Day: July 19, 2023

ExxonMobil (NYSE:XOM) made a splash in the Carbon Capture and Underground Storage-CCUS business last week with news of its $4.9 bn acquisition of Denbury Resources (NYSE:DEN). XOM had $32 bn kicking around on its balance sheet, and it was itching to pu…

Since Russia invaded Ukraine on 24 February 2022, the West has been scrambling to find reliable sources for consistent oil and gas supplies to compensate for those lost from Russia. At the same time, and cognisant of this dire need, China and Russia, h…

Natural gas futures lost momentum on Wednesday, despite intense near-term heat and lower production estimates. Coming off an 11.7-cent gain, the August Nymex gas futures contract shed 2.6 cents day/day and settled at $2.603/MMBtu. September fell 3.3 cents to $2.585. At A Glance: 40s Bcf injection expected Production slides further Signs of strong LNG demand…

The post Production Hit, Heat Not Enough to Propel Natural Gas Futures, Spot Prices appeared first on Natural Gas Intelligence

Despite the much lower natural gas prices this summer compared to last year, Europe is not out of the woods yet. A cold winter and a full cut-off of still-flowing pipeline gas from Russia could trigger another period of market volatility and high price…

The Biden Administration will announce on Thursday the first-ever offshore wind lease sale in the U.S. Gulf of Mexico which will be held in late August as part of the efforts to build 30 gigawatts (GW) of offshore wind by 2030, the White House said. To…

U.S. President Joe Biden is visiting Philadelphia on Thursday as he seeks to promote the benefits of green energy jobs to worker unions in Pennsylvania. The Biden Administration bets on the creation of millions of good-paying jobs in the energy transit…

When on Wall Street, we made predictions for a living. We tried to predict the implications of events (which we also had to predict) on stock and bond prices, act on these predictions, and the key to success was to be right more often than wrong.  Pred…

Enterprise Product Partners LP has begun service at its Poseidon cryogenic natural gas processing plant in Glasscock County in West Texas. The company’s sixth plant in the Midland sub-basin has a nameplate capacity of 300 MMcf/d and can extract more than 40,000 b/d of natural gas liquids (NGL). Enterprise now is able to process 1.3…

The post Enterprise Adds More Natural Gas Capacity in Permian with Ramp Up at 300 MMcf/d Plant appeared first on Natural Gas Intelligence

U.S. oilfield services (OFS) employment in June continued to hit post-pandemic highs, but jobs edged up by only 45 last month, according to an analysis of Bureau of Labor Statistics (BLS) data by the Energy Workforce & Technology Council.  Total OFS jobs inched up to 665,258 jobs in June, closer to the 706,528 jobs in…

The post U.S. OFS Job Gains Slow, as Energy Sector Competes for Employees appeared first on Natural Gas Intelligence

Fitch Ratings Inc. has again downgraded the credit rating of Mexican state oil company Petróleos Mexicanos (Pemex), citing liquidity and environmental, social and governance (ESG) concerns. Pemex’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) already were in junk territory at ‘BB-,’ and now have been lowered to ‘B+,’ the Fitch team said Friday…

The post Fitch Downgrades Mexico’s Pemex as Near-Term Debt, Accidents Mount appeared first on Natural Gas Intelligence

Feed gas nominations to Cheniere Energy Inc.’s Sabine Pass export terminal in Louisiana bounced back to 4.2 Bcf/d Wednesday after falling by 600 MMcf/d Tuesday.

The post Sabine Pass LNG Feed Gas Deliveries Bounce Back – The Offtake appeared first on Natural Gas Intelligence

The Indian economy was not immune to the economic slowdown caused by the global pandemic in 2020. As in many countries, lockdowns led to a spike in unemployment and quick drops in most measures of economic activity.

The post India’s Cost-Sensitive Buyers Have Important Role to Play in LNG Spot Price Formation – Column appeared first on Natural Gas Intelligence

Via AG Metal Miner   The latest construction news reports that while interest rates remain high, inflation is finally losing steam. This could go a long way toward helping U.S. construction projects. However, the Construction MMI (Monthly Metals Index)…

The 215th and final prefabricated piece has voyaged across the Pacific to the first Canadian liquefied natural gas export terminal, LNG Canada, under construction on the northern coast of British Columbia at Kitimat. Fluor Corp., the engineering firm contracted to assemble the C$18 billion ($13.5 billion) operation, reported that the arrival from a Zhuhai manufacturing…

The post Another Milestone Reached at LNG Canada Project After Final Module Arrives by Ship appeared first on Natural Gas Intelligence

In another indication of renewed interest in natural gas storage capacity, Mississippi’s Leaf River Energy Center is seeking to modify its facility to maximize injections and withdrawals in response to customer requests for greater flexibility. NJR Midstream’s Leaf River, the third largest underground salt cavern in the Gulf Coast region, filed a proposal with FERC…

The post Leaf River Adds to Roster of Natural Gas Storage Projects Targeting Gulf Coast appeared first on Natural Gas Intelligence

‘This is Rigged’ activists have blocked fuel supplies in Scotland, with two dozen protesters climbing atop pipework and tankers, and preventing entrance or exit from two oil terminals, campaigning to “shut down” the Scottish oil industry.  Protest bega…

‘This is Rigged’ activists have blocked fuel supplies in Scotland, with two dozen protesters climbing atop pipework and tankers, and preventing entrance or exit from two oil terminals, campaigning to “shut down” the Scottish oil industry.  Protest bega…

Auto research firm Cox Automotive – the owner of the closely followed Manheim price index – published new high-frequency data for the first 15 days of July that shows wholesale used-vehicle prices continue to slide. This data suggests a continued easin…

A massive carbon credit project—the second-largest in the world—has come to a halt, with the project’s operators claiming that government policies are behind the stoppage. In May of this year, Zimbabwe said it would require companies to give up half of…

The Financial Conduct Authority (FCA) has come under fire from a top industry group today after it announced it would delay a key set of regulations for environmental, social and governance (ESG) investment products. The City watchdog had been due to p…

Natural gas futures flourished for the first time in five sessions on Tuesday, mounting momentum alongside lofty temperatures and hints of lighter production. Coming off a four-day slump, the August Nymex gas futures contract settled at $2.629/MMBtu, up 11.7 cents day/day. September advanced 11.4 cents to $2.618. NGI’s Spot Gas National Avg. shed 3.0 cents…

The post Impressive Heat, Lighter Production Bolster Natural Gas Futures appeared first on Natural Gas Intelligence

As Mexico’s state-owned Pemex experiences yet another fire on its platform, its health and safety standards are once again being called into question. Pemex has long faced international pressure to improve its health and safety standards following year…

New pipeline would provide access to Haynesville, Marcellus gas.

China is importing oil at near-record levels while its domestic product has also increased. China’s oil imports in June jumped 45.3 percent on the year to the second-highest monthly figure on record, with refiners building up inventories despite weak d…

Indian multinational conglomerate Tata Group will build a massive facility for the production of electric car batteries in the United Kingdom, the Wall Street Journal has reported. Tata will invest more than £4 billion (around $5.17 billion) in the gig…

The opportunities for global natural gas, including LNG, look strong in the near term, with a “number of projects” likely to be sanctioned for the next few years, Baker Hughes Co. CEO Lorenzo Simonelli said Wednesday. During the conference call to discuss second quarter 2023 results, Simonelli said recent customer discussions to advance more liquefied…

The post More Global LNG FIDs Tracking for 2023 and Beyond, Says Baker Hughes CEO appeared first on Natural Gas Intelligence

Former Tesla executive JB Straubel’s battery recycling company is about to fetch a $5 billion valuation during its latest round of funding, according to a new report from FT. From there, the company plans on opening its first major facility in Nevada. …

Brazil has increased hydroelectric generation to near-record rates in 2022 and 2023 – reducing the need to import liquefied natural gas (LNG) and freeing cargoes to be redirected to ease the gas shortage in Europe.

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory dip of 700,000 barrels for the week ending July 14, falling to 457.4 million barrels—a figure that is 1% above the five-year average for this tim…

Ukraine and Russia both said they were seeking alternative ways to keep grain supplies flowing after an agreement that allowed exports to Africa, the Middle East, and Asia collapsed when Moscow refused to renew its participation in the deal as it expir…

The Financial Conduct Authority (FCA) has come under fire from a top industry group today after it announced it would delay a key set of regulations for environmental, social and governance (ESG) investment products. The City watchdog had been due to p…

The Financial Conduct Authority (FCA) has come under fire from a top industry group today after it announced it would delay a key set of regulations for environmental, social and governance (ESG) investment products. The City watchdog had been due to p…

Over the past decade, natural gas has been touted as the perfect ‘bridge fuel’ as the world transitions to low-carbon fuels. That appears pretty straightforward considering natural gas emits almost 50% less CO2 than coal when burnt as fuel. However, re…

The Financial Conduct Authority (FCA) has come under fire from a top industry group today after it announced it would delay a key set of regulations for environmental, social and governance (ESG) investment products. The City watchdog had been due to p…

Two of the world’s top three oilfield service providers, Halliburton and Baker Hughes, reported on Wednesday consensus-beating profits for the second quarter, but both signaled softer demand for drilling on the North American market. Weaker North Ameri…

The European Union (EU) and Japan, two of the world’s largest importers of natural gas, agreed this week to strengthen energy cooperation by establishing an EU-Japan energy security dialogue focused on global LNG flows. The partnership will work to improve global security of supply, transparency of markets and reduction of methane emissions in the liquefied…

The post EU, Japan Agree to Natural Gas Cooperation Amid Deep Structural Market Changes appeared first on Natural Gas Intelligence

Well completion activity is on the rise in North Dakota, likely heralding a surge in oil and gas production and underscoring the need for more natural gas egress capacity, state regulators said Friday (July 14). Department of Mineral Resources (DMR) Director Lynn Helms and North Dakota Pipeline Authority Director Justin Kringstad held a press conference…

The post North Dakota Poised for Production Bump with More Natural Gas Takeaway Needed, Officials Say appeared first on Natural Gas Intelligence

Natural gas futures pulled back in early trading Wednesday as one the major weather models eased off on cooling demand expectations somewhat and as ample storage inventories continued to weigh on prices. Coming off an 11.7-cent rally in the previous session, the August Nymex contract was down 4.3 cents to $2.586/MMBtu at around 8:40 a.m.…

The post American Model Trends Cooler as Natural Gas Futures Pull Back Early appeared first on Natural Gas Intelligence

Halliburton Co beat analysts’ estimates for second-quarter profit on Wednesday as resilient drilling activity boosted demand for its services and equipment, kicking off oilfield services earnings on a high note.

Wind turbine waste is becoming a major issue as heavily subsidized industrial wind facilities age out and, like the subsidies, the stuff just doesn’t go away. Continue reading →

The post Wind Turbine Waste: The Toxic Result of “Green Energy” appeared first on Natural Gas Now.

A liquefied natural gas (LNG) vessel moored in the Tuscan port of Piombino will be moved off the coast of Vado Ligure and Savona in Italy’s northwestern region of Liguria, the president of Liguria said on Tuesday.

The world’s demand for electricity is expected to rise by less than 2% this year, down from last year’s growth pace of 2.3%, as power consumption in the United States and Europe will decline amid an economic slowdown and the effects of the energy crisi…

The US engineering firm now has the all-clear to build the first three trains of the 28mn tonne/year Rio Grande LNG project in Texas, following NextDecade’s $18.7bn FID on the project on July 12.

The Northern Territory LNG project is aimed at developing a fully integrated onshore LNG facility in the Northern Territory, with operations spanning upstream, midstream, and downstream activities.

Japanese Prime Minister Fumio Kishida agreed to strengthen energy ties and economic cooperation with major gas producer Qatar on Tuesday, the final leg of a Gulf tour that has focused on securing energy supplies and promoting Japanese high tech.

Europe’s benchmark natural gas prices were steady on Wednesday as above-average inventories offset higher cooling demand in the prolonged heatwave that has gripped southern and central Europe.    The front-month futures at the TTF hub, the benchmark fo…

Major LNG buyers in North Asia have slashed imports of liquefied natural gas from Russian export projects to the lowest in two years as the world’s top LNG importers look to diversify supply amid ample current supply. In June, Asian imports of LNG from…

Oil prices dropped in Asian trading early on Wednesday before bouncing back slightly as market participants continue to weigh tightening supply and China’s fresh stimulus pledge against concerns of slowing developed economies amid rate hikes. In Asian …

The rise in LNG imports during the first six months of the year was also notable.

Bangladesh is in talks with a Malaysian firm to secure more supplies of liquefied natural gas (LNG), industry sources said on Wednesday, as the South Asian country looks to meet demand for power.

The revenue was impacted by lower oil and LNG prices.

This vessel is the second of four dual-fuel engine VLCCs that can also run on LNG, which are scheduled for delivery this year. [Image: ADNOC]

RPS will undertake offshore meteorological and oceanographic data measurements along the proposed pipeline route for one year. [Image: RPS]

ADNOC Gas will supply 1.2mn metric tons/year of LNG. [Photo: ADNOC]

Hedge funds and other money managers are back to piling bullish bets on oil, expecting Saudi Arabia’s production cuts this summer to have put a higher floor under prices.   The combined net long – the difference between bullish and bearish bets – in WT…