U.S. Natural Gas, Potential Crude Oil Glut: 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.

NATURAL GAS
U.S. Natural Gas Output to Decline as Demand Reaches Record in 2024 - U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook on Wednesday. The EIA projected dry gas production will ease from a record 103.8 billion cubic feet per day (Bcf/d) in 2023 to 103.3 Bcf/d in 2024 as several producers reduce drilling activities this year after average monthly spot gas prices at the Henry Hub benchmark fell to a 32-year low in March. The EIA projected that in 2025 output would rise to 104.5 Bcf/d. The agency also projected domestic gas consumption would rise from a record 89.1 Bcf/d in 2023 to 90.0 Bcf/d in 2024 before easing back to 89.6 Bcf/d in 2025. (Reuters)

CRUDE OIL
IEA Says World Faces Crude Oil Glut Next Year - Global oil markets face a surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, cushioning prices against turmoil in the Middle East and beyond, the International Energy Agency (IEA) (Paris, France) said. Oil consumption in China has contracted for six straight months through September and will grow this year at just 10% of the rate seen in 2023, the IEA said in a monthly report on Thursday. The global glut would be even bigger if the Organization of Petroleum Exporting Countries and its allies (OPEC+) decide to press on with plans to revive halted production when meeting next month, according to the agency. (Rigzone)

U.S. Crude Oil Stocks Increase, Fuels Decline -- U.S. crude oil inventories (excluding the Strategic Petroleum Reserve (SPR)) rose 2.089 million barrels in the week ending November 8, according to the EIA. Gasoline inventories decreased 4.407 million barrels, and distillates were down 1.394 million barrels week-on-week. SPR inventories increased 600,000 barrels last week as part of the buy-back plan, according to the EIA. (IIR Energy)

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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).