Day: May 1, 2023

U.S. shale production is still growing but at a much slower pace than before. A combination of cost inflation and mixed messages from the Biden Administration have left some observers worried about the prospect of peak production. Shale executives say …

Natural gas futures fizzled on Monday, giving up ground as forecasts pointed to mild May weather and as production held at stout levels. The June Nymex gas futures contract settled at $2.318/MMBtu, down 9.2 cents day/day. The prompt month had gained 5.5 cents on Friday. The July contract on Monday shed 8.0 cents to $2.498.…

The post June Natural Gas Futures Fail to Sustain Momentum Amid Soft Demand Outlook, Strong Production appeared first on Natural Gas Intelligence

Natural gas has been hailed as the bridge between a fossil fuel past and a low-carbon future. It has also been demonized as a Trojan horse for the fossil fuel industry to continue to be relevant in that low-carbon future envisioned by the architects of…

Evidence of tightening in the South Central United States sparked a recovery in local May bidweek natural gas prices, while moderating weather extended the sell-off for other areas of the Lower 48. NGI’s May Bidweek National Avg. ultimately fell 16.0 cents from the previous month to $2.020/MMBtu. The May 2023 bidweek average is a far…

The post May Natural Gas Bidweek Prices Mixed as Strong LNG, Power Burns Counter Modest Weather Demand appeared first on Natural Gas Intelligence

The recent comment by the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al Ghais, that the International Energy Agency (IEA) should be “very careful about further undermining” oil industry investments highlights…

New York State is poised to ban natural gas hookups in construction of new residential buildings by the end of 2025 after Gov. Kathy Hochul (D) announced an agreement on the state’s 2024 budget.  “We’re going to be the first state of the nation to advance zero-emission new homes and buildings, beginning in 2025 for…

The post New York Budget Proposal Bans Natural Gas Hookups in New Homes, Phases Out Peaker Plants appeared first on Natural Gas Intelligence

Natural gas and oil operations in eight Ohio counties alone provided $364 million in property taxes between 2010 and 2021, with taxes in 2020 and 2021 reaching record highs. Ohio’s top ranking counties for property tax generation in 2021, the most recent year for data, were Belmont ($17.26 million), Jefferson ($11.19 million) and Monroe ($10.63…

The post Ohio’s Natural Gas, Oil Property Taxes Lifting State Coffers appeared first on Natural Gas Intelligence

News last week from Iraq Oil Ministry sources that the first stage of a gas processing facility at the Halfaya oil field is now expected to come online ahead by early 2024, ahead of schedule, is crucial for the country’s future in three respects. First…

Oilfield services (OFS) companies continue to report steady growth in revenue and upstream activity throughout Latin America, with onshore and offshore operations each playing a role. Halliburton Co. reported a 40% year/year increase in Latin America revenue to $915 million during the first quarter. The growth was “due primarily to increased well construction services and…

The post Latin America Driving Global Natural Gas, Oil Activity Growth, Say OFS Firms appeared first on Natural Gas Intelligence

The LNG market was again muted as the week got underway with hotter weather and restocking demand still in the offing. In Europe, the prompt Title Transfer Facility (TTF) gained just a penny in a quiet day of trading amid labor holidays across the continent. The June contract gave up 4% last week to finish…

The post LNG Market Shifting Attention to Summer as Demand Remains Weak Across Asia, Europe – LNG Recap appeared first on Natural Gas Intelligence

Despite falling oil and gas prices, BP on Tuesday reported $5 billion in profits for the first quarter, higher than the earnings for the fourth quarter of 2022 and above consensus estimates, thanks to what it described as “exceptional” gas trading and …

A new report by the Center for Research on Energy and Clean Air (CREA) has found that European countries that banned Russian oil imports are instead importing huge amounts of oil commodities from India, China, United Arab Emirates, Singapore and Turkey…

Russia’s oil and gas revenues have rebounded from recent lows and the country is gearing up to resume purchases of foreign currency as early as this month, according to Bloomberg Economics. The country’s revenues from energy exports were hurt by Wester…

Over the last decade, banks have had a very hot and cold relationship with divesting from coal. As calls to defund the world’s dirtiest fossil fuel have ramped up, big banks have increasingly agreed to sever ties with coal enterprises – but they haven’…

Exports of natural gas from Libya to Europe are expected to be significantly lower this month compared to normal levels, due to a three-week maintenance program at the Mellitah Industrial Complex in the North African oil and gas producer. The Mellitah …

In 2019, the International Energy Agency (IEA) released Nuclear Power in a Clean Energy System, which highlights the importance of nuclear power in decarbonizing the world’s energy sector. The paper notes: “For advanced economies, nuclear has been the …

Brookfield Asset Management has disclosed plans to raise some $15 billion for a decarbonization push in the steelmaking industry using so-called green hydrogen. The firm recently launched the Brookfield Global Transition Fund II, which will invest in t…

Less than a month following the announcement of OPEC+ production cuts, oil prices have gone back to where they were before. As difficult as it is to fathom the real-time concerns of the oil group, in case the output target curtailments were a deliberat…

April cargo volumes were slightly below record March deliveries.

Exports of natural gas from Libya to Europe are expected to be significantly lower this month compared to normal levels, due to a three-week maintenance program at the Mellitah Industrial Complex in the North African oil and gas producer. The Mellitah …

U.S. crude oil exports for the month of April have surpassed forecasts, hitting a record 4.5 million barrels per day in March thanks to rising fuel demand in China. U.S. crude exports grew 22% last year from 2021 after Russia’s invasion of Ukraine led …

The Biden Administration, which last year proposed to include electric vehicle charging from renewable electricity in the renewable fuel standard, could delay a decision on giving the so-called eRIN tradable credits to EVs over concerns about expected …

        California’s regulators have unanimously voted to move with a plan to ban the sales of new diesel trucks as of 2036 as part of the state’s push to clean up its transportation sector emissions. Late last week, the California Air Resources Board …

Aitken Creek is BC’s only underground storage facility.

TC Energy Corp. is working to expand natural gas takeaway capacity from the Western Canadian Sedimentary Basin (WCSB) amid record demand for the fuel across North America, management said. CEO François Poirier hosted a conference call last Friday to discuss the Calgary-based pipeline giant’s first quarter earnings. He was joined by Greg Grant, president of…

The post TC Energy Eyeing Alberta Natural Gas Egress as CGL, Southeast Gateway Advance appeared first on Natural Gas Intelligence

The northern hemisphere experienced higher-than-average temperatures this past winter, which helped alleviate energy crunches and sent liquefied natural gas prices tumbling from record-high levels. Now the world’s largest gas buyer expects another pric…

The Biden Administration, which last year proposed to include electric vehicle charging from renewable electricity in the renewable fuel standard, could delay a decision on giving the so-called eRIN tradable credits to EVs over concerns about expected …

Any attempts by California to penalize oil and natural gas producers for what state leaders may consider to be excess profits will likely backfire, Chevron Corp. CEO Mike Wirth said Friday. During the first quarter conference call, Wirth was asked about a rulemaking process underway in the company’s home state. Spearheaded by Democratic Gov. Gavin…

The post Chevron CEO Warns Punitive Penalties for Excess Oil, Gas Profits May Discourage Investment appeared first on Natural Gas Intelligence

ExxonMobil’s natural gas, crude, power and petroleum products trading as of June 1 will become “one centralized trading organization for the whole corporation,” able to stand with any global competitor, CEO Darren Woods said Friday. The new Global Trading arm has been in the works in some form or fashion since 2018, Woods said during…

The post ExxonMobil’s Global Trading Arm Aiming to Leverage Heft in Natural Gas, Oil and Refinery Operations appeared first on Natural Gas Intelligence

Fading heating demand and the potential for hefty storage injections in the upcoming weeks pressured natural gas futures lower in early trading Monday. The June Nymex contract was off 4.5 cents to $2.365/MMBtu at around 8:40 a.m. ET. Trends were mixed in the weekend weather data, with the American model adding 9 total degree days…

The post May Shaping Up to Deliver ‘Gigantic’ Storage Builds as Natural Gas Futures Slide Early appeared first on Natural Gas Intelligence

Earth Day is now marked and promoted by people who supposedly “know better” what is right for us, as they reject American capitalism and individual freedom. Continue reading →

The post Earth Day: A Look Back…What Happened? appeared first on Natural Gas Now.

Earth Day is now marked and promoted by people who supposedly “know better” what is right for us, as they reject American capitalism and individual freedom. Continue reading →

The post Earth Day: A Look Back…What Happened? appeared first on Natural Gas Now.

Russia temporarily halted gas supplies to Armenia on Monday for four days to conduct planned maintenance on a major gas pipeline, Gazprom Armenia said in a statement.

The Shale Gas News, heard every Saturday at 10 AM on 94.3 FM, 1510 AM, 1600 AM, 104.1 FM and Sundays on YesFM, talked about Chesapeake Energy, Renovo power plant, natgas productionand much more last week. Continue reading →

The post Shale Gas News – April 29, 2023 appeared first on Natural Gas Now.

Investment in new oil and gas production will still be needed in the energy transition as demand will still be there over the next few decades, Mark Carney, former governor of the Bank of Canada and the Bank of England, said in an interview with CTV on…

Diesel and gasoline are being smuggled out of Iran to neighboring countries where fuel prices are much higher than in the Islamic Republic, according to analysts and officials. Some 58,000 barrels per day (bpd) of domestic diesel supply is not going fo…

The primary listing on a stock market in Europe is the main reason for the discount at which TotalEnergies’ stock trades relative to the market value fundamentals of its U.S. competitors, TotalEnergies’ chief executive Patrick Pouyanné has said at meet…

Saudi Aramco has unseated Microsoft from the place of the world’s second-largest company in terms of market value, boasting $2.11 trillion in value, second only to Apple. The change in ranking occurred last month after Aramco’s shares rose on the news …

Santos had in September received a binding conditional offer from Kumul to acquire a 5% interest in PNG LNG for an asset value of $1.4bn.

Canadian energy pipeline operator TC Energy Corp said on Saturday that unit completed repairs on a portion of its Columbia Gulf Transmission gas transmission line in Mississippi that was halted a day earlier.

The CEO of Italian oil and gas company Eni, Claudio Descalzi, has said he does not expect any “big shocks” on the energy markets this year.

BP’s interest in the project will increase to 44%.