Day: July 20, 2023

Historically, giant commodity traders such as Switzerland’s Vitol, Glencore, and Gunvor as well as Singapore’s Trafigura have dominated the global oil trade while smaller trading desks that lack the wherewithal and deep infrastructure networks of the g…

“Russia has lost the energy battle,” Fatih Birol, Executive Director of the International Energy Agency (IEA), told French newspaper Liberation in March, a year after Russia invaded Ukraine.  In the year and a half since Putin ordered troops into Ukrai…

Share prices in Tesla sank nearly 10% on Thursday afternoon, even after the company reported earnings that beat market expectations. The reason for the crash? Because Tesla didn’t beat analyst expectations for the right reasons, according to the Wall S…

China National Petroleum Corporation (CNPC) has started drilling an ultra-deep well with a designed depth of 10,520 meters (6.5 miles) in the Sichuan province, news agency Xinhua reports. The ultra-deep well is targeting natural gas and is located in t…

Guyana will not be taking action against a Guyanese contractor of ExxonMobil until the country is formally notified by the United States that it is investigating persons owning the contractor business, Guyana’s Vice President Bharrat Jagdeo has said.  …

Natural gas futures powered forward on Thursday, bolstered by a bullish government inventory report, lighter production and forecasts for intense heat in August. The August Nymex gas futures contract settled at $2.757/MMBtu, up 15.4 cents day/day. September gained 14.6 cents to $2.731. NGI’s Spot Gas National Avg. jumped 17.5 cents to $2.715. Futures started the…

The post Bullish Storage Print, Enduring Heat Ignite Natural Gas Futures Rally, Boost Spot Prices appeared first on Natural Gas Intelligence

Cargo originated at Yamaha LNG facility in Russia.

Strategically, the current Iraqi government is placing significant emphasis on improving the country’s energy infrastructure, primarily by expanding its capacity to generate and distribute electricity. Additionally, plans are in place to enhance oil an…

North American natural gas futures were sluggish this week, but they got a jolt on Thursday. The August New York Mercantile Exchange gas futures contract settled at $2.757/MMBtu, up 15.4 cents day/day. September was up 14.6 cents to $2.731. Analysts at NatGasWeather attributed the jump to “the weather data not backing off on one of…

The post North American Natural Gas Futures Rise on Heatwave; Mexico LNG Gets Boost — Spotlight appeared first on Natural Gas Intelligence

Kinder Morgan Inc. (KMI) is forecasting U.S. natural gas demand to grow by about 20 Bcf/d or 20% between 2023 and 2028 to roughly 121 Bcf/d, Executive Chairman Rich Kinder said Wednesday. “We expect 13.5 Bcf/d of that growth to come from LNG and Mexico exports, with moderate growth in the power, residential and commercial…

The post Kinder Morgan Projecting 20 Bcf/d of U.S. Natural Gas Demand Growth by 2028 appeared first on Natural Gas Intelligence

Share prices in Tesla sank nearly 10% on Thursday afternoon, even after the company reported earnings that beat market expectations. The reason for the crash? Because Tesla didn’t beat analyst expectations for the right reasons, according to the Wall S…

The renewable revolution is facing a major land use issue that threatens to seriously impede the growth trajectory of the clean energy sector. Mass-scale renewable energy infrastructure like wind and solar farms take up much more land area than traditi…

Lower natural gas prices have reduced drilling activity in the Lower 48, but expect that to change by next year as LNG export projects advance and more supply heads south of the border, Liberty Energy Inc. CEO Chris Wright said Thursday. Denver-based Liberty, one of the top hydraulic fracturing (fracking) operators in North America,  second…

The post U.S. Natural Gas Activity, Prices Likely to Climb Into 2024, Says Liberty Energy CEO appeared first on Natural Gas Intelligence

Australia could lose long-term LNG supply contracts with Japan under recent government policy changes over the past several months that appear to undermine the country’s natural gas industry. Under the Australian Domestic Gas SafeGuard Mechanism (ADSGM) passed earlier this year, the government is allowed to divert liquified natural gas feedstock to meet domestic demand, and…

The post Japan’s LNG Buyers Increasingly Frustrated with Australia’s Energy Policy appeared first on Natural Gas Intelligence

Pacific Northwest National Laboratory’s new flow battery design achieves long life and capacity for grid energy storage from renewable sources. A common food and medicine additive has shown it can boost the capacity and longevity of a next-generation f…

Pacific Northwest National Laboratory’s new flow battery design achieves long life and capacity for grid energy storage from renewable sources. A common food and medicine additive has shown it can boost the capacity and longevity of a next-generation f…

Russia’s revenue from oil and gas sales may increase by around 60% in July from May receipts to 844 billion roubles ($9.3 billion), Reuters has reported. The rise in income from oil and gas will, however, be merely a reflection of cyclical patterns. Th…

Via AG Metal Miner   Two firms, Goldman Sachs & Consultancy CRU Group, recently revised their forecasts for copper usage in electric vehicles (EVs). Indeed CRU Group now predicts that the average EV will use between 51-56 kilograms of copper from this …

Natural gas forward prices remained largely range bound in mid-July, but blazing heat out West led to huge, double-digit gains in the region for the rest of summer. Still, with a persistently large storage surplus and lackluster cooling demand across most of the rest of the country, August fixed prices averaged a moderate 11.0 cents…

The post Record-Setting Heat Drives Massive Gains for Western Natural Gas Forwards Prices appeared first on Natural Gas Intelligence

The Azerbaijani government has suspended the operation of a gold mine near the village of Soyudlu, where locals protested a month ago claiming that the mine was poisoning them and their crops.  On July 13, Azerbaijani Prime Minister Ali Asadov chaired …

The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 41 Bcf natural gas into storage for the week ended July 14. The result fell shy of median expectations in polls and further fueled upward momentum for Nymex natural gas futures. At A Glance: BREAKING: U.S. EIA reports 41 Bcf injection into storage…

The post Natural Gas Futures Seek Momentum Amid Intense Heat appeared first on Natural Gas Intelligence

The United States and Qatar are frontrunners – by a mile – as the LNG exporters best positioned to capture the global demand for additional supply capacity over the next two decades.   That’s the estimate by Wood Mackenzie, which sees the abundant, low…

The Azerbaijani government has suspended the operation of a gold mine near the village of Soyudlu, where locals protested a month ago claiming that the mine was poisoning them and their crops.  On July 13, Azerbaijani Prime Minister Ali Asadov chaired …

The Azerbaijani government has suspended the operation of a gold mine near the village of Soyudlu, where locals protested a month ago claiming that the mine was poisoning them and their crops.  On July 13, Azerbaijani Prime Minister Ali Asadov chaired …

Vattenfall is halting the development of a major offshore wind power project in the UK due to surging costs and challenging market conditions pressuring new developments, the Swedish utility said on Thursday.   Vattenfall will not proceed with the deve…

The United States’ Senate has passed an amendment to the annual defense bill that will prohibit China from purchasing oil from the United States’ emergency stockpiles. Voting overwhelmingly in favor of the bill, 85 to 14, the amendment will now be adde…

With LNG prices falling, buyers are looking to avoid getting caught short next winter.

Chinese-manufactured solar photovoltaic (PV) panels are piling up in European warehouses, with approximately 40 gigawatts-direct current* (GWdc) of capacity currently in storage – the same amount installed across the continent in 2022. These solar pane…

North America could see an increase in renewable natural gas (RNG) production by 2050, as government incentives and new production capacities are added, according to a recent analysis by Wood Mackenize researchers  “RNG has become more popular as it can have five times lower carbon intensity than natural gas projects and helps reduce emissions considerably…

The post North American RNG Production Forecast to Steadily Increase to 2050, Says Wood Mackenzie  appeared first on Natural Gas Intelligence

Russia’s state-owned oil and gas company Gazprom has teamed up with Russia’s successor to McDonald’s, Vkusno & tochka, to make marine biofuel produced using waste cooking oil, Reuters has reported. Gazpromneft-Marine Bunker, Gazprom’s bunkering busines…

Kinder Morgan on Wednesday missed Wall Street estimates for second-quarter revenue as the pipeline operator transported lower volumes of gasoline and diesel through its network.

The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 41 Bcf natural gas into storage for the week ended July 14. The result fell shy of median expectations in polls and further fueled upward momentum for Nymex natural gas futures. Ahead of the 10:30 a.m. ET EIA report, the August futures contract…

The post August Natural Gas Futures Rally Around 41 Bcf Storage Print appeared first on Natural Gas Intelligence

Europe’s benchmark natural gas prices rose in the early afternoon in Amsterdam as lower wind speeds across Europe are set to reduce wind power generation amid a massive heatwave in many parts of the continent. The front-month futures at the TTF hub, th…

Natural Gas Intelligence (NGI), a natural gas price reporting agency, has gained re-approval by the Federal Energy Regulatory Commission (FERC) as a price index developer meeting all or substantially all of the standards outlined in an April 2022 revised policy statement governing natural gas price indexes. In its July 11 order in FERC Docket No.…

The post NGI Gains FERC Re-Approval as Natural Gas Price Index Developer appeared first on Natural Gas Intelligence

The Azerbaijani government has suspended the operation of a gold mine near the village of Soyudlu, where locals protested a month ago claiming that the mine was poisoning them and their crops.  On July 13, Azerbaijani Prime Minister Ali Asadov chaired …

Mitigating methane emissions is critical and urgent. The US and the EU appear to be taking measures to speed up the process. The success of these measures will be a major factor in greening US LNG exports, making them more sustainable and providing the…

The United States is experiencing a blistering heat wave that’s putting major strain on the country’s electrical grids. As temperatures soar in the Western U.S., air conditioning units are working overtime, drawing far more energy from the grid than us…

NextDecade Corp.’s recent decision to move ahead with the Rio Grande LNG project in South Texas came with a staggering $18.4 billion price tag that could ultimately rise further as five export projects are now underway along the Gulf Coast.  The company crossed the finish line by completing what it said was the “largest greenfield…

The post NextDecade’s $18.4B Path to FID Weighing on Prospects for Other U.S. LNG Export Projects appeared first on Natural Gas Intelligence

Ring Energy Inc. is expanding its Central Basin Platform (CBP) leasehold in the Permian Basin of West Texas through a $75 million deal with privately held Founders Oil & Gas IV LLC.  The independent exploration and production (E&P) company, headquartered in The Woodlands north of Houston, is snatching up 3,600 net acres in Ector County,…

The post Ring Energy Snaps Up More Permian CBP Acreage in West Texas appeared first on Natural Gas Intelligence

South Africa has announced that Russian President Vladimir Putin, who has an outstanding arrest warrant issued in his name by the UN’s International Criminal Court (ICC), will not travel to a BRICS summit to be held in Johannesburg next month. “By mutu…

Worldwide demand for natural gas and oil remains solid, demonstrating the “critical” role that fossil fuels continue to play in the economy, according to Halliburton Co. CEO Jeff Miller. However, to sustain the long-term energy demand, it’s going to take “sustained capital investment,” he told investors on Wednesday during the second quarter 2023 conference call.…

The post North American Natural Gas, Oil Prices ‘Firming Up’ and E&Ps Eyeing Long Term, Says Halliburton CEO appeared first on Natural Gas Intelligence

With searing summer heat building in updated forecasts, natural gas futures probed higher early Thursday ahead of the release of the latest weekly government inventory data. The August Nymex contract was up 9.7 cents to $2.700/MMBtu at around 8:40 a.m. ET. EBW Analytics Group in a note to clients early Thursday highlighted continued “slow-but-steady” gains…

The post Extreme Heat Seen Bringing Demand Upside as Natural Gas Futures Rally Ahead of EIA Data appeared first on Natural Gas Intelligence

China can be beaten at everything but, with compromised Joe Biden in charge, the Chines Communist Party is implying playing stupid climates games with America. Continue reading →

The post China, Having Bought Out Biden, Is Playing Climate with Us! appeared first on Natural Gas Now.

SINGAPORE/TOKYO, July 20 (Reuters) – Governments across Asia are formulating strategic natural gas reserve policies, building new terminals and storage tanks as buffers against supply disruptions following last year’s energy crisis that sent global prices soaring to a record.

Chinese state-owned energy giant Sinopec’s natural gas production in the first half of 2023 rose 7.6% from a year before to 666.1 billion cubic feet, according to a filing with the Shanghai Stock Exchange released on Thursday.

A rebound in gas prices in Europe in June highlights how volatile the market remains, despite eased fears over the past half a year. [Gas in Transition, Volume 3, Issue 6]

Despite an apparent weakness in its economy, China is importing record volumes of oil and is buying record amounts of Russian crude to add to stockpiles. During the first half of 2023, Chinese imports of Russian crude oil averaged 2.13 million barrels …

ExxonMobil aims to nearly double the volumes of liquefied natural gas it is handling to more than 40 million tons per year by 2030, a top executive at the U.S. supermajor has told Nikkei in an interview. “We’re very bullish about the growth opportuniti…

A group of nearly 150 environmental justice groups urged the Biden administration on Wednesday to abandon talks with global energy companies on standards for certified natural gas, a form of the fuel that producers market as climate friendly, but that critics say undermines the transition from fossil fuels.

By John Kemp
LONDON, July 19 (Reuters) – 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.
Brazil’s total electrical genera…

Egypt is targeting a resumption of liquefied natural gas exports by October at the start of autumn, petroleum minister Tarek El Molla told reporters on Wednesday.

Gas Markets Remain Bearish As Inventories Rise At A Record Clip A couple of weeks ago, the International Energy Agency (IEA) warned that natural gas prices may spike again this winter, forcing governments to subsidize bills, again. The IEA’s executive …