Day: June 29, 2023

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…

Welcome to the new nuclear Metaverse, where a virtual prototype of a nuclear power plant set to operate sometime during the 2040s is underway. The UK Atomic Energy Authority (UKAEA), Dell Technologies, Intel, and Cambridge will team up on the project, …

Following a previously established trend of divesting Permian oil and gas assets, Chevron has put more assets up for grabs in New Mexico and Texas, according to documents seen by Reuters. Chevron, the largest property owner in the area with over 2 mill…

Piñon Midstream LLC is undertaking another expansion project to increase the capacity of its Lea County, NM, sour natural gas facility, and may be looking to add interconnects on its natural gas processing delivery pipeline.  Piñon is increasing the treating capacity of its Dark Horse Facility, which treats and sequesters sour gas (H2S), as well…

The post Piñon Midstream Spurring Permian Delaware Expansion for Sour Gas Treatment  appeared first on Natural Gas Intelligence

An open-access methane intensity index, designed to provide regulatory and financial benchmarks, may offer a credible step for U.S. natural gas producers to verify their supplies. The data inputs are used to derive regional methane emission estimates, according to MiQ and Highwood Emissions Management (HEM), which launched the index earlier this month. The index represents…

The post Benchmarking Index Gives U.S. Natural Gas Producers Tools to Measure Methane Intensity appeared first on Natural Gas Intelligence

Via AG Metal Miner In a recent interview, Gideon Rachman, Chief Foreign Affairs Commentator at the Financial Times, explored the growing relationship between the U.S. and India. The article primarily targets a British audience, but still playfully mock…

The U.S. LNG industry centered on the Gulf Coast has led to rocketing increases in the country’s natural gas demand since Lower 48 exports began from Louisiana in 2016, according to the Energy Information Administration. Even as severe seasonal heat events have increased in frequency and unconventional natural gas production has given rise to regional…

The post Gulf Coast LNG Exports Outweigh Power Sector in Driving U.S. Natural Gas Demand, Says EIA appeared first on Natural Gas Intelligence

CEO Paul Cicio of the Industrial Energy Consumers of America (IECA) spends a lot of his time cautioning against exporting more U.S. LNG to customers overseas.   It’s a message that carries more weight as the nation is on track to exceed 22 Bcf/d of liquefied natural gas export capacity this decade when every project in…

The post U.S. Consumers Can’t Compete With International LNG Buyers, Says IECA Chief appeared first on Natural Gas Intelligence

Cheniere Energy Inc.’s Sabine Pass LNG export facility in Louisiana continues to ramp-up, with feed gas volumes hitting their highest point this week since the facility went offline for planned maintenance around June 1.

The post Vitol Increases Short-term Asian Supply with Indonesian SPA – The Offtake appeared first on Natural Gas Intelligence

The weekend insurrection by Russia’s Wagner mercenary group and subsequent ‘failed coup’ has become a hot talking point and brought the 16-month long war in Ukraine into sharp focus. Whereas the Biden administration says it’s too early to determine how…

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…

India’s State-owned oil company Bharat Petroleum has approved raising up to 180 billion rupees ($2.19 billion) through an issue of equity shares as part of the government’s push into green energy. The Indian government plans to inject billions of dolla…

India’s State-owned oil company Bharat Petroleum has approved raising up to 180 billion rupees ($2.19 billion) through an issue of equity shares as part of the government’s push into green energy. The Indian government plans to inject billions of dolla…

More than 625 km of 670-km route has been installed. [Image: Coastal GasLink]

The European Union has assembled a new support package meant to mitigate the impact of Russia’s war in Ukraine on Moldova and “bring the country closer” to the 27-member bloc, the European Commission has announced. The package has five priority areas, …

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…

California’s utility PG&E has applied for a federal loan of around $7 billion to finance the burying of power lines and thus reduce the risk of wildfires, chief executive Patti Poppe told The Wall Street Journal in an interview published on Thursday.  …

The dust is still settling on the weekend mutiny launched by Yevgeny Prigozhin and his private Wagner mercenary group that shook Russia and exposed new cracks in Russian President Vladimir Putin’s power at home. But what does it mean for China and its …

Fundamentals gained the upper hand in natural gas futures trading on Wednesday, with the July Nymex contract expiring lower amid stubbornly strong production, robust storage levels and lagging LNG demand. At A Glance: BREAKING: U.S. EIA reports 76 Bcf injection into storage Cooling demand seen strengthening Holiday impacts underway On Thursday, the U.S. Energy Information…

The post Natural Gas Futures Weaken as July Contract Expires appeared first on Natural Gas Intelligence

A section of Europe’s most important inland waterway for transporting fuel and other industrial goods has fallen to levels not seen in three decades for this time of the year and might be an ominous sign of incoming supply chain disruptions on the infl…

Britain risks failing to to meet its offshore wind ambitions, unless over £100bn is invested across the sector by the end of the decade, an industry body has warned. Renewable UK has urged the government to invest more in manufacturing and help ease su…

Mountain Valley Pipeline LLC (MVP), backed by Congress and the White House, has received FERC authorization to finish construction on its long-delayed natural gas conduit. The Federal Energy Regulatory Commission in an order issued late Wednesday cleared MVP to “move forward with all remaining construction” on the oft-challenged 303-mile, 2 million Dth/d Appalachian takeaway pipeline.…

The post FERC Greenlights All MVP Construction; Crews to Begin Work ‘Shortly’ appeared first on Natural Gas Intelligence

A section of Europe’s most important inland waterway for transporting fuel and other industrial goods has fallen to levels not seen in three decades for this time of the year and might be an ominous sign of incoming supply chain disruptions on the infl…

The U.S. Energy Information Administration (EIA) reported a 76 Bcf injection into underground storage for the week ending June 23, coming in several Bcf below consensus and setting off a swift rally. The August Nymex gas futures contract, which moved to the front of the curve on Thursday, was trading slightly in the red at…

The post EIA’s 76 Bcf Storage Injection Stuns Natural Gas Market, Triggers Price Rally appeared first on Natural Gas Intelligence

With Goldboro LNG project all but abandoned, Alfred Sorensen to step away “shortly”. [Image: Pieridae Energy]

Total global recoverable oil reserves now stand at 1,624 billion barrels, according to Rystad Energy research, an increase of 52 billion barrels from our last year’s estimate. In a scenario where global warming is limited to 1.9°C, this oil will contri…

Soaring electricity prices in the UK have recently made gasoline and diesel cars cheaper to use compared to electric vehicles (EVs) charged at rapid and ultra-rapid public chargers, the progress report of the UK’s Climate Change Committee (CCC) has sho…

Canada’s top natural gas users, Alberta oilsands producers, are challenging toll hikes sought by the Trans Mountain Pipeline expansion (TMX) to cover construction cost increases to complete the project. Since 2017, the construction surcharge has jumped by $3.84/bbl to $4.86, according to filings by 14 industry participants with the Canada Energy Regulator (CER). TMX applied…

The post Canada E&Ps Challenging More Costs for Trans Mountain Expansion   appeared first on Natural Gas Intelligence

Carbon capture and sequestration (CCS) specialist Denbury Inc. on Tuesday announced plans to develop two new carbon dioxide (CO2) sequestration sites in Louisiana. The first would be developed in a 50/50 joint venture with fellow CCS firm Lapis Energy LP at Lapis’ 14,000-acre site in St. Charles Parish, about 20 miles west of New Orleans.…

The post Denbury Adding Two Louisiana Sequestration Sites to CCS Development Portfolio appeared first on Natural Gas Intelligence

Natural gas and oil development worldwide has shrunk in the past few years, but investments are ticking up, with LNG and deepwater activity poised to lead the way, a new analysis by Goldman Sachs Global Investment Research has found.  By 2024, the “annual pace of investment decisions in long-cycle oil and gas mega-projects” is forecast…

The post Global Upstream Investments Set to Surge, Led by Deepwater and LNG, Says Goldman appeared first on Natural Gas Intelligence

North Dakota Governor Doug Burgum has announced his candidacy for President of the United States, and one of his top three areas of focus is energy policy. According to Burgum, who is governor of the third most prolific oil-producing state in the Unite…

As traders waited for updated government inventory data to provide fresh clues on the supply/demand balance, natural gas futures sat just shy of even early Thursday.  Coming off a 12.1-cent swoon in the previous session, the August Nymex contract was down another 2.4 cents to $2.644/MMBtu at around 8:40 a.m. ET. Estimates for this week’s…

The post Natural Gas Futures Recede Further as Traders Await Latest EIA Print appeared first on Natural Gas Intelligence

Top oil and gas companies have made little progress in turning away from hydrocarbons and towards the goals of the 2015 Paris climate deal, multinational nonprofit platform CDP said on Thursday.

RGGI is little more than a public lottery game where air balls with numbers fly around a glass box or cage until they pop one by one to decide futures. Continue reading →

The post RGGI Is A Lottery Game Played with Our Money and Energy appeared first on Natural Gas Now.

The oil and gas industry has made “almost no progress” since 2021 to align itself to the Paris Agreement goals, new research by the non-profit platform CDP showed on Thursday.    No oil and gas firm in the world has plans to phase out fossil fuels, acc…

U.S. energy company Equitrans Midstream Corp’s long-delayed $6.6 billion Mountain Valley natural gas pipeline received authorization on Wednesday from the country’s energy regulator to restart construction of the project.

The European Union is on track to fill up its natural gas storage facilities ahead of schedule, Rystad Energy has forecast. “Considering historical demand, and assuming different supply scenarios, storage facilities could even be full ahead of winter t…

The lease agreement was made with Bank of Communications Financial Leasing Co. [Image: MOL]

Daigas Gas and Power Solutions Co, a subsidiary of Osaka Gas, has received an order from Taiwanese utility CPC Corp for basic design work and technical consulting services.

Last year, U.S. unconventional oil production contributed 7.8 million barrels daily to global supply. This unconventional production—shale oil—had already turned the United States into a new swing producer and a challenger to OPEC. Now, this is changin…