Day: January 11, 2023
Choppy Trading Persists as ‘Scorching’ Temps Pressure Natural Gas Futures, Spot Prices
Natural gas futures traded in negative territory most of Wednesday – and have declined all but three sessions so far this year – amid a persistently potent warm-weather pattern that squashed demand across much of the Lower 48. At A Glance: Warm weather pattern endures Late-month shift in the cards Meager storage print expected The…
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CFE Alliances Driving Mexico Natural Gas Infrastructure Growth as Imports Cool Off
The past year marked a renewed sense of collaboration between Mexico’s state power utility Comisión Federal de Electricidad (CFE) and private sector energy firms, resulting in the sanctioning of new natural gas infrastructure projects and agreements to advance stalled ones. Meanwhile, Mexico’s pipeline natural gas imports from the United States were down year/year during summer,…
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Appalachian Companies Launch Methane Coalition to Give World Window to Natural Gas Operations
Three of the Appalachian Basin’s leading upstream and midstream operators on Wednesday announced a new coalition aimed at better monitoring and reducing methane emissions throughout the Marcellus and Utica shales. Chesapeake Energy Corp., EQT Corp. and Equitrans Midstream Corp. launched the Appalachian Methane Initiative (AMI). The coalition said it would work to identify and fix…
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European Union Energy Regulator Plans First Step for LNG Benchmark Alternative to TTF
The European Union’s (EU) energy regulator plans to publish a daily LNG price assessment starting Friday as part of policies established last year to create a bloc-wide benchmark. The EU Agency for the Cooperation of Energy Regulators (ACER) was ordered to begin publishing price assessments by Jan. 13 after the European Commission (EC) passed new…
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Emerging U.S. Pipeline Bottlenecks Cast Shadow on Otherwise Positive Long-Term Outlook for Natural Gas
As the United States works toward casting a wider net on the global natural gas market via exports, key domestic markets could be turned upside down in 2023 as midstream bottlenecks leave gas stranded in producing basins. LNG developers on the Gulf Coast are in a race to boost liquefied natural gas exports to capitalize…
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Oman Continues Streak of LNG Supply Deals with Shell Agreement – The Offtake
Shell plc has inked a 10-year, 0.8 million metric ton/year (mmty) offtake agreement for additional supply from Oman’s majority state-owned liquefied natural gas terminal starting in 2025.
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Column: Are U.S. Natural Gas Producers Ready to Enter the LNG Market, and Is There a Place for Them?
Ten years have passed since Cheniere Energy Inc. ushered in the era of modern U.S. LNG exports by sanctioning the first two liquefaction trains at the Sabine Pass terminal in Louisiana.
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Natural Gas Futures, Spot Prices Weaken as Weather Warms
Natural gas futures fumbled away momentum like any college football opponent of Georgia, with the February Nymex gas futures contract dropping 27.1 cents day/day amid forecasts for more bearish weather and meager storage pulls. The prompt month settled at $3.639/MMBtu on Tuesday, erasing the prior session’s 20.0-cent gain. March lost 24.9 cents to $3.314. The…
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Domestic Crude Production Climbs, Demand Falls and Inventories Surge
U.S. commercial crude inventories, which trailed historic averages throughout 2022 amid growing demand, flipped to a surplus to start the new year. With consumption now falling and production relatively strong, stocks jumped by 19 million bbl in the first week of January. That left stockpiles, excluding those in the Strategic Petroleum Reserve, at 439.6 million…
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Wintershall Dea targets record output from Norway this year
Germany’s Wintershall Dea aims to produce a record 200,000 barrels of oil equivalent per day (boed) from Norwegian oil and gas fields in 2023 and will continue to expand its business there, the head of the company’s Norwegian unit told Reuters.
Oxy Scores with Houston Texans to Reduce Team’s Carbon Emissions
The NFL’s Houston Texans have signed up a unit of Occidental Petroleum Corp. to tackle and bring down carbon emissions for the team’s air travel over the next three seasons. Oxy, as it is known, said subsidiary 1PointFive clinched an agreement and sponsorship with the team to help defray carbon dioxide (CO2) emissions for air…
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Buffalo Storm Shows Risk of Being Buffaloed on Green Energy!
Upstate NY is in great danger of being Buffaloed; put at the same risk of danger that Buffalo endured with the recent winter storm. Green energy is white death. Continue reading →
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China’s CNOOC targets record oil, gas output in 2023
China’s CNOOC Ltd has raised its 2023 production target by around 8% to a record 650 million to 660 million barrels of oil equivalent (boe), it said on Wednesday.
Warm Winter in Europe Eases Natural Gas Restocking Concerns, but 2023 Still Looks Daunting
An unseasonably warm winter and ample LNG imports are dampening expectations for high volatility when European countries start restocking natural gas reserves this spring, but risk still abounds for a region facing a tight supply outlook for years to come. Headed into winter, the market faced the possibility of harsh weather and China’s return to…
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Talos Strikes Oil, Natural Gas from Two Discoveries in Deepwater GOM
Houston-based Talos Energy Inc. has unearthed oil and natural gas at two U.S. prospects in the deepwater Gulf of Mexico (GOM). The Lime Rock and Venice prospects “both successfully discovered commercial quantities” during sequential drilling operations in the final three months of last year, management said. Talos holds a 60% working interest in the two…
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February Natural Gas Futures Climb Early as More Seasonal Cold Seen Arriving
With updated forecasts still pointing to a return to more seasonal winter weather by late January following exceptional warmth to start 2023, natural gas futures eked out modest gains in early trading Wednesday. The February Nymex contract was up 9.1 cents to $3.730/MMBtu at around 8:50 a.m. ET. Recent price action, with the February contract…
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German green group files complaint against new floating LNG terminal
A German environmental group has lodged a complaint against the operating licence of a new floating liquefied natural gas (LNG) terminal at Wilhelmshaven, arguing the discharge of chlorine was harmful and German climate targets could be put at risk.
Dash for Perth basin gas
There has been a heightened interest in the onshore gas assets in Western Australia’s Perth basin in recent months.
Spain’s gas imports fell 5.9% in November from same month a year earlier
Spain’s natural gas imports fell 5.9% in November compared with the same month a year earlier, government data showed on Wednesday.
Enex to start building gas power plant in Philippines this year
The 1.1 GW combined cycle gas turbine project is expected to start commercial operations in the second half of 2026.
Oman LNG inks LNG supply deal with Shell
The supplies are expected to start in 2025.
ADNOC establishes new gas processing, marketing company
ADNOC intends to proceed with an IPO of a minority stake in ADNOC Gas on the Abu Dhabi Securities Exchange (ADX) during the course of 2023. [Image: ADNOC]