Day: March 23, 2023

In early March, the Energy Information Administration forecast that U.S. crude oil production would rise by close to 600,000 barrels daily this year to a record high of 12.44 million barrels daily. On the surface of it, the industry looked like it had …

The European energy crisis has fundamentally re-shaped global geopolitics. Runaway energy prices in Europe (which have devastating ripple effects on much of the rest of the world) are fundamentally a result of the West’s misguided reliance on a volatil…

Natural gas futures flipped positive early Thursday after a government inventory report proved bullish relative to recent years. However, it ultimately was not enough to ease festering supply/demand imbalance concerns. At A Glance: EIA prints 72 Bcf withdrawal Spring weather blossoming Production holds steady, stout The April Nymex gas futures contract lost 1.7 cents day/day…

The post Seasonally Steep Storage Pull Not Enough to Bolster Natural Gas Futures, Cash Prices appeared first on Natural Gas Intelligence

Private equity-backed Viridi Energy has begun building a landfill renewable natural gas (RNG) project in Ringle, WI, in partnership with the Marathon County Solid Waste Department. Viridi, sponsored by Warburg Pincus and Green Rock Energy Partners LLC, plans to produce RNG equal to more than three million gallons/year of gasoline, it noted.  “As the transition…

The post Viridi Launching Wisconsin RNG Project for Transportation Fuel appeared first on Natural Gas Intelligence

Against a consistent backdrop of lackluster natural gas demand, robust production, lagging exports and unseasonably solid storage inventories, forward prices continued to crumble during the March 16-22 period, according to NGI’s Forward Look. Natural gas fixed prices declined more than 30.0 cents on average for April, with several U.S. locations recording even steeper decreases for…

The post Spotlight on Southern California as Natural Gas Forward Prices Surge Amid Weak Macro Picture appeared first on Natural Gas Intelligence

North American natural gas prices are again testing $2.00/MMBtu as the market remains oversupplied amid light demand from a warmer than usual winter. The April New York Mercantile Exchange gas futures contract lost 1.7 cents day/day on Thursday and settled at $2.154. May fell 2.4 cents to $2.283. A day earlier, both shed more than…

The post North American Natural Gas Prices in Doldrums, but Industry Eyeing Longer Term Trends – Mexico Spotlight appeared first on Natural Gas Intelligence

A growing number of oil tankers, part of an unofficial “shadow” fleet, are transporting oil from countries impacted by Western sanctions. These tankers, moving oil from Iran, Russia, and Venezuela, have raised concerns about increased accidents and pot…

Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process. The big investment news in Mexico is Elon Musk’s intention to build a ~$5 billion Tesla plant in the thriving northern city…

The post Texas Natural Gas Big Part of Mexico Nearshoring Appeal — Column appeared first on Natural Gas Intelligence

As natural gas prices in Europe fell to a 20-month low, industries are switching back to using gas in a tentative sign that European industrial gas demand is rising. The front-month futures at the TTF hub, the benchmark for Europe’s gas trading, slumpe…

Crude oil exports from Venezuela have all but dried up as the government investigates oil contracts with a mountain of unpaid oil purchase bills to the tune of $21 billion. According to Reuters, the investigation, which has so far seen at least 20 arre…

Chinese leader Xi Jinping finished up a high-profile, three-day visit to Moscow that could have consequences for the future direction of the war in Ukraine. But as I reported here, there are extensive layers to this summit that go far beyond Russia’s i…

LNG vessel rates continue to plunge, recently hitting some of their lowest points in months, as more ships have become available to move the super-chilled fuel, particularly in the Atlantic Basin. Spark Commodities on Thursday assessed the roundtrip cost of moving an April cargo from the United States to Europe at $49,500/day, down $1,000 from…

The post LNG Vessel Rates Plummet as More Ships Available for Cargoes to Europe appeared first on Natural Gas Intelligence

Click here to listen to the latest episode of NGI’s Hub & Flow. Senior LNG editor Jamison Cocklin and special contributor Brad Hitch discuss Hitch’s new column that was launched for NGI’s LNG Insight earlier this year. Hitch, an industry veteran and a former LNG trader, discusses the need for better information in the global…

The post NGI LNG Columnist Brad Hitch Talks Big Changes in Global Natural Gas Market – Listen Now to NGI’s Hub & Flow appeared first on Natural Gas Intelligence

Electric vehicles are taking off. As an essential part of any viable pathway to reaching global emissions targets, the EV industry is currently the focus of a massive global acceleration, with massive backing from both the public and private sectors. B…

Copper prices are likely to hit a record high in the next 12 months, commodity trading major Trafigura has forecast, citing the rebound in China’s economy and short supply. Global inventories of the basic metal, which is essential for wind and solar po…

A deal between China and Russia over the Power of Siberia natural gas pipeline could be reached yet this year, according to new statements from Russian Deputy Prime Minister Alexander Novak. The planned Power of Siberia pipeline will carry 50 billion c…

BC project will be net zero during construction, and when operations begin in 2027. [Image credit: Woodfibre LNG]

Despite the fact it’s a fossil fuel, natural gas is still getting a lot of attention, with companies and governments continuing to fund new large-scale gas operations as the world begins its transition to green.  Several factors have helped create the …

Russia does not expect that findings on the Nord Stream blast investigations will be made public, Russia’s Foreign Minister Sergei Lavrov said on Thursday, according to Reuters. Russia has repeatedly claimed that it has been left out of various investi…

Russia does not expect that findings on the Nord Stream blast investigations will be made public, Russia’s Foreign Minister Sergei Lavrov said on Thursday, according to Reuters. Russia has repeatedly claimed that it has been left out of various investi…

Russia does not expect that findings on the Nord Stream blast investigations will be made public, Russia’s Foreign Minister Sergei Lavrov said on Thursday, according to Reuters. Russia has repeatedly claimed that it has been left out of various investi…

The Russian invasion of Ukraine has not only led to an increase in the shipment of sanctioned crude oil and petroleum products by a shadow fleet, but it is also escalating overall maritime security risks. A report by consultancy Vortexa indicates a ren…

The U.S. Energy Information Administration (EIA) on Thursday reported a withdrawal of 72 Bcf natural gas from storage for the week ended March 17. The result fell just shy of the median estimates produced by major polls but was bullish relative to recent history, supporting Nymex natural gas futures. At A Glance: BREAKING: U.S. EIA…

The post April Natural Gas Futures Rise as Shoulder Season Nears appeared first on Natural Gas Intelligence

Svante Inc., considered to be a leader in carbon capture technologies, and General Electric (GE) Gas Power have partnered to to decarbonize natural gas-fired turbines.  The joint development agreement (JDA) was reached a few months after GE agreed to help fund Svante in a $318 million Series E fundraising. “GE’s 130-plus years of experience in…

The post Svante, GE Looking to Capture Carbon from Natural Gas Turbines appeared first on Natural Gas Intelligence

New Asian LNG buyers are making forays into the spot market amid a drop in regional prices, but global volatility and the risk of more price spikes could create hurdles for government policies to reduce reliance on coal. Asian spot prices fell in February and March because of a mild winter, lower demand from Europe…

The post Emerging LNG Buyers May Struggle with Natural Gas Supply Costs as Import Projects Progress appeared first on Natural Gas Intelligence

The leaders of Georgia’s ruling party have been pushing a seemingly paradoxical allegation: that Western-funded NGOs supported what the party calls a Russia-sponsored protest movement against the construction of the Namakhvani hydropower plant (HPP) in…

Moscow wants a quick deal to replace lost European sales, but Beijing is in the driver’s seat on price.

Oil prices may be trading in a sweet spot for buyers, but it will take years to replenish the nation’s Strategic Petroleum Reserves, U.S. Energy Secretary Jennifer Granholm said.  When the Biden Administration sold off 221 million barrels of crude oil …

Strikes over the French government’s controversial pension reform plan have now entered their 16th day and are weighing on the power sector, refineries, LNG terminals and even disrupting nuclear reactor maintenance.  The ongoing protests are in respons…

Oil tankers are being rerouted to Rotterdam to avoid the French port of Le Havre as intensifying strikes disrupt the industry and protesters block airports and trains and clash with police against presidential plans to raise the pension age.  According…

The U.S. Energy Information Administration (EIA) on Thursday reported a withdrawal of 72 Bcf natural gas from storage for the week ended March 17. The result fell just shy of the median estimates produced by major polls but was bullish relative to recent history, supporting Nymex natural gas futures. Ahead of the 10:30 ET EIA…

The post April Natural Gas Futures Steady in Positive Territory After Nearly In-Line Storage Print   appeared first on Natural Gas Intelligence

Oil prices managed to stabilize on Thursday, recovering from their lowest levels since late 2021 earlier this week, as encouraging U.S. employment data balanced out negative indicators from Federal Reserve Chair Jerome Powell, who underscored risks in …

Gasoil stocks held in Asia have jumped since the EU’s ban on imports of Russian diesel came into effect on February 5 as Asian refiners now have to compete with Russia for diesel sales in Africa, traders and analysts have told Reuters. Ahead of the EU …

The global offshore is in the early innings of a multi-year upcycle, with deepwater natural gas production forecast to account for 25%-plus of total output by 2040. Natural gas and oil development is being lifted by several deepwater discoveries, according to analysts. Evercore ISI analysts said a Brent oil price “above $50/bbl is economic for…

The post Surf’s Up for Global Offshore Natural Gas, Oil Projects in Deepwater   appeared first on Natural Gas Intelligence

China is pressing ahead with plans to accelerate the already rapid rollout of renewable energy by developing clean energy in rural areas under a new action plan unveiled by authorities on Thursday. China’s provincial governments are expected to identif…

As TC Energy Corp. plans to continue investing billions to expand North American natural gas pipeline capacity through the decade, CEO Francois Poirier said political momentum for permitting reform and an appreciation for infrastructure could pave the way for expansions and greenfield projects to boost LNG exports. On the sidelines of the CERAWeek by S&P…

The post TC Eyes Haynesville Natural Gas as North America Growth Driver appeared first on Natural Gas Intelligence

Ahead of a potentially surplus-shrinking weekly government inventory report, the first in weeks, natural gas futures pared their losses in early trading Thursday. Coming off a 17.7-cent sell-off in the previous session, the April Nymex contract was up 3.1 cents to $2.202/MMBtu at around 8:40 a.m. ET. The Energy Information Administration’s (EIA) latest weekly natural…

The post Natural Gas Futures Pare Losses Early as EIA Storage Report Seen as ‘Inflection Point’ appeared first on Natural Gas Intelligence

At NGC, the role of the Commercial Group is to proactively identify and convert business opportunities into commercial agreements consistent with NGC’s strategic objectives.

Joe Biden, controlled and manipulated as he is by China and the corporatist world, is pursuing a net zero dream that is really a nightmare of impossibilities. Continue reading →

The post Biden Net Zero Goals Rely Mostly on Earlier Fuel Switching! appeared first on Natural Gas Now.

Russian Foreign Minister Sergei Lavrov said on Thursday that he did not expect that the findings of investigations into who was responsible for last year’s blasts on the Nord Stream gas pipelines would be made public.

The availability of LNG carriers, already tightened by the global energy crisis last year, is set to be squeezed even further by new environmental regulations that will prompt vessels to slow steam and thus increase journey times. [Gas in Transition, V…

Climate justice is a political correctness that means nothing more than more corrupt politics and it is dashing any hope whatsoever for the naive Climate Act. Continue reading →

The post Climate Justice Politics Derails Any Hope for NY Climate Act appeared first on Natural Gas Now.

The collaboration would give Phoenix access to Petronas’ branded marketing offerings while allowing Petronas to expand its footprint into the Philippines. [Image: Petronas]

China’s economic growth could exceed official targets and consumer mobility and spending could surge after the reopening to super-charge a renewed increase in energy commodity prices, especially crude oil, Wood Mackenzie said in a new report on Thursda…

LNG freight rates for Atlantic Basin spot LNG cargoes slid to below $50,000 per day on Thursday, the lowest level in over seven months, as natural gas prices in Europe drop with peak winter demand behind us. The Spark30S Atlantic LNG freight rates, ass…

Eastern Mediterranean-focused gas producer Energean on Thursday forecast its 2023 output would reach 131,000-158,000 barrels of oil equivalent (boed) per day after the start-up of its flagship Israeli Karish field.

Crude oil prices moved lower today as the Federal Reserve signaled the U.S. economy is not yet out of the woods and the EIA reported yet another weekly build in crude oil stocks. Although prices had inched up right after the Fed’s monetary policy meeti…

On Thursday, Surrey County Council and EV infrastructure company Connected Kerb announced plans to install 10,000 public EV charging points by 2030 in what would be the largest deployment of EV chargers by a UK local authority.    Surrey County and Con…

The second biggest U.S. liquefied natural gas (LNG) export plant, Freeport, has cancelled up to four shipments of LNG, due to restart snags after an eight-month-long outage, trading sources told Reuters.

The agreement relates to the provision of spares and maintenance services necessary to maintain the reliability of engines onboard Nakilat’s LNG vessels. [Image: Nakilat]

How very quickly we forget! SVB was far from the first ESG disaster. No, that would be Enron, which was as politically correct as it got and that’s what killed it. Continue reading →

The post Enron Was An ESG Pioneer, Too: That’s the Danger We Face! appeared first on Natural Gas Now.

How very quickly we forget! SVB was far from the first ESG disaster. No, that would be Enron, which was as politically correct as it got and that’s what killed it. Continue reading →

The post Enron Was An ESG Pioneer, Too: That’s the Danger We Face! appeared first on Natural Gas Now.