(Thu, 18 Jan 2018) In its January 2018 <em>Short-Term Energy Outlook</em> (STEO), 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
(Wed, 17 Jan 2018) Wholesale electricity prices at major trading hubs in the eastern United States during 2017 were relatively unchanged from 2016, while average monthly wholesale prices in California and Texas increased by 18% and 27%, respectively, in 2017.
(Tue, 16 Jan 2018) In 2017, natural gas spot prices at the national benchmark Henry Hub in Louisiana averaged $3.01 per million British thermal units (MMBtu), about 50 cents per MMBtu higher than in 2016. The higher prices in 2017 contributed to less natural gas consumption for power generation. Increased domestic production was offset by increased exports of natural gas by pipeline and liquefied natural gas (LNG) cargoes.
Nigeria is bracing itself for another stern test this year as it hopes to restore its oil production fully while at the same time maintaining the fragile peace in the restive Niger Delta.
Blockchain, the distributed ledger technology which was possibly the hottest tech topic in the energy sector in 2017 has still to prove itself as more than hype in the oil sector.
Doubts over the future of the global oil and natural gas industry could be stoked further this year if appetites for lending and investment in the fossil fuel sector continue to wane. Climate change, the rise of renewable energies and the prospect of peak oil demand are already knocking dents into the long-term investment outlook for the oil sector.
The shutdown of nearly half the UK's oil output due to a hairline fracture in the Forties pipeline in December has added to doubts about the long-term future of the North Sea oil industry.
(Fri, 12 Jan 2018) During the recent cold weather event that affected much of the eastern United States, more natural gas was withdrawn from storage fields around the country than at any other point in history. Net withdrawals from natural gas storage totaled 359 billion cubic feet (Bcf) for the week ending January 5, 2018, exceeding the previous record of 288 Bcf set four years ago.
(Thu, 11 Jan 2018) EIA's January <em>Short-Term Energy Outlook</em> forecasts Brent crude oil to average $60 per barrel (b) in 2018 and $61/b in 2019, slightly higher than the $54/b average in 2017. In both 2018 and 2019, EIA expects total global crude oil production to be slightly greater than global consumption, with U.S. crude oil production increasing more than any other country.
It is evident from industry events these days that shipping is often either way down the agenda or overlooked completely. Alex Younevitch, managing editor for EMEA freight markets at S&P Global Platts, elaborates.
