Day: August 14, 2023

Earlier this month, the price of natural gas in Europe spiked by as much as 40% on the news that gas platform workers in Australia may launch industrial action. The strike could affect a tenth of global LNG, media reported last week, which would send p…

Three numbers encapsulate the story of Saudi Aramco since its initial public offering (IPO) in December 2019. The first is that its net income for the second quarter (Q2) of this year was US$30.1 billion. The second is that its regular quarterly divide…

Trading action along the Nymex natural gas futures curve was like watching paint dry on Monday, with the prompt month swinging in a tight range given no major changes to fundamentals. The September Nymex gas futures contract settled at $2.795/MMBtu, up 2.5 cents from Friday’s close. October futures tacked on 1.6 cents to $2.898.  At…

The post Natural Gas Futures Prices Still Sluggish, but Eke Out Modest Gain appeared first on Natural Gas Intelligence

Last month, China’s Guangzhou Futures Exchange launched its first ever lithium carbonate future contracts, making it the fourth exchange worldwide to offer such contracts. The introduction of these trading instruments is intended to stabilize prices of…

Australia will launch a review into whether to impose tariffs on carbon-intensive imports such as cement, steel, and aluminum, under a plan for a carbon border adjustment mechanism similar to the one the EU prepares to launch in the middle of this deca…

Suncor Energy has become the latest oil major to report a substantial decline in profits from last year’s record performance. The Canadian heavyweight booked earnings of C$1.88 billion for April to June this year, or about $1.4 billion, which was down …

Commonwealth LNG LLC disclosed it has reached a milestone in the development of its 9.3 million metric ton/year (mmty) proposed natural gas export facility in Cameron Parish, LA with a combined equity, offtake and feed gas supply agreement. Houston-based Commonwealth said it has closed an agreement with Kimmeridge Energy Management Co. LLC for a minority…

The post Commonwealth LNG Targets Early 2024 FID After Kimmeridge Equity Agreement appeared first on Natural Gas Intelligence

European natural gas prices saw mixed trading as the week got underway with the market’s unease over supply risks this winter showing further out the curve. The September and October Title Transfer Facility (TTF) contracts declined slightly on Monday and were trading near $11/MMBtu and $13, respectively. Winter contracts gained across the board and traded…

The post European Natural Gas Prices Mixed as Market Weighs Possibility of Strikes in Australia – LNG Recap appeared first on Natural Gas Intelligence

Midstreamer Oneok Inc. hopes to reach a final investment decision (FID) on its proposed 2.8 Bcf/d Saguaro Connector natural gas pipeline later this year. The 155-mile pipeline would transport natural gas from the Waha hub in West Texas to the Mexico border. It would serve the Saguaro LNG export terminal proposed by Mexico Pacific Ltd.…

The post Oneok Buoyed By Strong Natural Gas Storage, Transport Volumes in Q2; Still Evaluating Saguaro Pipeline appeared first on Natural Gas Intelligence

It has now become more fashionable to talk about shortages. Computer chips have been in shortage and then in glut in the last few years. Natural gas was acutely in shortage in Europe after the war in Ukraine and pipeline sabotage brought supplies from …

When the European Union officially imposed another round of restrictive measures on Belarus on August 3, it put an end to one of the longest-running sanctions sagas in the bloc in recent years. The new measures were the first targeting the regime of Al…

A summer of record-breaking heat has dramatically increased electricity consumption for Americans with many now struggling to keep up with their skyrocketing electric bills. According to the U.S. Energy Information Administration (EIA), the average hou…

Energy suppliers have given heat pumps a fresh vote of confidence despite calls from backbench Conservative MPs to slow down the shift from heating systems powered by fossil fuels. The government has been consulting on oil-powered boilers, which heat 1…

The U.S. Court of Appeals for the Fourth Circuit has dismissed multiple lawsuits challenging Mountain Valley Pipeline LLC (MVP) permits, conceding that Congress stripped the court of its jurisdiction as part of a deal to raise the debt ceiling earlier this summer. However, Justices Roger L. Gregory, Stephanie D. Thacker and James Andrew Wynn raised…

The post Fourth Circuit Dismisses MVP Challenges as Judges Criticize Debt Deal Provisions appeared first on Natural Gas Intelligence

Abu Dhabi National Oil Co (ADNOC) has signaled a willingness to raise its informal offer to 60 euros per share for a valuation of $12.6 billion for German plastics and chemicals maker Covestro. The latest offer would represent a premium of nearly 30% t…

A summer of record-breaking heat has dramatically increased electricity consumption for Americans with many now struggling to keep up with their skyrocketing electric bills. According to the U.S. Energy Information Administration (EIA), the average hou…

Via Metal Miner Multinational commodity trader and mining group Glencore will acquire a 56.25% stake in the Mara copper and gold project in Argentina. The Swiss-headquartered group struck the Deal with Canada’s Pan America. In a boost for Glencore stoc…

The oil market is in a bullish move and heading well into the $90 per barrel range, Bob McNally, President at Rapidan Energy, told CNBC’s Squawk Box program on Monday. Oil hitting $100 per barrel is “entirely possible,” McNally added. “Oil prices are c…

Hundreds of North Sea oil and gas licenses are set to be granted in the UK within months to reduce reliance on oil and natural gas imports to strengthen the country’s energy independence.  UK Prime Minister Rishi Sunak reaffirmed the UK’s commitment to oil and gas, saying late last month that “even when we’ve reached…

The post UK Looking to Issue North Sea Oil, Natural Gas Licenses This Fall appeared first on Natural Gas Intelligence

Via Metal Miner Multinational commodity trader and mining group Glencore will acquire a 56.25% stake in the Mara copper and gold project in Argentina. The Swiss-headquartered group struck the Deal with Canada’s Pan America. In a boost for Glencore stoc…

For the second month in a row, the Energy Information Administration has forecast a decline in U.S. shale oil output, seeing the total falling to 9.415 million bpd in September, from 9.435 million bpd this month. In July, the EIA also forecast that U.S…

It looks like Occidental’s big carbon capture and storage (CCS) plan is being made a reality thanks to major funding from the Department of Energy (DoE), showing an increasing trend for CCS financing in the U.S. Earlier this year, U.S. oil and gas comp…

Producer selling oil assets to focus on gas-rich Marcellus and Haynesville acreage.

Via Metal Miner Multinational commodity trader and mining group Glencore will acquire a 56.25% stake in the Mara copper and gold project in Argentina. The Swiss-headquartered group struck the Deal with Canada’s Pan America. In a boost for Glencore stoc…

The price of gold has weakened in the face of a strong US dollar, with investor sentiment shifting away from the precious metal as hopes of avoiding a recession rise. It has started trading this week at $1,910 per ounce, falling by $30 per ounce in one…

United States Steel Corporation, one of the most iconic American steelmakers, rejected a takeover bid from rival Cleveland-Cliffs Inc. that would have formed one of the world’s largest steelmakers. On Sunday, US Steel announced the process to assess it…

A federal circuit panel has ruled that the Bureau of Land Management (BLM) did not break any laws when it approved Jonah Energy LLC’s natural gas drilling project in Wyoming on land that includes sage grouse populations as well as migration paths for pronghorns. “We conclude that BLM adequately collected and considered information on the…

The post Jonah Energy’s Wyoming Natural Gas Project Gains OK Over Environmental Objections appeared first on Natural Gas Intelligence

A U.S. appeals court on Friday rejected a challenge to federal approvals for the Mountain Valley Pipeline, in a decision that likely ends legal fights over the construction of the $6.6 billion natural gas project led by Equitrans Midstream.

SilverBow Resources Inc. agreed Monday to acquire Chesapeake Energy Corp.’s natural gas and oil assets in South Texas, a deal that would create the largest publicly held Eagle Ford Shale pure-play. Chesapeake would receive $700 million for the assets, including $650 million at closing and a $50 million deferred payment one year after the transaction…

The post SilverBow Buys Chesapeake’s South Texas Assets, Adding Targets in Eagle Ford and Austin Chalk appeared first on Natural Gas Intelligence

Russian producers have been selling their crude oil to India at prices below the G7 price cap of $60 per barrel, but since shipping costs are not included in this price ceiling, Russia has been overcharging for freight costs and getting more revenue fr…

With bulls trying to capitalize on the momentum created by some strong performances in last week’s trading, natural gas futures advanced modestly higher early Monday. The September Nymex contract was up 1.2 cents to $2.782/MMBtu at around 8:50 a.m. ET. Natural gas futures will enter the new week attempting to “build on last week’s gains,”…

The post Technical Outlook Said ‘Particularly Strong’ as Natural Gas Futures Advance Early appeared first on Natural Gas Intelligence

Russia may have to raise oil and gas taxation to receive more money from the energy industry, considering that the current lower-than-planned budget revenues and the risk of oil and gas revenues remaining lower for years could derail the budget plans t…

The supplies are expected to start in 2026.

Posts from Marcellus Drilling News illustrate what the war against natural gas is about; grifting after money and power at risk to our energy security and health. Continue reading →

The post Natural Gas Under Attack by Grifters After Money and Power appeared first on Natural Gas Now.

LNG may have saved Europe in the winter of 2022/23, but Europe’s thirst for the fuel has changed much. Europe’s energy system now has less flexibility and is heavily dependent on spot LNG, the most volatile element of a market in which China has moved centre stage. [Gas in Transition, Volume 3, Issue 7]

The project has faced delays due to labour shortages in Western Australia.

urkmenistan warned Russia on Saturday against trying to extend its influence over the Central Asia-China natural gas supply chain after Moscow said more countries could join its “gas union” with Kazakhstan and Uzbekistan.

Crude oil exports from Iran have gone up to 1.4 million barrels per day, a senior government official said, as quoted by Mehr News Agency. Davoud Mansour, head of Iran’s Planning and Budget Organization, also said, addressing parliament, that the count…

MinRes will assume 100% ownership of these assets.

Crude oil prices slid in midmorning Asian trade on Monday as China’s economic recovery continues to disappoint while the U.S. dollar strengthens. Even with the slide, however, benchmarks remain much higher than they have been for months. Brent crude wa…

The comfort that had characterised natural gas markets in Asia and Europe in recent months was shown to be a mere illusion by the threat of strike action at three major Australian liquefied natural gas (LNG) plants.

ONGC realised $76.49 for every barrel of crude oil it produced, down from $109.6 last year.

As a result of the transaction, Talon shareholders will own approximately 11% of Strike.