Day: September 13, 2023

Oil prices have soared to a 10-month high on Wednesday, with a surprise build in U.S. crude inventories failing to dampen expectations of tight supplies for the rest of the year. Front-month November Brent crude closed +1.5% at $92.06/bbl, its best set…

Consistently higher living expenses have deepened a rift among—and within—EU members about tackling climate change and moving away from oil, gas, and coal. The development has been anything but surprising, as higher energy costs had millions of Europea…

Prompt-month natural gas futures fell for the first time in five sessions amid export uncertainty, cooling weather and the specter of hurricane conditions dropping temperatures further on the East Coast. At A Glance: Front month loses 6.3 cents Hurricane Lee approaches U.S. Production remains off slightly The October Nymex natural gas futures contract on Wednesday…

The post Natural Gas Futures, Cash Prices Falter as Autumn Nears, Hurricane Chills Approach East Coast appeared first on Natural Gas Intelligence

  China has maintained a strong rate of crude oil imports pretty much since the start of the year, but instead of turning oil markets bullish, it has only served to create confusion. That’s because while it has been reporting strong import figures, Chi…

Via Metal Miner According to this report, the most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trading 2.41% higher at 851.5 yuan (US$116.80) a metric ton. The next day, the iron ore price index surged by 4%…

Coming off a record-setting summer driven by new highs in power generation demand, domestic natural gas prices are seen strengthening through the remainder of 2023 and into 2024, according to updated modeling from the U.S. Energy Information Administration (EIA). In its latest Short-Term Energy Outlook (STEO), EIA modeled an average Henry Hub spot price of…

The post EIA Sees North American Natural Gas Prices Strengthening Amid Record-High Consumption appeared first on Natural Gas Intelligence

Feed gas nominations to the Freeport LNG facility in Texas remain at a trickle after a significant drop on Sept. 9. Nominated feed gas on the Gulf South Pipeline system, Freeport’s primary supply route, was 203 MMcf/d on Wednesday, according to NGI analysis of pipeline data from Wood Mackenzie. It was around 11% of available…

The post Freeport LNG Feed Gas Remains Depressed as Vessels Collect Around Texas Coast appeared first on Natural Gas Intelligence

Consistent data-based forecasts show that peak oil and other fossil fuel demand will not happen before 2030, as the International Energy Agency (IEA) claimed earlier this week, OPEC said on Thursday, dismissing the claims of the “beginning of the end o…

Liquefied natural gas (LNG) production at Chevron’s Wheatstone export facility was reduced by 25% after a fault, a spokesman for Chevron told Reuters on Thursday, the day on which trade unions escalated their strikes at the plant and the other Chevron …

Labor unions’ decision to partially stop work last week at the Gorgon and Wheatstone LNG export facilities in Western Australia spurred a significant rally in the European natural gas market, once again shining a light on the increasingly sensitive links between regional gas markets.

The post Australian LNG Strikes Shine Light on Country’s Broader Natural Gas Market Issues – Column appeared first on Natural Gas Intelligence

According to the World Bank, global seaport trade traffic reached 841 million TEUs (20-foot container equivalent units) in 2021. In this infographic, Visual Capitalist’s Freny Fernandes and Winifred Amase use that data to highlight the countries with t…

University of Basel chemists have succeeded in replacing the rare elements osmium and ruthenium with a significantly cheaper metal. In terms of their properties, the new materials are very similar to those used in the past. Expensive noble metals often…

Mexico’s state oil firm Pemex is expected to start running the long-delayed Dos Bocas oil refinery at full capacity this year, Mexican Energy Minister Rocio Nahle said this week. The oil refinery has seen delays and cost overruns estimated around or ev…

Natural gas futures may be mired in a narrow range, but prices continue to edge upward. On Tuesday, the prompt month got a boost from falling production levels in the Permian Basin, a development that brought total output below the 100 Bcf/d level — a rare occurrence late in the summer of 2023. At A…

The post Lower Permian Production Sends October Natural Gas Futures into Rally Mode appeared first on Natural Gas Intelligence

It is fair to say that Brussels reacted with incredulity at the latest move by the Georgian government to commence impeachment proceedings against that Caucasus country’s president, Salome Zurabishvili, for visiting foreign countries without government…

Thailand is aiming to secure long-term LNG supply contracts from global LNG suppliers based on different price benchmarks to diversify supply.   The country plans to buy 50% of its liquefied natural gas via term contracts and the remaining 50% from the spot market, PTT Public Co. Ltd.’s M. L. Peekthong Thongyai, senior vice president, said…

The post Thailand Aiming to Diversify LNG Supply with More Long-Term Contracts appeared first on Natural Gas Intelligence

Higher gasoline and diesel prices pushed U.S. inflation higher in August, prompting the White House to reach out to the oil and gas industry, to ensure stable supply. Consumer prices in the United States rose by the most in 14 months, Reuters reported,…

Al Gore has struck at the banking industry claiming it was still making profits from the oil and gas industry despite a climate crisis allegedly caused by that industry. Speaking to Bloomberg, the prominent climate activist said that bankers were “prof…

Libya’s four oil export ports reopened on Wednesday following their closure in the face of Storm Daniel, which swept through the Mediterranean, causing extensive damage in Libya’s east, where officials are reporting over 5,000 deaths.  On Wednesday, th…

Princeton University Engineering School researchers have developed a new approach that slashes the land and time needed to extract lithium from brine, which could dramatically expand access to the critical mineral. The researchers say their system can …

Carbon capture utilization and sequestration (CCUS) specialist 1PointFive Inc. has secured a commitment from Amazon.com Inc. to purchase 250,000 metric tons of carbon dioxide (CO2) removal credits over 10 years. The credits would be enabled by 1PointFive’s STRATOS direct air capture (DAC) facility under construction in Ector County, TX. The plant, expected to enter service…

The post Amazon to Purchase Carbon Removal Credits from Oxy’s 1PointFive appeared first on Natural Gas Intelligence

Nigeria has awarded contracts to 42 companies under a programme to harness gas which is released as a byproduct of oil production, its petroleum regulator said on Wednesday.

Crude oil prices ticked lower today after the Energy Information Administration reported an inventory build of 4 million barrels for the week to September 8. This compared with a draw of 6.3 million barrels for the previous week, which in turn followed…

Workers at two LNG projects operated by Chevron have stepped up their industrial action that began earlier this week, and plan further escalations in the coming weeks. While the unions representing the workers have not specified how many hours every da…

Britain has now installed more wind capacity than any other type of power source, with wind power capacity overtaking combined-cycle gas power stations for the first time and ending more than a century of fossil fuels dominating the electricity system,…

Britain has now installed more wind capacity than any other type of power source, with wind power capacity overtaking combined-cycle gas power stations for the first time and ending more than a century of fossil fuels dominating the electricity system,…

An ancient supervolcano along the Nevada-Oregon border contains what could be the world’s largest single deposit of lithium. The findings could reshape the West’s supply of the critical metal — and might even change the geopolitical game with China.  …

Russia’s oil export revenues jumped to $17.1 billion in August, up by $1.8 billion compared to July, as higher oil prices more than offset lower export volumes, the International Energy Agency (IEA) said on Wednesday in its Oil Market Report for Septem…

Project Canary, which moved the natural gas industry toward the ubiquitous use of “responsibly sourced gas,” or RSG, has expanded its reach to help customers measure and analyze environmental risks and emissions.  The RSG moniker made a name for the Denver-based firm, a term that often has been used interchangeably with “differentiated” or “independently certified”…

The post Project Canary Taking on ‘Differentiated’ Natural Gas Mantle to Expand Emissions Measurements appeared first on Natural Gas Intelligence

Crescent Point Energy Corp. is shifting its budget to center on long-term drilling in Alberta’s liquids-rich shale after landing a $500 million oil asset sale in North Dakota last month. Of a C$1.05-1.15 billion (US$788-862 million) development program in 2024, 70% is now being allocated for northern Alberta Montney and Duvernay geological formations, according to…

The post Crescent Point Bets on 10% Production Boost with Montney, Duvernay Shale Gas Strategy appeared first on Natural Gas Intelligence

Natural gas futures trimmed their recent gains early Wednesday as the market assessed the lingering balance implications of robust summer heat, albeit with more comfortable shoulder season conditions ahead.  The October Nymex contract was off 0.8 cents to $2.735/MMBtu at around 8:45 a.m. ET. The October contract is coming off a 13.5-cent rally in Tuesday’s…

The post Natural Gas Futures Trim Gains as Comfy U.S. Temps Seen for Back Half of September appeared first on Natural Gas Intelligence

After seven years on the sidelines, oil trader Gunvor Group Ltd is back into the metals trading business as more commodity trading houses are betting on metals amid the energy transition. Gunvor has hired veteran metals trader Ivan Petev to head its ne…

Chevron has asked Australia’s Fair Work Commission (FWC) to intervene in its dispute with workers on strike at two major liquefied natural gas facilities, banking on new laws that came into effect in June and which empower the industrial arbitrator to force parties into an agreement they themselves are unable to make.

Oil prices are set for a surge in volatility amid an expected “significant supply shortfall” on the market in the fourth quarter of 2023, due to the Saudi-led cuts to OPEC+ oil supply, the International Energy Agency (IEA) said on Wednesday.    So far …

The European Commission is set to propose a European Wind Power package to help get the bloc’s flailing wind industry back on the track of growth to help accelerate its decarbonization targets, European Commission President Ursula von der Leyen said in…

Freeport LNG’s natural gas intake at its plant in Texas fell to zero on Wednesday, marking a fifth straight day of operating well below capacity according to LSEG data and suggesting a persistent outage at the plant, analysts said. [Image: Freeport LNG]

Darkness and despair have descended upon America and one needs to understand it has not been sudden. It’s been happening for 75 years or more and it’s peaking. Continue reading →

The post If I Wanted to Plunge America Into Darkness and Despair appeared first on Natural Gas Now.

Algeria, Egypt and Libya will be Italy’s main gas suppliers for the next few years, Eni’s head of natural resources told Reuters, adding that the energy group would invest heavily in Africa both in exploration and in new low-carbon projects.

With Power of Siberia 2 a long-term ambition, Russia is looking for a faster means of expanding exports to the Chinese market. [Gas in Transition, Volume 3, Issue 8]

The Shenzi platform produces both oil and gas with a production capacity of 100,000 barrels/day and 50mn ft3/day.

The company has entered into a non-binding heads of terms (HoT) with auto parts manufacturer DMA, its largest offtaker.

The pact is in connection with Elixir’s Grandis gas project (ATP 2044) in the Bowen basin, Queensland.

It has signed a non-binding agreement with Indonesian companies Pertamina International Shipping and Davenergy Mulia Perkasa to develop LNG from the Madura gas field.

The project is expected to have a capacity of 20.4mn tonnes/year of LNG.

The well has been connected to the OGDCL Nashpa plant through a 1.8-km flow line, and the gas is being injected into the Sui Northern Gas Pipelines network.

The South Erregulla gas field development is part of Strike’s government-endorsed gas acceleration and development strategy which aims to provide gas to the Western Australian market.

BP CEO Bernard Looney resigned on Tuesday with immediate effect after less than four years in the oil major’s top job for failing to fully disclose details of past personal relationships with colleagues, the company said. [Image: BP]

Last week, Brent crude topped $90 per barrel for the first time since last November, and WTI climbed to an 11-month high, too. The reason: Saudi Arabia and Russia said they would extend their oil supply cuts until the end of the year. The decision was …