Day: March 31, 2023

Weekly natural gas cash prices powered forward as wintry chills and light supplies in the West overshadowed mild temperatures and light heating demand across most of the Lower 48. NGI’s Weekly Spot Gas National Avg. for the March 27-30 period climbed 20.0 cents to $2.520. As the trading week closed, SoCal Border Avg. was up…

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Natural gas futures, under pressure throughout the week and most of the past month, finished March on a high note alongside mounting export momentum that offset fading domestic weather demand. At A Glance: Freeport export volumes pop Weather-driven demand fades Texas cash market faces test The May Nymex gas futures contract, after dropping 8.0 cents…

The post LNG Strength Powers May Natural Gas Futures Momentum; Spot Prices Sink appeared first on Natural Gas Intelligence

The U.S. natural gas rig count dropped two units to finish at 160 for the week ended Friday (March 31), while a decline of one oil-directed rig dropped the combined total by three units to 755, updated numbers from Baker Hughes Co. (BKR) show. All of the domestic declines for the period occurred on land,…

The post Two Natural Gas Rigs Exit Patch as Domestic Drilling Activity Slows appeared first on Natural Gas Intelligence

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. Canadian utility Atco Pipelines SA de CV, like many other North American companies specialized in the energy sector, decided to embark on…

The post Atco Saga Highlights Deficiency in Mexico Natural Gas Project Development — Column appeared first on Natural Gas Intelligence

The selloff continued for the majority of U.S. natural gas forward markets in the final week of March as production proved too lofty amid declining weather-driven demand and healthy inventory levels.  The April contract rolled off the board between 10 and 20 cents lower, while the May contract – which took over the prompt-month position…

The post Natural Gas Forward Prices Slide Further as Rising LNG Demand No Match for Milder Weather appeared first on Natural Gas Intelligence

The European Union (EU) has reached a tentative agreement to accelerate the rollout of renewable energy and cut the bloc’s dependence on fossil fuels.  The deal between the European Parliament and the European Council would boost renewable energy’s share of the EU’s energy consumption to 42.5% by 2030, up from the current binding target of…

The post European Lawmakers Reach Deal to Speed Up Renewable Energy Output appeared first on Natural Gas Intelligence

Mexico’s Centro Nacional de Control del Gas Natural (Cenagas) has launched its first open season for firm natural gas transport capacity since President Andrés Manuel López Obrador took office in 2018. Cenagas, the independent operator of Mexico’s Sistrangas national pipeline network, is offering shippers 22.1 MMcf/d of uninterruptible capacity on the existing Valtierrilla-Cárdenas natural gas…

The post Mexico’s Cenagas Offering for Firm Natural Gas Pipeline Capacity, Said ‘Very Positive’ for Market  appeared first on Natural Gas Intelligence

U.S. crude oil exports hit an all-time high last year of 3.6 million b/d amid upheaval in global energy markets, according to the U.S. Energy Information Administration (EIA).  EIA said U.S. oil exports increased by 22% year/year, or 640,000 b/d, in 2022.  An increase in U.S. crude production, releases from the nation’s Strategic Petroleum Reserve…

The post U.S. Crude Exports Hit Record in 2022, Lifted by Shift in Trade Patterns appeared first on Natural Gas Intelligence

A slowdown in both oil and natural gas drilling saw the U.S. rig count fall three units to finish at 755 for the week ended Friday (March 31), according to updated figures published by Baker Hughes Co. (BKR). Domestic declines for the week included two natural gas-directed rigs and one oil-directed rig. All of the…

The post U.S. Drilling Total Down Three Amid Declines in Both Oil, Natural Gas Activity appeared first on Natural Gas Intelligence

May natural gas futures moved to the front of the curve for the first time Thursday and took a beating after a bearish storage print affirmed supply/demand imbalance concerns heading into shoulder season. The May Nymex gas futures contract lost 8.0 cents day/day and settled at $2.104/MMBtu. June fell 9.0 cents to $2.358. NGI’s Spot…

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Natural gas traders are scrambling to manage volatility and uncertainty in U.S. and global prices, resulting in a frenzy of hedging activity across the markets served by Intercontinental Exchange Inc., aka ICE. The financial futures and physical exchange operator said Thursday (March 30) that open interest across ICE North American natural gas futures had hit…

The post ICE Reports Record Liquidity Across U.S., Global Futures Amid Natural Gas Price Hedging Frenzy appeared first on Natural Gas Intelligence

The European Commission will extend its gas price cap system to all trading hubs in the European Union from May to prevent potential distortions to Europe’s energy markets, it said on Friday.

San Francisco-based Aether Fuels, whose focus is decarbonizing aviation and marine transportation, agreed to acquire Sustainable Syngas LLC (SSG) in a deal that would merge their carbon-neutral fuel-production technologies.  No financial details were provided about the transaction, which is expected to fast track Aether’s first commercial plant and project pipeline.  SSG has been focused on…

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The decline in U.S. natural gas prices, combined with elevated costs to drill a well, are forecast to slow down drilling and completions (D&C) activity in the gassy basins of the Lower 48. Rystad Energy Vice President Serik Omarov in a note said the gas price decline has created uncertainty for exploration and production (E&P)…

The post Natural Gas ‘Price Plunge’ Said to Make Even Top Basins Unattractive for Investment appeared first on Natural Gas Intelligence

Natural gas futures hovered close to even in early trading Friday as the market continued to mull spring-time balances following a lighter-than-expected withdrawal in the latest weekly storage data. The May Nymex contract was up 1.1 cents to $2.114/MMBtu at around 8:45 a.m. ET. The Energy Information Administration (EIA) on Thursday reported a 47 Bcf…

The post May Natural Gas Close to Unchanged Early as Traders Mull Balances appeared first on Natural Gas Intelligence

There is, indeed, little new under the sun, as our stories repeatedly demonstrate. Natural Gas – 100 Years Ago Today, March 31, 1923. Read our 100-year old news items on the subjects of Perrier natural gas, Amarillo by morning, a natural gas bargain, purity versus poison and growth one can see. Continue reading →

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Asian spot liquefied natural gas (LNG) this week hit its lowest since early July 2021 as weak demand and solid inventories in northeast Asia continued to pressure prices, while Europe prepared to exit winter with record inventories.

Canada’s province of Alberta – the heart of the country’s oil and gas industry – is expected to offer more support for carbon capture utilization and storage (CCUS) projects now that the federal government has its incentives in place, the federal natural resources minister told Reuters on Thursday.

Britain shortlisted for state support a project by BP and Equinor to build a large-scale gas power plant with carbon capture and storage (CCS), the government’s latest selection round showed on Thursday.