U.S. ethane consumption in the petrochemical industry in 2018-2020, will exceed increases in usage of all other petroleum and liquid products, such as gasoline, distillate, and jet fuel — combined – the Energy Information Administration projects.
Just under 200 billion cubic feet (Bcf) of U.S. working natural gas was pulled from storage during the week ended Feb. 9, the eighth consecutive week the withdrawal topped 110 Bcf, the Energy Information Administration reported last week.
Oil prices rebounded from earlier losses Wednesday after government data showed U.S. crude stocks rose less than expected and the Saudi energy minister indicated oil producers will not prematurely end a deal to limit output.
Oil prices ended Monday's session little changed after earlier bouncing back strongly from last week's steep losses, as global equities steadied following their largest one-week slide in two years.
The volume of working natural gas drawn from underground storage during the week ended Feb. 2, was measured in triple digits for the seventh consecutive week, the Energy Information Administration reported last week.
The U.S. is on pace to export more energy products than it imports by 2022, as oil and natural gas production from the nation's shale plays keeps booming and domestic energy demand remains fairly tepid, according to the Energy Information Administration.
The International Monetary Fund (IMF) recently forecast world Gross Domestic Product (GDP) would grow by 3.9% in both 2018 and 2019, rates both 0.2 percentage points higher than its previous forecast, the Energy Information Administration reports.