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2018-01-19 12:30:00

U.S. FOSSIL FUELS WILL UP

U.S. FOSSIL FUELS WILL UP

EIA - EIA forecasts that total fossil fuels production in the United States will average almost 73 quadrillion British thermal units (Btu) in 2018, the highest level of production on record. EIA expects total fossil fuel production to then set another record in 2019, with production forecast to rise to 75 quadrillion Btu.

Fossil fuels include dry natural gas, crude oil, coal, and hydrocarbon gas liquids (HGL). Although EIA tends to express fossil fuel production in physical units, such as cubic feet for natural gas, barrels for oil, and tons for coal, expressing production in heat content allows for comparisons across fuel types.

Record production levels are largely attributable to increased production of natural gas and crude oil enabled by the use of hydraulic fracturing techniques in tight rock formations. EIA expects increases in natural gas production to be the leading contributor to overall fossil fuels production growth in 2018 and increases in crude oil production growth to the be leading contributor in 2019. In both years, expected growth in natural gas, crude oil, and HGL production more than offset expected declines in coal production.

On a heat-content basis, dry natural gas accounted for the largest share of fossil fuel production in 2017 at 41%. Crude oil accounted for 29%, coal for 23%, and HGL for the remaining 7% of the total. As recently as 2010, coal was the leading source of U.S. fossil fuel production, but it was surpassed by dry natural gas in 2011 and by crude oil in 2015.

In 2018, EIA forecasts dry natural gas production will average 80.4 billion cubic feet per day (Bcf/d), an increase of 9% from 2017 levels. If achieved, this level of production would be the highest annual average on record, surpassing the previous record of 74.2 Bcf/d set in 2015. EIA forecasts dry natural gas production will set another record with 83.0 Bcf/d in 2019. Growth is likely to be concentrated in Appalachia's Marcellus and Utica shales along with the Permian Basin in Texas and New Mexico.

EIA expects total U.S. crude oil production to average 10.3 million barrels per day (b/d) in 2018, up 10% from 2017. If achieved, this would be the highest annual average U.S. oil production on record, surpassing the previous record of 9.6 million b/d set in 1970. In 2019, EIA expects crude oil production to continue to increase, reaching an average of 10.8 million b/d.

Increased production from the Permian region in Texas and New Mexico accounts for most of the projected increase in the U.S. total. EIA also expects a significant contribution to crude oil production growth from the Federal Gulf of Mexico, as seven new oil-producing projects are slated to come online by the end of 2019.

EIA forecasts coal production will total 759 million short tons (MMst) in 2018, down 2% from 2017. Coal production is expected to fall to 741 MMst in 2019, a further 2% decline from 2018. In both years, EIA expects production declines in the Appalachia and Western producing regions to be partially offset by production increases in the Interior producing region.

U.S. coal consumption also is projected to fall the next two years. About 90% of domestic coal consumption occurs in the electric power sector, and EIA expects relatively low natural gas prices to reduce demand for coal used to produce electricity. EIA expects demand for U.S. coal exports to fall in 2018 and 2019 after a slight increase in 2017.

Growth in crude oil production, especially in the Permian Basin, is projected to result in increased associated natural gas production and to contribute to growing HGL production at natural gas processing plants. EIA forecasts HGL production will average 4.2 million b/d in 2018 and 4.6 million b/d in 2019.

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Earlier:

 U.S. OIL +111 TBD, GAS + 890 MCFD
2018, January, 17, 23:25:00

U.S. OIL +111 TBD, GAS + 890 MCFD

EIA - Crude oil production from the major US onshore regions is forecast to increase 111,000 b/d month-over-month in February to 6,549 million b/d, gas production to increase 890 million cubic feet/day to 64,071 million cubic feet/day .

 

 U.S. RIGS UP 15 TO 939
2018, January, 15, 09:30:00

U.S. RIGS UP 15 TO 939

BHGE - U.S. Rig Count is up 15 rigs from last week to 939, with oil rigs up 10 to 752, gas rigs up 5 to 187, and miscellaneous rigs unchanged. Canada Rig Count is up 102 rigs from last week to 276, with oil rigs up 87 to 185 and gas rigs up 15 to 91.

 

 U.S. GAS EXPORTS
2018, January, 12, 12:30:00

U.S. GAS EXPORTS

BLOOMBERG - “Never before has the global LNG market had such significant flexible LNG volumes as the volumes coming online in the next three years, mostly from the U.S., which will lead to a fundamental shift in how LNG is marketed and traded globally,”

 

 U.S. OIL INVENTORIES DOWN
2018, January, 10, 12:55:00

U.S. OIL INVENTORIES DOWN

BLOOMBERG - Futures climbed as much as 0.9 percent in New York after rising 2.5 percent the previous two sessions. Inventories fell by 11.2 million barrels last week, the American Petroleum Institute was said to report on Tuesday. If the draw is replicated in Energy Information Administration data Wednesday, it will be the biggest decline for this time of the year since 1999.

 

 RUSSIAN LNG FOR U.S.
2018, January, 10, 12:35:00

RUSSIAN LNG FOR U.S.

REUTERS - If the vessel is carrying Russian LNG and ends up in the United States despite the U.S. sanctions against Novatek, it would be the first ever Russian LNG to go to the United States, according to U.S. energy data.

 

 WORLDWIDE RIG COUNT UP 32 TO 2,089
2018, January, 10, 12:30:00

WORLDWIDE RIG COUNT UP 32 TO 2,089

BAKER HUGHES A GE - The worldwide rig count for December 2017 was 2,089, up 32 from the 2,057 counted in November 2017, and up 317 from the 1,772 counted in December 2016.

 

 U.S. DEFICIT $50.5 BLN
2018, January, 8, 19:15:00

U.S. DEFICIT $50.5 BLN

BEA - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced that the goods and services deficit was $50.5 billion in November, up $1.6 billion from $48.9 billion in October, revised. November exports were $200.2 billion, $4.4 billion more than October exports. November imports were $250.7 billion, $6.0 billion more than October imports.

Tags: USA, OIL, GAS, COAL, HGL

Chronicle:

U.S. FOSSIL FUELS WILL UP
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

U.S. FOSSIL FUELS WILL UP
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

U.S. FOSSIL FUELS WILL UP
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

U.S. FOSSIL FUELS WILL UP
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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