The natural gas storage report from the EIA for the week ending April 2nd indicated that the amount of natural gas held in underground storage in the US rose by 20 billion cubic feet to 1,784 billion cubic feet by the end of the week, which left our gas supplies 235 billion cubic feet, or 11.6% below the 2,019 billion cubic feet that were in storage on April 2nd of last year, and 36 billion cubic feet, or 1.3% below the five-year average of 1,808 billion cubic feet of natural gas that have been in storage as of the 2nd of April in recent years..the 20 billion cubic feet that were added to US natural gas storage this week was less than the average forecast of a 27 billion cubic foot addition from an S&P Global Platts survey of analysts, and was also less than the 30 billion cubic feet added to natural gas storage during the corresponding week of a year earlier, but was well more than the average addition of 8 billion cubic feet of natural gas that have typically been injected into nat
It’s not surprising that America’s oil and gas sector is not totally enthusiastic about President Biden’s $2.25 trillion American Jobs Plan which incorporates raising corporate taxes and, should it gain Congressional approval, designation of monies to facilitate the country’s transition from fossil fuels towards clean energy.
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Occidental Petroleum Corp. praised OPEC and its allies for managing crude markets out of last year s historic crash.
(Bloomberg) Occidental Petroleum Corp. praised OPEC and its allies for managing crude markets out of last year’s historic crash and said the U.S. shale industry is thankful for its efforts.
“They’ve been brilliant in the way they’ve handled it, the way they’ve been doing it,” Chief Executive Officer Vicki Hollub said at a conference hosted by the Texas Independent Producers & Royalty Owners Association Tuesday. “Every U.S. oil and gas company are appreciating their efforts.”
OPEC+ and U.S. shale have been rivals for much of the last decade, with the Americans’ rapid growth eating away at the cartel’s share of the oil market and power to control it. But the U.S. has lost about 2 million barrels a day, or 15% of its production, over the past year and future growth is severely challenged by producers’ diminished access to capital and shareholder
Shale CEO lauds OPECâs efforts to rebalance crude oil markets By Kevin Crowley on 4/7/2021
Oxy drilling crew at work in the Permian basin
HOUSTON (Bloomberg) - Occidental Petroleum Corp. praised OPEC and its allies for managing crude markets out of last yearâs historic crash and said the U.S. shale industry is thankful for its efforts.
âTheyâve been brilliant in the way theyâve handled it, the way theyâve been doing it,â Chief Executive Officer Vicki Hollub said at a conference hosted by the Texas Independent Producers & Royalty Owners Association Tuesday. âEvery U.S. oil and gas company is appreciating their efforts.â