Tag: EIA

Natural gas deliveries to US facilities producing LNG for export achieved a monthly record in July 2019, averaging 6.0 billion cubic feet per day (Bcf/d). This is 7% of the total US dry natural gas production, according to data from OPIS PointLogic Energy.

US exports of LNG have been growing continuously and reached a new peak of 4.7 billion cubic feet per day in May 2019, according to the latest data published by the US Department of Energy’s Office of Fossil Energy. In 2019, the US became the world’s third-largest LNG exporter, averaging 4.2 Bcf/d in the first five months of the year.

As EIA informs, the Suez Canal and the SUMED Pipeline are strategic routes for Persian Gulf crude oil, petroleum products, and LNG shipments to Europe and North America. Located in Egypt, the Suez Canal connects the Red Sea with the Mediterranean Sea, and is considered as a key chokepoint due to the large volumes of energy commodities that flow through it.

In its July 2019 Short-Term Energy Outlook, the US Energy Information Administration expects Henry Hub natural gas spot prices for June, July, and August this year to average $2.37 per million British thermal units. If this happens, this price would be the lowest summer average Henry Hub natural gas price since 1998.

According to EIA, Argentina’s domestic natural gas production has been steadily increasing in the past three years, due to the increased production coming from the Neuquén Basin’s Vaca Muerta shale and tight gas play. Its production surpassed the 1 billion cubic feet per day (Bcf/d) in December 2018.

EIA forecasts that global liquid fuels consumption, which averaged 99.9 million b/d in 2018, will increase by 1.1 million b/d in 2019 and by 1.4 million b/d in 2020. EIA's global oil consumption forecast is based on global gross domestic product, depending on country-level forecasts from Oxford Economics.

According to EIA, the US crude oil production and lease condensate, accomplished a milestone in April 2019, with 12.2 million barrels per day. April 2019 is the first time that monthly US crude oil production surpassed the 12 million bpd. This record follows August's 2018 record, when US crude oil production surpassed the 11 million bdp.

As EIA informs, the Strait of Hormuz is the world's most important oil chokepoint due to the large volumes of oil that flow through the strait. In fact, in 2018, its daily oil flow averaged 21 million barrels per day (b/d), or the equivalent of about 21% of global petroleum liquids consumption.

US imports of crude oil from members of the Organization of the Petroleum Exporting Countries (OPEC) in March 2019 totaled 1.5 million barrels per day (b/d), their lowest level since March 1986, according to data provided by the US Energy Information Administration (EIA).

Wells drilled horizontally into tight oil and shale gas formations continue to account for an increasing share of crude oil and natural gas production in the US, according to EIA. In 2004, horizontal wells accounted for about 15% of US crude oil production in tight oil formations.