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Tag Archives: EIA

Natural gas storage is up, but prices are trending down, EIA says

natural gas flame

Natural gas in storage is up, but warmer-than-average weather is keeping that gas in place. Natural gas inventories held 3.09 trillion cubic feet (Tcf) as of Jan. 2 — that’s 250 billion cubic feet (Bcf) above last year’s levels, but 70 Bcf below the average of the last five years, according to the U.S. Energy Information Administration’s Short-Term Energy Outlook ...

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Government predicts shale slowdown as oil falls

oil barrels

NEW YORK — As oil’s long slide continued, the Energy Department forecast Tuesday that production from U.S. shale operators will begin to tail off in the second half of the year. The decline would mark the first such drop in what has been a 6-year boom in U.S. onshore crude production. The price of oil fell Tuesday, dipping briefly under ...

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Gasoline price decrease surpasses 100 consecutive days

gasoline pump

Motorists in Tennessee, Georgia and now Florida welcomed the New Year with gasoline selling below $2 a gallon at some filling stations. This begins what could be a year of monstrous savings at the pump after record-high oil production in 2014 pushed crude oil and gas prices to the lowest level in six years. U.S. gasoline prices were $1.11 more ...

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Will falling oil prices lead to job losses?

job cuts

COASTAL BEND — Drivers may be giddy watching gas prices drop, but experts say the trend could hurt energy-dependent Texas communities like the Coastal Bend. U.S. West Texas Intermediate crude sold on Friday for $56.52 a barrel, while benchmark Brent gained 4 percent in New York trade, closing at $61. Each held nearly 50 percent more value on their respective ...

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North Dakota oil production hits a lull

North Dakota’s steep climb in oil production growth is hitting a lull as oil drillers retrench amid plummeting crude oil prices. State officials said Friday that oil production in October declined by about 4,000 barrels per day to 1.18 million daily barrels compared with September, the first decline in eight months. Drilling for new wells also declined and is expected ...

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$2 gas and booming shale, it’s too good to be true

According to the Energy Information Administration (EIA) it is possible for Texas to have $2 gasoline whiling continuing crude oil production. In the EIA’s short-term energy outlook report, which projects energy production and prices for 2015, Texas will be paying $2 a gallon for gasoline and crude oil production will continue, but at a slower pace. The average national gas ...

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UT researchers say gas production could plateau in coming decades

University of Texas researchers conducting a long-term study say natural gas production from some of Texas’ major shale plays could peak within a decade, casting some doubt on federal estimates that envision a continual increase through 2040. The UT findings contrast with more bullish, broader forecasts by federal researchers, suggesting long-term uncertainties with energy development, even as Texas finds itself ...

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U.S. shale output still surges, to add 103,000 bpd by Jan-EIA

oil barrels

NEW YORK, Dec 8 – Oil production from the United States’ biggest shale plays is poised to keep expanding at the same breakneck pace into early next year, according to new U.S. projections released on Monday that highlighted a slow response to tumbling prices. Oil production from the three main plays – the Bakken, Eagle Ford and Permian Basin – ...

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Estimates of Marcellus proven reserves raised by EIA

New estimates of the recoverable amount of natural gas in the Marcellus Shale formation has put the volume 50 percent higher than previous estimates, according to a report by the Pittsburgh Business Times. The latest estimates released by the U.S. Energy Information Administration (EIA) reports that there is approximately 64.9 trillion cubic feet of proven reserves trapped in the layers ...

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U.S. crude oil and natgas reserves both rise over 9 pct in 2013

Dec 4 – U.S. proven crude oil and lease condensate reserves increased 9.3 percent to 36.5 billion barrels in 2013, up from 33.4 billion barrels in 2012, the U.S. Energy Information Administration said in a report Thursday. EIA also said proven wet natural gas reserves gained 9.7 percent to 354 trillion cubic feet in 2013, up from 322.7 tcf in ...

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