Day: August 8, 2023

The oil industry, including companies BP, Shell, and TotalEnergies, was the industry that suffered the greatest financial losses from leaving Russia, an analysis by the Financial Times has revealed. Out of total losses of some 100 billion euro, or some…

Natural gas futures continued to rise on Tuesday, fueled by a steep – though likely temporary – decline in production. Continued heat in key demand regions also lent support to prices, with the September Nymex gas futures contract settling 5.2 cents higher day/day at $2.777/MMBtu. Spot gas prices also tacked on additional gains, though pipeline…

The post Plummeting Production Keeps Natural Gas Futures Flying For Now, but Continued Heat Said Needed appeared first on Natural Gas Intelligence

The use of artificial intelligence (AI) and other digital technologies in the oil and gas industry has increased dramatically in recent years and is expected to continue growing over the coming decades. Modernisation and digitalisation were already sta…

Start with the obvious. You invest to earn a return on your money. And you want your investment to grow faster than the rate of inflation in order to protect its real value. You expect to earn an even higher return by taking bigger risks versus smaller…

ADNOC Gas, the natural gas unit of the UAE’s state energy giant ADNOC, has awarded a $3.6 billion contract to expand its gas processing infrastructure in the United Arab Emirates. The contract was awarded to a joint venture between Abu Dhabi’s National…

Abu Dhabi National Oil Company (ADNOC) is pursuing $50 billion worth of deals to expand on international markets and has hired a top team of deal-makers to help with the plan, the Financial Times reported on Wednesday, quoting sources familiar with the…

A huge experiment to produce electricity using enhanced geothermal energy is taking place underground in Utah. The United States Department of Energy (DOE) is funding an experimental pilot project drilling well over a mile deep into the Earth’s crust t…

Tellurian Inc. said a deal to sell LNG to an affiliate of Gunvor Group Ltd. from its proposed Driftwood export terminal has been terminated. “The parties were unable to reach agreement on the commercial terms of an amendment to the agreement,” Tellurian said in a U.S. regulatory filing.

The post Tellurian Cancels Driftwood LNG SPA With Gunvor – The Offtake appeared first on Natural Gas Intelligence

Henry Hub natural gas spot prices will climb back above the $3/MMBtu threshold on average next year, though associated output from the Permian Basin will keep production elevated, according to updated projections from the U.S. Energy Information Administration (EIA). Domestic production is expected to remain at “relatively high levels” throughout 2023 even as natural gas…

The post Production to Hold Steady as Henry Natural Gas Back Above $3 in 2024, EIA Says appeared first on Natural Gas Intelligence

Via the Jamestown Foundation In May 2018, the World Bank opened bidding to “all eligible firms from any country” on a $72.6 million submarine fiber-optic cable system that sought to enhance the Internet infrastructure of three Pacific island nations: t…

New Fortress Energy Inc. (NFE) said Tuesday that part of the LNG export project offshore Mexico’s east coast is on track to load its first cargo in October.  One of three jack-up rigs that would form the company’s first Fast liquefied natural gas (FLNG) project have been installed. The Pioneer 3 rig is in place…

The post New Fortress Eyeing October for Exporting First LNG Cargo from Mexico appeared first on Natural Gas Intelligence

Lower 48 independent Coterra Energy Inc. exceeded production guidance during the second quarter across the board – for natural gas, oil and liquids – lifted by outperformance in well results and a 9% jump in Marcellus Shale natural gas volumes. “This beat was driven by many factors, including optimization of completions design spacing, landing zone…

The post Coterra Raises Natural Gas Production Forecast as Marcellus Exceeds Guidance appeared first on Natural Gas Intelligence

Assets under management of sovereign wealth funds in the Gulf Cooperation Council have expanded to $4 trillion over the past two years driven by higher oil prices. This is the outtake of a report from S&P Global, as carried by The National, which noted…

The Energy Information Administration raised its outlook for Brent crude oil spot prices for this year and next, according to the agency’s Short Term Energy Outlook published on Tuesday. The EIA sees Brent crude oil prices averaging $82.62 per barrel t…

Via Metal Miner Compared to other metal industries, components of the automotive industry still remain somewhat strong, despite the Automotive MMI (Monthly Metal Index’s) sideways movement over the past seven months. Pent-up consumer demand still runs …

Crude oil inventories in the United States unexpectedly rose unexpectedly this week by 4.067 million barrels, the American Petroleum Institute (API) data showed on Tuesday—just one week after seeing the largest dip in inventories ever of 15.4 million b…

Inventories of crude oil will reach an 8-year low by the end of this year, Eric Nuttal, partner and Senior Portfolio Manager at Ninepoint Partners, told BNN Bloomberg TV on Tuesday. While persistent fear of China’s stuttering crude oil demand and the b…

Natural gas futures started the week on strong footing, supported in part by a hot late-August forecast and the potential for a material decline in the storage surplus. The September Nymex gas futures contract settled Monday at $2.725/MMBtu, up 14.8 cents from Friday. Spot gas prices also were on the rise, led by sharp swings…

The post Natural Gas Futures Rise as Record Heat Seen Leading to ‘Slow, Steady’ Cut to Storage Surpluses appeared first on Natural Gas Intelligence

It is easy to lose sight of the wood for the trees sometimes in the complex world of global oil. And perhaps no subject in that world involves so many different intricate moving parts as the extraordinary relationship between the Federal Government of …

Project will include nine-kilometre tunnel under Squamish Estuary. [Image: FortisBC]

Storage facilities at 87% full, compared to 10-year average of 71%.

Last week, Fitch Ratings downgraded the US’s long-term credit rating from AAA to AA+. While the downgrade won’t significantly impact the US government’s ability to borrow, it should serve as a wake-up call because there is a much bigger problem looming…

Striking a balance between energy security, affordability and availability is no easy feat given the market’s turbulence over the past few years, Paul Marsden, president of Bechtel’s global energy business, tells NGW.

Two more Fast LNG units should be ready for commercial operations in Q1 2025. [Image: New Fortress Energy]

Siemens Energy on Monday said problems recently unveiled at its wind turbine unit would cost it £1.9bn (€2.2bn), well short of worst-case estimates but still casting doubt over whether it will keep the struggling business. The charges will inflate Siem…

Siemens Energy on Monday said problems recently unveiled at its wind turbine unit would cost it £1.9bn (€2.2bn), well short of worst-case estimates but still casting doubt over whether it will keep the struggling business. The charges will inflate Siem…

Brent crude fell below $85 per barrel on Tuesday as poor import/export data from China weighs on oil markets. Chart of the Week- China has become the most important bearish factor weighing on oil prices recently, with July export-import data showing th…

The Canadian government is considering the sale of a stake in the troubled Trans Mountain pipeline project to Indigenous communities. Per a report by Bloomberg, which cited documents from the office of Deputy PM Chrystia Freeland, Ottawa is prepared to…

Egypt plans to resume LNG exports in the fall after curbing them to meet domestic power demand, according to Energy Minister Tarek el-Molla. However, the combination of continued high temperatures and Egypt’s declining feed gas supplies could impact future liquefied natural gas exports. According to Kpler analyst Laura Page, Egyptian LNG exports have posted year-over-year…

The post Egypt Resumes LNG Exports, but Production Declines Threaten Overall Output appeared first on Natural Gas Intelligence

Little-known and newly-incorporated trading companies have handled large volumes of Russian crude oil and products since the Russian invasion of Ukraine and the withdrawal of Western firms from trades with Russia’s oil.  The little-known oil trading co…

Glencore suffered a sharp drop in pre-tax profits in the first six months of trading this year as the boom in commodity prices finally eased. The Swiss mining giant attributed the downturn to the normalisation of wholesale costs, after bumper trading f…

Siemens Energy on Monday said problems recently unveiled at its wind turbine unit would cost it £1.9bn (€2.2bn), well short of worst-case estimates but still casting doubt over whether it will keep the struggling business. The charges will inflate Siem…

Norway has approved a plan to connect Equinor’s Hammerfest liquefied natural gas (LNG) plant to the national power grid in a bid to cut greenhouse gas emissions, despite local opposition, the government said on Tuesday.

After five commercial oil discoveries in Surname’s offshore Block 58, the government in Paramaribo was optimistic the tiny, impoverished country was on track to enjoy an oil boom on the scale of neighboring Guyana. That was dealt a blow after TotalEner…

Siemens Energy on Monday said problems recently unveiled at its wind turbine unit would cost it £1.9bn (€2.2bn), well short of worst-case estimates but still casting doubt over whether it will keep the struggling business. The charges will inflate Siem…

Diamondback Energy Inc. is expecting oilfield services (OFS) costs to ease amid a current slowdown of activity in the Lower 48, according to CEO Travis Stice. Stice hosted a conference call to discuss second quarter earnings for the Midland, TX-based Permian Basin pure-play. Diamondback’s OFS providers “have always been responsive” to declines in the Permian…

The post Diamondback Sees Permian Cost Relief as Natural Gas, Oil Activity Slows appeared first on Natural Gas Intelligence

Enbridge Inc. is bulking up its natural gas storage capabilities and betting big on long-term demand for North American exports of LNG, viewing the super-chilled fuel as a key source of energy for decades to come. “Natural gas and oil will remain critical components of our energy supply in all energy transition scenarios that balance…

The post Enbridge Bullish on North American Natural Gas Storage, Long-Term Export Demand appeared first on Natural Gas Intelligence

Coming off a double-digit rally to open the week, natural gas futures hovered close to even early Tuesday following cooler forecast trends overnight, though cooling demand expectations remained supportive overall. The September Nymex contract was off a fraction of a penny to $2.724/MMBtu at around 8:40 a.m. ET. October was up 0.1 cents to $2.814.…

The post Natural Gas Futures Roughly Flat Early as Heat Seen Supportive Despite Cooler Trends appeared first on Natural Gas Intelligence

Demand for power in Texas hit a record high on Monday for the eighth time this summer as homes and businesses kept air conditioners cranked up to escape a lingering heat wave.

European gas traders have begun storing natural gas in Ukraine to take advantage of lower prices and available capacity there, regardless of the risks from the ongoing war, three traders and company officials said.

The Druzhba oil pipeline from Russia to Europe has returned to full functionality after a leak was detected during the weekend that needed repairs, Poland’s pipeline operator PERN said on Tuesday. “PERN’s technical services restored full functionality …

Roger delves into the absurdity of clean car rules proposed in New York, and to a state near you soon, that will try in vain to force us into vehicles we hate. Continue reading →

The post Clean Car Rules to Force Us Into EVs Will Fail Miserably appeared first on Natural Gas Now.

India’s crude oil imports from Saudi Arabia plunged by 34% in July just as the top global exporter started reducing its production by 1 million barrels per day (bpd) on top of its cuts within OPEC+, moneycontrol reports, citing data from cargo tracker …

Privately-owned Tri-Star is now the second largest shareholder in ASX-listed Omega Oil & Gas.

U.S. oil and gas producer Coterra Energy joined its peers in posting a sharp drop in quarterly profit on Monday, as gas prices scaled back from last year’s peaks, sending its shares down about 2% in extended trading.

Venture Global LNG on Monday lashed out at some customers signed up to take liquefied natural gas (LNG) cargoes from a Louisiana export facility, claiming they “have chosen to misrepresent confidential long-term contracts.”

The gas imports in July came in at 10.31mn tonnes.

Woodside has also signed a non-binding heads of agreement with LNG Japan for the sale of 12 LNG cargoes annually for a duration of 10 years, beginning in 2026.

These facilities will be associated with Empire’s Carpentaria pilot project in Northern Territory’s Beetaloo sub-basin.

The U.S. shale revolution has dramatically reshaped the world energy markets. The shale boom was one of the most impressive growth stories, from take off in 2008 to the Permian stealing the mantle from Saudi Arabia’s Ghawar as the world’s highest-produ…