Day: June 16, 2023

Russia has so far been able to maintain its relationship with the Organisation of Petroleum Exporting Countries (OPEC) and certain other oil and gas powers, mainly in the East. However, over a year into the conflict, Putin appears to be gradually fract…

Weekly natural gas cash prices progressed again as production declined notably and temperatures heated up in the South to bolster cooling demand. NGI’s Weekly Spot Gas National Avg. for the June 12-16 period climbed 7.5 cents to $1.965. It advanced 8.0 cents the prior week. Leading gainers included Tenn Zone 1 non-St. 87, up 65.5…

The post Weekly Natural Gas Cash Prices, Futures Advance in Tandem as Southern Heat Strengthens appeared first on Natural Gas Intelligence

A bullish storage result – at least relative to expectations – punctuated bullish sentiment built on the combination of rising cooling demand and sagging production, bolstering natural gas futures Friday and marking the fifth gain in as many sessions. At A Glance: Prompt month gains 9.9 cents Southern heat wave endures Production slump continues Coming…

The post Natural Gas Futures Rally Fifth Straight Day on Tightening Fundamentals; Spot Price Level Off appeared first on Natural Gas Intelligence

Tensions in the Balkans are escalating again as Serbian security forces have allegedly kidnapped three Kosovo police officers inside the territory of Kosovo. Prime Minister Albin Kurti called the entry of Serbian forces into Kosovo territory an aggress…

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. Cenagas is in charge of managing the capacity on Mexico’s national pipeline grid, the Sistrangas. It also is meant to be a…

The post Mexico Natural Gas Operator Needs to Translate Words to Actions – Column appeared first on Natural Gas Intelligence

Green hydrogen is heating up. Across the world, rapid advances in technology related to the green hydrogen sector are being accompanied by increasing investor attention and political support. The potential benefits of scaling up green hydrogen producti…

A roundup of news and commentary from NGI’s LNG Insight Energy Transfer LP is looking to select an engineering, procurement and construction contractor by the end of June for its Trunkline Pipeline system project intended to feed Lake Charles LNG, the company reported in a recent filing to the Federal Energy Regulatory Commission. The project…

The post Energy Transfer Looks to Select Contractor for Lake Charles LNG Pipeline By End of Month – The Offtake appeared first on Natural Gas Intelligence

U.S. natural gas markets failed to sustain much momentum across the forward curve during the June 8-14 trading period, with July prices averaging 2.0 cents lower as widespread heat has yet to materialize, according to NGI’s Forward Look. With plump production figures still coming out and storage inventories sitting above average levels, similarly small price…

The post Sweltering Heat Boosts West Texas Natural Gas Forwards, with LNG Keeping Pressure On Prices appeared first on Natural Gas Intelligence

There is, indeed, little new under the sun, as our stories repeatedly demonstrate. Natural Gas – 100 Years Ago Today, June 16, 1923. Read our 100-year old news items on the subjects of 40 quarts of nitro, the Gladys Belle of oil, keeping natural gas and electricity at home and an auditorium vs. natural gas. Continue reading →

The post Natural Gas – 100 Years Ago Today, June 16, 1923 appeared first on Natural Gas Now.

Lithium has become essential in recent years, primarily due to the boom in electric vehicles and other clean technologies that rely on lithium batteries. The global lithium-ion battery market was valued at $52 billion in 2022 and is expected to reach $…

Losses in the North American natural gas and oil rig count accelerated for the week ending Friday (June 16), with the total number falling by nine, according to the latest tally from Baker Hughes Co. (BKR). In the United States, five natural gas-directed rigs were dropped, with four lost in the oilfield. Land drilling accounted…

The post U.S. Natural Gas Rig Count Slides Further, with Permian and Marcellus Leading the Way appeared first on Natural Gas Intelligence

On June 5, Georgia announced plans to build a second civilian airport near Tbilisi. During a recent government meeting, Prime Minister Irakli Garibashvili reiterated this decision and justified it with the government’s intentions to turn the country in…

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 57 from in the last six weeks. The total rig count fell to 687 this week—53 rigs below this ti…

Turkey and Iraq on Monday discussed technicalities on the resumption of crude oil exports from Iraq’s northern oilfields and from the semi-autonomous region of Kurdistan, but political-level agreements will also be needed to unblock around 450,000 barr…

Natural gas futures on Thursday rallied for a fourth consecutive session, bolstered by a bullish storage print that came on the heels of hotter weather and lower production. The July Nymex gas futures contract settled at $2.533/MMBtu, up 19.1 cents day/day. August jumped 19.6 cents to $2.609. NGI’s Spot Gas National Avg. rose 1.0 cent…

The post Natural Gas Futures, Cash Prices Rally as Demand Heats Up, Storage Increases Ease appeared first on Natural Gas Intelligence

Via AG Metal Miner The Renewables MMI (Monthly Metals Index) continued to edge sideways, this time rising by just 2.64%. Cobalt and neodymium rising in price contributed the most to the index’s upward movement. This occurred despite massive oversupplie…

Russia has enough gasoline to meet its domestic demand, Energy Minister Nikolai Shulginov said on Friday, downplaying the possibility that Moscow could limit gasoline exports.   Last month, Russia was considering restricting some gasoline exports after…

High temperatures in Asia have increased cooling demand.

A U.S. District judge has ordered Canadian pipeline giant Enbridge to close within three years parts of the Line 5 oil pipeline crossing tribal land in Wisconsin and to pay around $5 million for trespassing. The Bad River Band of Lake Superior Chippewa…

Federal energy regulators have finalized rules targeting the bulk power system’s reliability against extreme weather events that pose an “unacceptable risk to life and economic harm.” Under the rule, the North American Electric Reliability Corporation (NERC) would develop reliability standards for transmission organizations to prepare for extreme weather events “for the first time,” said FERC…

The post U.S. Transmission Operators Facing New Rules by FERC, NERC for Extreme Weather Events appeared first on Natural Gas Intelligence

September West Texas Intermediate (WTI) crude oil futures experienced another volatile week, culminating in a 3% increase to reach a one-week high on Thursday. Several factors contributed to this rise, including a weaker U.S. dollar and a significant s…

1. European Natural Gas Prices Start to Climb- Bottoming out in early June, European spot natural gas prices have been on the rise ever since and are currently flirting with the €40 per MWh threshold amid Norwegian supply disruptions. – Even though Nor…

As Europe’s LNG infrastructure continues to expand, U.S. volumes to the continent surged during the first five months of the year before dropping in May. Falling natural gas prices didn’t encourage European buyers to grab cargoes in May, leading to a 7% month/month drop as warm weather settled in. A mild winter, collapsed industrial demand…

The post U.S. LNG Exports Surged 5% During Beginning of the Year Despite Market Lull appeared first on Natural Gas Intelligence

Politics, Geopolitics & Conflict In what is perhaps Ukraine’s most significant counteroffensive since the war began, Ukrainian forces began a series of attacks on the Russian frontline last week, claiming earlier this week to have retaken some half a d…

Shortly after Fed Chair Jay Powell started talking in the press conference that followed the FOMC meeting and interest rate statement on Wednesday, it was clear what he wanted to emphasize. No, the Fed was not raising rates this quarter, but he really …

Oil markets very briefly (and dramatically) reacted to rumors this week that an Iranian nuclear deal is back on the table. For some reason, even a whisper of this sends oil prices spiraling down on the notion that millions of barrels of Iranian oil wil…

Oil markets got some rare good news out of China this week, with Beijing loosening monetary policy and issuing new import quotas for refiners, boosting hopes that the country’s oil demand will bounce back.Oilprice Alert: Whether you are new to the oil …

Earthstone Energy Inc. and Northern Oil and Gas Inc. (NOG) are joining forces in the Permian Basin to acquire privately held Novo Oil & Gas Holdings LLC for $1.5 billion. Novo, an exploration and production (E&P) firm backed by EnCap Investments LP, operates in the northern portion of the Permian’s Delaware sub-basin. Earthstone has been…

The post Earthstone, NOG Continue Permian Basin Expansion with $1.5B Novo Acquisition  appeared first on Natural Gas Intelligence

Coming off four consecutive gains – and a big bounce on Thursday — natural gas futures trended further upward to kick off the final trading session of the week. Supported by hotter weather, lower production and bullish inventory data, the July Nymex gas futures contract was up 3.0 cents at $2.563/MMBtu at around 8:40 a.m.…

The post Natural Gas Futures Open Higher, Extend Win Streak Amid Signs of Supply/Demand Tightening appeared first on Natural Gas Intelligence

Israel has decided that the Gaza Marine natural gas field offshore Gaza should be developed, subject to security coordination with the Palestinian Authority and Egypt, Israel’s government said on Sunday. “In the framework of the existing efforts betwee…

Tax credits led to a surge in U.S. electric vehicle sales in the first quarter of 2023, making the United States the world’s second-largest EV market after China, Counterpoint Technology Market Research said in new research. U.S. passenger electric veh…

Redirecting the $577 billion in government subsidies for fossil fuels could unlock at least half a trillion dollars that could be put to more sustainable uses, the World Bank said in a new report. The bank is calling for trillions of U.S. dollars stop …

The Iraqi government has invited companies to bid for 11 exploration blocks with natural gas reserves as part of a push to boost its self-sufficiency in the hydrocarbon. According to a statement by the Oil Ministry, eight of the blocks are located in t…

Italian energy group Edison on Friday inaugurated an innovative power station near Venice which reduces harmful emissions, using hydrogen mixed with natural gas.

Institutional investors in Europe are disappointed with Shell’s new strategy to continue investing in oil and gas production and selectively pour capital into renewable energy solutions, to the point of some investors considering removing it from their…

Bangladesh currently has two floating LNG terminals, one operated by Summit, while the other is managed by Excelerate Energy.

Top U.S. Gulf of Mexico oil producer Shell on Thursday said its Olympus production platform in the U.S. Gulf of Mexico is offline for planned maintenance.

Russia is exporting a smaller share of its oil output, losing market share compared to other OPEC+ members. That’s according to Rosneft’s chief executive Igor Sechin, who spoke at the St. Petersburg International Economic Forum this weekend, saying som…

U.S. natural gas infrastructure will have to expand so that gas can serve as a backup power generation fuel amid soaring wind and solar capacity in the energy transition, says the chief executive of the pipeline giant handling one-third of U.S. gas del…

The stocks of oil drilling companies are in decline, falling alongside oil prices in a signal that some traders believe prices have further to fall yet. Since the start of the year, the stocks of the four largest onshore drilling companies have shed an…

Oil prices continued to climb on Friday morning after a substantial rise on Thursday, and will probably end with a weekly gain, albeit moderate, after two consecutive weeks of losses. The Thursday price jump came on the back of news from China, where r…

U.S. natural gas infrastructure will have to expand so that gas can serve as a backup power generation fuel amid soaring wind and solar capacity in the energy transition, says the chief executive of the pipeline giant handling one-third of U.S. gas del…

The gas is expected to be supplied from Senex’s proposed Atlas expansion project in Queensland’s Surat basin starting from January 2025.

The Canadian government on Thursday presented a sustainable jobs bill intended to prepare workers for a transition to a lower-carbon economy following years of consultation and opposition from Alberta, Canada’s main fossil-fuel producing province.

Under the contract, TechnipFMC will connect four subsea gas wells in the Carnarvon basin to the existing Julimar subsea infrastructure.

In its new medium-term report on oil that came out last week, the International Energy Agency predicted that oil demand will peak by 2028. This is not the first time the IEA is predicting peak oil and the reason is also the same as the reason for previ…