Day: February 24, 2023

A powerful winter storm delivered a swift kick to spot natural gas prices on the West and East coasts during the Feb. 21-24 work week, fueling multi-dollar gains amid heavy snow and rain and gusty winds. With moderate losses elsewhere of less than 30 cents or so, NGI’s Weekly Spot Gas National Avg. ultimately finished…

The post Weekly Natural Gas Cash Prices Impacted by Winter Storms; Futures Find Footing in Freeport appeared first on Natural Gas Intelligence

Natural gas futures prices ended the week on firmer ground as a chillier March outlook and the continued ramp of a key export facility supported the market. The March Nymex gas futures contract expired Friday at $2.451/MMBtu, up 13.7 cents from Thursday’s close. The April contract – which moves to the front of the curve…

The post March Nymex Natural Gas Futures Expires Higher; Can Cold Endure to Keep Momentum Going? appeared first on Natural Gas Intelligence

“We are the first private producers to develop gas in the Burgos Basin and connect to Cenagas,” Roberto Gutierrez, vice president of commercial sales at Verdad Exploration Mexico LLC, told NGI’s Mexico GPI in a phone interview. On February 15, Verdad connected their gas production from a block in the Burgos Basin to the Sistrangas…

The post Verdad Exploration Reaches Mexico Milestone in Natural Gas-Rich Burgos Basin appeared first on Natural Gas Intelligence

The U.S. natural gas rig count held steady at 151 for the week ended Friday (Feb. 24), while a slowdown in the oil patch dropped the combined domestic drilling total seven units to 753, according to the latest numbers from Baker Hughes Co. (BKR). Land drilling fell seven units week/week, while the Gulf of Mexico…

The post U.S. Natural Gas Drilling Steady as Oil Count Tumbles appeared first on Natural Gas Intelligence

A dichotomy of steep gains for the West and hefty losses everywhere else played out in natural gas forwards markets during the Feb. 16-22 trading period, NGI’s Forward Look data show. This dynamic largely reflected the latest weather maps from Maxar’s Weather Desk, which showed shades of blue colder-than-normal temperature deviations blanketing much of the…

The post Natural Gas Forward Prices Show Dichotomy of West Coast Gains, Discounts Elsewhere appeared first on Natural Gas Intelligence

Venture Global LNG Inc. has inked a pair of long-term sales and purchase agreements for two of its developing export projects in Louisiana with China Gas Holdings Ltd. The company has agreed to supply China Gas with 2 million metric tons/year (mmty) of liquefied natural gas for 20 years starting in 2027. Terms of price…

The post Venture Global Inks 20-Year LNG Offtake Deals with China Gas appeared first on Natural Gas Intelligence

Southwestern Energy Co. said Friday it would drop drilling rigs this year in the Appalachian Basin and Haynesville Shale, joining other natural gas-focused producers that have announced plans to curb activity in response to falling prices. “Given near-term market conditions, we have proactively moderated activity, resulting in slightly lower expected production for 2023, and have…

The post Southwestern to Curb Activity in Response to Weaker Natural Gas Market  appeared first on Natural Gas Intelligence

As the price of new LNG vessels increases, and as shipyard slots dwindle, the value of older tankers is also on the rise. Bermuda-based Cool Company Ltd. (CoolCo) disclosed earlier this month that it plans to sell the 10-year old tri-fuel diesel electric (TFDE) Golar Seal for $184 million. The buyer, Höegh LNG Holdings Ltd.,…

The post Older LNG Vessels’ Value Rising as Newbuild Prices Soar appeared first on Natural Gas Intelligence

Australian LNG producers are concerned about diverting exports to meet natural gas shortages in the country’s east coast market under recently proposed changes to the Australian Domestic Gas Security Mechanism (ADGSM). The latest changes to the ADSGM would allow the federal government to activate the mechanism and impose liquefied natural gas export restrictions more frequently.…

The post Australia Natural Gas Producers Balk as East Coast LNG Export Diversion Seen Possible appeared first on Natural Gas Intelligence

A slowdown in oil-directed drilling sent the U.S. rig count tumbling seven units lower to 753 for the week ended Friday (Feb. 24), according to updated figures from oilfield services provider Baker Hughes Co. (BKR). Total U.S. natural gas-directed rigs were unchanged week/week at 151, with oil-directed rigs accounting for the entirety of the overall…

The post Oil Drilling Declines Send U.S. Count Tumbling in Latest BKR Data appeared first on Natural Gas Intelligence

China Gas Holdings , one of China’s largest independent gas distributors, has agreed to two 20-year LNG supply contracts with U.S. exporter Venture Global [Image credit: Venture Global]

Oil and gas producer EOG Resources on Friday said it had no plans to alter its strategy around new natural gas drilling, despite a sharp decline in prices this year.

Whitecap Resources Inc. said it is pumping up the natural gas and oil volumes in the Montney Shale and Duvernay fornations following a breakout year. The Calgary-based independent, which reports in Canadian dollars (C$1.00/US 75 cents), last year paid $1.7 billion to buy assets in the Montney and Duvernay formations owned by ExxonMobil affiliates, including…

The post Whitecap Looking to Build Reserves in Montney, Duvernay Following Strong 2022 appeared first on Natural Gas Intelligence

Diamondback Energy Inc. has no plans to accelerate oil production growth despite signs of impending tightness in the global market, according to management. CEO Travis Stice hosted a conference call to discuss the Permian Basin pure-play’s fourth quarter and full-year 2022 results. “I don’t think the macro conditions are dictating any kind of production growth…

The post Diamondback to Hold Permian Production Steady, Sees ‘Tight’ Natural Gas Takeaway appeared first on Natural Gas Intelligence

Targa Resources Corp. is bullishly pushing forward with expansion projects in the prolific Permian Basin, citing expectations for robust global oil and natural gas demand long term The Houston-based company expects momentum to push through 2023, a year in which global oil demand is projected by the International Energy Agency to grow and foundations are…

The post Targa Forges Ahead with Permian Expansions, Citing Long-Term Natural Gas Demand appeared first on Natural Gas Intelligence

Buoyed by the prospect of rising export demand, natural gas futures modestly extended their recent gains in early trading Friday. The March Nymex contract, set to expire Friday, was up 3.1 cents to $2.345/MMBtu at around 8:45 a.m. ET. April was up 1.4 cents to $2.446. Based on recent estimates, “national LNG demand has sagged…

The post Incremental Freeport Volumes Supportive as Natural Gas Futures Maintain Gains Early appeared first on Natural Gas Intelligence

Europe looks set to avert fuel shortages and end this winter in a position that, while not exactly comfortable, looks far better than was feared last autumn, after Russia curbed gas pipeline supplies dramatically.

Europe looks set to avert fuel shortages and end this winter in a position that, while not exactly comfortable, looks far better than was feared last autumn, after Russia curbed gas pipeline supplies dramatically.

While its proponents are quick to sing its praises, the use of methanol as a low-carbon shipping fuel is not without its challenges. However, in a typical chicken-and-the-egg situation, a sudden surge in interest has changed the industry’s dynamics and…

There is, indeed, little new under the sun, as our stories repeatedly demonstrate. Natural Gas – 100 Years Ago Today, February 17, 1923. Read our 100-year old news items on the subjects of brilliant gas fire stoves, depletions, gas bill lotteries, gas well deaths and tough gumbo. Continue reading →

The post Natural Gas – 100 Years Ago Today, February 24, 1923! appeared first on Natural Gas Now.

Russia’s invasion of Ukraine has disrupted economies and markets around the world, from energy and food prices to European banks, emerging market stocks and the Russian currency.

Our energy infrastructure is under constant threat and industry preparedness is critical to protecting our essential energy supplies from a variety of threats. Continue reading →

The post Industry Preparedness, Guarding of Energy Supplies, Critical appeared first on Natural Gas Now.

With its partner Haisla Nation, Pembina expects to take FID on Cedar LNG by Q3 2023.

Adani Total Private Ltd will receive its first liquefied natural gas (LNG) cargo at the Dhamra terminal on India’s east coast in April and expects to start commercial operations 30 to 45 days after receiving the shipment, the Adani Group told Reuters.

The country’s production of natural gas last month was up 4% year/year.

Greece’s Gastrade said on Thursday it expects to take a final investment decision on developing a second gas floating storage and regasification unit (FSRU) off the country’s northern port of Alexandroupolis by the end of the year.

Venture Global will supply LNG from Plaquemines and CP2 facilities.