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Weekly Oil And Gas Update: Natural Gas Demand And Production Expected To Decline This Year – Houston Public Media

January 21, 2021, 11:44 AM)
A pump jack operates in an oil field, Wednesday, July 29, 2020, in Midland, Texas.
Even though economic activity is expected to pick back as the coronavirus vaccine becomes available to the public, the Energy Information Agency predicts natural gas demand and production will be in decline through 2022.
The most recent short-term outlook from the agency says in 2020 natural gas consumption was down 2.5% from the previous year. The EIA expects consumption to fall by 2.8% this year, and 2.1% in 2022.
The largest natural gas-consuming sector in the United States is the electric power sector, the Outlook report reads, noting that the EIA estimates the power sector will consume 11% less natural gas this year than in 2020. EIA forecasts that higher prices for natural gas (compared with coal prices) for power generation and rising electricity generation capacity from renewable energy in 2021 will likely cause power sector natural gas c ....

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Weekly Oil & Gas Update: West Texas Crude Rallies to $50 Per Barrel In First Week of 2021 – Houston Public Media

Weekly Oil & Gas Update: West Texas Crude Rallies to $50 Per Barrel In First Week of 2021
After nearly a year of devastatingly low oil prices, West Texas Crude is once again back to $50 per barrel. Also this week, Exxon reveals emissions details for customer use of its products, plus the state legislature could take up flaring in the upcoming session.
January 8, 2021, 7:40 AM
In this Thursday, April 30, 2020, photo storage tanks along the Houston Ship Channel are seen with downtown Houston in the background.
Texas oil producers spent much of 2020 hoping to see oil hit $40 as the industry struggled through a historic downturn. But one week into 2021 and West Texas Crude has bounced back to $50 per barrel. ....

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Weekly Oil Market Crash Update: Texas Oil Set To End The Year At Less Than $50 Per Barrel – Houston Public Media

Northeast of Kermit in Andrews County, pump jacks pull oil from Texas’ Permian Basin.
When the year started oil producers were collecting around $60 per barrel of Texas oil just above what most companies need to break even. And the budget for many oil companies reflected a hope that West Texas Crude would rise to $80 or more through the year.
Instead, the global pandemic paired with international price disputes pushed oil prices to historic lows. As we finish out 2020 and head into the new year, it s doubtful oil will hit $50 per barrel.
That s still better than what we saw in the spring, when at one point oil futures contracts traded in negative territory for the first time ever. ....

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