Day: January 23, 2023

We are in the early innings of the earnings season with just 11% of S&P 500 companies having reported Q4 2022 results. Once again, the energy sector is emerging as the class valedictorian, with the sector’s expected earnings growth of 59.3% for the qua…

Natural gas futures forged ahead Monday, rebounding from a 7% drop the previous week, as forecasts for colder air late this month and early next galvanized bulls. News Monday that a key export facility was another step closer to reopening after a fire last year added to the momentum. At A Glance: Prompt month gains…

The post Freezing Forecasts and Freeport Momentum Send Natural Gas Futures, Spot Prices Sailing appeared first on Natural Gas Intelligence

In all likelihood, the Georgian government has decided to seriously deal with the project of constructing the strategically important deep-sea Port of Anaklia, which was suspended in 2020 when the government canceled the $2.5 billion contract with prev…

Mexico’s natural gas production averaged 4.09 Bcf/d in 2022, up from 3.85 Bcf/d in 2021, according to the latest figures from upstream regulator Comisión Nacional de Hidrocarburos (CNH). State oil company Petróleos Mexicanos (Pemex) supplied 3.85 Bcf/d of the 2022 total, up from 3.65 Bcf/d in 2021. Private sector production averaged 234.7 MMcf/d in 2022,…

The post Mexico Natural Gas Production Grows 6% in 2022, Driven by Quesqui, Ixachi Fields appeared first on Natural Gas Intelligence

After months of repair work and documentation, Freeport LNG Development LP has formally asked federal regulators to allow preliminary work to restart the 2.38 Bcf/d terminal, according to FERC filings. Federal Energy Regulatory Commission staff published Monday a request submitted by the Houston-based company requesting permission to begin reintroducing liquefied natural gas through its Loop…

The post Freeport LNG Seeks Approval to Begin Restart of 2.38 Bcf/d Facility appeared first on Natural Gas Intelligence

At first glance, gold and silver seem pretty fungible. They’re both hypnotically pretty. Their prices tend to rise and fall according to the same financial/political forces. They’re both seen as real money by a tiny (very wise) fraction of the populati…

The European natural gas market was unfazed by colder weather and weak deliveries from Russia and Norway on Monday, when prices dropped amid a broader outlook that remains largely unchanged. Lower temperatures in Northwest Europe are forecast this week, while freezing temperatures and a drop in wind power in the UK prompted the grid operator…

The post TTF Trades Sideways as Natural Gas Fundamentals Remain Unchanged – LNG Recap appeared first on Natural Gas Intelligence

Europe’s energy regulators and financial market authority reported the European Union’s (EU) natural gas price cap policies haven’t appeared to impact trading, but the bloc’s price control mechanism hasn’t been tested. The European Securities and Markets Authority (ESMA), the EU’s independent financial markets regulator, delivered a preliminary report Monday as part of the European Council’s…

The post EU Agencies Report Natural Gas Price Cap Impacts Looming as Mechanism Remains Untested appeared first on Natural Gas Intelligence

Gasoline prices continue to climb for the fourth straight week, rising 32.7 cents over the last month as crude oil prices rise, data from AAA showed on Monday. Gasoline prices are up 11.8 cents over a week ago, and are 9.4 cents higher than they were a…

Private exploration and production (E&P) operator Poco Holdco LLC received Project Canary’s highest possible environmental assessment rating for most of its Denver-Julesburg (DJ) Basin operations in Colorado.  The E&P, a branch of private energy investment and management company Providence Energy Ltd., clinched Denver-based Project Canary’s “Platinum” certification for 22 operated horizontal wells at two wellsites. …

The post Poco Nabs Top Environmental Rating for DJ Wells appeared first on Natural Gas Intelligence

Retail and professional investors expect copper to be the top-performing commodity this year, outperforming gold, corn, and crude oil, according to Bloomberg’s MLIV Pulse survey published on Monday. A total of 45% of retail investors and 36% of profess…

Baker Hughes (NASDAQ: BKR) reported on Monday record orders for the fourth quarter, but its earnings came below analyst expectations amid supply-chain and labor shortages. Baker Hughes booked record orders of $8.0 billion for the quarter, up by 32% seq…

Milltrust Ventures and Earth First Food Ventures are set to launch a new $300m (£242m) Smart Protein Fund tomorrow to back alternative proteins and decarbonise the food industry, City A.M. can reveal.   Over $600m was invested in total in the cultivate…

Baker Hughes Co. generated record orders in the fourth quarter, driven by “multiple awards” for  LNG and offshore production equipment, CEO Lorenzo Simonelli said Monday. In a conference call to discuss quarterly and full-year earnings, the CEO noted that operationally, the Houston-based oilfield services (OFS) giant “continues to navigate challenges” in “different parts of the…

The post ‘Good Time’ for Global LNG as Customers Ready to Talk, Says Baker Hughes CEO appeared first on Natural Gas Intelligence

The oil and gas industry paid record taxes and royalties to the state of Texas last year, the Texas Oil and Gas Association reported, noting the total amount paid was 54 percent higher than the previous record set in this respect. At $24.7 billion, the…

Georgia’s government says the country has made important progress towards meeting the European Union’s conditions to become a membership candidate, but critics say Brussels’ key demands remain unmet. Last summer, while granting Ukraine and Moldova cand…

Via AG Metal Miner   Liberty Steel UK (LSUK) plans to reduce steelmaking and mothball some of its UK assets as part of restructuring plans. The group instead wants to focus on high-value, alloy-steel production in order to remain competitive. “Despite …

Ukrainian President Volodymyr Zelenskiy has called for the removal of obstructions that he said continue to disrupt food exports from his country’s Black Sea ports. Speaking on January 21 to an international conference of agriculture ministers in Berli…

Via AG Metal Miner   Liberty Steel UK (LSUK) plans to reduce steelmaking and mothball some of its UK assets as part of restructuring plans. The group instead wants to focus on high-value, alloy-steel production in order to remain competitive. “Despite …

Increased capacity to move gas, new capacity to move hydrogen, highlight ambitions.

Kuwait’s new Cabinet has resigned amid protests over a planned spending spree of the country’s oil wealth by the Assembly, which some fear would drain state coffers to the point of no return.  The Cabinet’s move to resign is meant to hinder the Assembl…

Milltrust Ventures and Earth First Food Ventures are set to launch a new $300m (£242m) Smart Protein Fund tomorrow to back alternative proteins and decarbonise the food industry, City A.M. can reveal.   Over $600m was invested in total in the cultivate…

Ofgem is to review the checks and balances energy firms have around placing customers on pre-payment meters, warning it will take further legal action if it finds they are not taking due care. In a blog, the watchdog’s chief executive, Jonathan Brearle…

Ofgem is to review the checks and balances energy firms have around placing customers on pre-payment meters, warning it will take further legal action if it finds they are not taking due care. In a blog, the watchdog’s chief executive, Jonathan Brearle…

Russian crude oil shipments from its key export terminals slumped by 22%, or by 820,000 barrels per day (bpd), last week, compared to the previous week, according to tanker tracking data monitored by Bloomberg. Last week, total Russian seaborne crude o…

Japanese insurers plan to raise insurance policy costs for ships carrying liquefied natural gas (LNG) in Russian waters by about 80% from Wednesday, the Nikkei business daily reported.

Europe’s benchmark natural gas prices rose on Monday as demand increased during a cold snap in northwestern Europe and supply from Norway was expected to slip to a two-month low. The Dutch TTF prices rose at the start of trade in Amsterdam before swing…

Swiss commodities giant Vitol Inc. is adding to its Lower 48 upstream portfolio with the acquisition of privately held Delaware Basin Resources LLC (DBR). Vitol affiliate VTX Energy Partners LLC has entered a deal to acquire Midland, TX-based DBR and associated surface and water businesses for an undisclosed sum, management said Thursday. VTX is the…

The post Vitol Expanding U.S. Upstream Presence with Permian Delaware Acquisition appeared first on Natural Gas Intelligence

Italy is expected to eliminate imports of Russian natural gas by the winter of 2024/2025, Claudio Descalzi, the chief executive of energy major Eni, said on Monday during a visit to Algeria. Italy, one of the biggest buyers of Russian gas in Europe bef…

US equity futures were little changed, trading in a narrow ten point range as investors braced for moderation in Fed rate increases after the Fed mouthpiece suggested a 25bps hike is now the baseline (coming at a time when the Fed is now in a quiet per…

Josh Shapiro will now face a huge test. Will he, like some many other Dems, sell out his labor allies to please enviros or balance energy and environment? Continue reading →

The post Josh Shapiro: Will He Sell Out Labor to Please Enviros? appeared first on Natural Gas Now.

UK customers will be paid if they use less energy at the peak hours on Monday evening if their provider has signed up to a new scheme for incentivizing energy saving, National Grid said.  National Grid ESO announced on Sunday that it would activate the…

Oil and gas executives in the Rockies and Midcontinent have downwardly revised their expectations for Henry Hub natural gas prices over the near term, according to a new survey by the Federal Reserve Bank of Kansas City. The Kansas City Fed’s quarterly Tenth District Energy Survey gauges current and expected oil and gas activity in…

The post Rockies, Midcontinent Producers Slash Natural Gas Price Forecasts, Citing ‘Too Much Supply’ appeared first on Natural Gas Intelligence

While combined wind and solar generation is expected to overtake both natural gas and coal-fired generation beginning this year, lower natural gas prices may bring about a decline in coal generation, according to the U.S. Energy Information Administration (EIA).  The agency said in a recent report that 2023 may continue the trend of “one of…

The post Natural Gas Pinched by Renewables Additions Over Next Two Years, Says EIA appeared first on Natural Gas Intelligence

Natural gas futures rallied sharply in early trading Monday as weather models over the weekend advertised a significantly colder Lower 48 temperature outlook heading into early February.  The February Nymex contract was up 35.5 cents to $3.529/MMBtu at around 8:40 a.m. ET. March was up 12.0 cents to $3.156. Weather data over the weekend showed…

The post ‘Frosty’ Early February Pattern Sparks Natural Gas Futures Rally appeared first on Natural Gas Intelligence

Millions of Pakistanis were left without electricity for the second time in three months after a grid failure on Monday, affecting nearly all parts of the country – from the capital Islamabad in the north to Karachi in the south.

Natural gas prices have started the week with a gain of over 10 percent, but the recent trends in the price have concerned some in the U.S. gas industry. Last week, prices shed 7.17 percent, extending a streak of weekly losses that began in the middle …

The European Union’s gas price cap, which launches next month, could impact financial stability and potentially curb liquidity in Europe’s exchange-traded gas markets, the bloc’s financial market regulators said in a draft report seen by Reuters.

The Shale Gas News, heard every Saturday at 10 AM on 94.3 FM, 1510 AM, 1600 AM, 104.1 FM and Sundays on YesFM, talked about Lithium, Pittsburgh Airport, MWCD and much more last week. Continue reading →

The post Shale Gas News – January 21, 2023 appeared first on Natural Gas Now.

Geopolitics and economics have made for a tumultuous liquefied natural gas carrier market in 2022. As bets are made on new investments, the future looks no less certain. [Gas in Transition, Volume 2, Issue 12]

Tokyo Electric Power Company Holdings (TEPCO) has applied to the Japanese industry ministry to boost its power prices to households by nearly 30% from June due to soaring fuel procurement costs, the company said on Monday.

The FPSO set sail on January 20 from Qidong, China after successfully completing a series of sea trials following construction over the past three and half years.

Petronet’s total revenue during the quarter came in at 159.55bn rupees, up 25.94% yr/yr.

Esso Australia has chartered Q7000 semisubmersible vessel to support decommissioning activities in the Gippsland Basin.

The Netherlands remains convinced of the need to close production at Groningen, once one of Europe’s largest gas fields, by October following earthquake risks which made it dangerous to keep operating, the Financial Times (FT) reported on Sunday citing a government official.

The drilling slots have been secured with Energy Resources, which is the operator of the Lockyer Deep project.

Oil prices settled on Thursday at their highest level since December 1 as the market is turning bullish on China’s oil demand this year.  The Chinese reopening is set to drive oil demand growth and push oil higher if most of the developed economies man…