Released April 03, 2023 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs, with the quarterly count dropping for the first time since 2020, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count fell by three to 755 in the week ending March 31. U.S. oil rigs fell one to 592 last week, while gas rigs decreased two to 160. For the quarter, the total oil and gas rig count fell by 24 rigs, the first quarterly decline since the third quarter of 2020. (Reuters)
EIA: January U.S. Crude Oil Output Highest Since March 2020 - U.S. field production of crude oil rose in January to 12.46 million barrels per day (BBL/d), the highest since March 2020, U.S. Energy Information Administration (EIA) data showed on Friday. Among the top oil-producing states, monthly output in Texas rose 1.5% to 5.24 million BBL/d, the highest since March 2020, the EIA said. In North Dakota, output jumped 10.2% to about 1.05 million BBL/d, the highest since November 2022. In New Mexico, output grew 1.1% to 1.79 million BBL/d, the highest on record, the EIA said. (Reuters)
NATURAL GAS
U.S. Gas Ends Quarter 50% Lower - Front-month gas futures for May delivery on the New York Mercantile Exchange rose 11.2 cents, or 5.3%, on Friday to settle at $2.216 per million British thermal units. Despite Friday's gain, the front-month was flat for the week, down 19% for the month and 50% for the quarter. That would be the contract's biggest quarterly drop on record, topping the current record loss of 49% during the first quarter of 2001. (Reuters)
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs, with the quarterly count dropping for the first time since 2020, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count fell by three to 755 in the week ending March 31. U.S. oil rigs fell one to 592 last week, while gas rigs decreased two to 160. For the quarter, the total oil and gas rig count fell by 24 rigs, the first quarterly decline since the third quarter of 2020. (Reuters)
EIA: January U.S. Crude Oil Output Highest Since March 2020 - U.S. field production of crude oil rose in January to 12.46 million barrels per day (BBL/d), the highest since March 2020, U.S. Energy Information Administration (EIA) data showed on Friday. Among the top oil-producing states, monthly output in Texas rose 1.5% to 5.24 million BBL/d, the highest since March 2020, the EIA said. In North Dakota, output jumped 10.2% to about 1.05 million BBL/d, the highest since November 2022. In New Mexico, output grew 1.1% to 1.79 million BBL/d, the highest on record, the EIA said. (Reuters)
NATURAL GAS
U.S. Gas Ends Quarter 50% Lower - Front-month gas futures for May delivery on the New York Mercantile Exchange rose 11.2 cents, or 5.3%, on Friday to settle at $2.216 per million British thermal units. Despite Friday's gain, the front-month was flat for the week, down 19% for the month and 50% for the quarter. That would be the contract's biggest quarterly drop on record, topping the current record loss of 49% during the first quarter of 2001. (Reuters)
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
