Day: July 13, 2023

Both Alberta and Ottawa, she said, want to see second phase at LNG Canada. [Image: LNG2023]

Environmental, social, and governance investing has lately lost some of its luster. Research reveals that it is not more profitable than ordinary investing, and doubts abound concerning what is, in fact, ESG, and whether it might be nothing more than a…

A frequently overlooked aspect of Venezuela’s immense economic and humanitarian crisis is the tremendous environmental damage occurring as a result of autocratic president Nicolas Maduro ruthlessly exploiting the petrostate’s vast oil resources. Strict…

Natural gas futures faltered after the government’s latest inventory report showed continued plump supplies in underground storage. The print overshadowed forecasts for intense heat through the rest of July and pushed the prompt month lower for a second straight day. After shedding 9.9 cents the prior session, the August Nymex gas futures contract on Thursday…

The post Natural Gas Futures Decline a Second Day as Robust Storage Supplies Galvanize Bears appeared first on Natural Gas Intelligence

China is rapidly expanding its green energy production and growth potential and, in doing so, is quickly gaining influence in key emerging markets around the world. While China is busily making inroads in renewable energy markets in Southeast Asia, Afr…

Proponents now cleared to begin preparing application for an environmental assessment certificate. [Image: Nisga’a Nation]

Natural gas forward prices were mostly higher for the July 6-12 period as a drop in production and sweltering summer heat drove larger-than-normal gains in Appalachia and the Southeast, according to NGI’s Forward Look. August forward prices climbed an average of 4.0 cents through the period, Forward Look data showed. The balance of summer (August-October)…

The post Near-Term Heat Lifts Appalachia Natural Gas Forward Prices, but MVP Uncertainty Clouds Outlook appeared first on Natural Gas Intelligence

With huge amounts of investment being pumped into developing new renewable energy technologies and improving existing equipment worldwide, we are seeing innovations in traditional green energy sources. Solar panels are getting more efficient, capable o…

The amount natural gas flared by Mexico’s state oil producer Petróleos Mexicanos (Pemex) has increased by more than 152% in the past four years, from an average of 178 MMcf/d in 2018 to 449 MMcf/d in 2022, according to company figures.  As a result, Mexico in 2022 flared the seventh-largest volume of gas in the…

The post Pemex Natural Gas Flaring Said Unlikely to Decrease in Short Term appeared first on Natural Gas Intelligence

Private equity firm BP Energy Partners LLC (BPEP) has closed on the sale of Mesa Natural Gas Solutions LLC, a power solution company aimed at helping producers reduce volumes of flared natural gas. BPEP said it had closed the sale of Mesa for an undisclosed amount shortly after Houston-based Arroyo Investors announced it would be…

The post BP Energy Partners Sells Flared Natural Gas Power Service Company Mesa appeared first on Natural Gas Intelligence

FERC has reapproved Natural Gas Intelligence (NGI) and S&P Global Commodity Insights (SPGCI) as price index developers meeting all or substantially all of the standards outlined in a revised policy statement governing natural gas price indexes. In the order issued on Tuesday, the Federal Energy Regulatory Commission said “NGI’s Methodology Guide and Code of Conduct…

The post NGI, S&P Gain Federal Re-Approval as Natural Gas Price Index Developers appeared first on Natural Gas Intelligence

The European Union is asking European aluminum and zinc manufacturers whether they can produce key chip metals gallium and germanium as byproducts in their smelters as it seeks alternatives after China imposed export restrictions.   Last week, China se…

Energy firms in Germany are spinning off their coal operations to appease ESG pressures from banks and investors, with several operators already separating the dirty coal business from renewable power generation. However, the spin-offs could only raise…

Via AG Metal Miner   China’s major steelmakers recently warned of a “very challenging” H2 that could impact steel prices. As noted in news reports quoting the China Iron & Steel Association (CISA), this goes against earlier expectations of improvement …

Global LNG imports last year were up 4.5% in scramble to replace Russian piped gas.

Alberta, Canada’s energy powerhouse, and neighbor British Columbia are in talks about expanding the reach of locally produced natural gas to Europe and Asia. Alberta’s Premier Danielle Smith and her B.C. counterpart David Ebby started the negotiations …

Oil demand’s future is rosier than the common narrative would have you believe, according to a report released today by Energy Outlook Advisors. According to energy analyst and the report’s author Anas Alhajji, the hope that oil demand will decrease as…

Oil demand’s future is rosier than the common narrative would have you believe, according to a report released today by Energy Outlook Advisors. According to energy analyst and the report’s author Anas Alhajji, the hope that oil demand will decrease as…

Energy Transfer LP (ET) late Wednesday said it secured three heads of agreements (HOA) to supply 3.6 million metric tons/year (mmty) of LNG from its proposed Lake Charles export project in Louisiana. If the tentative deals are finalized, it would mark a significant step toward securing the customers needed to advance amid broader regulatory challenges…

The post Energy Transfer Signs Tentative Lake Charles LNG Deals – Despite DOE Export Clash appeared first on Natural Gas Intelligence

Via the Jamestown Foundation During a regional conference held in Ashgabat, Turkmenistan, in May 2023, President Serdar Berdimuhamedov underscored the paramount importance of the Lapis Lazuli international transit corridor. He emphasized how further de…

In China, domestic automakers are starting to overtake Western companies, marking a big win for Beijing’s domestic industrial policies and signaling the potential end to decades of dominance by Western automakers. In fact, local auto brands produced in…

NextDecade Corp. late Wednesday reached a final investment decision (FID) and is beginning construction of the first phase for the Rio Grande LNG (RGLNG) facility in deep South Texas near the Mexico border. The Houston-based company secured $18.4 billion for the 17.6 million metric ton/year (mmty) first phase, making it the largest greenfield energy project…

The post NextDecade’s Rio Grande FID Marks Year’s Third as LNG Export Deals Accelerate appeared first on Natural Gas Intelligence

OPEC has lifted its crude oil demand forecast for 2023, to 2.4 million barrels per day (bpd), according to the group’s latest Monthly Oil Market Report (MOMR) released on Thursday. OPEC’s expectation for this year’s oil demand is an upward revision of …

Oil prices were rising on Thursday afternoon as supply outages continue to pile up in oil markets.This morning, Libya’s Oil Minister Mohamed Oun confirmed to Argus Media that the 70,000 bpd El Feel oilfield had been shut down by protestors. Argus repor…

There are few more revolting images than human faeces streaming into Britain’s rivers and seas. Not just the stench, but also environmental damage and closed beaches. The ongoing sewage debacle has driven righteous anger with Britain’s privatised water…

There are few more revolting images than human faeces streaming into Britain’s rivers and seas. Not just the stench, but also environmental damage and closed beaches. The ongoing sewage debacle has driven righteous anger with Britain’s privatised water…

Indian refiners buying Russian crude are preparing for problems with their bankers as the flagship Russian oil grade topped the G7-imposed price caps. In a report citing sources from three Indian refiners, Bloomberg wrote today that the companies were …

The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 49 Bcf natural gas into storage for the week ended July 7. The result came close to market expectations and left Nymex natural gas futures weaker in early trading. The August futures contract was trading in a narrow range and down 1.2 cents…

The post August Natural Gas Futures Slide Following 49 Bcf Storage Injection appeared first on Natural Gas Intelligence

For decades, natural gas has been Europe’s primary source of electricity, meaning natural gas prices have largely determined electricity producer prices. However, following Russia’s invasion of Ukraine, Europe’s power utilities have accelerated the bui…

Following back-to-back gains, natural gas futures faltered Wednesday, held in check by meager export volumes and expectations for the next government inventory report to show continued stout supplies in underground storage. The August Nymex gas futures contract settled at $2.632/MMBtu, down 9.9 cents day/day. September shed 9.5 cents to $2.597. NGI’s Spot Gas National Avg.…

The post Natural Gas Futures, Cash Prices Cascade as Focus Shifts to Stout Supplies appeared first on Natural Gas Intelligence

Giant E&P company Exxon Mobil (NYSE:XOM) has agreed to acquire the developer of carbon capture, utilization and storage (CCUS) solutions, Denbury Inc. (NYSE:DEN) in an all-stock transaction valued at $4.9B, or $89.45/share, good for a mere 1.9% premium…

There are few more revolting images than human faeces streaming into Britain’s rivers and seas. Not just the stench, but also environmental damage and closed beaches. The ongoing sewage debacle has driven righteous anger with Britain’s privatised water…

The reason why oil traded above $100 for much of 2022 is due to fears that it would be effectively withdrawn from global markets as a result of Western sanctions, slashing global oil supply by millions of barrels every day. While that did not pan out i…

Venture Global LNG Inc. could be facing more legal proceedings from contract holders as the prolonged commissioning process of its Calcasieu Pass LNG facility continues to drag on. Shell plc and BP plc reportedly have filed for arbitration with Venture Global at the London Court of International Arbitration (LCIA) for failing to supply the firms…

The post More Calcasieu Pass LNG Contract Holders May Seek Arbitration appeared first on Natural Gas Intelligence

Total oil exports out of Russia slumped by 600,000 barrels per day (bpd) in June, to the lowest level in more than two years, according to estimates by the International Energy Agency (IEA) in its Oil Market Report published on Thursday. Russia’s oil e…

In a push to expand its low carbon opportunities on the Gulf Coast, ExxonMobil agreed Thursday to pay $4.9 billion to acquire Denbury Inc., a leading carbon capture developer.  Denbury, an enhanced oil recovery specialist, is working on several carbon capture and storage (CCS) projects on the Gulf Coast, with extensive carbon dioxide (CO2) infrastructure.…

The post ExxonMobil Slaps Down $4.9B for Denbury in Bid to Lead U.S. CCS Buildout appeared first on Natural Gas Intelligence

Oil demand is set to hit a record high this year and the market is tightening but economic headwinds and interest rate hikes have deflated growth expectations slightly, the International Energy Agency (IEA) said on Thursday.

Natural gas futures nudged higher early Thursday as traders anticipated a potentially lighter-than-average build in the latest government inventory data, though ample stockpiles at this point in the season served to temper bullish sentiment overall. The August Nymex contract was up 1.7 cents to $2.649/MMBtu at around 8:45 a.m. ET. Market expectations ahead of the…

The post Natural Gas Futures Gain Ground Early as Latest EIA Print Could Trim Storage Surplus appeared first on Natural Gas Intelligence

Saudi Arabia will lose its status as the largest OPEC+ oil producer to Russia as it begins the unilateral cut of 1 million barrels per day (bpd), with the Kingdom pledging to pump around 9 million bpd in July and August—the lowest level in two years.  …

Persistent economic headwinds have prompted the International Energy Agency (IEA) to cut its global oil demand growth forecast for the first time this year. The agency continues to see a record-high global oil demand in 2023, at 102.1 million barrels p…

The Dennis Farm is a marvelous example of how the oil and gas industry works with communities to make them truly sustainable in the very best sense of the word. Continue reading →

The post Dennis Farm Preserved with Help from Coterra Energy appeared first on Natural Gas Now.

The U.S. Administration will refill the Strategic Petroleum Reserve (SPR), which saw millions of barrels of drawdowns last year, but the reserve will not be filled up soon, U.S. Secretary of Energy Jennifer Granholm told CNN in an interview this week. …

Saudi imports of fuel oil from its OPEC+ partner, Russia, jumped to a record-high in June as the Kingdom looks to burn more fuel oil for summer power demand, at the expense of crude oil, amid the production cuts, analysts and traders have told Reuters….

Norwegian oil group Aker BP on Thursday reported a rise in second-quarter earnings that matched expectations as record production offset weaker prices for oil and gas, and lifted its full-year production outlook.

After the final commissioning, the company will start the extended production testing.

The gas imports in June came in at 10.39mn mt.

Shell is on track to restart its Norwegian Nyhamna gas processing plant on July 15, which has been shut down since mid-May, the company said on Wednesday. [Image: Shell]

Natural gas production in the Appalachian Basin, which accounts for a majority of U.S. output, was nearly flat last year as drilling efficiency at Pennsylvania’s wells dropped for the first time since 2013, the U.S. Energy Information Administration (EIA) said on Wednesday.

The company plans to drill an additional 12 exploration and appraisal wells.

This is part of the NFPS offshore compression project, which involves the installation of new assets in Qatar’s North Field to sustain gas supply to existing LNG production trains.

Last year, oil prices hit multi-decade highs shortly after Russia invaded Ukraine, prompting the Biden administration to urge U.S. producers and OPEC to ramp up production at a faster clip so as to rein in spiraling oil prices. However, Saudi Arabia an…