Day: April 28, 2023

Lingering cool weather provided modest support to spot natural gas prices across most of the United States during the April 24-27 trading period, which covered gas deliveries through April 30. However, warmer temperatures arriving on the West Coast led to sharp price declines there, leaving NGI’s Weekly Spot Gas National Avg. off a half-cent to…

The post Late-Season Heating Demand Fuels Weekly Spot Natural Gas Prices, while Technicals Lift Nymex Futures appeared first on Natural Gas Intelligence

As the U.S. attempts to rapidly expand its renewable energy capacity, with several major green companies emerging, so too are other countries around the world. Renewable startups have quickly risen to become major energy companies, with the potential t…

Natural gas futures ended the week on solid footing after notching two straight days in the green. Though the near-term outlook remains bearish, traders covered short positions ahead of the weekend. A fire on a small portion of a natural gas pipeline also fueled some of the early momentum for the June Nymex gas futures…

The post June Natural Gas Futures Stay Strong Despite Sinking LNG Demand, Mild Weather appeared first on Natural Gas Intelligence

Crude oil prices fell earlier today, starting the week with a decline on expectations of another rate hike by the Fed that combined with weaker-than-expected economic data from China to erase previous gains. In morning trade in Asia Brent crude had fal…

The multibillion-dollar initial public offering of the gas business of Emirati ADNOC sent the UAE to the top spot among Gulf states in terms of IPO proceeds for the first quarter of the year. The $2.5-billion listing brought the UAE’s total IPO proceed…

The United States recently confiscated a cargo of Iranian crude oil from a tanker at sea, according to a maritime security company, indicating that the seizure pre-dated Iran’s move to seize Chevron’s cargo of crude oil on Thursday off the coast of Oma…

Certainly, there a plenty of horror stories about possible disasters awaiting us from emerging technologies. I’ve written about two of them: 1) the possibility of small cheap, AI-guided drones used to commit mass slaughter (or targeted assassinations) …

The State of New York is set to become the first state to outright ban all new natural gas hookups in new buildings as part of a scheme to go all-electric, media reported on Friday. The Washington Post reported on Friday that a handshake deal between D…

The State of New York is set to become the first state to outright ban all new natural gas hookups in new buildings as part of a scheme to go all-electric, media reported on Friday. The Washington Post reported on Friday that a handshake deal between D…

The State of New York is set to become the first state to outright ban all new natural gas hookups in new buildings as part of a scheme to go all-electric, media reported on Friday. The Washington Post reported on Friday that a handshake deal between D…

The Renewable E Index, under the ticker Renew-MX, made history in April, becoming the first-ever index on the Mexican Stock Exchange to measure companies’ transition to cleaner fuel use. María Valencia, President of the Validation Committee for the Renewable E Index, spoke with NGI Mexico’s GPI about the index, how it applies to natural gas…

The post Mexico Renewable Stock Index Incentivizes Use of Transition Fuels, Committee President Says appeared first on Natural Gas Intelligence

With late spring cold waning, but convincing signs of early summer heat absent from the latest forecasts, regional natural gas forwards lost ground during the April 20-26 trading week, NGI’s Forward Look data show. Henry Hub fixed prices for June delivery gave up 9.0 cents for the period to finish at $2.132/MMBtu. Fixed price discounts…

The post Natural Gas Forwards Slide as Shoulder Season Temperatures Leave Market Waiting on Summer Heat appeared first on Natural Gas Intelligence

TotalEnergies SE said its LNG sales slipped in the first quarter as a result of lower spot volumes linked to a decline in European demand during a mild winter. The company, a major global liquefied natural gas player, reported selling 11 million tons of the super-chilled fuel during the period, down 13% sequentially and 17%…

The post Drop in European Natural Gas Demand Weighs on TotalEnergies First Quarter Results appeared first on Natural Gas Intelligence

Norway will nationalize all of its natural gas pipelines within the next five years, the country’s oil and energy ministry said on Friday. The nationalization plan would provide Norway with greater control over its critical infrastructure. Standing in …

Norway will nationalize all of its natural gas pipelines within the next five years, the country’s oil and energy ministry said on Friday. The nationalization plan would provide Norway with greater control over its critical infrastructure. Standing in …

Norway will nationalize all of its natural gas pipelines within the next five years, the country’s oil and energy ministry said on Friday. The nationalization plan would provide Norway with greater control over its critical infrastructure. Standing in …

Norway will nationalize all of its natural gas pipelines within the next five years, the country’s oil and energy ministry said on Friday. The nationalization plan would provide Norway with greater control over its critical infrastructure. Standing in …

Jera Co. Inc. has signed on as an offtaker from Venture Global LNG Inc.’s CP2 export project under development in Cameron Parish, LA.  Jera, Japan’s largest power company, has agreed to buy 1 million metric tons/year (mmty) of liquefied natural gas from CP2. Jera would buy the super-chilled fuel for a term of 20-years on…

The post Over One-Third of CP2 LNG Capacity Under Contract After Venture Global Signs Up Jera appeared first on Natural Gas Intelligence

In February 2022, the EU imposed sanctions on Russia in response to the Russian invasion of Ukraine. The sanctions at this point included restrictive measures (individual sanctions), economic sanctions, and visa measures. The sanctions aimed to disrupt…

The U.S. natural gas rig count climbed two units to 161 for the week ended Friday (April 28), while a mix of regional activity changes left the domestic oil drilling count unchanged at 591, according to the latest figures from Baker Hughes Co. (BKR). The combined domestic rig count ended the period two units higher…

The post Two Natural Gas Rigs Added in U.S. as Oil Count Steady, Baker Hughes Data Show appeared first on Natural Gas Intelligence

The U.S. House of Representatives, led by Republicans, is set to vote later on Friday on legislation to repeal the Biden Administration’s two-year pause on tariffs of imports from several Southeast Asian solar panel producers. President Biden announced…

Gas production, prices both lower than a year ago.

Despite a drop in oil and gas prices, Chevron Corporation (NYSE: CVX) beat analyst expectations in its first-quarter earnings, which rose on the back of higher margins on refined product sales. Chevron on Friday reported earnings of $6.6 billion, or $3…

The United States recently confiscated a cargo of Iranian crude oil from a tanker at sea, according to a maritime security company, indicating that the seizure pre-dated Iran’s move to seize Chevron’s cargo of crude oil on Thursday off the coast of Oma…

The total number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published Friday, after rising by 5 last week. The total rig count rose to 755 this week—57 rigs higher than the rig count …

As governments worldwide push a shift away from internal combustion engine (ICE) vehicles to electric vehicles (EV) to help decarbonise, the race to manufacture a wide range of EV models is well underway. As well as electric car companies, most major a…

Natural gas futures continued to teeter-totter early Thursday amid little change in bearish near-term supply/demand balances. The June Nymex gas futures contract, marking its debut at the front of the curve, eventually settled 5.0 cents higher day/day at $2.355/MMBtu. Spot gas, which traded Thursday for gas deliveries through Sunday, declined as national demand was expected…

The post Natural Gas Futures Climb Despite Hefty Storage Build appeared first on Natural Gas Intelligence

The State of New York is set to become the first state to outright ban all new natural gas hookups in new buildings as part of a scheme to go all-electric, media reported on Friday. The Washington Post reported on Friday that a handshake deal between D…

Natural gas flows south of Mississippi and into Louisiana have been limited on the Columbia Gulf Pipeline while crews work to restore partial service after a suspected early morning lightning strike. Columbia Gas Transmission LLC (CGT), owned by TC Energy Corp., alerted customers through its bulletin system Friday morning that the strike likely caused a…

The post Fire Limits Columbia Gulf Pipeline Natural Gas Flows South of Mississippi as Crews Work to Restore Partial Service appeared first on Natural Gas Intelligence

Oil prices are set to rise toward $90 per barrel by the end of this year, driven by Chinese demand and a tightening market following OPEC+’s latest production cuts, a Reuters survey of 40 analysts and economists showed on Friday. According to the exper…

ExxonMobil (NYSE: XOM) easily beat the consensus estimates as it reported on Friday record first-quarter earnings that were more than double compared to a year ago as higher oil and gas production offset lower commodity prices. Exxon reported record fi…

Exxon will go ahead with a $12.7-billion oil development off the coast of Guyana after the country’s government gave its final approval to the project. The Uaru project is expected to boost the company’s production in Guyana by a quarter of a million b…

More than a year after the invasion of Ukraine, it still remains unlikely that Russia will regain its role as the European Union’s (EU) leading natural gas supplier, but an eventual increase in the country’s exports to the continent isn’t out of the question.  A top supplier to the EU, Russia exported about 140 billion…

The post Despite Diminished Role, More Russian Natural Gas Could One Day Flow to Europe Again  appeared first on Natural Gas Intelligence

Detroit-based DTE Energy is continuing to upgrade its natural gas system after recovering from “the most challenging two-week storm period” DTE ever faced, CEO Jerry Norcia said during the first quarter earnings call.  “Michigan’s weather has dramatically changed in recent years,” Norcia said during the quarterly update on Thursday (Apr. 27). For example, he noted…

The post Weather Events No Match for Natural Gas, Electric System Upgrades, Says DTE Energy appeared first on Natural Gas Intelligence

Venture Global LNG has signed a 20-year deal to sell 1 million tons per year of liquefied natural gas from its upcoming CP2 LNG export facility in Louisiana to Japanese customer JERA, the U.S. LNG exporter said on Friday. The CP2 LNG export terminal wi…

Russia’s government is mulling over fuel subsidy cuts or a windfall tax for the oil industry in a bid to offset the sharp drop in oil and gas revenues amid the Western sanction push following Moscow’s invasion of Ukraine. Bloomberg cited unnamed source…

Demand for assets and services remained strong through reporting period. [Image: Coastal Gas Link]

With earnings season in full swing, big players like Exxon, Halliburton and Baker Hughes have posted strong results despite lower crude prices in Q1. Friday, April 28, 2023 Oil prices have stabilized around $78 per barrel for ICE Brent and $74 per barr…

Two Senators have urged President Biden to give the Department of Homeland Security powers to resume seizure of Iranian oil cargos. In a letter cited by Reuters, Senators Joni Ernst (R) and Richard Blumenthal (D) wrote that the DHS’s Homeland Security …

Appalachian Basin pure-play EQT Corp. is equipped to weather the current downturn in natural gas prices and expects a tighter supply/demand balance later this year and into 2024, management said Thursday. CEO Toby Rice hosted a conference call to discuss the largest U.S. gas producer’s first quarter earnings. “While the current natural gas macro environment…

The post EQT CEO Sees ‘Improving Natural Gas Macro Fundamentals’ Ahead, Touts Low Breakeven Appalachian Assets appeared first on Natural Gas Intelligence

Natural gas futures were surging in early-morning trading Friday as the market reacted to reports of volumes being shut in at a Columbia Gulf compressor station in Mississippi following a lightning strike. After trading around $2.300/MMBtu as of 8 a.m. ET, the June contract quickly shot up to above $2.500 shortly after 8:30 a.m. ET.…

The post Lightning Reportedly Strikes as Columbia Gulf Fire Appears to Spark Natural Gas Futures Rally appeared first on Natural Gas Intelligence

Oil prices were on course early on Friday to post a second consecutive weekly loss as concerns about the economy trumped larger-than-expected draw in U.S. commercial oil stocks.Brent Crude prices fell this week below the $80 per barrel threshold as neg…

The unaffected elites of the European Union, already sworn to replace its population with Mideast immigrants, have now decided to force economic suicide, too. Continue reading →

The post European Union Opts for Civilizational Suicide appeared first on Natural Gas Now.

The unaffected elites of the European Union, already sworn to replace its population with Mideast immigrants, have now decided to force economic suicide, too. Continue reading →

The post European Union Opts for Civilizational Suicide appeared first on Natural Gas Now.

Exxon Mobil Corp on Friday reported a record first-quarter profit that was more than double a year ago and topped Wall Street estimates as rising oil and gas output overcame a pullback in energy prices from high levels.

Renewable energy accounted for 50.3% of Germany’s power consumption in the first three months of the year, data from utility group BDEW and the Centre for Solar Energy and Hydrogen Research (ZSW) showed on Friday.

There is, indeed, little new under the sun, as our stories repeatedly demonstrate. Natural Gas – 100 Years Ago Today, April 28, 1923. Read our 100-year old news items on the subjects of making natural gas do useful work, New York getting Pennsylvania gas before Pennsylvanians, Utah natural gas discoveries, big jobs for the gas man and oil competes with coal and natural gas. Continue reading →

The post Natural Gas – 100 Years Ago Today, April 28, 1923! appeared first on Natural Gas Now.

Norway’s plans to nationalise most of its gas pipeline network came as a surprise, one of the current owners in the network said on Friday.

The revenue was down 13% quarter/quarter, however, due to lower realised commodity price. [Image: APLNG]

Japan’s biggest power generator, JERA, predicted on Friday a jump in net profit for the year just begun, driven by weaker fuel prices and a recent resumption in imports of liquefied natural gas from the U.S. Freeport LNG plant after a fire.

Natural gas production was 9% higher, offsetting 31% lower commodity prices.

The LNG will be supplied from the CP2 project in the US.

PetroVietnam Gas has issued a buy tender seeking its first cargo of liquefied natural gas (LNG) to commission an import terminal in the country’s southern province, said two sources on Friday.

The profit was impacted due to lower realised oil price.

West Texas Intermediate Midland crude is about to be added to the Brent benchmark contract this June. This would be the first time a non-North Sea crude has been added to the benchmark basket. And it will change the oil market forever. First, however, …