Feed gas deliveries to U.S. liquefied natural gas (LNG) export terminals have been near capacity, flowing at almost 12 Bcf each day over the last week.
The European natural gas market is helping drive U.S. export demand. Prices on the continent closed higher last week. The Dutch Title Transfer Facility finished at $6.620/MMBtu and the UK’s National Balancing Point settled at $6.531 ahead of the Good Friday holiday.
European markets were closed for Easter Monday, but colder weather late last week along with strong natural gas demand being created by the need to replenish depleted storage stocks pushed prices higher.
The wells and refineries that processed most of the oil for exports have severely dropped their production, due to mismanagement and sanctions imposed by the United States.
In this sense, this situation has caused the economy to be dismantled, which is why the fuel shortage has led the country to a point where there is no turning back, according to Sheyla Urdaneta of The New York Times.
According to Petróleos de Venezuela, SA (PDVSA), approximately a decade ago in 2011,
the average production of crude oil was 2 million 991 thousand barrels per day and its price oscillated around 101.8 dollars, which was based on in the operation of 19,743 wells and 232 active drills. That is why by then Venezuela managed to position itself as the country with the highest production in Latin America.
Synopsis
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. OPEC member Iran, exempt from making voluntary cuts, is also boosting supply.
Reuters
Brent crude for June fell $3.08, or 4.8%, to $61.78 a barrel by 1:42 p.m. EDT (1742 GMT). U.S. West Texas Intermediate crude for May dropped $3.21, or 5.2%, to $58.24.
NEW YORK: Oil fell more than $3 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. OPEC member Iran, exempt from making voluntary cuts, is also boosting supply.
Gas prices see smallest weekly jump since January
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The following is a news release from AAA Idaho.
IDAHO FALLS After months of soaring gas prices, Idaho drivers were finally able to catch their breath, at least a little, this week.
According to AAA, the state average increased by just three cents, the smallest weekly jump since January.
But the slowdown could be short-lived – increased demand due to the rollout of COVID-19 vaccines and the start of road trip season may push pump prices even higher in the weeks ahead.
“No one’s happy about paying more to fill up, but after several weeks in a row of nickel increases and some big double-digit jumps in March, it kind of feels like we got to hit the ‘pause’ button this week,” says AAA Idaho public affairs director Matthew Conde. “But the weather’s getting warmer, and growing demand has the potential to create another wave of significant price hikes.”