Month: June 2023

When commodity prices fall off as they have the last eight months, companies begin to high-grade their portfolios or seek a way to lower costs. In the high-grading exercise, they are either wanting to dispose of assets that will not compete for capital…

During one of the hottest weeks of the summer so far, natural gas prices rallied in the final days of June. New England prices led the way given pipeline maintenance in the region, lifting NGI’s Weekly Spot Gas National Avg. up 44.5 cents to $2.630 during the four-day June 26-29 trading period for June gas…

The post Scorching Heat, Pipeline Restrictions Drive Up Weekly, Spot Natural Gas Prices appeared first on Natural Gas Intelligence

Several developing countries have made it clear that they will not be able to undergo a green transition without the help of stronger economies. International agencies have repeatedly echoed the need for greater financing in the world’s poorer countrie…

After a rough start, natural gas futures extended their gains on Friday as traders continued to digest the latest storage data, which showed further tightening in the important U.S. South Central region. The August Nymex gas futures contract touched a $2.634/MMBtu intraday low before buyers swept in to send the prompt month 9.7 cents higher…

The post Tightening South Central Balances, Sliding Rig Count Fuel More Price Gains for Natural Gas Futures appeared first on Natural Gas Intelligence

Privatization with competition was the mantra for 1980s neoconservatives. In the US, they wanted to sell the Tennessee Valley Authority (TVA) and municipal water suppliers. In Mexico they sold the telephone company and in Argentina, well, everything. I…

“Azerbaijan has proven to be a reliable partner of NATO [North Atlantic Treaty Organization],” declared President Ilham Aliyev in December 2021 during his visit to NATO Headquarters in Brussels. NATO Secretary-General Jens Stoltenberg confirmed this st…

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. Energy security is a central issue in the North American gas market, and the lack of underground storage in Mexico is one…

The post Mexico Natural Gas Storage Plans Key to Energy Security and Market Development – Column appeared first on Natural Gas Intelligence

Saudi Arabia is expected to reduce the price of its crude oil going to Asia in August to reflect market movements, a Reuters survey of six Asian refining sources showed on Monday.   Saudi Aramco, the world’s top crude oil exporter, is set to reduce the…

With Texas heat receding to less extreme levels, and with a warm — but not sweltering — summer temperature outlook in the latest forecast maps, natural gas forwards prices pulled back during the June 22-28 trading period, NGI’s Forward Look data show. After surging 25.8 cents higher in the week-earlier period, Henry Hub gave back…

The post Less Extreme Heat Sees Natural Gas Forwards Prices Ease Lower appeared first on Natural Gas Intelligence

Via AG Metal MIner   We’ve all heard the story. “The green energy movement will keep copper up!.” But, realistically, how bullish is the long-term outlook for copper? Here at MetalMiner, we’ve pondered this question quite a bit. Ultimately, we’ve come …

A pullback in Haynesville Shale drilling saw the U.S. natural gas rig count fall six units to finish at 124 for the week ended Friday (June 30), while a modest decline in the oil patch left the combined domestic tally down eight to 674, according to the latest figures from Baker Hughes Co. (BKR). The…

The post Haynesville Shale Pullback Sends U.S. Natural Gas Drilling Count Tumbling appeared first on Natural Gas Intelligence

US rig count down 10% from year ago. [Image: ConocoPhillips]

The next generation of sustainable energy technology might be built from some low-tech materials: rocks and the sun. Using a new approach known as concentrated solar power, heat from the sun is stored then used to dry foods or create electricity. The S…

Australian commodity exports have surged in the past financial year driven by the rise in energy prices but are set to slump as prices retreat, the Australian Department of Industry, Science and Resources has reported. Energy and other resource exports…

Saudi Arabia is expected to reduce the price of its crude oil going to Asia in August to reflect market movements, a Reuters survey of six Asian refining sources showed on Monday.   Saudi Aramco, the world’s top crude oil exporter, is set to reduce the…

Natural gas futures recovered some ground Thursday following a bullish storage inventory report. In its debut at the front of the Nymex curve, the August futures contract brushed a slew of near-term bearish factors and climbed 3.3 cents to $2.701/MMBtu. Spot gas prices, meanwhile, continued to slide ahead of the long holiday weekend. NGI’s Spot…

The post August Natural Gas Futures Edge Higher on Bullish Storage Data, but Will Price Gains Hold? appeared first on Natural Gas Intelligence

Households will pay less for their gas and electricity from Saturday amid warnings that bills will still be almost double the amount they were before the energy crisis began. The average household energy bill will fall by £426 a year from July 1 after …

The total number of total active drilling rigs in the United States fell by 8 this week, according to new data from Baker Hughes published Friday, falling by 74 rigs over the last two months. The total rig count fell to 674 this week—76 rigs below this…

Container lines are facing a triple whammy: Freight rates are weak — below breakeven in some trades — and show no signs of rising. New ships are flooding the market. And vessel leases that container lines booked at historically high rates during the bo…

The International Energy Agency (IEA) announced that it expected global oil demand to peak at the end of the decade earlier this month. Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) said oil demand could reach 110 bpd by 2045,…

Prices in Asia down nearly two thirds in first half of 2023

The European Union’s (EU) independent energy regulator reported the bloc’s natural gas consumption has continued to drop even as trade liquidity and imports from the United States are still on the rise. The EU’s gas consumption has dropped 20.3% year-to-date, according to the latest market report from the European Union Agency for the Cooperation of…

The post European Natural Gas Consumption Continues to Plummet  appeared first on Natural Gas Intelligence

Turkey is moving forward with plans for a regional LNG hub that could potentially exclude Russia as a partner. Reduced European gas demand, a recent offshore gas discovery and new liquefied natural gas supplies have helped reduce Russian pipeline imports –  a sign that the Turkish government may have an alternative gas strategy. During the…

The post Turkey Forging Ahead With Plans for Natural Gas Hub Less Reliant on Russia   appeared first on Natural Gas Intelligence

WTI crude oil futures have witnessed a period of choppy and rangebound trading over the last 10 weeks, influenced by a variety of supply and demand factors. This week was no different. September West Texas Intermediate crude oil futures settled higher …

1. Defying Weakness in WTI and Brent, Dubai Soars to Prominence- The Brent/Dubai exchange of futures for swaps spread, a key indicator of arbitrage from Europe to Asia, narrowed to a 2-year low recently and slightly even dipped below zero this week. – …

Politics, Geopolitics & Conflict The legal dispute between Iraq and Turkey, which led in May to the halting of the Kurdistan Regional Government’s (KRG) only oil export pipeline, taking 450,000 bpd off the market, could face further delays in restartin…

When this year began, it was starting to look like the glory days for energy investors were over. Throughout most of the previous two years the sector had rapidly made up for lost time, being by far the best-performing S&P 500 sector in that timespan a…

Despite having quelled a mutiny, Russia is still not far from the edge of a civil war. The conflict between Wagner’s head Prigozhin and Putin’s defense ministry is reconcilable only in the form of a major concession to Prigozhin that would give him pow…

A significant decline in U.S. oil inventories provided a firm floor for oil prices this week, but economic concerns are capping any significant rise.Oilprice Alert: Whether you are new to the oil and gas industry or an energy market veteran, you will r…

The Texas upstream industry added a record 6,800 jobs in May, but the oil and gas industry overall may be at risk as activity slows and the rig count falls because of low prices, according to a top state energy economist. The monthly Texas Petro Index (TPI) compiled by economist Karr Ingham for the Texas…

The post ‘Massive’ Job Gains in Texas E&P Said At Risk on Weak Commodity Prices  appeared first on Natural Gas Intelligence

Crude oil prices were little changed at the start of the week—and the second half of the year—as traders brace up for tighter supply. Saudi Arabia will this month reduce its oil output by 1 million barrels daily. It remains to be seen if it will extend…

NextDecade Corp. signed binding agreements with lenders to secure the more than $10 billion in financing it needs to fund construction of its Rio Grande LNG export project in Texas and is aiming for a final investment decision (FID) in the next few weeks. The Houston-based company disclosed it has received commitments from an international…

The post NextDecade Targets Rio Grande LNG FID for July After Securing Financing appeared first on Natural Gas Intelligence

A year-end completion target can be hit after Coastal GasLink Pipeline Ltd. construction hit the 90% completion mark on its 670-kilometer (400-mile) natural gas pipeline linking Montney Shale production to the Shell plc-led LNG Canada liquefied natural gas export terminal, according to the company. All but 48 kilometers (29 miles) of pipe have been laid…

The post TC’s Coastal GasLink Forecasting Montney Natural Gas Deliveries by Year’s End appeared first on Natural Gas Intelligence

Pipeline natural gas exports to Europe by Russia’s Gazprom in Jujne rose by 3.6% from May despite repair work on the TurkStream pipeline, according to Reuters calculations on Friday based on volumes supplied via Ukraine and TurkStream.

Natural gas futures erased the previous session’s gains early Friday as traders continued to mull the balance implications of a bullish miss in the latest government inventory data. After climbing 3.3 cents on Thursday, the August Nymex contract was down 4.3 cents to $2.658/MMBtu at around 8:50 a.m. ET. The Energy Information Administration (EIA) on…

The post Natural Gas Futures Pull Back as Forecast Mixed; South Central Seen Driving Storage Miss appeared first on Natural Gas Intelligence

New Mexico regulators have fined a Texas-based oil and gas company with more than $40 million for violating emissions standards and air quality rules.  The New Mexico Environment Department (NMED) and the New Mexico Energy, Minerals and Natural Resourc…

A while ago I posted an article about how one can evaluate the economic potential of a gold deposit using early-stage exploration intercepts.  That article can be found at this link.   Doing the same evaluation for a polymetallic deposit is a bit more …

A while ago I posted an article about how one can evaluate the economic potential of a gold deposit using early-stage exploration intercepts.  That article can be found at this link.   Doing the same evaluation for a polymetallic deposit is a bit more …

Households will pay less for their gas and electricity from Saturday amid warnings that bills will still be almost double the amount they were before the energy crisis began. The average household energy bill will fall by £426 a year from July 1 after …

British energy firm Centrica said on Friday it had increased storage capacity at the UK’s largest gas storage facility to 54 billion cubic feet (bcf) to help boost resilience next winter, warning gas markets remain volatile.

Households will pay less for their gas and electricity from Saturday amid warnings that bills will still be almost double the amount they were before the energy crisis began. The average household energy bill will fall by £426 a year from July 1 after …

Oil and gas industry leaders are confident in the long-term resilience of oil demand despite challenges from the energy transition. This is the message coming out of the inaugural edition of the Energy Asia conference that took place this week in Malay…

Households will pay less for their gas and electricity from Saturday amid warnings that bills will still be almost double the amount they were before the energy crisis began. The average household energy bill will fall by £426 a year from July 1 after …

NextDecade has already secured long-term sale and purchase agreements for 16.2mn mt/yr, equivalent to 92% of Phase 1’s nameplate capacity.

Chinese oil and chemicals giant Sinopec has started producing green hydrogen from its first such production plant in the country, state news agency Xinhua reported on Friday. Sinopec’s first green hydrogen plant in Kuqa city in Xinjiang in the northwes…

A two-day summit of European Union leaders dominated by talk of the Ukraine war and boosting defenses continued overnight on June 29-30 with a statement reiterating commitments “to provide sustainable military support to Ukraine for as long as it takes…

Greece has received interest from 27 U.S. and European companies in booking future capacity at its gas grid, which would allow them to import and export gas to Europe via the country in the coming decades, grid operator DESFA said on Thursday.

Brent crude prices are set for their first monthly improvement this year, but on a quarterly basis, the international benchmark will record yet another decline. For West Texas Intermediate, June would mark the second month of gains this year, after Apr…

Chevron is offering to sell several oil and gas properties in New Mexico and Texas, according to marketing documents seen by Reuters, as the U.S. oil major looks to cull acreage after major shale acquisitions.

The LNG supply will originate from the Bontang LNG plant in Indonesia.

Over the past few years, the electric vehicle sector has been growing like a weed, frequently exceeding growth estimates. For instance, just two years ago, the International Energy Agency (IEA) projected that the EV industry would reach between 7% and …

This time last year, natural gas prices in Europe were shooting for the sky, and gas prices in the U.S. were beginning the climb that would bring them to $9 per million British thermal units later in the summer. The price surge was caused by the drop i…

China’s battery storage business is booming as the country continues to rapidly install wind and solar power generation, beating previous records and leading global investments in renewables.  China is set to spend trillions of U.S. dollars to adapt it…

Natural gas futures recovered some ground Thursday following a bullish storage inventory report. In its debut at the front of the Nymex curve, the August futures contract brushed a slew of near-term bearish factors and climbed 3.3 cents to $2.701/MMBtu. Spot gas prices, meanwhile, continued to slide ahead of the long holiday weekend. NGI’s Spot…

The post Natural Gas Futures Snap Losing Streak After Bullish EIA Storage Data appeared first on Natural Gas Intelligence

NextDecade Corp. signed binding agreements with lenders to secure the more than $10 billion in financing it needs to fund construction of its Rio Grande LNG export project in Texas and is aiming for a final investment decision (FID) in the next few weeks. The Houston-based company disclosed it has received commitments from an international…

The post NextDecade Secures Financing for Rio Grande LNG Phase 1, Now Targeting FID in Early July appeared first on Natural Gas Intelligence

With Texas heat receding to less extreme levels, and with a warm — but not sweltering — summer temperature outlook in the latest forecast maps, natural gas forwards prices pulled back during the June 22-28 trading period, NGI’s Forward Look data show. After surging 25.8 cents higher in the week-earlier period, Henry Hub gave back…

The post Natural Gas Forwards Prices Ease Lower as Extreme Heat Fades from Forecasts appeared first on Natural Gas Intelligence

The Biden Administration has rejected a petition from hundreds of environmental organizations to consider rulemaking with which to end oil and gas production on public lands by 2035. The Center for Biological Diversity and more than 360 other U.S. clim…

North American natural gas futures prices showed gains again this week as scorching temperatures lingered in the southern United States and northern Mexico. On Wednesday, July futures rolled off the board 16.0 cents lower at $2.603/MMBtu, a blip in the rally. August futures then took over as the prompt month on Thursday and climbed 3.3…

The post U.S. Pipeline Flows to Mexico Still at Record Levels Amid Searing Heat – Spotlight appeared first on Natural Gas Intelligence

The U.K.’s planned North Sea Rosebank oilfield development, to be led by Norwegian firm Equinor, could be key to the country’s energy security. However, environmentalists are understandably concerned about the impact a new oil project may have on the e…

The World Bank has said it had approved $1.5 billion in loans for low-carbon energy projects in India. Noting that the subcontinent was one of the fastest-growing economies in the world, the international lender said that energy consumption in India pe…