cleaner energy, in part to maintain its social license to operate, but barely 1 percent of its capital investment is going to alternative technologies, according to the International Energy Agency (IEA). “The transformation of the energy sector can happen without
Energize Weekly, January 15, 2020 Average oil and natural gas prices in 2019 were lower than they were in 2018 by more than 8 percent, with natural gas posting its lowest average price since 2016, according to the U.S. Energy Information Administration (EIA). The lower oil prices led to lower gasoline prices as the average U.S. retail prices in 2019
Energize Weekly, January 15, 2020 The burgeoning U.S. oil and gas and petrochemical sectors are set to add greenhouse gas emissions over the next five years – even as they decline for the power sector, according to two analysis of the country’s emissions. In 2019, U.S. greenhouse gas emissions fell 2.1 percent, a decline almost entirely due to a record
Energize Weekly, January 8, 2020 Global energy consumption is projected to grow 50 percent between 2018 and 2050, spurred by a rising demand for energy in Asia and a sharp growth in electricity as a key energy source, according to the U.S. Energy Information Administration (EIA). In its annual International Energy Outlook, the EIA projects energy consumption reaching more than
Energize Weekly, January 8, 2020 Flaring of natural gas from wells in the Permian Basin, the largest shale field in the U.S., is on the rise, and industry executives say it is due to inadequate gathering line and pipeline capacity, according to a Federal Reserve Bank of Dallas survey. The Permian Basin, which straddles West Texas and eastern New Mexico,
Energize Weekly, January 8, 2020 The pace of oil and gas mergers and acquisition (M&A) increased in the fourth quarter of 2019, after a strong third quarter, but the year still ended with deals far off the 10-year average when adjusted for one mega-merger. There were $96 billion in M&A activity for 2019, according to Enverus, an industrial analytics company.
Energize Weekly, January 8, 2020 The Hartford Financial Services Group said it will no longer insure or invest in companies mining or using coal or developing tar sands oil over concerns about risks linked to climate change. The company, based in Hartford, Conn., said it would not deal with companies that get 25 percent of their revenue from mining thermal
Energize Weekly, December 18, 2019 Natural gas – while helping to lower overall greenhouse gas releases – has overtaken coal as a source of carbon dioxide emissions in the U.S. and the European Union, according to a report from the Global Carbon Project. While total fossil fuel emissions are projected to fall 1.7 percent in 2019, largely due to natural
Energize Weekly, December 18, 2019 Worldwide investment in oil and gas production, estimated at $1.4 trillion over the next five years, will lock in carbon emissions that will make it impossible to meet the goals to limit global warming, according to a report by a coalition of environmental groups. “While capital expenditure (CapEx) on new oil and gas projects shrank
Energize Weekly, December 18, 2019 U.S. shale oil production will continue to grow over the next few years, despite weak investment and commodity prices, while increases in shale gas production will slow. That is the picture drawn by an analysis of shale oil by Rystad Energy, an Oslo-based energy consultant, and natural gas forecast by Enverus, an Austin, Texas-based industry
Energize Weekly, December 11, 2019 Employment in Texas’ Permian Basin – in a sign of cooling oil and gas activity – declined by 400 jobs through the first 10 months of 2019 after adding 16,700 jobs in 2018, according to the Federal Reserve Bank of Dallas. For the year, employment for the oil and gas sector is down 4.7 percent
Energize Weekly, December 4, 2019 The Federal Energy Regulatory Commission (FERC) approved three new liquefied natural gas (LNG) terminals in Texas at its November meeting over the objections of one commissioner, who said the decisions failed to take into account their impact on climate. The commission also rejected arguments from environmental groups that the approvals would create excess export terminal
Energize Weekly, December 4, 2019 Carbon dioxide (CO2) emissions from energy-related activities in 2018 rose in the U.S. for the first time in five years, posting a 2.7 percent annual increase to 5.27 billion metric tons, according to the federal Energy Information Administration (EIA). Driving the increase were higher emissions from natural gas-fired power generation, which was up as extreme
Energize Weekly, December 4, 2019 The gap between international efforts to curb greenhouse gases (GHG) and the growing emissions has grown so large that dramatic reductions over the next decade are needed to avoid the worst impacts of climate change, according to a United Nations (UN) report. Under the 2015 Paris Climate Accord, countries set their own emission GHG reductions
Energize Weekly, November 27, 2019 Prices for home-heating oil and propane are starting this winter heating season at lower prices than a year ago, with heating oil 10 percent cheaper and propane down 22 percent, according to the federal Energy Information Administration (EIA). The winter heating season runs from October 1 to March 31, and home-heating oil prices averaged $2.89
Energize Weekly, November 20, 2019 New natural gas pipelines are projected to add between 16 billion cubic feet a day and 17 billion cubic feet a day of capacity in the U.S. in 2019, with most of that as takeaway capacity from supply basins, according to the federal Energy Information Administration (EIA). There are 134 active natural gas line projects
Energize Weekly, November 13, 2019 Global demand for jet fuel will continue to be the fastest-growing transport fuel through 2050, with the biggest growth coming in China and Southeast Asia, according to the federal Energy Information Administration’s (EIA) International Energy Outlook. The EIA projects that jet fuel consumption will more than double to 29 quadrillion British thermal units (BTUs) in
Energize Weekly, November 6, 2019 U.S. natural gas exports – bolstered by new terminals and pipelines – averaged 4.1 billion cubic feet a day for the first half of 2019, more than double the rate for 2018, according to the federal Energy Information Administration (EIA). In 2017, the U.S. became a net exporter of natural gas for the first time
Energize Weekly, November 6, 2019 The stock and bond markets continued to cool for oil and gas drillers in the third quarter of 2019 with $495 million raised in equity, a 79 percent decline year-over-year, according to a report from Enverus, an industry analytics firm. Bond offerings for “upstream” drillers rose for the quarter to $14.6 million, a 70 percent
Energize Weekly, October 30, 2019 U.S. crude oil exports increased to an average 2.8 million barrels a day for first seven months of 2019, sending oil to as many as 31 different markets per month, according to the federal Energy Information Administration (EIA). The U.S. is now exporting oil to more markets than places from which it is importing oil,
Energize Weekly, October 23, 2019 U.S. Gulf of Mexico crude oil production set a record in 2018 at 1.8 million barrels a day, according to the federal Energy Information Administration (EIA) Short-Term Energy Outlook. The record-setting trend is forecast to continue in 2019 with production hitting 1.9 million barrels a day and 2020 with 2 million barrels a day –
Energize Weekly, October 23, 2019 An International Monetary Fund (IMF) analysis says that a $75-a-ton tax on carbon emissions or a comparable fiscal policy needs to be in place by 2030 to limit global warming to 2 degrees centigrade, though it will lead to sharp increases in electricity and gasoline prices. “Policy makers need to act urgently to mitigate climate
Energize Weekly, October 16, 2019 U.S. natural gas demand and supply are both forecast to hit record highs this coming winter – the result of growing exports, more gas-fired power generation and increased production from Texas’ Permian Basin, according to the Natural Gas Supply Association (NGSA). The association’s Winter Outlook projects demand, including exports, to reach a record 109.3 billion
Energize Weekly, October 9, 2019 Despite a string of bankruptcies and red ink, the future for U.S. shale drillers is not bleak, according to Oslo-based energy analyst Rystad Energy. “In a nutshell, we do not believe the recent bankruptcies that have beset a number of shale players are indicative of an industry-wide epidemic,” Alisa Lukash, a senior analyst on Rystad
Energize Weekly, October 9, 2019 U.S. oil and gas sector mergers and acquisitions (M&A) ticked up in the third quarter of 2019 to more than $17 billion, putting M&A activity for the year-to-date at $85 billion, according to Enverus, an industry analytics company. After a weak start to the year, deal activity was close to the historical quarterly average of
Energize Weekly, October 2, 2019 World energy consumption is projected to grow by 50 percent by 2050, with most of that demand coming from growing Asian economies, according to the federal Energy Information Administration’s (EIA) International Energy Outlook. “Energy consumption was greater in Asia than in any other region in 2018, and we project that consumption will almost double between
Energize Weekly, September 11, 2019 The number of oil and gas rigs operating in the U.S. – on land and offshore – fell in September to less than 900 for the first time since 2017, according to the Baker Hughes North American Rig Count. There were 898 rigs operating on Sept. 6 the weekly survey, by the Houston-based oilfield services
Energize Weekly, September 11, 2019 Natural gas prices in the Permian Basin are being bolstered as new takeaway pipeline capacity is opening in the western Texas fields. The natural gas price at the Waha Hub in western Texas reached $1.55 per million British thermal units (MMBtu) on Aug. 15, the highest price in nearly six months. “This price increase coincides
Energize Weekly, September 4, 2019 The Colorado oil and gas industry is facing uncertain times as new state and local drilling regulations take hold, industry executives say, even as the state’s governor, Jared Polis, dismisses those concerns. That was the divide in sharp display the Colorado Oil and Gas Association’s (COGA) annual conference in Denver, Aug. 28. The concerns stem
Energize Weekly, August 28, 2019 The U.S. had one the largest absolute increases in oil and natural gas production for a single country in history in 2018, according to the federal Energy Information Administration (EIA). In 2011, the U.S. had already surpassed Russia as the world’s largest producer of natural gas, and in 2018, it overtook Saudi Arabia as the
Energize Weekly, August 28, 2019 Major U.S. shale operators, thanks to strong oil prices and more efficient operations, posted a sharp turnaround in the second quarter of 2019, showing positive cash flow for the first time on record, according to Rystad Energy, an Oslo-based energy consultant. In the second quarter, 35 percent of the 40 dedicated U.S. shale companies Rystad
Energize Weekly, August 21, 2019 World energy production – spurred by coal and natural gas – was up 2.2 percent in 2017 to 14,035 million tons oil equivalent (Mtoe) when compared to 2016, according to the International Energy Agency (IEA). Coal and natural gas output were each up by more than 120 Mtoe in 2017. Coal’s share was 1 percent
Energize Weekly, August 14, 2019 A record for daily U.S. natural gas consumption – 44.5 billion cubic feet (Bcf) – was set on July 15 as a heat wave took hold of the Midwest and Eastern Seaboard, according to S&P Global Platts. The previous record of 43.1 Bcf was set on July 16, 2018. During this summer’s heat wave, from
Energize Weekly, August 14, 2019 High corn prices and high inventories have squeezed operating margins for Midwest ethanol plants to multiyear lows in the first half of 2019, with an average margin of 3.5 cents a gallon, according to the federal Energy Information Administration (EIA). The high prices and inventories led to near zero margins for June and July. Despite
Energize Weekly, August 14, 2019 The economics for electric vehicles (EVs) and renewable energy charging have become so competitive that in the future, the price of oil will have to be no more than $10 a barrel to compete, according to analysis by Paris-based BNP Paribas. The analysis – Wells, Wires and Wheels – is based on a BNP Paribas-devised
Energize Weekly, August 7, 2019 U.S exports of liquefied natural gas (LNG), which have been steadily rising, hit 4.7 billion cubic feet a day in May 2019, as exporters added a growing European market to their Asian base. In 2019, the U.S. became the third largest LNG exporter in the world behind Australia and Qatar, averaging 4.2 billion cubic feet
Energize Weekly, July 31, 2019 Investment in the oil sector was $16.9 billion in the second quarter of 2019 – a 36 percent drop year-on-year and down 23 percent from the first quarter of 2019, according to Drillinginfo, an industry data analyst. The industry raised $3.4 billion from public stock offerings, down 19 percent year-on-year, and raised $13.5 billion on
Energize Weekly, July 24, 2019 Organization of the Petroleum Exporting Countries (OPEC) unplanned crude oil production outages hit a four-year high in the first half of 2019, according to the federal Energy Information Administration (EIA). The outages averaged 2.5 million barrels a day for the six-month period, the highest level since 2015. Unplanned outages included sanctions, armed conflicts, political disputes,
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