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NT’s Blacktip gas field production drops, forcing shutdown of Northern Gas Pipeline
NT’s Blacktip gas field production drops, forcing shutdown of Northern Gas Pipeline The Channel Island power station is the main provider of electricity to the Darwin-Katherine interconnected system.(Supplied: Territory Generation) Production from the offshore field which supplies gas for the Top End’s electricity generation has decreased by nearly 50 per cent this year — raising […]
Hurricane Ida Shuts Down More Than 90% of Oil and Gas Production in the Gulf of Mexico
Hurricane Ida Shuts Down More Than 90% of Oil and Gas Production in the Gulf of Mexico Experts say the oil refineries that have been shut down account for 9% of the country’s total. A gas pump with gas selling for $1.04 a gallon is shown on May 07, 2020 in Baltimore, Maryland. Photo: Rob Carr (Getty […]
US Crude Oil Production Plunged Most Ever, Natural Gas Followed: The Great American Oil & Gas Bust, Phase 2
US Crude Oil Production Plunged Most Ever, Natural Gas Followed: The Great American Oil & Gas Bust, Phase 2 Precisely what’s needed to end the price collapse. But last time, it wasn’t long before Wall Street liquidity surged back into shale, starting the cycle all over again. US crude oil production in May plunged […]
Global Gas Production Set To Tumble In 2020
Global Gas Production Set To Tumble In 2020 Natural gas production, which was originally projected to grow in 2020, is now facing an estimated decline of 2.6 percent. Associated gas from oil fields is going to be hit hardest, with an expected decline of 5.5 percent compared to 2019 levels The biggest drop in associated […]
The LNG Market Is “Imploding”
The LNG Market Is “Imploding” While everyone is understandably watching the meltdown in the crude oil market, the global market for natural gas is also cratering. At least 20 cargoes of U.S. liquefied natural gas (LNG) have been cancelled by buyers in Asia and Europe, according to Reuters. The global pandemic and the unfolding economic crisis […]
The U.S. Remains The Natural Gas King
The U.S. Remains The Natural Gas King Data from the 2018 BP Statistical Review of World Energy show that last year the U.S. maintained a healthy lead as the global natural gas powerhouse. In 2017, the U.S. produced an average of 71.1 billion cubic feet per day (Bcf/d) of natural gas. That’s a 1.0 percent increase from 2016 production, but not […]
The North Sea Oil Recovery Is Dead In The Water
The North Sea Oil Recovery Is Dead In The Water The oil majors issued a vote of confidence for the North Sea in recent days, citing precipitous declines in the cost of production, which they say will revive the region’s oil and gas production. At an oil industry conference in the North Sea’s oil capital, […]
Carnage in US Natural Gas as Price Falls off the Chart
Carnage in US Natural Gas as Price Falls off the Chart All eyes are on Chesapeake. The price of natural gas in the US has gotten completely destroyed. The process started in July 2008, at over $13 per million Btu and continues through today, at $1.77 per million Btu. In between, natural gas traded at […]
Oil prices are down, gasoline prices are not. What gives?
Oil prices are down, gasoline prices are not. What gives? It’s a good summer to be selling gasoline, not a great one to be buying it In mid-February, the price of oil hovered around $50 US a barrel, and a litre of gasoline cost, on average, $1.01 Cdn. This week, the price of oil is hovering around […]
Texas Oil and Gas Production for April
Texas Oil and Gas Production for April The preliminary Texas RRC Production Data is out this morning. There appears to be a considerable drop in Texas crude oil production in April. All Texas RRC data in the charts below is through April 2015 and all EIA data is through March 2015. For those new to this site, the Texas […]
Have Natural Gas Prices Bottomed?
Have Natural Gas Prices Bottomed? Last Friday we finally got confirmation of where all the natural gas supply has been coming from as Cabot (COG) reported its earnings. Just like Chesapeake (CHK), they reduced natural gas output, but on a much grander scale. CHK has yet to report and will do so on May 6th […]
