Diamondback Energy, ONEOK: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CRUDE OIL
EIA Sees Tighter U.S. Oil Market in 2024 - The U.S. Energy Information Administration (EIA) on Tuesday forecast tighter supply and demand balances for U.S. oil markets this year, while also lowering its outlook for crude prices, according to its Short-Term Energy Outlook. The EIA lifted its forecast for 2024 U.S. oil demand by 100,000 barrels per day (BBL/d) to 20.5 million BBL/d. It left its 2024 world oil demand growth forecast unchanged, with consumption increasing year-over-year by 1.1 million BBL/d to 102.9 million BBL/d. U.S. oil production, meanwhile, will grow by 300,000 BBL/d this year to a record 13.23 million BBL/d, the EIA said, slightly lower than its last forecast, which saw production up by 320,000 BBL/d this year. (Reuters)

PRODUCTION
Diamondback Energy Boosts Quarterly Production - Oil and gas producer Diamondback Energy Incorporated (NASDAQ:FANG) (Midland, Texas) said its second-quarter production averaged 474,670 barrels of oil equivalent per day (boe/d), compared with 449,912 boe/d in the year-ago quarter. (Reuters)

EARNINGS REPORTS
ONEOK Lifts Earnings - Pipeline operator ONEOK Incorporated (NYSE:OKE) (Tulsa, Oklahoma) reported a rise in second-quarter profit on Monday, as it moved more natural gas and liquids from the Rocky Mountain region. The company said its natural gas liquids (NGL) raw feed throughput volumes rose by 12% and natural gas processing volumes increased 10% in the Rocky Mountain region. The gains in volumes helped offset lower NGL and natural gas prices. ONEOK reported net income of $780 million for the three months ended June 30, compared with $468 million a year earlier. (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).