Day: May 2, 2023

After a stellar run fueled by multi-decade-high commodity prices in 2022, the energy sector has become a laggard in 2023 as investors turn their attention to growth stocks in sectors like tech, software and IT.  With a year-to-date return of -3.8%, the…

Carbon capture projects and carbon removal credits have received new impetus with major government support over the past year as part of the solutions to cut greenhouse gas emissions and put the world on track to reach the Paris Agreement targets.  In …

Natural gas futures on Tuesday slumped for a second day, weighed down by weaker LNG volumes and forecasts for anemic weather-driven demand through much of May. The June Nymex gas futures contract fell 10.4 cents day/day and settled at $2.214/MMBtu. July lost 8.1 cents to $2.417. The prompt month had lost 9.2 cents the previous…

The post Benign Weather, Lighter LNG Volumes Pressure Natural Gas Futures; Spot Prices Slide appeared first on Natural Gas Intelligence

A hotter-than-usual spring and summer are putting India’s nascent renewable energy sector to the test. In Karnataka, the Indian state that produces the most renewable energy, temperatures have been around three to four degrees Celsius higher than the a…

Crude oil inventories in the United fell this week by 3.939 million barrels, the American Petroleum Institute (API) data showed on Tuesday, with analysts expecting a 1 million barrel draw. The total number of barrels of crude oil gained so far this yea…

Mexico’s private oil and natural gas industry has made major strides adding reserves and production since the sector was opened to non-state firms in 2014. The most recent major announcement was German company Wintershall Dea’s Kan-1 discovery. Wood Mackenzie Latin America analyst Adrian Lara said the discovery “is one of the largest in Mexico’s shallow…

The post Mexico Private E&Ps Reporting Major Finds, but Slowdown Expected Without New Rounds appeared first on Natural Gas Intelligence

  Julianne Geiger OPEC’s crude oil production fell last month to a level not seen in nearly a year, a Bloomberg survey showed on Tuesday. OPEC’s crude oil production fell 310,000 barrels per day in April to just 28.8 million bpd, the survey said. The g…

The European Union’s (EU) plans to significantly increase LNG import capacity continues to draw mixed opinions and raise concerns over whether the expansion would conflict with decarbonization targets and aspirations to dramatically boost renewable energy supplies this decade. To bring in enough LNG to gain independence from Russian natural gas, the EU aims to increase…

The post Europe’s LNG Infrastructure Buildout Seen Colliding With Climate Goals appeared first on Natural Gas Intelligence

The ebb and flow of Tesla vehicle prices continued this week, with the automaker raising the prices of its main models – the Model 3 and the Model Y – for the second time since the company’s earnings report. Bloomberg reported Tuesday morning that Tesl…

Cheniere Energy Inc. said Tuesday that it has already signed an agreement to supply LNG from a massive expansion of its Sabine Pass liquefaction (SPL) terminal in Louisiana just two months after it kicked off the federal permitting process.  CEO Jack Fusco told analysts during a call to discuss the company’s first quarter results that…

The post Cheniere Lands First Offtake Contract for Sabine Pass Expansion  appeared first on Natural Gas Intelligence

Strong global natural gas marketing and trading lifted BP plc in the first three months of this year, helping the company overcome low commodity prices as the integrated major also leaned in to secure opportunities to expand in the United States and overseas. CFO Murray Auchincloss led a conference call Tuesday to discuss the latest…

The post BP Beats in First Quarter on ‘Exceptional’ Natural Gas Marketing and Trading appeared first on Natural Gas Intelligence

Crude oil inventories in the United fell this week by 3.939 million barrels, the American Petroleum Institute (API) data showed on Tuesday, with analysts expecting a 1 million barrel draw. The total number of barrels of crude oil gained so far this yea…

Despite Russia’s professed plan to scale back its crude oil production, the country’s seaborne crude oil exports reached 4 million barrels per day. It is only the second time a level that high has been achieved since Russia invaded Ukraine. Russia warn…

Whenever there is an argument about the sufficiency of resources to meet the demands of our voracious industrial economy, those defending the cornucopian view say, “But, we are not running out of that resource.” Of course, that is not the point. It is …

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 Natural Gas Futures Fizzle Amid Weakening Demand Outlook appeared first on Natural Gas Intelligence

Saudi Arabia, the UAE, Algeria, Egypt, Bahrain, and Iran have formally asked to join the BRICS group of nations as it prepares to hold its annual summit in South Africa. In total, 19 nations have expressed interest in joining the emerging-markets bloc …

Airlines are finally emerging from the gloom of the global pandemic. Having weathered record fuel prices and a sharp downturn in customers, the industry is looking forward to a surge in demand, with major airlines forecasting bumper profits for 2023.  …

Project dealt another legal setback in April by US Court of Appeals; updates with introduction of federal permitting legislation.

The company was planning to develop its second facility at Fujairah.

NextDecade Corp. CEO Matthew Schatzman said FERC’s recent order reaffirming its approval for Rio Grande LNG was a crucial milestone that’s likely to vault sanctioning of the project across the finish line. Editor’s Note: This segment is part of a regular series by NGI’s LNG Insight, shared on a one-time basis with NGI’s Daily Gas…

The post NextDecade CEO Sees LNG Prices Rising as Cost to Build New Capacity Continues Increasing appeared first on Natural Gas Intelligence

Crude oil prices were sent tumbling on Tuesday morning, with WTI falling below $73 per barrel, with Brent falling below $77 per barrel on jitters about the economy. Oil futures are set to finish out the day on Tuesday at their lowest levels since the e…

Crude oil prices were sent tumbling on Tuesday morning, with WTI falling below $73 per barrel, with Brent falling below $77 per barrel on jitters about the economy. Oil futures are set to finish out the day on Tuesday at their lowest levels since the e…

Crude oil prices were sent tumbling on Tuesday morning, with WTI falling below $73 per barrel, with Brent falling below $77 per barrel on jitters about the economy. Oil futures are set to finish out the day on Tuesday at their lowest levels since the e…

Crude oil prices were sent tumbling on Tuesday morning, with WTI falling below $73 per barrel, with Brent falling below $77 per barrel on jitters about the economy. Oil futures are set to finish out the day on Tuesday at their lowest levels since the e…

Guidance for 2023 EBITDA and distributable cash flow both increased. [Image: Cheniere Energy]

Oil prices continued to sell off on Tuesday morning, with WTI losing more than 3.5% after China’s PMI data for April came in lower than expected. Chart of the Week Last Hurrah for the US Gulf of Mexico – Ever since Pure Oil drilled its first well appro…

BP has paid around $1 billion in taxes on its UK North Sea profits since the so-called windfall tax was introduced in May 2022, according to estimates from Bloomberg. During the first quarter of 2023, BP paid around $300 million for the Energy Profits …

BP has paid around $1 billion in taxes on its UK North Sea profits since the so-called windfall tax was introduced in May 2022, according to estimates from Bloomberg. During the first quarter of 2023, BP paid around $300 million for the Energy Profits …

The biggest developing economies and largest coal consumers, India and China, are seeking a G20 pledge that would leave countries to decide on “multiple energy pathways” to reduce emissions instead of setting a firm deadline for phasing out the use of …

The biggest developing economies and largest coal consumers, India and China, are seeking a G20 pledge that would leave countries to decide on “multiple energy pathways” to reduce emissions instead of setting a firm deadline for phasing out the use of …

Southwestern Energy Co. continues to focus on decreasing dry gas completion activity, which includes releasing a hydraulic fracturing fleet in the Haynesville Shale, while maintaining its liquids-rich activity level in West Virginia and Ohio. “Despite the near-term commodity price weakness due to relatively high inventory levels following a record warm winter, we continue to see…

The post Southwestern Maintains Natural Gas Activity Cuts, Eyes ‘Strong Structural Support’ Longer Term appeared first on Natural Gas Intelligence

Energy expert Anas Alhajji shared a video on Twitter that appears to show, according to his description, “An oil tanker, known for transporting Iranian oil, catching fire off the coast of Malaysia.” An oil tanker with a history of shipping Iranian oil …

Montney Shale natural gas storage capacity has changed owners as Enbridge Inc. on Monday purchased a controlling stake in the Aitken Creek site in northern British Columbia (BC) from utility FortisBC Holdings Inc. for C$400 million ($300 million). Enbridge Executive Vice President Cynthia Hansen called the acquisition “a well located and connected facility that will…

The post Enbridge Expands Canada LNG Export Potential with Montney Natural Gas Storage Facility appeared first on Natural Gas Intelligence

With mild May weather-driven demand poised to further expand an already healthy inventory cushion, natural gas futures continued to grind lower in early trading Tuesday. Coming off a 9.2-cent sell-off in the previous session, the June Nymex contract was down another 7.4 cents to $2.244/MMBtu at around 8:45 a.m. ET. Forecasts as of early Tuesday…

The post Natural Gas Futures Retreat as Hefty Injections Seen Pressuring Prices While Market Awaits Heat appeared first on Natural Gas Intelligence

Brazil’s state-controlled oil company Petrobras has abandoned a plan to sell its 44% stake in a promising offshore gas project it shares with Colombia’s Ecopetrol in the Andean country, a Petrobras executive said at a Houston energy conference on Monday.

How did science education become about adopting politically correct opinions and squelching real science where continuous questioning is always the rule? Continue reading →

The post Science Education Now About Squelching Science? appeared first on Natural Gas Now.

Senator Joe Manchin introduced a new bill on Tuesday aimed at accelerating the permitting process for oil, gas, renewables, mineral extraction, and power transmission projects to address domestic energy security. The Democratic Senator of coal and natu…

Japan’s trading houses Mitsui & Co Ltd and Sojitz forecast lower net profit in the current fiscal year as commodity prices are retreating from last year’s peaks when the both enjoyed record-high earnings.

Diesel demand in the United States has been falling in recent months, also reflected in declining wholesale and retail diesel prices, pointing to a slowdown in industrial and freight activities and intensifying fears of a recession in the world’s large…

Diamondback Energy (NASDAQ: FANG) booked lower-than-expected revenues and earnings for the first quarter on the back of lower commodity prices. The U.S. shale producer reported adjusted net income of $751 million, or $4.10 per diluted share, for the fi…

Asia’s imports of liquefied natural gas (LNG) fell in April as major buyers China and Japan trimmed purchases, offsetting small gains among South Asian countries.

Crude oil prices remained subdued today, pressured by data pointing to a slowdown in China’s recovery and the second-biggest bank collapse in the United States since the 2008 crisis. At the time of writing, Brent crude was trading at $79.11 per barrel …

Tlou has an existing 10 MW power purchase agreement with Botswana Power Corporation.

Tlou has an existing 10 MW power purchase agreement with Botswana Power Corporation.

Brazil’s state-controlled oil company Petrobras has abandoned a plan to sell its 44% stake in a promising offshore gas project it shares with Colombia’s Ecopetrol in the Andean country, a Petrobras executive said at a Houston energy conference on Monday.

China is already on track to emit the most coal-fired power emissions in history in 2023, but may now push coal use up another gear after the manufacturing sector unexpectedly contracted in April following a strong start to the year.

The three-year contract is expected to commence in 2023 and will run through 2025. [Image: Adnoc Gas]

The end of oil and gas is nigh. In a decade or so, demand will begin to ebb as electrification takes giant strides toward a cleaner, more reliable energy system. This is the leitmotif repeated by proponents of the energy transition from fossil fuels to…