Day: February 14, 2023

Natural gas futures strengthened on Tuesday, driven in part by signs of life at the long-dormant Freeport LNG export terminal. The potential for another cold snap to arrive in the Lower 48 later this month also proved supportive, with the March Nymex gas futures contract settling 16.2 cents higher on the day at $2.567/MMBtu. April…

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Another major natural gas pipeline is slated for Mexico, this one for the Northwestern part of the country and the states of Sonora and Baja California. On Monday, Mexican utility Comisión Federal de Electricidad (CFE) signed a memorandum of understanding (MOU) with Carso Energy and Sempra Infrastructure. Carso Energy is a subsidiary of Grupo Carso,…

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German utility RWE AG has joined a partnership to study producing and exporting ammonia with natural gas in the United States as it plans future expansions for its LNG import facilities in Germany. RWE, Lotte Chemical Corp. and Mitsubishi Corp. have jointly agreed to explore development of a project at the Port of Corpus Christi…

The post Germany’s RWE Partners in Proposed South Texas Ammonia Export, Production Hub appeared first on Natural Gas Intelligence

U.S. inflation held at lofty levels but the pace of consumer cost increases edged lower in January, in part due to soft natural gas prices, extending a seven-month trend of easing expense pressure. The Labor Department’s Consumer Price Index increased 6.4% in January from a year earlier – more than three times the 2% level…

The post U.S. Inflation Remains Elevated, but Pace Eases Amid Weaker Natural Gas Prices appeared first on Natural Gas Intelligence

Like roses on Valentine’s Day, natural gas futures opened the week in the red as weather models trended warmer with the forecast for the next week or so. With production near recent highs and storage surpluses set to grow in the coming weeks, the March Nymex gas futures contract settled Monday at $2.405/MMBtu, off 10.9…

The post Natural Gas Futures, Most Cash Prices Slip on Near-Term Warmth appeared first on Natural Gas Intelligence

Foothills Exploration Inc. closed a deal to acquire a string of natural gas and oil wells in the Midcontinent region in a bid to capitalize on the enduring strength of demand for fossil fuels. The Los Angeles-based exploration and production (E&P) company said Monday it acquired 21 shallow oil and gas wells, all located in…

The post Foothills Exploration Acquires Oklahoma Natural Gas, Oil Wells  appeared first on Natural Gas Intelligence

China’s imports of liquefied natural gas (LNG) slumped in 2022 as the country ramped up domestic production and pipeline imports, while epidemic control lockdowns suppressed industrial consumption.

7 months into search for new CEO signs some shareholders are losing patience

7 months into search for new CEO signs some shareholders are losing patience

7 months into search for new CEO signs some shareholders are losing patience

South Korea, the third largest global LNG importer in 2022, will continue to rely on the super-chilled fuel despite the country’s latest plans to increase the amount of nuclear and renewables used for power generation. Since President Yoon Suk-yeol took office in 2020, the government has reversed his predecessor’s policy of phasing out nuclear power.…

The post South Korea’s Nuclear Power Plans Leave Room for LNG Import Growth appeared first on Natural Gas Intelligence

The Golden State could have its first regional direct air capture (DAC) hub in the coming years after California Resources Corp. (CRC) subsidiary Carbon TerraVault Holdings LLC (CTV) said it would pursue federal funding. The carbon management business of the state’s largest independent oil and gas producer unveiled plans to work with 35 partners from…

The post California Resources, Partners Pursuing DAC Hub, with ‘Something to Offer’ for State’s Energy Transition appeared first on Natural Gas Intelligence

Impairment resulted from 30% jump in capital cost for Coastal GasLink. [Image credit: Coastal GasLink]

Russia said it would cut its roughly 10 million b/d oil production by 5% in retribution of Western sanctions amid the Kremlin’s nearly year-long war in Ukraine. The decision follows steps by Russia in 2022 to slash the bulk of natural gas exported via pipeline to the European Union (EU) – moves that hastened calls…

The post Atop Natural Gas Cuts, Russia Warns Oil Production Pullback Coming appeared first on Natural Gas Intelligence

Oil and gas companies had a record year in 2022 and continued to improve their positions in the eyes of investors. In a new report, credit ratings analysts at Moody’s Investors Services said upgrades in the oil and gas industry far outpaced downgrades in 2022, mainly because of considerable debt reduction policies at companies across…

The post Natural Gas, Oil E&Ps Improve Credit Ratings Amid High Prices, Capital Discipline appeared first on Natural Gas Intelligence

Lower 48 natural gas-directed rigs are likely to retreat because of weak prices, Patterson-UTI Inc. CEO Andy Hendricks said Thursday. Hendricks held a conference call to share quarterly results and discuss the outlook for contract drilling services, the company’s forté. At the end of January, the company had 130 rigs on average working in the…

The post Natural Gas Rig Count Likely Declining on Market ‘Softness,’ Says Patterson-UTI CEO appeared first on Natural Gas Intelligence

A strengthening export demand outlook helped natural gas futures rebound in early trading Tuesday, though the prospect of continued padding of the storage cushion amid mild winter demand was seen limiting upside.  Coming off a 10.9-cent sell-off in Monday’s session, the March Nymex contract was up 12.2 cents to $2.527/MMBtu at around 8:45 a.m. ET.…

The post Freeport LNG Progress ‘Reinforcing Support’ as Natural Gas Futures Advance appeared first on Natural Gas Intelligence

The impact of China’s economic re-opening after ending its strict zero-COVID policy on commodity prices is a reminder that sentiment and physical trading realities are often out of sync.

Russian LNG production rose last year, however.

Joe Biden is the anti-leader, the scarecrow with no voice, plan or understanding, propped up by special interests as supposed President as we self-destruct Continue reading →

The post Biden Is the Man with No Plan As Our Refineries Close appeared first on Natural Gas Now.

The company’s profit was up 6.3% year/year.

Dutch gas grid operator Gasunie continues to explore the expansion of LNG import capacity at the northern Dutch port of Eemshaven and at the Gate terminal in Rotterdam, it said on Tuesday.

Production is scheduled to start in April. [image credit: Po Valley Energy]

Attention is now moving to preparations to ensure sufficient supply next winter.

The charge is related to the Spar/Halyard reserves reduction and other late-life producing and exploration assets.

Gas will be supplied from the soon-to-be-completed Podere Maiar – 1 facility in the Selva Malvezzi production concession located in the Po Valley region of Italy.

Dorado project offshore Western Australia is an integrated oil and gas project which is planned to be developed in two phases.

Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming years, its energy minister told Reuters on Monday, as it seeks to ease a crippling foreign-exchange crisis.