2016

The biggest increase was seen in the consumption of gas-to-power by industrial customers, which increased by 161% to reach a total of 10.8% of overall consumption. The transmission operator attributes the increase in industrial demand to "favourable economic conditions."

"Just because I’ve built a pipeline, that doesn't mean that you have to buy my gas, the idea that that somehow it's undermining diversification of sources is just not true."

U.S. Rig Count is down 13 rigs from last week to 637, with oil rigs down 5 to 510, and gas rigs down 8 to 127.

Estimated development oil well completions in 2015 fourth quarter fell 55 percent compared to 2014 fourth quarter estimates. Estimated development gas completions decreased 37 percent over the same period.

U.S. stocks are rising Friday as energy prices continue to climb and give a boost to energy companies. A global rally lifted stocks in Asia and Europe. After two days of gains, major indexes in the U.S. are set to rise for the first week in the last four.

The February crude oil contract on the New York Mercantile Exchange gained $1.81 to settle at $29.53/bbl on Jan. 21. The March contract was up $1.14 to settle at $30.83/bbl. The NYMEX natural gas contract for February gained 2¢ to a rounded $2.14/MMbtu. The Henry Hub gas price was $2.20/MMbtu on Jan. 21, up 6¢.

Therefore, oil prices will rise once more people study the long-term dynamics of oil markets instead of trading on and exploiting the short term news. On the Chicago Mercantile Exchange, WTI for delivery in February 2017 closed at US$37.08 a barrel on January 19, 23% higher than the market closing price for the day.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at $30.64 a barrel at 0634 GMT, up $1.11 in the Globex electronic session. March Brent crude on London’s ICE Futures exchange rose $1.36 to $30.61 a barrel. At one point, Brent prices reached $31.10 a barrel and Nymex rose as high as to $31.04 a barrel.

Investors have pulled billions from US stock funds for the third straight week amid sharp market gyrations, which have frayed investor nerves as global equity bourses slid deeper into correction territory.

Iran's annual average crude oil production is forecast at 3.1 million b/d in 2016 (10% of projected total OPEC production), and almost 3.6 million b/d in 2017.