Day: January 4, 2023

The energy sector emerged as the best performer amongst 11 U.S. market sectors, delivering handsome returns at a time when everybody else faltered. Indeed, energy was the only sector to finish in the green last year thanks to the global energy crisis p…

Natural gas futures found fresh footing in positive territory Wednesday, marking the first gain of 2023, amid estimates for a massive storage withdrawal report. At A Glance: Near-term weather favorable for bulls Analysts see triple-digit storage pull Outlook shows heating demand fading After dropping 48.7 cents in the previous session and closing below $4.00, the…

The post Bolstered by Lofty Storage Withdrawal Expectations, Natural Gas Futures Prices Notch First Gain of 2023 appeared first on Natural Gas Intelligence

Most of the policy required for Canada to meet its 2030 emissions goals will be in place by the end of the year

Most of the policy required for Canada to meet its 2030 emissions goals will be in place by the end of the year

Majority of the policy required for Canada to meet its 2030 emissions goals will be in place by the end of the year

On the electricity front, Kyrgyzstan may be reaching the end of the line. Demand is growing relentlessly, and yet the hydropower resources it has relied on historically are yielding diminishing returns. Burning coal is pushing the country deeper into a…

Russia’s crude grades from the Arctic, which used to be sold in Europe before the EU embargo, are now heading East to the two biggest buyers of Russian oil since the invasion of Ukraine—China and India. Russia’s grades from the Arctic – Arco, Arco/Novy…

As Exxon and Chevron focus more on shareholder returns and less on speculative spending, they are both reining in investments in large international oil projects and focusing more on investing in the Americas. Chevron says it’ll use 70% of its capital …

Mexico’s national oil company Petróleos Mexicanos (Pemex) is targeting full-year average natural gas production of 4.67 Bcf/d in 2023, up 20% from the 3.88 Bcf/d averaged in the third quarter of 2022. The growth is expected to be led by new fields such as Quesqui and Ixachi, Pemex said in its recently released 2023-2027 business…

The post Mexico’s Pemex Eyeing Substantial Natural Gas Production Increase in 2023 appeared first on Natural Gas Intelligence

Bulgaria and Turkey signed a long-term agreement on Tuesday giving Bulgaria access to Turkey’s LNG terminals via Turkey’s natural gas transmission grid.  The 13-year deal was signed by Bulgaria’s Bulgargaz EAD and Turkey’s Botas Petroleum Pipeline Co. It would allow Bulgaria to import up to 1.5 billion cubic meters (Bcm) of gas annually from Turkey,…

The post Bulgaria Further Cuts Reliance on Russian Supplies With Deal to Tap Turkey’s Natural Gas System appeared first on Natural Gas Intelligence

Return to production of Freeport LNG should push U.S. back into top spot. [Image credit: Freeport LNG]

In recent years, China’s dependence on Middle Eastern crude oil has been increasing. With much of the world relying on China for a wide array of products, China’s vulnerability is also a global vulnerability. Until China is able to find a way to divers…

Exxon expects to book another strong quarter in financial results, with profit for October-December 2022 seen at $15.4 billion, according to a securities filing Reuters quoted in a report. Analysts have estimated that the supermajor’s full 2022 net pro…

U.S. Natural gas prices had rebounded by nearly 4% as of midday Wednesday after five consecutive days of sell-off when it became clear that predictions of a supply squeeze were wrong.  Henry Hub natural gas futures were trading at $4.145 at 1.38 p.m. E…

Winter storm Elliott, a mass of frigid, arctic air and blizzard conditions enveloped much of the eastern two thirds of the US with the worst of it hitting the US on December 22- 25. In its wake over 200 million Americans were adversely affected and alm…

Crude oil inventories rose by 3.298 million barrels, American Petroleum Institute (API) data showed on Wednesday, after a million bpd in U.S. refining capacity was taken offline last week. U.S. crude inventories increased just 13 million barrels in 202…

U.S. Natural gas prices had rebounded by nearly 4% as of midday Wednesday after five consecutive days of sell-off when it became clear that predictions of a supply squeeze were wrong.  Henry Hub natural gas futures were trading at $4.145 at 1.38 p.m. E…

Deal for Rockcliff Energy would bring 1 bcc/day of Haynesville shale gas production.

As part of the U.S.’ aim to achieve net-zero carbon emissions by 2050, as it gradually decarbonizes the economy between now and then, President Biden is adamant that the federal government should be leading by example. As well as introducing several cl…

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 February Natural Gas Futures Fall Below $4 Threshold appeared first on Natural Gas Intelligence

In late 2019, as the African oil and gas industry was looking to the future with optimism, Offshore Engineer wrote that the continent was had reason to expect a “more productive 2020.” Instead, the unforeseen happened, and the COVID-19 pandemic had a devastating impact on the oil and gas industry in Africa and around the world.

Replacing nearly 9,000 gas-fired pneumatics reduced methane emissions by 70%.

Oil prices continued to plummet on Wednesday while gold was enjoying its best time in six months with the release of U.S. manufacturing data for December, which appeared to show a shrinking American economy.  The Institute for Supply Management Manufac…

Oil prices continued to plummet on Wednesday while gold was enjoying its best time in six months with the release of U.S. manufacturing data for December, which appeared to show a shrinking American economy.  The Institute for Supply Management Manufac…

The oil industry generates around 10% returns on capital employed through the cycle, Chevron’s chief executive Mike Wirth told Bloomberg Television, pushing back on the persistent accusations by the Biden Administration that oil companies are profiteer…

City University of Hong Kong researchers have announced two new hydrogen production catalysts based on mineral gel and ‘crystalline-amorphous’ dual-phase nano-aluminum alloy. In the first topic the researchers’ findings have been published in the scien…

Moving in lockstep with the Biden Administration’s calls for U.S. oil and gas companies to expand production, London-based BP Plc has unveiled plans to boost spending in the American oil heartland by over 40% this year. On Wednesday, BP said it would r…

Chevron Corp. subsidiary Chevron U.S.A. Inc. has finalized the takeover of Beyond 6 LLC and its 55 compressed natural gas (CNG) fueling stations from independent energy commodity group Mercuria Energy Trading.   San Ramon, CA-based Chevron initially said it also would be adding to its U.S. renewable natural gas (RNG) business with a long-term supply agreement…

The post Chevron Completes Beyond 6 Takeover, Strengthens RNG Distribution Network appeared first on Natural Gas Intelligence

U.S. and global crude prices opened the New Year mired in a slump, led lower by uneven domestic demand and hints of global sluggishness amid intensifying expectations of recession. After dropping Tuesday, West Texas Intermediate (WTI) prices in the United States slid below $74/bbl in intraday trading Wednesday, down more than 4%. Brent crude, the…

The post Oil Prices Slide Amid Signs of Weaker Domestic, Global Demand in 2023 appeared first on Natural Gas Intelligence

Oil production capacity in restive African OPEC member Libya is expected to reach a maximum of 1.8 million barrels per day (bpd) by 2024 even if political stability prevails and clashes cease, according to a report by the African Energy Chamber. In Nov…

If you’ve had the pleasure of visiting Norway in recent years, you may have been amazed not only by the country’s breathtaking landscapes, but also by the number of Teslas zipping around the streets of Oslo. Having surpassed an electric vehicle share o…

If you’ve had the pleasure of visiting Norway in recent years, you may have been amazed not only by the country’s breathtaking landscapes, but also by the number of Teslas zipping around the streets of Oslo. Having surpassed an electric vehicle share o…

President Joe Biden has named Willie Phillips, a Democrat, acting chairman of the Federal Energy Regulatory Commission, FERC said on Tuesday.

A rebound in Nigerian production raised OPEC’s oil output in December by 120,000 barrels per day (bpd) compared to November, according to a monthly Reuters survey published on Wednesday.  Despite the increase in oil production last month, OPEC was stil…

Milestone Environmental Services LLC has expanded its energy waste sequestration and cleanup efforts in the northern Delaware formation of the Permian Basin, with the opening of its first New Mexico-based liquid oilfield waste facility.  “American oil and gas is critical to powering the nation and the world, and Milestone is committed to cleaning up energy…

The post Milestone Unveils New Mexico’s First Carbon-Negative Energy Waste Facility in Permian appeared first on Natural Gas Intelligence

Democrat Willie L. Phillips, who joined FERC in late 2021, on Tuesday was tapped to take over as acting chairman for departing Richard Glick. Phillips is taking the reins of the Federal Energy Regulatory Commission, which now is split with two Democrats and two Republicans. The Senate failed to advance the renomination of Glick, who…

The post Democrat Willie Phillips Tapped as FERC’s Acting Chair as Glick Steps Down appeared first on Natural Gas Intelligence

With technical factors potentially at play, natural gas futures climbed modestly in early trading Wednesday, even as updated forecasts continued to advertise an exceptionally bearish January temperature outlook. After plunging 48.7 cents in the previous session, the February Nymex contract was up 6.7 cents to $4.055/MMBtu at around 8:50 a.m. ET. Price action overnight included…

The post Natural Gas Futures ‘Due for a Technical Rebound’ as February Prices Called Higher Early appeared first on Natural Gas Intelligence

Hedge funds and other portfolio managers boosted their bullish bets on crude oil at the end of 2022 despite concerns about demand in the immediate term in the world’s top crude oil importer, China, and persistent fears of slowing economies.   Investors…

Oil prices crashed early on Wednesday, with Brent Crude falling below the $80 a barrel mark again, as concerns about immediate global oil demand intensified with soaring Covid cases in China and slowing economies globally. As of 8:33 a.m. ET on Wednesd…

Paul Erlich has received a burst of new undeserved acclaim for being spectacularly wrong on everything. He and Bill McKibben are the original green grifters. Continue reading →

The post Erlich and McKibben: The Original Green Grifters! appeared first on Natural Gas Now.

The contract is now trading at its lowest level since mid-February, weeks before Moscow launched its invasion of Ukraine and over the ensuing months the Kremlin reduced gas supply to Europe.

Enwell operates four gas and condensate fields in northeast Ukraine.

The project to convert the jack-up rig Sagar Samrat into a MOPU was awarded to a consortium of Mercator Oil & Gas, Mercator Offshore and Gulf Piping Company in November 2011.

President Joe Biden has named Willie Phillips, a Democrat, acting chairman of the Federal Energy Regulatory Commission, FERC said on Tuesday.

Avener supplied LNG to TT-Line’s LNG-fuelled ro-pax ferry Peter Pan. [Image: Avenir LNG]

A unit of Tokyo Gas Co Ltd is in advanced talks to buy U.S. natural gas producer Rockcliff Energy from private equity firm Quantum Energy Partners for about $4.6 billion, including debt, people familiar with the matter said on Tuesday.

The Tarim Oilfield is one of China’s biggest upstream projects.

Since Russia’s invasion of Ukraine On February 24, 2022, multinational companies have come under intense pressure from investors and consumers to exit operations, sell businesses or write down their investments in Russia. Shortly thereafter, Jeffrey So…

In December, the International Energy Agency warned that Europe could face a gas shortage this year despite its successful efforts to fill up storage for winter 2022-23. Now, more voices are joining the warnings as reality sets in, and it is not a real…