Energy market and international comments
U.S. natural gas production and demand will drop in 2020 from last year’s record highs as coronavirus freezes cut economic activity and energy prices, the U.S. Energy Information Administration (EIA) said in its report. Short Term Energy Outlook (STEO). The EIA projected dry gas production will drop to 90.99 billion cubic feet per day (bcfd) in 2020 and 87.91 bcfd in 2021 from an all-time high of 93.06 bcfd in 2019. Gas consumption is also expected to drop to 83.68 bcfd in 2020 and 79.37 bcfd in 2021, from a record 85.15 bcfd in 2019.
It would be the first annual decline in consumption since 2017 and the first time that the demand has declined for two consecutive years since 2006. The EIA’s projections for 2020 in November were higher than the October forecast of 90.64 bcfd for supply and 83.66 bcfd for demand.
The agency expects U.S. liquefied natural gas exports to reach 6.40 bcfd in 2020 and 8.41 bcfd in 2021, up from a record 4.98 bcfd in 2019. This is higher than the October forecast. of 6.32 bcfd in 2020. Coal production in the United States is expected to decline 26% to 521 million short tons in 2020…
Iran and oil
On the Iranian oil export front, it is reported that they have averaged 600,000 to 700,000 barrels per day (bpd) since March despite US sanctions on its energy industry, far exceeding the estimates of the agencies monitoring crude oil sales of the country. The figure could include both crude oil and petroleum product sales. Iran’s oil exports have slashed by more than 2.5 million barrels a day since 2018, when the United States pulled out of the..
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