Day: November 3, 2022

Natural gas futures fell following the sixth triple-digit storage injection in seven weeks. The December Nymex futures contract settled at $5.975/MMBtu on Thursday, down 29.3 cents day/day. January lost 25.9 cents to $6.330. NGI’s Spot Gas National Avg. shed 25.0 cents to $3.775. The prompt month had spiked 55.4 cents in the previous session on…

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Natural gas futures prices bumped up and down this week as winter weather teased its approach. On Thursday, the December New York Mercantile Exchange futures contract settled at $5.975/MMBtu, down 29.3 cents day/day. January lost 25.9 cents to $6.330. Cash prices meanwhile have remained extremely attractive for buyers in Mexico’s spot market. NGI’s U.S. Spot…

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The tax plan is expected to increase federal revenues by $2.1 billion over five years

Cheniere Energy Inc. continues to deliver increasing volumes of LNG and said Thursday its production hit a record last week, but the company reported a steep third quarter loss related to the purchase of feed gas at prices linked to international benchmarks. CEO Jack Fusco said liquefied natural gas output at the company’s terminals in…

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Domestic production growth, incentivized by demand for U.S. LNG exports, has been a driving factor behind a run of outsized fall storage injections that has substantially driven down natural gas prices in recent weeks. That’s according to a recent research note published by the Energy Information Administration (EIA), which found that U.S. storage injections totaled…

The post Haynesville, Permian Production Targeting LNG Helping Drive Outsized Injections, EIA Says appeared first on Natural Gas Intelligence

Riding the wave of strong U.S. natural gas demand and project development milestones, Sempra management reported it is now targeting a final investment decision (FID) for its Port Arthur LNG project during 1Q2023 and is currently marketing its proposed expansion. San Diego-based Sempra’s liquefied natural gas subsidiary, Sempra Infrastructure, has been developing the project southeast…

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A roundup of news and commentary from NGI’s LNG Insight Freeport LNG Development LP filed a certificate of compliance report at FERC late Wednesday, bringing the project one step closer to restarting after an explosion knocked the facility offline in June. The document was confidential and unavailable to the public. The company is still targeting…

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Natural gas forward prices surged from Oct. 27 to Nov. 2 as hints of colder weather finally emerged in long-range forecasts, NGI’s Forward Look data showed.  December prices rose an average 41.0 cents through the trading period, while frigid air and early-season snow in the Pacific Northwest and Rockies fueled even more substantial increases in…

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Reported a profit of $2.8 billion in the third quarter

Most losses were in Q1, following Russian invasion, partially offset by a modest Q2 profit.

Lawmakers in Pennsylvania, the second-largest U.S. natural gas-producing state, last week signed a bill increasing tax credits by $30 million for in-state fertilizer and petrochemical manufacturers that use locally-produced natural gas. House Bill 1059, dubbed the Pennsylvania Economic Development for a Growing Economy (PA EDGE), amends the Keystone State’s tax code, boosting the natural gas…

The post Pennsylvania Lawmakers Add $30M in Tax Incentives for Natural Gas Use, Offer Carrot for Hydrogen Hub appeared first on Natural Gas Intelligence

But net income, while higher sequentially from Q2, was off 24% year-over-year.

Natural gas futures prices rebounded on Wednesday as weather forecasts once again hinted at colder temperatures and a major export facility affirmed its intention to relaunch this month, offsetting expectations for a stout government inventory report. At A Glance: BREAKING: U.S. EIA reports injection of 107 Bcf into storage for week ending Oct. 28 Forecasts…

The post December Natural Gas Futures Bounce Around as Specter of Winter Chill Looms Large appeared first on Natural Gas Intelligence

Europe needs to take urgent action to avoid a natural gas shortage next year given the loss of Russian supply and expectations Chinese demand will increase, the International Energy Agency (IEA) said on Thursday.

The U.S. Energy Information Administration (EIA) reported an injection of 107 Bcf natural gas into storage for the week ended Oct. 28. The result exceeded expectations and more than doubled the prior five-year average, adding pressure to already slumping Nymex natural gas futures. The “whopping” build, as one participant on the online energy platform Enelyst…

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Much of the increase relates to an unrealized gain on its marketing arrangement with Cheniere Energy.

The Dutch regulator which oversees the TTF, Europe’s main natural gas futures market, on Thursday warned that attempts to impose a cap on futures prices could have negative consequences, including leading to physical shortages.

A revamped Chesapeake Energy Corp. continues streamlining its strategy around supplying natural gas to the Gulf Coast LNG corridor, executives said in an earnings call on Wednesday. The company sees a somewhat softer natural gas market in 2023, with no real structural demand growth until new export capacity comes online starting in 2024. “As export…

The post Chesapeake Aiming to Be Major Natural Gas Supplier in U.S. LNG Capacity Expansion appeared first on Natural Gas Intelligence

Penn America Energy Holdings LLC, which is developing an LNG export terminal on the East Coast, has signed an agreement to certify that its methane emissions and operations meet MiQ standards, making a first-of-its-kind commitment to feed the facility with 100% independently certified natural gas. The proposed 7.2 million metric tons/year facility would be located…

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Pioneer Natural Resources Co. is seeking to curb its exposure to natural gas basis discounts at the Waha Hub in West Texas, according to the firm’s COO Richard Dealy. Spot and futures prices at the Permian Basin hub increasingly have been trading at a discount to U.S. benchmark Henry Hub amid saturated takeaway capacity out…

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Reported a profit of $2.8 billion in the third quarter

With a larger-than-normal inventory build in the offing, and with models disagreeing on the intensity of cold expected later this month, natural gas futures reversed lower in early trading Thursday. In keeping with the up-and-down nature of recent price action, the December Nymex contract, coming off a 55.4-cent rally in the previous session, was off…

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The cost of natural gas jumped 136% yr/yr during the quarter.

onocoPhillips reported a jump in third-quarter profit on Thursday, extending a string of bumper earnings from global oil producers benefiting from higher energy prices and robust demand, and sweetened its share repurchase plan to $45 billion.

A permitting reform bill raises hopes that infrastructure projects can be accelerated, but opposition by activists and NGOs will remain an obstacle. [Gas in Transition, Volume 2, Issue 9]

Canadian Natural Resources Ltd reported a 28% rise in third-quarter profit on Thursday, buoyed by higher crude prices as Western sanctions on major exporter Russia after its invasion of Ukraine squeezed an already tight energy market.

$2.6 billion in adjusted operating earnings beat analyst expectations

$2.6 billion in adjusted operating earnings beat analyst expectations

AG&P Pratham, a unit of AG&P, will invest 80bn Indian rupees ($970mn) over the next eight years to build CGD networks in the 15 districts of the southern Indian state.

These LNG carriers are expected to be delivered commencing 2025.

China’s 2022 natural gas consumption may post the first decline in two decades amid a struggling economy, with demand this winter set to rise more modestly than in previous years, state energy officials said on Thursday.

Key North Asian economies are stockpiling fuel, diversifying sources and conserving power to ensure adequate supplies for winter, as an unprecedented global energy crisis makes spot liquefied natural gas (LNG) purchases costly.

The plant will be supplied to the chemicals company Tamilnadu Petroproducts.

Marathon Oil Corp said on Wednesday it had struck a deal to buy natural gas-focused assets from private equity-backed Ensign Natural Resources for $3 billion in cash, nearly doubling its position in South Texas’ Eagle Ford shale basin.