Day: July 26, 2023

Stocks of offshore oil and gas drillers and producers have gone on a tear after recent contracts broke records, reversing their seven-year downturn that reached its nadir during the Covid-19 pandemic. Rising global petroleum demand, coupled with increa…

Natural gas futures floundered on Wednesday, continuing a topsy-turvy trading trend as market participants weighed continued strong supplies against robust – but varying – cooling demand and forecasts for more of the same. At A Glance: Front month sheds 6.5 cents Analysts see smaller injection Weather forecasts ease some Following a 4.5-cent gain for the…

The post Natural Gas Futures Lose Steam Amid Production Uptick, Plump Supplies; Spot Prices Sail appeared first on Natural Gas Intelligence

Saudi Arabia pledged to cut production right after the OPEC+ summit in early June, however, it took the market several weeks to see and properly assess the impact of such output curtailments. When Middle Eastern national oil companies set out to issue …

Shell’s (NYSE: SHEL) second-quarter adjusted earnings nearly halved from the first quarter and fell by more than 50% from the record profits for the same period last year. The company missed analyst forecasts as lower oil and gas prices, refining margi…

Tiny South American country Guyana, which has a population of less than one million, recently emerged as the world’s hottest offshore frontier drilling location. After Exxon’s slew of world-class oil discoveries in the offshore Stabroek Block, the firs…

Mexico’s natural gas production averaged 4.35 Bcf/d in June, up from 4.04 Bcf/d in June 2022. State oil company Petróleos Mexicanos (Pemex) produced 4.12 Bcf/d of the total, versus 3.80 Bcf/d in the year-ago month, according to upstream regulator Comisión Nacional de Hidrocarburos (CNH). Private sector firms produced 227 MMcf/d, versus 242 MMcf/d a year…

The post Mexico Natural Gas Production Holding Steady as Ratings Agencies Voice Concerns About Pemex appeared first on Natural Gas Intelligence

Via Metal Miner China has significantly increased its reliance on aluminum imports this year due to lower domestic aluminum supply. According to reports, the move is part of a strategic measure to partially offset the below-average output in domestic p…

The U.S. LNG industry has appeared to emerge from a development slowdown after the Covid-19 pandemic to a boom in contracts and final investment decisions (FID) for new export projects thanks to global energy market disruptions. However, as the global market and supply chains continue adapting, rising hurdles for large-scale projects and the climate goals…

The post Baker Botts’ Bennett Says Question of U.S. LNG Capacity Isn’t How Much, but How Quickly appeared first on Natural Gas Intelligence

Shipping lines finally seem to be making some headway in managing vessel capacity in the Asia-U.S. trades. Spot rates have been on the rise for three straight weeks, rebounding to levels last seen in early 2023 and late 2022, according to several index…

Click here to listen to the latest episode of NGI’s Hub & Flow. Primary Vision Network CEO Matthew Johnson offers his expertise into the U.S. drilling and completions market and where it is headed to the end of the year. The firm’s weekly Frac Spread Count is similar to Baker Hughes Co.’s weekly rig count…

The post How Busy Are Lower 48 Drillers? Count Rigs and Fracture Spreads – Listen Now to NGI’s Hub & Flow appeared first on Natural Gas Intelligence

Houston-based NexTier Oilfield Solutions Inc. has maintained “relatively consistent activity” even as the U.S. rig count declined, with the oilfield services outlook more positive into 2024 as global demand rises, CEO Robert Drummond said Wednesday. With the slump in commodity prices this year, the U.S. land industry has slowed its roll. As of last Friday…

The post U.S. Natural Gas Land Retreat ‘Approaching Trough,’ Says NexTier CEO  appeared first on Natural Gas Intelligence

Europe’s hefty natural gas storage and diminished natural gas demand has led to months of decline in LNG imports, but global competition still presents an upside price risk for winter in a tightening market. European LNG imports dropped from May to June after peaking at 9.50 million tons (Mt) in April. However, the month-on-month decline…

The post Europe’s Drop in Summer LNG Imports, Hefty Storage Could Still Spell Upside Risk in Winter appeared first on Natural Gas Intelligence

While China crushes the competition in terms of clean energy spending, the country is also almost single-handedly keeping the global coal industry alive and well. The story of China’s renewable revolution has always taken place against the backdrop of …

Europe’s largest automaker, Volkswagen AG, plans to invest $700 million in Chinese electric vehicle manufacturer, Xpeng Inc.(NYSE:XPEV), as it tries to stem a sales decline in its pivotal Chinese market, Bloomberg has reported. VW will eventually hold …

Much more investment needed to deliver on gas export potential. [Image: Handout via Reuters]

Natural gas futures on Tuesday rebounded from losses a day earlier as exceptional near-term heat powered demand and overshadowed lingering concerns about elevated production and supplies. Coming off a 2.8-cent decline, the August Nymex gas futures contract on Tuesday gained 4.5 cents day/day and settled at $2.730/MMBtu. The September contract rose 5.9 cents to $2.747.…

The post Natural Gas Futures, Cash Prices Advance Alongside Soaring Temperatures appeared first on Natural Gas Intelligence

The U.S. power grid is already straining under excess regulations, with blackouts possible, but now the U.S. Environmental Protection Agency (EPA) has proposed two more rules that promise to cause even more major problems. One is a tailpipe emissions s…

The United States has announced an additional $400 million security package for Ukraine, including air defense munitions, armored vehicles, anti-armor weapons, and other “critical military assistance” from Defense Department stockpiles to help it retak…

The United States has announced an additional $400 million security package for Ukraine, including air defense munitions, armored vehicles, anti-armor weapons, and other “critical military assistance” from Defense Department stockpiles to help it retak…

Ofgem has announced toughened capital requirements for suppliers, as it looks to shore up the industry’s finances following the volatility of soaring gas prices last year and the domestic energy crisis which caused 30 firms to collapse. The watchdog ha…

EQT Corp., the nation’s largest natural gas producer, has snagged an agreement to supply the proposed Lake Charles LNG project in Louisiana with 1 million metric tons/year (mmty), or 135 MMcf/d, advancing a strategy to supply overseas markets with Appalachia production. In the heads of agreement (HOA) with sponsor Energy Transfer LP (ET), EQT said…

The post EQT Advancing Gulf Coast LNG Strategy and Eyeing (Eventual) MVP Opportunities appeared first on Natural Gas Intelligence

Saudi Arabia is expected to prolong its voluntary 1 million-barrel oil supply cut into September as it seeks to support the rebound in oil prices. The top OPEC producer introduced the additional cutback this month in a bid to support higher oil prices …

Big Oil companies Exxon Mobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX) are both set to report a significant drop in second quarter profits when they return their quarterly scorecards on the 28th of July thanks to a sharp decline in oil and gas pri…

The United States has announced an additional $400 million security package for Ukraine, including air defense munitions, armored vehicles, anti-armor weapons, and other “critical military assistance” from Defense Department stockpiles to help it retak…

The United States has announced an additional $400 million security package for Ukraine, including air defense munitions, armored vehicles, anti-armor weapons, and other “critical military assistance” from Defense Department stockpiles to help it retak…

The future supply of several metals and minerals that are critical for the success of the energy transition is uncertain, threatening that success, GlobalData has said in a new report. According to that report, the transition depends on the sustainable…

Q2 gas sales down on lower volumes, prices.

Crude oil prices fell slightly after the Energy Information Administration reported an estimated draw of 600,000 barrels in U.S. oil inventories for the week to July 21. This compared with a modest inventory decline of 700,000 barrels for the previous …

Mediated contract gives workers at Cedar Valley Lodge increases of 30-40%. [Image: LNG Canada]

Half a dozen major carmakers are joining forces in a $1-billion push to develop a fast-charging network in the United States. The push, according to a report in the Wall Street Journal citing unnamed sources, aims to remove one of the obstacles to grea…

Europe’s benchmark natural gas prices fell by nearly 6% mid-day in Amsterdam on Wednesday, erasing gains from earlier in the day, as the heatwave across southern Europe started to abate and gas inventories are high with storage sites on track to be ful…

Energy department also working with importers and exporters to enhance MMRV. [Image: GHGSat]

Baseload natural gas prices for August trended lower on the first day of bidweek trading, according to NGI’s Bidweek Alert. The modest price declines occurred against a backdrop of stubbornly high storage levels and lofty production levels, which have been offset only by strong summer heat in the West and Texas. Despite the modest weakness…

The post August Baseload Natural Gas Trending Lower as Lofty Supplies Outweigh Sweltering Summer Heat appeared first on Natural Gas Intelligence

Rolls-Royce shares skyrocketed more than 20 per cent this morning after it raised its full year profit guidance on the back of a boom in long-haul flying and increased defence spending. The aerospace giant said that half year profits are expected to be…

Houston-based Buckeye Partners LP on Monday said it would buy Elysian Carbon Management in a sign that mirrors ExxonMobil’s recent decision to snap up Denbury Inc. to expand carbon capture services. Buckeye said it would take over Elysian from EnCap Flatrock Midstream for an undisclosed amount. Elysian provides integrated end-to-end carbon capture and storage (CCS)…

The post Midstream Giant Buckeye Agrees to Buy Elysian for CCS Expertise appeared first on Natural Gas Intelligence

Merger and acquisition (M&A) activity in the Lower 48 upstream segment doubled year/year during the second quarter in terms of transacted value, with 20 deals totaling $24 billion, according to the latest tally by Enverus Intelligence Research (EIR). The figure was up from a comparatively sluggish $12 billion transacted during 2Q2022. Dealmaking in 2Q2023 was…

The post ‘Thunderous Return’ to Upstream M&A as 2Q Dealmaking Tops $24B appeared first on Natural Gas Intelligence

As traders weighed a mix of fundamental factors ahead of the looming front month contract expiration, natural gas futures retreated early Wednesday.  The August Nymex contract was off 2.9 cents to $2.701/MMBtu at around 8:30 a.m. ET. September was down 2.9 cents to $2.718. Front month declines early Wednesday occurred as “near-term weather forecasts appear…

The post August Natural Gas Retreats Early as Contract Expiry Seen Influencing Near-Term Trade appeared first on Natural Gas Intelligence

Senator Joe Manchin is calling for faster approval of high-voltage power lines as part of the permitting reform he has been seeking to pass for months. Manchin, Chairman of the Senate Energy and Natural Resources Committee, is calling for provisions in…

Cheap Russian oil helped China accelerate the pace of stockpiling crude in June to the largest monthly additions to inventories in three years, according to estimates by Reuters columnist Clyde Russell based on official Chinese data.   In June, China i…

Global warming hyperbole is delivered by the media with the intention that it completely smother all contrary facts and opinions. Continue reading →

The post Warming Hyperbole Is the Order of the Day from Media appeared first on Natural Gas Now.

Japan, which has made a U-turn in its nuclear energy policy in the wake of last year’s energy crisis, is considering granting subsidies to help with the necessary upgrades at nuclear power plants that are currently idle. Nuclear power stations in Japan…

The EV mirage is suddenly being noticed by media that have advanced this ridiculous solution to the non-problem of global warming. Continue reading →

The post EV Mirage Is Proving to Be Very Ephemeral Indeed appeared first on Natural Gas Now.

Equinor on Wednesday posted a 57% year-on-year decline in second quarter core profit, in line with expectations as oil and gas prices fell, while maintaining its dividend and share buyback levels.

Oil prices fell by 1% early on Wednesday ahead of the Fed meeting later today, which is expected to raise the key interest rate again in what could be the end of the aggressive money-tightening policies. As of 7:40 a.m. EDT on Wednesday, WTI Crude was …

RWE, Germany’s largest utility, on Tuesday raised its 2023 core earnings guidance, helped by higher margins at its gas-fired power pants and better-than-expected profits at its trading business.

Although Asian LNG imports stalled in 2022 and have yet to bounce back with vigour this year, new countries are entering the market and investment in regasification capacity and downstream infrastructure remains strong. [Gas in Transition, Volume 3, Is…

Policy reform in China will boost profit for city-gas distributors by letting them raise prices for residential sales above costs, after years of selling piped gas to households at a loss, according to utility officials and analysts.

This comes after the agreement between Shell, Pertamina and Petronas, concerning the transfer of Shell’s participating interest in the Abadi LNG project

POSCO Internation has signed a contract with Pertamina Hulu Energi and the Indonesian government to develop the Bunga gas block located in the eastern sea of Java Island.

The assets include three natural gas blocks. [Image: Eni]

The company’s revenue was higher quarter/quarter, however.

Since the mid-1990s, China’s economic growth rate has been one of the most important determinants of the oil price (and of the gas price too as, historically, 70 percent of this has been derived from the oil price). The vast disparity between the count…