Underground Construction - November 2020 - 20
Energy Pipeline Construction, Market Trends
Jeff Awalt | Executive Editor
The COVID-19 crisis has dramatically affected oil and gas
production and demand, leaving no midstream oil and gas markets
untouched as drilling screeched to a halt, pipeline projects were
sidelined and global storage neared capacity in a stark reversal
of trends at the start of 2020.
As the pandemic continued to rage into the fourth quarter
and economies around the globe sputtered to restart, projections
seesawed week to week and the outlook for demand recovery
remained hazy.
The International Energy Agency (IEA) predicted in July that
producer supply cuts will help return global oil markets to more
stable footing by the end of the year, with demand rebounding in
2021 by a record 5.3 MMbpd to 97.4 MMbpd, despite an estimated 7.9 MMbpd decline in 2020 to 92.1 MMbpd.
Earlier estimates had forecast a more severe impact, but oil
demand during the second quarter bounced back more than many
analysts expected. IEA, for one, revised its forecast upward by
400,000 bpd in July but warned of ongoing risks: " While the oil
market has undoubtedly made progress, the large, and in some
countries, accelerating number of COVID-19 cases is a disturbing
20
NOVEMBER 2020 | UCONonline.com
reminder that the pandemic is not under control, and the risk to
our market outlook is almost certainly to the downside. "
The U.S. Energy Information Administration (EIA) cautiously
reset average oil price expectations higher in its July forecast while
bracing for the potential impact of lingering - even elevating -
numbers of coronavirus cases in some regions. It predicted average
2020 prices for West Texas Intermediate (WTI) at $37.55/bbl
(+6.9 percent vs. June) and Brent crude at $40.50 (+6.5 percent).
For 2021, it expects WTI to average $45.70 and Brent $49.70.
Natural gas has so far experienced a less severe impact than
oil, but it has not been immune. " The record decline this year
represents a dramatic change of circumstances for an industry
that had become used to strong increases in demand, " said
Fatih Birol, IEA's executive director.
Worldwide natural gas demand this year is expected to fall by
4 percent, or 5.30 Tcf (150 Bcm) - twice the size of the drop
following the 2008 global financial crisis, according to IEA's
" Gas 2020 " report. For the full year, more mature markets across
Europe, North America and Asia are forecast to see the biggest
drops, accounting for 75 percent of the total decline.
http://www.UCONonline.com
Underground Construction - November 2020
Table of Contents for the Digital Edition of Underground Construction - November 2020
Contents
Underground Construction - November 2020 - Cover1
Underground Construction - November 2020 - Cover2
Underground Construction - November 2020 - Contents
Underground Construction - November 2020 - 4
Underground Construction - November 2020 - 5
Underground Construction - November 2020 - 6
Underground Construction - November 2020 - 7
Underground Construction - November 2020 - 8
Underground Construction - November 2020 - 9
Underground Construction - November 2020 - 10
Underground Construction - November 2020 - 11
Underground Construction - November 2020 - 12
Underground Construction - November 2020 - 13
Underground Construction - November 2020 - 14
Underground Construction - November 2020 - 15
Underground Construction - November 2020 - 16
Underground Construction - November 2020 - 17
Underground Construction - November 2020 - 18
Underground Construction - November 2020 - 19
Underground Construction - November 2020 - 20
Underground Construction - November 2020 - 21
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Underground Construction - November 2020 - 24
Underground Construction - November 2020 - 25
Underground Construction - November 2020 - 26
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Underground Construction - November 2020 - 50
Underground Construction - November 2020 - Cover3
Underground Construction - November 2020 - Cover4
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