Day: March 2, 2023

Natural gas futures fell for the first time in seven sessions on Thursday after a federal inventory report showed robust supplies and modest demand through the end of February. However, losses were modest, and analysts said another rally may soon commence amid signs of falling production, a bump in LNG demand and anticipated rounds of…

The post Natural Gas Futures Snap Six-Day Streak of Gains After Anemic Storage Print; Spot Prices Advance appeared first on Natural Gas Intelligence

On Thursday, U.S. natural gas futures fell for the first time in seven sessions. The April New York Mercantile Exchange gas futures contract slipped 4.6 cents day/day and settled at $2.765/MMBtu. May fell 4.4 cents to $2.899. The previous rally has proved minor and the overall plunge in U.S. prices remains dramatic. Last August, Henry…

The post Nearshoring Grabbing Headlines as U.S. Natural Gas Producers Set to Pull Back – Mexico Spotlight appeared first on Natural Gas Intelligence

EOG Resources Inc., a multi-basin exploration and production firm, said its strong fourth quarter and full-year 2022 results were powered by robust natural gas and oil demand, price spikes and steady production activity. For the year, EOG said, the natural gas prices it fetched jumped 49% from a year earlier, while crude prices increased 42%.…

The post EOG Resources Trumpets Optimistic Outlook For Natural Gas, Oil Volumes appeared first on Natural Gas Intelligence

The European Union (EU) is on track to start joint natural gas purchases before the summer, with most member states and some nonmember states indicating the assistance they will need to refill storage inventories ahead of next winter, said European Commission (EC) Vice President Maros Sefcovic. Sefcovic in a press briefing on Thursday said after…

The post Europe Appears On Schedule to Pool Natural Gas Demand This Summer appeared first on Natural Gas Intelligence

Natural gas forward prices escalated across the Lower 48 throughout the Feb. 23-March 1 period, with a continuation of winter storms fueling sharp premiums on the West Coast, according to NGI’s Forward Look. Fixed prices remain low overall as benchmark Henry Hub stood Wednesday at $2.819/MMBtu for April. That has prompted some power generators to…

The post Record-Breaking Snowstorms Hit West Coast, Driving Massive Price Increases Along Forward Curve appeared first on Natural Gas Intelligence

Italian engineering contractor Saipem SpA said this week it has agreed to restart work in July on TotalEnergies SE’s Mozambique LNG project. The 12.9 million metric tons/year project was suspended in 2021 amid rising violence in the area.

The post Contractor Expects Mozambique LNG Work to Resume in July – The Offtake appeared first on Natural Gas Intelligence

While some upstream firms have announced they are pulling back on production amid weaker natural gas prices, management at midstreamer Oneok Inc. is expecting another strong year. “Higher natural gas and natural gas liquids volumes, and strong fee-based earnings are expected to contribute to higher earnings in 2023 as we continue to focus on both…

The post Oneok Expecting Strong 2023 Despite Lower Natural Gas Prices appeared first on Natural Gas Intelligence

Natural gas futures forged higher for a sixth consecutive session on Wednesday as traders focused on weakening production and forecasts for chilly March conditions. The April Nymex gas futures contract settled at $2.811/MMBtu, up 6.4 cents day/day. May rose 8.0 cents to $2.943. At A Glance: BREAKING: U.S. EIA reports 81 Bcf withdrawal from stocks…

The post Natural Gas Futures, Spot Prices Power Forward Wednesday After Production Slips appeared first on Natural Gas Intelligence

Regulatory approval has been requested for restart of third of three trains. [Image credit: Freeport LNG]

Operations are also expanding at its Emissions Testing Centre. [Image credit: Tourmaline Oil]

The International Energy Agency (IEA) anticipates that price volatility and intense competition over LNG volumes could heat up again this year despite months of falling prices, but the outlook is still “highly uncertain,” especially when it comes to Chinese demand. Europe’s rush to fill winter storage and replace Russian pipeline flows last year with pricey…

The post China’s LNG Demand Considered ‘Great Unknown’ for Global Price Volatility appeared first on Natural Gas Intelligence

Occidental Petroleum Corp. is targeting substantial growth in Permian Basin production volumes while continuing to advance its carbon capture, utilization and storage (CCUS) business, according to management.  Houston-based Occidental, better known as Oxy, is among the largest U.S. oil and gas producers, with domestic operations focused largely on the Permian and Rockies regions, as well…

The post Oxy Eyeing 12% Permian Oil, Natural Gas Production Growth as CCUS Projects Advance appeared first on Natural Gas Intelligence

Deutsche Bank on Thursday tightened its coal financing policies but has yet to change its criteria for the oil and gas industries, drawing criticism from climate activists.

Utilities pulled 81 Bcf of natural gas from storage for the week ended Feb. 24, the U.S. Energy Information Administration (EIA) reported Thursday. The result proved slightly steeper than forecasts but anemic relative to averages, driving Nymex natural gas futures into the red. Ahead of the 10:30 ET release, the April futures contract was essentially…

The post Weak Winter Storage Withdrawal Sends Natural Gas Futures Lower appeared first on Natural Gas Intelligence

Click here to listen to the latest episode of NGI’s Hub & Flow in which Senior Price and Markets Editor Leticia Gonzales joins Associate Editor Morgan Evans to discuss the unique natural gas price environment in California this winter.  Gonzales details how high natural gas prices soared in the Golden State, how they compared to…

The post Infrastructure, Storage, Weather Trifecta Lift California’s Natural Gas Prices – Listen Now to NGI’s Hub & Flow appeared first on Natural Gas Intelligence

International explorer APA Corp. remains focused on producing its U.S. oil and natural gas assets, but the company will follow the commodity price to determine where it will drill, according to the CEO. During the recent quarterly conference call, CEO John Christmann IV and the executive team shared the strong results. The United States “exceeded…

The post Oil Remains Top Target for APA, but Toggling to Alpine High Natural Gas When Prices Climb appeared first on Natural Gas Intelligence

As a deluge of adverse circumstances in 2022 nearly doubled natural gas spending by Pacific Gas and Electric Corp. (PG&E), CEO Patricia Poppe said the San Francisco-based company is “laser focused on affordability” as customers face higher-than-normal bills.  The cost of natural gas nearly doubled year/year to $2.1 billion in 2022 from  $1.15 billion in…

The post PG&E Said Saving Natural Gas Customers ‘Well Over $1B’ by Diversifying Pipeline Capacity, Hedging appeared first on Natural Gas Intelligence

Warmer-trending forecasts saw natural gas futures ease lower early Thursday as traders awaited the latest government storage data, expected to show another unseasonably light winter withdrawal. The April Nymex futures contract was off 2.1 cents to $2.790/MMBtu at around 8:40 a.m. ET. Surveys show market expectations centered around a withdrawal in the mid-70s Bcf for…

The post Natural Gas Futures Ease Lower Ahead of EIA Report Amid Warmer Forecast Trends appeared first on Natural Gas Intelligence

Contrary to government plans, India’s natural gas use declined last year. LNG import plans have fallen by the wayside and coal consumption has risen. [Gas in Transition, Volume 3, Issue 1]

Roger Caiazza confronts a Democrat Assembyman in Kathy Hochul’s New York and finds a Climate Act lemming determined to remain ignorant and loyal to his leader. Continue reading →

The post Climate Act Lemmings Herd Up to Go Over the Cliff for Hochul appeared first on Natural Gas Now.

Investing in legacy energy assets and renewables at same time

Investing in legacy energy assets and renewables at same time

Ukraine plans to have 15 billion cubic meters (bcm) of gas in storage for the 2023/24 heating season despite Russia’s invasion, the head of state energy firm Naftogaz said.

The Australian company is targeting up to four sources of gas production to come online by the end of 2025, commencing with Walyering.

ASX-listed Talon has acquired 25% interest in Triangle Energy’s L7 and EP437 onshore Perth basin permits.

NSE said that the addition of these contracts will expand its product offering in the energy basket as well as its overall commodity segment.

The Canadian Association of Petroleum Producers (CAPP) said on Wednesday it expects oil and natural gas investment in upstream production will reach C$40 billion ($29.4 billion) in 2023, surpassing pre-COVID levels.

The acquisition is aligned with the company’s strategy of focusing on low-cost, low-emission assets, TotalEnergies said.