Natural Gas Buzz

Occidental Petroleum Corp. (Oxy) has agreed to acquire privately held Permian Basin oil and natural gas producer CrownRock LP in a deal valued at roughly $12 billion. Oxy plans to finance the acquisition by incurring $9.1 billion in new debt, issuing about $1.7 billion of common equity and assuming CrownRock’s $1.2 billion of existing debt,…

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Case centres on Italian contractor Bonatti’s ouster from project in 2022. [Image credit: Coastal GasLink]

The benchmark U.S. natural gas prices slumped by more than 10% early on Monday amid high inventories and forecasts of warmer-than-usual weather suggesting very light demand for space heating. As of 9:24 a.m. ET on Monday, the front-month futures at the…

Having had to make his travel plans even more furtively than usual – given the International Criminal Court arrest warrant out for him due to war crimes in Ukraine – Russian President Vladimir Putin arrived in the Middle East last week looking like a m…

Demand is surging for natural gas pipeline and storage capacity in North America, and as a purveyor of both, that’s good news for Kinder Morgan Inc. (KMI), CEO Kim Dang said Thursday. Dang, a KMI veteran who took over the top job this year, said there are “a lot of fantastic tailwinds” for the company…

The post Kinder Morgan’s Dang Touts ‘Fantastic Tailwinds’ for Natural Gas Transport, Storage Business appeared first on Natural Gas Intelligence

Suzanne Ogle, CEO of the Southern Gas Association, says talk of natural gas going away is not realistic or responsible.  Quite the opposite, it’s “really the critical remaining dispatchable fuel source” available, one that offers the quickest way to reducing global emissions, she said in an interview with NGI.  “If your goal is to eliminate…

The post Southern Gas Association CEO Sees Critical Role for Natural Gas in Evolving Energy World appeared first on Natural Gas Intelligence

Natural gas futures continued to deteriorate early Monday after the weekend served up another round of mild forecasts and soaring production figures.  The January Nymex contract was off 20.6 cents to $2.375/MMBtu at around 8:40 a.m. ET. February was down 20.2 cents to $2.302. While declines were weighted toward the current winter months, contracts across…

The post January Natural Gas Collapses Below $2.50 as Bearish Weather, Production Trends Continue appeared first on Natural Gas Intelligence

As leaders and negotiators are racing to adopt a final declaration from the COP28 climate summit in Dubai, the fossil fuel debate is at the center again, with the latest draft circulated on Monday containing language about “reducing both consumption an…

With just one day left of the COP28 climate summit in Dubai, negotiators and delegates were still discussing on Monday a possible agreement on phasing down fossil fuels and scaling up finance for mitigation of climate change. The COP28 President, Sulta…

Endeavor Energy Partners is exploring a sale that could value the largest privately-held oil and gas producer in the Permian basin of the United States at between $25 billion and $30 billion, according to people familiar with the matter.

Ukraine faces another wartime winter with a high risk of Russian attacks on energy infrastructure. But compared to last winter, Kyiv hopes to be better prepared this time around. [Gas in Transition, Volume 3, Issue 10]

Serbia on Sunday completed the interconnector to a pipeline in Bulgaria which would allow the Balkan country to diversify its gas supplies and reduce its dependence on Russia.

The agreement covers three years, encompassing engineering, technology, and process safety support for the DSLNG-owned LNG plant.

Tellurian ousted its chairman and co-founder Charif Souki as an executive officer, the U.S. liquefied natural gas (LNG) developer said on Friday, weeks after auditors raised doubts about the company’s ability to cover future expenses. [Image: Tellurian]

This collaboration aims to develop joint projects focused on improving network management, seismic resilience, and green gas distribution. [Image: Tokyo Gas]

The discoveries were made in three fields offshore Sarawak.

A raft of new pledges announced at the COP28 climate summit – from tripling renewables to reining in methane emissions – won’t be enough on their own to limit global warming to 1.5 degrees Celsius, the International Energy Agency (IEA) said on Sunday.

India has been the world’s fastest-growing major economy in the last two years and is forecast to retain the top spot in 2024 as the urbanisation and industrialisation process reaches the rapid take-off phase.

The U.S. solar sector enjoyed a banner year in 2023, with installed capacity increasing 55% Y/Y to a record 33 GW, mainly driven by robust growth by residential solar and high energy prices. Hardly surprisingly,  the Sunshine State, Florida, continues …

China has taken a step ahead of competitors in civil nuclear energy technology as it started up the world’s first fourth-generation nuclear reactor this week.    As many countries are starting to recognize that nuclear power generation will play an imp…

While you have been eagerly following the sterile debate in Doha about whether to phase out or phase down fossil fuels, you probably missed an announcement on December 6, one that you probably would not have noticed anyway because it is not in your lin…

There is a great mismatch between dominant climate narratives and the reality of the global energy sector. While energy industry insiders and environmentalists alike claim that the energy industry is heavily investing in cleaner alternatives and that t…

The Dubai conference on climate change, or COP28, is currently underway, running from November 30 to December 12, 2023. The international conference will bring together representatives from countries that are signatories to the United Nations Framework…

The recent slump in oil prices pushed Russia’s flagship Urals below the $60 price cap imposed on international shipments by the G7 last year. Perhaps this is a reason to celebrate in the G7. Or perhaps it is a good time to take a moment and consider wh…

The green energy subsidies in the Inflation Reduction Act (IRA) have been justified by the Biden Administration as a booster of U.S. economic growth and jobs.  But when the subsidies are tallied and the overall impacts evaluated, the IRA is a job and e…

Recession Risks Loom Over Silver While gold has dominated the headlines recently, silver and mining stocks have been material underperformers. And with the latter better barometers of investors’ enthusiasm, their relative weakness should concern the pe…

The world’s second-biggest coal company is looking to get out of the coal business. For years now, Glencore has stayed stalwart in its dedication to the coal sector, reaping the benefits as other companies have dropped out of the market under increasin…

London-based commodities broker Marex has filed for an initial public offering (IPO) in New York in a huge blow to the City after a drought of floats this year. Marex confirmed today it has submitted a filing to the US Securities and Exchange Commissio…

Natural gas cash prices fluctuated early in the past week amid a mix of weather and pipeline maintenance, then tumbled by week’s end following a crumbling futures contract triggered by a pushed-back timing for Golden Pass LNG exports. NGI’s Weekly Spot Gas National Avg. for the Dec. 4-8 trading period added 6.5 cents to $2.810.…

The post Weekly Natural Gas Spot Prices Sink With Demand as Futures Crumble on Supply Glut Woes appeared first on Natural Gas Intelligence

January Nymex natural gas futures ended a choppy Friday regular trading session slightly lower, off the prior day’s $2.585/MMBtu settlement. At A Glance: Futures finish slightly lower Long-range outlook bearish Cash prices mostly higher The front-month contract settled at $2.581/MMBtu. January futures probed the upside early, reaching a $2.610 intraday high, but quickly reversed gains…

The post January Natural Gas Futures End Choppy Session Near Unchanged; Physical Gas Values Mostly Higher  appeared first on Natural Gas Intelligence

JERA, Inpex say Calcasieu Pass expansion project critical to Japanese energy security. [Image credit: Venture Global]

Unable to escape a bearish fundamental outlook informed by production outperformance and mild December weather, regional natural gas forwards saw heavy discounts during the Nov. 30-Dec. 6 trading period, NGI’s Forward Look data show. National benchmark Henry Hub fell to $2.575/MMBtu for January delivery, a 24.4-cent slide versus week-earlier prices.   Winter bulls found little refuge…

The post Natural Gas Forwards Tumble as Revised Golden Pass Timeline Impacts Demand Outlook appeared first on Natural Gas Intelligence

Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process. In the last decade, monumental infrastructure projects in Mexico have changed the landscape of the natural gas industry. The Ramones system bringing…

The post Mexico Pacific LNG Project Could Have Positive Impacts on Overall Natural Gas Market — Column appeared first on Natural Gas Intelligence

Natural gas residential customers have reported less satisfaction with utilities as bills in 2023 increased by about 17% from last year, but softening gas prices and companies increasing communication could reverse the trend, according to a recent survey by J.D. Power.  In its 2023 Gas Utility Residential Customer Satisfaction Study, the data and analytics firm…

The post Customers Irked After U.S. Utility Bills Spiked on Higher Natural Gas Prices appeared first on Natural Gas Intelligence

Yemen’s Houthis have forced a ship bound for Israel to change direction a day after they declared that they would be targeting all vessels bound for Israel in the Red Sea. Bloomberg reported on the news citing an X statement by the deputy foreign minis…

Occidental Petroleum will buy Permian oil and gas producer CrownRock for cash and stock in a deal valued at around $12 billion, including debt, Oxy said on Monday announcing the latest large acquisition in the U.S. oil industry. Reports of a potential …

India, the world’s third-largest crude oil importer, expects to raise its refining capacity by around 1.12 million barrels per day (bpd) each year until 2028, according to India’s junior oil minister Rameswar Teli. Total Indian refining capacity is exp…

Demand for Saudi crude at Chinese refiners is at its lowest since August after the world’s top crude exporter set the price of its oil for January at levels higher than the market was expecting, trading sources with knowledge of the matter told Reuters…

Saudi Arabia will supply full contracted volumes to several North Asian clients next month despite extended cuts, Reuters has reported, citing unnamed sources. The report follows news that Aramco would cut the price of its flagship Arab Light crude for…

Magnolia LNG LLC has filed for a new authorization to export the super-chilled fuel from its proposed facility in Louisiana, the second U.S. project to do so since U.S. regulators said in April they wouldn’t issue extensions to start operations in most cases. The Glenfarne Energy Transition LLC affiliate withdrew its request on Nov. 29…

The post Magnolia LNG Latest to File for New Export Authorization After DOE Policy Shift appeared first on Natural Gas Intelligence

With oil plunging an (almost) unprecedented 7 weeks in a row, the longest such stretch since 2018… … and many momentum chasing experts – the same ones who two months ago were calling for triple digit oil – already predicting that Saudi Arabia will …

The U.S. natural gas rig count climbed three units to 119 for the week ended Friday (Dec. 8), including an uptick in Haynesville Shale activity, the latest figures from Baker Hughes Co. (BKR) show. Oil-directed drilling declined by two rigs domestically, and the combined U.S. rig count finished the period at 626, up one rig…

The post Haynesville Adds Rigs as U.S. Natural Gas Count Rises to 119 appeared first on Natural Gas Intelligence

The United States Department of Energy said on Friday that it plans to buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for March delivery as oil prices sink to levels below the stated threshold for the government’s refill plan. T…

The United States Department of Energy said on Friday that it plans to buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for March delivery as oil prices sink to levels below the stated threshold for the government’s refill plan. T…

The United States Department of Energy said on Friday that it plans to buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for March delivery as oil prices sink to levels below the stated threshold for the government’s refill plan. T…

The total number of active drilling rigs in the United States rose by 1 this week after rising by 3 last week, according to new data that Baker Hughes published Friday. The total rig count rose to 626 this week. Since this time last year, Baker Hughes …

Nymex January natural gas futures ended a seesaw Thursday trading session modestly higher at $2.585/MMBtu. Futuresgarnered little fresh directional support in the withdrawal from natural gas inventories, which was larger than most expectations. The front-month contract tumbled early to a $2.489 intraday low and spiked to a $2.621 intraday high following the midmorning storage data…

The post January Natural Gas Futures Post Modest Gain in Limited Response to ‘Juicy’ Storage Withdrawal appeared first on Natural Gas Intelligence

The heating season has arrived and utilities are drawing substantially more natural gas from storage to get furnaces cranking. But prices remain subdued. What gives? First and foremost: Natural gas production spiked about 4 Bcf/d this year and reached record levels above 106 Bcf/d in November. Output remains close to the all-time high in early…

The post Why Natural Gas Prices Keep Struggling Despite Triple-Digit Storage Pull appeared first on Natural Gas Intelligence

Ofgem and the Department for Energy Security and Net Zero have submitted proposals to expand protection for businesses in response to the Federation of Small Businesses’ (FSB) plea for more support as winter bills bite. The FSB had called on Ofgem and …

Crude oil prices began trading this week with a gain, extending Friday’s rally as news emerged that the U.S. federal government is buying up to 3 million barrels for the strategic petroleum reserve. So far, the government has bought 9 million barrels o…

As the price of Russia’s flagship crude fell below the $60 per barrel price cap and international benchmarks slumped, India expects to increase its purchases of Russian oil, an anonymous senior government official in India told Reuters on Friday. The p…

As the price of Russia’s flagship crude fell below the $60 per barrel price cap and international benchmarks slumped, India expects to increase its purchases of Russian oil, an anonymous senior government official in India told Reuters on Friday. The p…

The future of fossil fuels and possible language on the phase-out of fossil fuels in the final text of COP28 continues to be debated at the climate summit as the latest draft shows. The latest version of the draft text with “refined textual building bl…

U.S. gasoline futures slumped this week to the lowest level since 2021, suggesting that the average American pump price will continue to drop and end the year below $3 per gallon. On Thursday, the NYMEX RBOB gasoline futures contract dropped below the …

Oil prices were rising early on Friday morning but remain on course for a seventh consecutive weekly loss as demand concerns continue to drive bearish sentiment.Friday, December 8th, 2023With Chinese oil demand slowing down into Q4, OPEC+ production cu…

High inventories, a bearish demand outlook and forecasts of a mild winter have failed to limit European LNG imports.  Although Kpler data shows the continent’s total liquefied natural gas intake year-to-date has fallen to 113.68 million tons (Mt) from 114.95 Mt, LNG is still expected to make up around 43% of the European Union’s total…

The post LNG Imports Continue Flowing Into Europe at High Rates Despite Bearish Fundamentals appeared first on Natural Gas Intelligence

Alberta, Canada’s top hydrocarbon producing province, has seen strong investment in both oil and natural gas projects, which is leading to a strong revenue boost in 2023. “Prospects for the energy sector remain positive, underpinned by solid energy  prices and the anticipated increase in Alberta’s takeaway capacity,” according to Alberta’s recent fiscal update. “Energy prices…

The post Alberta Sees Double-Digit Growth in Oil, Natural Gas Investments This Year appeared first on Natural Gas Intelligence

January natural gas eked out marginal gains in early trading Friday as market participants weighed supportive inventory data against continued calls for mild December heating demand. The January Nymex contract was up 1.4 cents to $2.599/MMBtu at around 8:40 a.m. ET. February was up fractionally to $2.522. Contracts further along the strip fell into the…

The post Supportive Storage Number Helps January Natural Gas to Small Gains Early appeared first on Natural Gas Intelligence

Commodities trader Trafigura posted a record net profit of about $7.4 billion for the 12 months to the end of September, up 5% from a year earlier, and promised a $5.9 billion dividend to shareholders, while anticipating a slowdown in future earnings.

Anglo American plans to reduce iron ore and copper output in the near term to lower costs, one of the world’s top mining companies said on Friday as it fights to boost its share price that has slumped by over 30% this year. After the production, capex,…