Day: January 26, 2023
Imperial Oil greenlights $720 million to build largest renewable diesel plant in Canada
Plant expected to produce more than one billion litres of fuel a year using vegetable oils
Imperial Oil greenlights $720 million to build largest renewable diesel plant in Canada
Plant expected to produce more than one billion litres of fuel a year using vegetable oils
Weak Storage Print Prolongs Natural Gas Futures Losing Streak; Cash Prices Drop
Natural gas futures could not shake their losing ways on Thursday. Weak weather, strong production and another anemic storage print sent prices lower a third consecutive day. The February Nymex gas futures contract settled at $2.944/MMBtu, down 12.3 cents day/day. It marked the first front month close below $3 since mid-2021. March shed 6.7 cents…
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Lack of Natural Gas, Hydrocarbons Storage Said Hampering Mexico Energy Industry
The lack of available storage options for natural gas and fuels continues to challenge the Mexican energy industry, leaving the country vulnerable in the event of supply interruptions, such as aberrational weather or unforeseen outages, executives said this week. Speaking at the 8th Mexico Infrastructure Projects Forum in Monterrey, stakeholders in Mexico’s government and private…
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Freeport News Fails to Stop Natural Gas Bears from Chomping Away at Forward Prices
With February only days away, the natural gas market may be closing the book on winter – and brushing off news of Freeport LNG’s impending restart – as forward prices continued to soften through the Jan. 19-25 period, according to NGI’s Forward Look. The past week’s trading patterns continued the trends that have played out…
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Freeport LNG Given Green Light by FERC for Preliminary Restart Work
Federal regulators have signed off on Freeport LNG Development LP’s request to begin cooling part of its transfer equipment, an early step to eventually restarting the 2.38 Bcf/d terminal. The Federal Energy Regulatory Commission informed Freeport Thursday it would grant its request to begin cooling its Loop 1 liquefied natural gas transfer system after a…
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LNG and Offshore Equipment Demand Sparks Record Orders for Baker Hughes
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…
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Alaska Governor Ready to ‘Unlock’ North Slope Natural Gas to Power LNG, Hydrogen Exports to Asia
Alaska Gov. Mike Dunleavy sees the state’s future connected to its role as a global energy supplier, which means utilizing more natural gas resources and developing LNG exports to Asia, he said during the annual State of the State address. The Republican governor, who is beginning his second term, said he intended to build on…
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South Texas Port Caps Record Year; LNG Growth Seen Continuing Despite Recession Headwinds
Fresh off another record quarter, the Port of Corpus Christi in South Texas solidified a banner year in which tonnage reached new heights as demand soared for refined products and crude oil, along with LNG exports. The port achieved a new annual tonnage record of 187.9 million tons – a 12% increase over 2021 volumes,…
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Absent Demand Drivers, Natural Gas Futures, Cash Prices Cascade
Natural gas futures, which only last month traded around $6/MMBtu, have steadily lost ground in the new year amid seasonally mild weather and closed near the $3 level on Wednesday. It marked the lowest front-month settlement since 2021. A day after dropping 18.9 cents, the February Nymex futures contract shed another 19.1 cents day/day and…
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Why Are Global Gas Prices Declining This Winter? – Listen Now to NGI’s Hub & Flow
Click here to listen to the latest episode of NGI’s Hub & Flow podcast, which explores LNG prices amid Europe’s persisting mild weather and continued high volumes of liquefied natural gas flows. NGI Senior LNG Editor Jamison Cocklin and Associate LNG Editor Jacob Dick discuss the downward trend of European and Asian natural gas prices…
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Natural Gas Futures Bruised and Battered After EIA Posts 91 Bcf Storage Pull
Utilities withdrew 91 Bcf of natural gas from storage for the week ended Jan. 20, the U.S. Energy Information Administration (EIA) reported Thursday. The draw was greater than market expectations but anemic relative to historic norms, keeping pressure on already beaten-down Nymex natural gas futures. Just ahead of the 10:30 ET government report on Thursday,…
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Imperial Oil greenlights $720 million to build largest renewable diesel plant in Canada
Plant expected to produce more than one billion litres of fuel a year using vegetable oils
Los Angeles County to Ban New Natural Gas and Oil Wells
After the city moved last month to ban new oil and natural gas drilling within its borders, the Los Angeles County board has followed suit, banning new drilling activity beginning next month. County officials earlier this week unanimously voted to adopt an ordinance amending the zoning law, banning any new oil and gas wells or…
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Baseload Natural Gas Prices Trending Mixed for February amid Early Cold, Solid Supply Picture
The potential for widespread frigid temperatures to start February failed to resuscitate natural gas prices for February baseload delivery, with ample production, plentiful storage and languishing exports weighing down markets, according to NGI’s Bidweek Alert (BWA). On the East Coast – where a well-documented history of volatility has taken a back seat to the West…
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U.S. Oil, Natural Gas M&A Slows in 2022 as Megadeals Dominate
Mergers and acquisitions (M&A) within the U.S. upstream fell to their lowest annual volume in nearly two decades last year, according to new research by Enverus Intelligence Research (EIR). Exploration and production (E&P) firms recorded 160 transactions valued at $58 billion total, the Enverus subsidiary found. This is the lowest number of deals since 2005.…
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Ohio Law Labels Natural Gas ‘Green,’ but What Does It Mean?
Natural gas is officially labeled “green” in Ohio after Gov. Mike DeWine earlier this month signed House Bill (HB) 507 into law, though the green stamp may not carry much legislative weight for funding or regulations, according to the governor’s office. HB 507 passed the Ohio Senate last month, with the primary goal of ensuring…
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TFF front-month slides back to 13-month low amid record storage
European gas storage facilities are now 75% full, representing the highest level in months.
Correction
The headline and the lead paragraph in the story, U.S. Renewables Capacity Growing, but Natural Gas Still King, were revised. While the percentage of growth in renewables capacity is higher, natural gas remains the leading source of power for electric…
Natural Gas Drops Below $3 Early on Weaker Forecast as Traders Await Latest Storage Data
With forecasts shedding weather-driven demand overnight, the February natural gas futures contract plunged below $3 in early trading Thursday as the market prepared to digest the latest round of government inventory data. The February Nymex contract was down 24.9 cents to $2.818/MMBtu at around 8:45 a.m. ET, while March was trading 17.2 cents lower at…
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Gas flows to Freeport LNG export plant resume -Refinitiv data
Freeport LNG’s long-shut liquefied natural gas (LNG) export plant in Texas started receiving small amounts of pipeline natural gas on Thursday, Refinitiv data shows.
Food Supply Grows with CO2, But Food Security?
Climate change is no threat to our food supply (CO2 speeds plant growth) but those who hate natural gas and seek to destroy it in the name of climate change are. Continue reading →
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PNG inches towards more LNG [Gas in Transition]
After years of political disagreements and community disputes, Papua New Guinea is making progress towards almost doubling its LNG production. [Gas in Transition, Volume 2, Issue 12]
Karpowership pens MoU on potential power supply to Ukraine
Karpowership is looking at deploying powerships offshore Moldova and Romania to potentially provide Ukraine with 500 MW of power supply. [image credit: Karpowership]
Mitsubishi Power to supply gas turbine to Taiwan
The turbine has been ordered by Chang Chun Petrochemical Co.
South Korea to double energy vouchers amid soaring bills, cold wave
South Korea plans to double energy vouchers and a discount of gas prices for underprivileged families to cope with spiralling heating bills amid a prolonged cold wave, officials said on Thursday.
Hess tops Wall St profit estimates, signals dividend increase
U.S. oil and gas producer Hess Corp on Wednesday beat Wall Street estimates for fourth-quarter profit on better-than-expected production in Guyana, allowing it to consider a dividend increase this quarter.
Argentina inks $540 mln deal with development bank for gas projects
Argentina’s government reached a $540 million deal with development bank CAF for the extension of natural gas pipelines and related infrastructure linked to the country’s Vaca Muerta basin, Economy Minister Sergio Massa announced on Wednesday.
Chevron pledges $75 bln for share buybacks as cash grows
Chevron Corp on Wednesday said it would triple its budget for share buybacks to $75 billion, the oil industry’s most ambitious shareholder payouts to date, as high oil and gas prices pad profits.
Expro pens $300mn LNG facility contract in Congo
Under the 10-year contract, Expro will design, construct, operate and maintain a fast-track onshore LNG pre-treatment facility, part of Eni’s Marine XII development offshore Congo.
In Unexpected Swing, Germany’s Public Now Favors Nuclear Power
For decades, Germany has maintained a love-hate relationship with nuclear power. Currently, Germany has three existing nuclear reactors that produce ~6% of the country’s power supply, a far cry from the 1990s when 19 nuclear power plants produced about…
M&A In U.S. Oil And Gas: Dealmaking Slides As Buyers Get Picky
The number of mergers and acquisitions (M&A) in the U.S. upstream segment fell last year to the lowest level since 2005, with buyers increasingly picky and targeting top-tier locations in larger deals, Enverus Intelligence Research (EIR) said in a ne…