U.S. crude oil production will average 11.1 million b/d in 2021, down 0.2 million b/d from 2020 as result of a decline in drilling activity related to low oil prices.

U.S. marketed gas production for 2021 will fall 2% and average 96.2 billion cubic feet per day (Bcf/d).

U.S. commercial crude oil inventories decreased by 3.2 million barrels to 482.2 million barrels.

The blue-chip NSE Nifty 50 index fell 0.5% to 14,529 and the benchmark S&P BSE Sensex was down 0.4% at 49,600.11 by 0411 GMT.

Brent fell 36 cents to $55.70 a barrel. WTI dropped 26 cents to $52.65.

The combination of a severe cold snap in Asia, supply outages and maritime congestion has propelled spot prices for LNG to previously unforeseen heights. The North Asian price benchmark has now risen 18-fold in less than nine months, outperforming other commodities

Brent was up 36 cents, or 0.6%, at $56.94 a barrel. WTI was up 34 cents, or 0.6%, at $53.55 a barrel.

Brent crude oil spot prices to average $53 per barrel (b) in both 2021 and 2022 compared with an average of $42/b in 2020.

The companies could be at risk of U.S. sanctions under existing law if they do not stop work.

State-owned Qatar Petroleum is planning a to increase LNG production by 43% to 110 million mt/year by 2025, up from 77 million mt/year currently.

Brent climbed 22 cents, or 0.4%, to $55.88 a barrel. WTI gained 25 cents, or 0.5%, to $52.50 a barrel.

Government-owned Abu Dhabi National Oil Co. set Murban crude at a premium of 75 cents a barrel to the regional benchmark,

Over the past six weeks, the growth in US industrial gas demand has been fueled in large part by industries in the Northeast, Texas and the Southeast, which together account for over 60% of US industrial gas consumption.

The current trend suggests that Asia will remain the top destination for US LNG for months to come, following robust deliveries to the continent in 2020.

Brent were down 78 cents, or 1.4%, at $55.21 a barrel. WTI slipped 52 cents, or 1%, to $51.72 a barrel.