Day: January 3, 2023

With warm air more typical of spring forecast to blanket much of the United States through the first two-thirds of January (at least), natural gas prices for January baseload delivery plummeted at a vast majority of locations. The West Coast was a glaring exception. Harsh wintry conditions, including historic rainfalls that have caused severe flooding…

The post West Coast Flexes Muscle, Lifts January Natural Gas Bidweek Prices Even as Most U.S. Markets Soften appeared first on Natural Gas Intelligence

New England politicians have made the region’s grid vulnerable to blackouts and dependent on fuel oil due to their pig-headed virtue signaling obsession. Continue reading →

The post Fuel Oil Saves the Day for New England Virtue Signalers appeared first on Natural Gas Now.

The European Union is working on proposals designed to decouple gas prices and renewable energy prices in what could be a major overhaul in the bloc’s power market amid an unprecedented crisis.   Some EU member states are pushing for market reforms tha…

Natural gas futures floundered Tuesday, opening regular 2023 trading much like they closed out last year – falling on expectations for mild January temperatures and light heating demand. The February Nymex gas futures contract on Tuesday settled at $3.988/MMBtu, down 48.7 cents day/day. March shed 46.3 cents to $3.641. The prompt month had slipped 8.4…

The post Natural Gas Futures Kick Off New Year in Familiar Freefall; Cash Prices Jump appeared first on Natural Gas Intelligence

The UK’s energy and natural gas demand is set to jump at the start of next week following an unusually warm start to the year in Britain and most of Europe. Temperatures are expected to average around seasonal norms early next week, with London set for…

China is considering a partial easing of its more than two-year ban on imports of coal from Australia amid signs of improving bilateral relations, sources with knowledge of the matter told Bloomberg on Wednesday. China’s National Development and Reform…

      The Latin American country of Colombia is synonymous with violence, drug cartels and cocaine trafficking after decades of bloody multiparty low level asymmetric conflict. While cocaine, and the vast profits the narcotic generates, has long been r…

In the European Union this winter, fears of rolling blackouts triggered by Russian energy export cuts amid Moscow’s war in Ukraine have subsided thanks to good luck, good weather, and quick action. A warm start to the heating season in October and Nove…

European natural gas prices hit the lowest level since 2021 on Tuesday as warmer weather has eased concerns that the region won’t have enough of the fuel to make it through winter.  The Dutch Title Transfer Facility (TTF) February contract fell to nearly $22/MMBtu on Tuesday. That’s a low not seen since November 2021 before…

The post TTF Plunges to Lowest Level Since 2021 as Natural Gas Supply Outlook Strengthens – LNG Recap appeared first on Natural Gas Intelligence

India, one of the world’s largest LNG importers, has unveiled a $30 billion plan to triple its clean power generation capacity by 2030 that would rely heavily on solar and wind to help reach a net-zero emissions target by 2070.   For now, the country continues to eschew gas in favor of coal and renewables. Record…

The post India Plans to Triple Clean Power Generation as High Prices Put Natural Gas Out of Reach appeared first on Natural Gas Intelligence

A roundup of news and commentary from NGI’s LNG Insight Russia will allow natural gas buyers to pay debts for delivered supplies in currencies other than the ruble after a decree from President Vladimir Putin. Issued at the end of December, the decree amended a previous ban on countries labeled “unfriendly” paying for gas from…

The post Russia Allows Natural Gas Buyers to Pay Debts in Foreign Currency – The Offtake appeared first on Natural Gas Intelligence

Lawrence Berkeley National Lab scientists have measured the highest toughness ever recorded of any material. The discovery came while investigating a metallic alloy made of chromium, cobalt, and nickel. Not only is the metal exceptionally strong and du…

Saudi Arabia could reduce the official selling price for its flagship Arab Light crude further for Asian buyers, Reuters has reported, citing four analysts it surveyed. The discount will be for Asian purchases. Aramco already cut the price of its Arab …

Japanese Tokyo Gas is close to finalizing a deal for the acquisition of U.S. natural gas producer Rockcliff Energy, Reuters reported, citing unnamed sources close to the negotiations. The value of the deal, which would include the assumption of debt, i…

Onshore oilfield services provider Cactus Inc. has clinched a $621 million agreement to acquire FlexSteel Technologies Holdings Inc., giving it oomph to build out pipeline technologies used during a well’s lifecycle. Houston-based Cactus designs, manufactures, sells and rents a range of wellhead and pressure control equipment primarily for onshore unconventional oil and gas wells throughout…

The post Cactus Paying $621M for FlexSteel to Expand Specialized Oil and Gas Pipeline Technology appeared first on Natural Gas Intelligence

OPEC’s crude oil production increased in December, according to a new Bloomberg survey, but the organization is still significantly shy of its production targets for the month. OPEC’s production for the month of December increased by 150,000 bpd over N…

Tesla (NASDAQ:TSLA) stock fell sharply on Tuesday, to $106.06 by the afternoon hours, as the EV maker’s fourth-quarter delivery figures released on Tuesday disappointed—but a new gut punch was also delivered on Tuesday when one of Tesla’s lithium suppl…

In this week’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets. Chart of the WeekEuropean Natural Gas Back to Pre-War Levels- European natural gas prices have fallen to their lowest since February 20…

U.S. proved reserves of natural gas jumped 32% year/year in 2021 to set a new record as demand bounced back following the Covid-19 pandemic and prices increased, the Energy Information Administration (EIA) said Friday in an annual update of the figures.   Proved gas reserves, or estimates defined as economically recoverable, reached 625.4 Tcf in 2021,…

The post U.S. Proved Natural Gas Reserves Surged Above 600 Tcf in 2021, EIA Says appeared first on Natural Gas Intelligence

U.S. gasoline prices rose on Tuesday as refineries across the country closed due to freezing temperatures. Gasoline prices have risen 12.4 cents from this time last week, according to the AAA data available on Tuesday. The average price for a gallon of…

Almost a dozen banks and asset managers have received a warning from the state of Kentucky that it could divest from them if they continue to boycott the oil and gas industry. Kentucky State Treasurer Allison Ball said in a press release that “When com…

Russia’s crude oil exports by sea plunged in the last four weeks of 2022 to the lowest level of the year as shipments to Europe all but dried out following the EU embargo, declining flows to Asia due to bad weather, and what appears to be a shortage of…

US prices were rocked by Russian invasion, European energy crisis, Freeport LNG outage.

Italy should end this winter with its gas storage facilities fuller than last year, grid operator Snam said on Tuesday, in a sign that the country has been successful in tackling the energy crisis triggered by the war in Ukraine.

Iraq raked in more than $115 billion in oil revenues last year, according to figures released by the country’s oil ministry this week. That figure stems from crude oil exports of 1.209 billion barrels last year, or an average of 3.320 million barrels p…

China has increased its fuel export quotas by as much as 46% for the first batch of 2023 allocations compared to the first batch of 2022, consultancies based in China told Reuters on Tuesday. Chinese authorities have approved exports of gasoline, diese…

China has increased its fuel export quotas by as much as 46% for the first batch of 2023 allocations compared to the first batch of 2022, consultancies based in China told Reuters on Tuesday. Chinese authorities have approved exports of gasoline, diese…

Targa Resources Corp. has agreed to purchase Blackstone Energy Partners’ 25% interest in Targa’s Grand Prix natural gas liquids (NGL) pipeline for $1.05 billion in cash plus customary working capital adjustments. The transaction, slated to close during the first quarter, would give Houston-based Targa a 100% ownership position in the 1.0 million b/d capacity pipeline.…

The post Targa Off to the Races with $1B Grand Prix NGL Pipeline Deal appeared first on Natural Gas Intelligence

U.S. and European natural gas prices are sliding as warmer weather reduces demand for the heating fuel, and storage levels remain high. Risks of a global energy crisis are diminishing for now — well — that’s until the next cold blast strikes.  The po…

Exxon and Chevron are betting big on oil and gas assets in the Americas as they seek to capitalize on abundant resources with good returns closer to home.    Both U.S. supermajors have said in their releases about the 2023 capital budget allocation tha…

An increasingly small percentage of oil and natural gas wells is supplying the majority of U.S. production, according to a new report from the Energy Information Administration (EIA) based on Enverus data. The trend is because of the proliferation of horizontal wells combined with hydraulic fracturing in the Lower 48, researchers said.  “Oil and natural…

The post Lower 48 Producing More Oil, Natural Gas from Fewer Wells, Report Shows appeared first on Natural Gas Intelligence

France is now more confident about its power supply for the coming weeks compared to a month ago, thanks to reduced consumption and increased nuclear power generation, French Prime Minister Elisabeth Borne told local Franceinfo radio on Tuesday. “I am …

Mutual cooperation across North America’s natural gas and oil operations is the goal of a recently renewed agreement by industry groups that serve the United States, Mexico and international producers. The American Petroleum Institute (API), the Asociación Mexicana de Empresas de Hidrocarburos (AMEXHI) and the International Association of Oil & Gas Producers (IOGP) renewed a…

The post Natural Gas, Oil Groups to Continue Collaborating in North America’s Offshore, Onshore appeared first on Natural Gas Intelligence

With forecasts through the first half of January sinking weather-driven demand expectations to open the new year, natural gas futures were down sharply in early trading Tuesday. The February Nymex contract was off 41.8 cents to $4.057/MMBtu at around 8:45 a.m. ET. Weather data over the weekend advertised a pattern that would deliver mild temperatures…

The post Forecasts Deliver Bearish Start to 2023 as Natural Gas Futures Plunge appeared first on Natural Gas Intelligence

The cargo was supplied from Venture Global’s Calcasieu Pass liquefaction terminal in Louisiana.

Germany welcomed on Tuesday the first tanker carrying liquefied natural gas (LNG) at the newly opened LNG import terminal at Wilhelmshaven, with the cargo arriving from the Calcasieu Pass export facility in the United States.  The LNG ship Maria Energy…

State-owned CNOOC is the only natural gas supplier to Macao.

There are a four hypothetical scenarios for how Europe’s gas relationship with Russia will shape up over the coming years.

The US LNG industry has gone from nought to a hundred fast and is the primary hope for further short and long-term capacity expansion. [Gas in Transition, Volume 2, Issue 12]

No one desires more money and power than hypocrite Mike Bloomberg, he of the Big Gulp tax, who promotes climate extremism to pave the way ahead to more of each. Continue reading →

The post Bloomberg Green Is All About More Money and Power for Mike! appeared first on Natural Gas Now.

Warmer-than-usual start to the winter in Europe and Asia and forecasts of mild weather in the United States following the Christmas winter storm have eased concerns about natural gas shortages at the start of 2023. Natural gas prices in Europe dropped …

Bulgaria’s state gas company, Bulgargaz, on Tuesday signed a long-term deal with Turkish state gas firm Botas, granting it access to neighbouring Turkey’s terminals for liquefied natural gas (LNG) and its gas network to transit supplies to its border.

Cuts to demand, ample LNG and mild temperatures have helped Europe reach mid-winter with prices below those before Russia started its war in Ukraine.

The acquisition plans to start in early January 2023, with final processing deliverables anticipated in Q1 2024.

French engineering group Gaztransport & Technigaz (GTT) said on Monday it was stopping its activities in Russia after analysing the latest European sanction packages which include a ban on engineering services with Russian firms.

Senegal LNGT, a unit of the Japanese shipping company MOL, is developing an FSRU project in Senegal.

GTT is involved in Russia in the tank design of 15 ice-breaking LNG carriers under construction by the Zvezda Shipbuilding Complex, as well as in the design of three GBSs for Saren.

Russia’s invasion of Ukraine back in February triggered a major market crisis. Oil and gas prices soared to multi-decade highs; coal prices grew by nearly 70%, global wheat prices increased by over 60% while prices of metals exported by Russia, such as…

The surge in oil and gas prices will translate into record-high 2022 earnings for the two U.S. supermajors, Exxon and Chevron, with their combined yearly profits hitting nearly $100 billion, analysts say.    The two oil and gas giants benefited from th…