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The natural gas storage report from the EIA for the week ending February 5th indicated that the amount of natural gas held in underground storage in the US fell by 171 billion cubic feet to 2,518 billion cubic feet by the end of the week, which left our gas supplies 9 billion cubic feet, or 0.4% below the 2,527 billion cubic feet that were in storage on February 5th of last year, and 152 billion cubic feet, or 6.4% above the five-year average of 2,366 billion cubic feet of natural gas that have been in storage as of the 5th of February in recent years....the 171 billion cubic feet that were d...

Biden moves fast on US oil and gas campaign pledges US President Joe Biden has halted a major pipeline project and curbed leasing and permitting on federal lands. The US oil and gas sector now faces a waiting game to see how the administration’s energy policy will evolve, writes Jordan Blum. As a Democratic presidential candidate, Joe Biden pledged to cancel the decade-in-the-making Keystone XL Pipeline and, not so shockingly, he followed through on his first day as US president by revoking the Canadian heavy oil pipeline’s permitting. That was just the beginning. Since then, he’s impos...

S&P Global Platts Analytics cuts 2021 oil demand forecast, raises price outlook Global oil demand will rebound by more than 6 million b/d in 2021 and return to 2019 levels a year later despite the sharp acceleration in COVID-19 infections and new lockdowns which have hit energy consumption from the end of last year, according to S&P Global Platts Analytics. Oil demand is expected to average 99.3 million b/d this year following a contraction of 8.8 million b/d to 93.1 million b/d in 2020, Platts Analytic said in its latest monthly oil market forecast. The 2021 forecast is a 280,000 b/d downwar...

Industrial gas demand growth continues into new year, despite coronavirus risks Recent growth in industrial natural gas demand has continued into January, outperforming year-ago levels, despite recently expanded lockdowns related to the ongoing coronavirus pandemic. Month to date, demand from industrial consumers has averaged over 25.3 Bcf/d, outpacing its January 2020 level by 700 MMcf/d, or about 2.8%, data compiled by S&P Global Platts Analytics shows. As post-holiday-season coronavirus infections surge, states across the US have enacted more restrictions on activity, including lockdowns o...