Natural gas prices in the United States fell to a 30-month low last week, dropping to $2 per mmBtu. And, while some producers have curbed drilling, the surplus isn’t going away anytime soon.
The total number of total active drilling rigs in the United States rose by 8 this week, with gas-directed rigs making all the gains, according to new data from Baker Hughes published on Friday.
PITTSBURGH — Diversified Energy Company, the largest owner of oil and gas wells in the country, might abandon up to 70,000 oil and gas wells throughout Appalachia without plugging them, according to a new report.
U.S. natural gas prices are back to reflecting the domestic supply and demand balances, shaking off – for now – the geopolitical premium that ruled the energy and natural gas markets throughout most of 2022 after the Russian invasion of Ukraine in February.
The United States hasn’t been a net exporter of oil and oil products since World War II. Now, it is on course to become a net exporter next year, with oil and product exports already hitting record highs of 3.4 million bpd and 3 million bpd respectively.
The number of total active drilling rigs in the United States slipped again this week, according to new data from Baker Hughes published on Friday.
The US Department of Energy (DoE) will begin repurchasing crude oil for the Strategic Petroleum Reserve (SPR) as the oil price falls below what it was sold for.
U.S. oil and gas firms generated $73.7 billion in profits in 2021.
Despite higher oil prices and profits, companies have been careful with capital expenditure.