Natural Gas News – July 23, 2018
Natural Gas News – July 23, 2018
Energy Giants Opening Natural Gas Spigots, Fueling Profit Rise
Reuters reported: The world’s largest oil companies are pumping more natural gas than ever before, helping to spur a rise in profits while sating rising global demand for fuels that can mitigate global greenhouse gas emissions. This marks a shift over the past decade for an industry that once focused predominantly on crude oil, with gas in most cases an after-thought. Now, the rise of gas-powered electric generation, surging production from U.S shale fields and the burgeoning liquefied natural gas (LNG) industry that makes shipping the fuel possible, have conspired to create a boom. BP Plc (BP.L), Exxon Mobil Corp (XOM.N), Royal Dutch Shell Plc (RDSa.L), Total SA (TOTF.PA) and Chevron Corp (CVX.N) have collectively increased natural gas output 15 percent in the past decade thanks to better technology and lower costs, according to data from Wood Mackenzie energy consultancy. For more on this story visit reuters.com or click https://reut.rs/2ObBKJM
U.S. Production of Crude Oil, Natural Gas Liquids Hits Highest Level in June
Daily Energy Insider reported: June marked the highest level ever of U.S.-produced crude oil and natural gas liquids, according to a recent report from the American Petroleum Institute (API). At month’s end, the country reached a record 10.7 million barrels per day of crude oil production and 4.2 million barrels per day of natural gas liquids. Domestic refineries also ran at their highest percent capacity utilization since 2005, operating at 96.6 percent and allowing a throughput record of 18 million barrels per day. “U.S. oil production has supplied all of the growth in global oil demand so far this year and helped compensate for production losses in some OPEC nations,” API Chief Economist Dean Foreman said. “With continued increases in drilling activity, the U.S. is poised for further production increases in natural gas and oil. For more on this story visit dailyenergyinsider.com or click https://bit.ly/2uWxHIo
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