OIL PRICES: $43 - $51
According to EIA, U.S. crude oil production averaged 9.4 million barrels per day (b/d) in 2015, and it is forecast to average 8.8 million b/d in 2016 and 8.7 million b/d in 2017.
Brent crude oil prices will average close to $48/ barrel (b) in the fourth quarter of 2016 and in the first quarter of 2017. Forecast Brent prices average $43/b in 2016 and $51/b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent prices in 2017. The values of futures and options contracts indicate significant uncertainty in the price outlook, with NYMEX contract values for February 2017 delivery traded during the five-day period ending November 3 suggesting that a range from $35/b to $66/b encompasses the market expectation of WTI prices in February 2017 at the 95% confidence level.
Global oil inventory builds are forecast to average 0.8 million b/d in 2016 and 0.5 million b/d in 2017.
Natural gas marketed production is forecast to average 77.3 billion cubic feet per day (Bcf/d) in 2016, a 1.4 Bcf/d decline from the 2015 level, which would be the first annual decline since 2005. EIA expects production to start rising in November as a result of increases in drilling activity and infrastructure build-out that connects natural gas production to demand centers. In 2017, forecast natural gas production increases by an average of 2.9 Bcf/d from the 2016 level.
Growing domestic natural gas consumption, along with higher pipeline exports to Mexico and liquefied natural gas exports, contribute to the Henry Hub natural gas spot price rising from an average of $2.50/million British thermal units (MMBtu) in 2016 to $3.12/MMBtu in 2017. NYMEX contract values for February 2017 delivery traded during the five-day period ending November 3 suggest that a price range from $2.01/MMBtu to $4.84/MMBtu encompasses the market expectation of Henry Hub natural gas prices in February 2017 at the 95% confidence level.
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WNN - The search for solutions to climate change must include discussion of nuclear power, Scott Foster, director of the Sustainable Energy Division of UNECE, told
WNN - in 2017 the average total generating cost - which includes capital, fuel and operating costs - for nuclear energy was USD33.50 per megawatt-hour (MWh).
LUKOIL - For the first nine months of 2018 LUKOIL Group's average hydrocarbon production excluding West Qurna-2 project was 2,301 thousand boe per day, which is 3.7% higher year-on-year.
GE - Baker Hughes, a GE company and General Electric Company Announce a Series of Long-Term Agreements to Maximize Value for Both BHGE and GE