A recent projection that the US will become the world’s leading oil producer after 2020 has drawn a challenge from analysts at Deutsche Bank (OGJ Online, Nov. 13, 2012).

Oil prices increased Nov. 14, ending a 2-day decline, following Israeli airstrikes in Gaza that killed a Hamas military leader in response to earlier rocket attacks on Israel.

Natural gas climbed 4.7% Nov. 13 in the New York market as colder weather spread across much of the nation, but oil prices slipped, with crude down 0.2% as traders focused on Greece's mounting debt crisis and the fiscal cliff facing the US if Congress can’t compromise on a solution by yearend.

Vast shale plays worldwide are going to be explored and developed although it’s going to take more than a decade before another country outside the US or Canada can duplicate the current US shale boom, speakers told the Deloitte Oil & Gas Conference on Nov. 13 in Houston.

Latin American independent producers are following strategies similar to their US counterparts as they try to penetrate previously closed exploration and production arenas, two company executives said during the 2012 IHS Forum in Washington, DC.

The US oil and gas industry faces an unchanged federal policy situation but higher visibility following the Nov. 6 elections, experts said during the 2012 IHS Forum in Washington, DC.

European gas industry leaders gathering in Vienna for the second day of the 27th annual European Autumn Gas Conference finally heard some encouraging views about natural gas in Europe. That theme, however, seemed discordant against yet another dose of discouraging prospects articulated by some speakers.

Crude oil posted small losses Nov. 12 in New York and London while natural gas rebounded in both the US futures and cash markets.

With global oil demand continuing to increase, the US will replace Saudi Arabia as the world’s largest oil producer about 2020, and North America will become a net oil exporter by 2030, according to the International Energy Agency.

The US is expected to be a self-sufficient producer of natural gas within 10 years, said oil and gas executives participating in a recent Deloitte survey. But they were less optimistic that the US can meet its oil demand with domestic supplies.

Leaders of Europe’s gas industry gathered Nov. 13 in Vienna at the 27th annual European Autumn Gas Conference to hear what most already know: Expensive, oil-indexed-priced natural gas in Europe is struggling to compete with plentiful coal and subsidized renewables.

Natural gas prices dropped as oil rose sharply on Nov. 9, but crude ended the volatile week essentially flat in the New York market.

After a hard fall the previous day, crude oil markets saw a mild recovery, an analyst noted. Marc Ground at Standard New York Securities Inc., the Standard Bank Group, said of the gains of both Brent crude and West Texas Intermediate, “Like the equity market, crude oil markets are struggling to shake off negative sentiment over the US fiscal cliff and the dire consequences for US economic growth.”