Day: June 9, 2023

Weekly natural gas cash prices pressed forward alongside a futures rally and forecasts for intensifying heat in the second half of June.  NGI’s Weekly Spot Gas National Avg. for the June 5-9 period gained 8.0 cents to $1.890/MMBtu. The average had declined the prior week in concert with a futures slump. At the end of…

The post Weekly Natural Gas Spot, Futures Prices Rebound On Forecasts For Intense Heat appeared first on Natural Gas Intelligence

The government needs to do more than ease the windfall tax to reassure troubled North Sea oil and gas companies over the UK’s investment climate and protect future production, warned Offshore Energies UK (OEUK). The industry body’s chief executive Davi…

Natural gas futures rallied through most of the week but gave up ground to close out trading Friday after forecasts shed some heat intensity for mid-June and calls for LNG remained relatively light. The July Nymex gas futures contract shed 9.8 cents day/day and settled at $2.254/MMBtu. August fell 10.3 cents to $2.331. At A…

The post Natural Gas Futures Lose Steam Amid Mixed Demand Outlook; Spot Prices Slump appeared first on Natural Gas Intelligence

With forecasts finally flashing more impressive heat over southern U.S. markets to strengthen the cooling demand outlook, natural gas forwards rallied during the June 1-7 trading period, NGI’s Forward Look data show. July fixed prices at benchmark Henry Hub added 6.1 cents during the period to finish at $2.328/MMBtu. Most Lower 48 hubs finished in…

The post Western Hubs Surge as Natural Gas Forwards Strengthen on Hotter June Outlook appeared first on Natural Gas Intelligence

In a recent development, on May 17, Russia and Iran officially signed an agreement for the construction of the Rasht-Astara railway (Kremlin.ru, May 17). This railway project holds immense significance as it addresses a key missing link in the Internat…

A new government in Mexico in 2024 should reconsider its position regarding the importance of domestic natural gas in the energy mix, according to Erick Sánchez, vice president for Business Development in Mexico and Central America at Rystad Energy. “With all of the development in the southeast around the fields that everyone has identified as…

The post Mexico Natural Gas Policy Needs ‘Change of Mindset,’ Expert Says appeared first on Natural Gas Intelligence

Amid a mix of regional changes to drilling activity, the U.S. natural gas and oil rig count finished one unit lower at 695 for the week ended Friday (June 9), according to the latest tally from Baker Hughes Co. (BKR). Domestic changes for the period included a two-rig decline in natural gas-directed drilling, which was…

The post Natural Gas Drilling Eases Lower in Latest Baker Count as U.S. Drops One Rig Overall appeared first on Natural Gas Intelligence

A 24-hour ceasefire in Sudan has ended and clashes between warring political factions have resumed, dampening hopes for a quick solution to the situation in the country. The conflict erupted in mid-April, when the Rapid Support Forces (RSF), a paramili…

Newly leaked Pentagon papers showed that Saudi Arabia’s Crown Prince Mohammed bin Salmon threatened the United States with economic calamity over oil production decisions, according to the Washington Post. Relations between U.S. President Biden and Sau…

Newly leaked Pentagon papers showed that Saudi Arabia’s Crown Prince Mohammed bin Salmon threatened the United States with economic calamity over oil production decisions, according to the Washington Post. Relations between U.S. President Biden and Sau…

Via AG Metal Miner The Automotive MMI (Monthly Metals Index) broke its sideways trend this past month, inching down 3.36%. Though all components of the index fell, hot-dipped galvanized steel experienced a particularly noticeable price drop, as did sev…

Vietnam’s plans to use more natural gas and renewables could prove to be challenging as power projects are already delayed and the country will need billions of dollars from foreign investors to increase domestic production and build LNG infrastructure. Vietnam has long had huge potential for gas-to-power projects, with growing energy demand, industrial activity and…

The post Vietnam’s Ambitious Plans to Burn More LNG Face Challenges  appeared first on Natural Gas Intelligence

The total number of total active drilling rigs in the United States fell by 1 this week, according to new data from Baker Hughes published Friday, falling by 53 over the last five weeks. The total rig count fell to 695 this week—38 rigs below this time…

Following four daily gains on the back of lighter production and forecasts for mounting demand, natural gas futures stalled early on Thursday, held in check by a triple-digit storage injection that reminded the market remains long on supplies. Still, traders eventually looked past the government data and toward looming summer cooling demand, lifting the prompt…

The post Winning Ways For July Natural Gas Futures Pressured appeared first on Natural Gas Intelligence

General Motors announced on Thursday that it will be switching to Tesla’s charging network and charging technologies, CNBC reports. The decision follows a similar move by Ford, and will allow GM vehicles to access 12,000 of Tesla’s chargers using a spe…

For the sake of solar power, let’s hope Canada can bring its rampaging arsonists to heel. That’s because the shroud of smoke that covered much of the Eastern US seaboard, has sent solar power generation in parts of the eastern US plummeting by more tha…

The Zaporizhzhya nuclear power plant in Ukraine is still receiving water needed to cool its reactors despite the rupture of the Kakhovka dam, the International Atomic Energy Agency (IAEA) said on June 8 as Ukraine assessed the damage caused by flooding…

The Zaporizhzhya nuclear power plant in Ukraine is still receiving water needed to cool its reactors despite the rupture of the Kakhovka dam, the International Atomic Energy Agency (IAEA) said on June 8 as Ukraine assessed the damage caused by flooding…

The Zaporizhzhya nuclear power plant in Ukraine is still receiving water needed to cool its reactors despite the rupture of the Kakhovka dam, the International Atomic Energy Agency (IAEA) said on June 8 as Ukraine assessed the damage caused by flooding…

Smoke from Canada’s wildfires is preventing solar panels from catching sunlight, and solar power generation in the northeast United States is tumbling by more than 50% as a result. ISO New England, the operator of the grid, said on Thursday that “In re…

Contract buyers left out of deliveries amid record prices. [Image: Venture Global]

Despite the lowest natural gas prices in two years, Europe’s natural gas demand continues to be weak and fell in May from a year earlier as industries are slowing and major economies enter a recession. Natural gas demand in the biggest European economi…

Despite the lowest natural gas prices in two years, Europe’s natural gas demand continues to be weak and fell in May from a year earlier as industries are slowing and major economies enter a recession. Natural gas demand in the biggest European economi…

Saudi Production Cuts Provide Early Boost to Crude Oil Prices Monday began with a surge in U.S. WTI crude oil prices, driven by Saudi Arabia’s announcement of an additional production cut of 1 million barrels per day starting in July. The world’s top o…

1. Saudi Arabia Takes One for the Team – Saudi Arabia’s decision to unilaterally cut 1 million b/d of production in July 2023 has so far been backfiring as oil prices dropped back to levels seen before the OPEC+ summit, brushing aside the Middle Easter…

Energy Markets The biggest news of the week in oil markets is, of course, the newest round of OPEC+ production cuts that came out of the June 4 meeting, and which initially sent oil prices higher for the week but ultimately failed to really move the ne…

There is, indeed, little new under the sun, as our stories repeatedly demonstrate. Natural Gas – 100 Years Ago Today, June 9, 1923. Read our 100-year old news items on the subjects of “The Cheapest Fuel,” $100 Opportunities, Cost vs. Value, a Montana Boom and New Brunswick Investigations. Continue reading →

The post Natural Gas – 100 Years Ago Today, June 9, 1923 appeared first on Natural Gas Now.

There is, indeed, little new under the sun, as our stories repeatedly demonstrate. Natural Gas – 100 Years Ago Today, June 9, 1923. Read our 100-year old news items on the subjects of “The Cheapest Fuel,” $100 Opportunities, Cost vs. Value, a Montana Boom and New Brunswick Investigations. Continue reading →

The post Natural Gas – 100 Years Ago Today, June 9, 1923 appeared first on Natural Gas Now.

May was a record month for trading Dutch Title Transfer Facility (TTF) futures and options on the Intercontinental Exchange as the European natural gas market remains unpredictable and participants continue to try to manage price risk exposure.  ICE said 5.7 million TTF futures and options traded during May. Liquidity in the European benchmark has grown…

The post ICE Sees Another Record Month for TTF Natural Gas Trading appeared first on Natural Gas Intelligence

The power grid operator for New England, where natural gas makes up the majority of the energy resources, said there are adequate resources to meet the region’s electricity demands this summer under typical weather conditions. However, tight supply margins are possible if temperatures are hotter than expected. ISO New England Inc. (ISO NE) oversees the…

The post Summer Looks Golden in New England for Energy Grid, Fueled Mostly by Natural Gas  appeared first on Natural Gas Intelligence

Natural gas futures were down sharply in early trading Friday as overnight forecasts cooled the outlook for mid-June temperatures. The July Nymex contract was down 7.2 cents to $2.280/MMBtu at around 8:40 a.m. ET. Weather models trended cooler overnight, particularly for the June 15-17 period, according to NatGasWeather. The American model dropped a “hefty” 11…

The post Cooler Overnight Forecast Trends Pressure Natural Gas Futures Lower Early appeared first on Natural Gas Intelligence

Britain’s windfall tax on oil and gas producers will not be applied if prices drop below certain levels for six months in a row, the finance ministry said on Friday, in a move the government hopes will boost energy security.

Asian spot liquefied natural gas (LNG) remained flat this week at a two-year low, as ample spot supplies and limited buying activity kept prices steady in a range.

Russia’s largest producer of liquefied natural gas (LNG) Novatek last year offered technology to build a plant to produce the gas from Argentina’s Vaca Muerta field, a highly-placed source familiar with the proposal said, though the talks have since broken off.

The extended plant will have a 2mn metric tons/year send-out capacity of LNG. [Image: TGE Gas Engineering]

Japan’s Tokyo Gas is shifting its overseas focus to renewable energy and away from regional upstream gas projects as it seeks to combat climate change, its president said, although it will invest in liquefied natural gas (LNG).

This project aims to develop a fully integrated onshore LNG facility in the Northern Territory, with upstream, midstream, and downstream operations based in the region. [Image: Tamboran]

German Chancellor Olaf Scholz said on Thursday he is pleased that Italy and Germany have agreed to push ahead with work on the construction of a pipeline to transport gas and hydrogen between the two countries.

Concern about the global economy dampened the oil market’s reaction to Saudi Arabia’s pledge to cut supplies and has capped prices this year, a Chevron executive told Reuters on Thursday.

Enbridge Inc’s Woodfibre LNG partnership in British Columbia was on track to enter service in 2027, Cynthia Hansen, president of gas transmission and midstream at the Canadian energy company, said on Thursday.