European natural gas storage inventories as of March 1, 2020, were 60% full—the highest ever recorded level for the start of March, according to Gas Storage Europe’s Aggregated Gas Storage Inventory (AGSI+). European stock levels for both January and February 2020 were the highest ever recorded for those months. Europe’s high levels of natural gas in storage are the result of a mild winter, which limited winter heating demand, and growing natural gas imports by pipeline and as liquefied natural gas (LNG).
AJOT | March 23, 2020 | Energy | Conventional | By The Numbers
The effect of the COVID-19 virus on global demand for oil and gas, along with an ongoing price war that has sent oil prices tumbling at an unprecedented rate, are poised to wreak havoc on new project development plans for this year.
The largest oil supply surplus the world has ever seen in a single quarter is about to hit the global market from April, creating an imbalance of around 10 million barrels per day (bpd). An exclusive Rystad Energy analysis shows global storage infrastructure is in trouble and will be unable to take more crude and products in just a few months.
In 2005, U.S. refineries relied heavily on foreign crude oil, importing a record volume of more than 10.1 million barrels per day (b/d). About 60% of the imported crude oil came from four countries: Canada, Mexico, Saudi Arabia, and Venezuela, and each was responsible for between 12% and 16% of total U.S. crude oil imports that year.
European gas demand in 2020 is likely to drop by 0.7% compared to our pre-coronavirus forecast, according to Rystad Energy’s most likely scenario. Growth will be limited to just about 2 billion cubic meters (Bcm) year on year, short of previous expectations for a 6 Bcm increase.
AJOT | March 16, 2020 | Energy | Conventional | By The Numbers
Markets for oil, as well as other commodities and equities, have experienced significant volatility and price declines since the final week in February amid concerns over the economic effects of the 2019 novel coronavirus disease (COVID-19).
AJOT | March 13, 2020 | Energy | Conventional | By The Numbers
In the Annual Energy Outlook 2020 (AEO2020) Reference case, the U.S. Energy Information Administration (EIA) projects that delivered energy for air conditioning will increase more than any other end use in residential and commercial buildings (also known as the buildings sector) through 2050, while energy consumption for space heating will decline.