Day: September 21, 2023

Over the past couple of months oil markets have been on fire, with oil prices gaining 30% since June after Saudi Arabia and Russia announced they would extend their production cuts and exports. The cuts have proven to be pretty effective, with commodit…

The oil price rally continues to display strong momentum as tightness in the physical markets shows no sign of easing. The past seven trading days have all seen new year-to-date-highs set for front-month Brent, with the latest hitting a 10-month high a…

Natural gas futures fell for a second consecutive day, with cooler weather and diminished demand overshadowing hits to production and a seasonally light storage injection. At A Glance: EIA posts 64 Bcf storage injection Production lower on maintenance Cooling demand dissipates rapidly The October Nymex gas futures contract fell 12.3 cents day/day and settled at…

The post Natural Gas Futures Falter Following In-Line Inventory Print; Cash Prices Called Lower appeared first on Natural Gas Intelligence

The benchmark natural gas prices in Europe and the UK dropped early on Friday after Chevron and trade unions settled a labor dispute which led to the unions calling off the strikes at two large LNG export facilities in Australia. The front-month future…

A mixed week of natural gas forwards price action brought strengthening in the south central Lower 48, countered by shoulder season moderation for the Northeast and out West, an analysis of NGI’s Forward Look data for the Sept. 14-20 trading period shows. With nary a hint of intimidating early season cold, at least for now,…

The post Natural Gas Forwards Mixed as Market Left Waiting for Signs of Early Winter Cold appeared first on Natural Gas Intelligence

New gas reserves are needed to support Atlantic LNG and petrochemical industry.

“The search for a scapegoat is the easiest of all hunting expeditions.” — Dwight D. Eisenhower The state of California is suing five major oil companies – BP, ExxonMobil, Chevron, Shell, and ConocoPhillips – as well as their trade group, the American P…

Ottawa’s climate change envoy says methane emissions from oil and gas will be cut by more than 75%. [UPDATES with Alberta reaction on September 22]

Bulls took the upper hand on Monday and Tuesday in the North American natural gas market, but stronger supply and mild temperatures gave bears the advantage on Wednesday and Thursday. On Thursday, the October New York Mercantile Exchange gas futures contract fell 12.3 cents day/day and settled at $2.610/MMBtu. November shed 8.1 cents to $2.840.…

The post Mexico Buyers Seeing Volatility at Waha, but Natural Gas Futures in Bearish Territory – Spotlight appeared first on Natural Gas Intelligence

Tesla has plans to build and market battery storage in India and has applied for government subsidies, Reuters has reported, citing unnamed sources close to the company. The news follows earlier reports that the EV maker was discussing the construction…

The Offshore Alliance trade union has called off a strike at two Chevron LNG projects in Australia after the country’s labor market regulator mediated a settlement between the parties. The strike began on September 8 after they failed to reach an agree…

The price for Brent has risen, Morgan Stanley said in a note on Thursday, and all signals for crude oil are “flashing tightness,” with prices being supported at current levels. “Not only has Brent flat price risen, but calendar spreads have rallied, re…

When Joe Biden defeated incumbent Donald Trump in the November 2020 presidential contest, it ended a tense election struggle in which a country that had never played more than a bit part in U.S. politics — Ukraine — suddenly had a substantial role. K…

A federal judge has ordered the Department of the Interior to expand the area to be offered for oil and gas leasing in the Gulf of Mexico later this month. The judge said that the department’s Bureau of Ocean Energy Management had made a bad move “in t…

Money managers are placing the most bullish wagers in more than a year,  with many betting that oil prices will soon pass $100 a barrel following a powerful rally triggered by production and export cuts by Saudi Arabia and Russia.  The latest Commitmen…

Europe continues to rely on Russian LNG imports to compensate for the decline in pipeline deliveries from the country, despite calls to ban the super-chilled fuel.  For the first eight months of the year, Russian liquefied natural gas exports totaled 20.58 million tons (Mt), according to Kpler. The European Union’s (EU) 27 countries imported more…

The post Europe Continues to Lean Heavily on Russian LNG Imports appeared first on Natural Gas Intelligence

The Labour Party has pledged it would reinstate the ban on the sale of new petrol and diesel cars from 2030 if elected into government. Shadow environment secretary Steve Reed confirmed Sir Keir Starmer’s party would reverse the Prime Minister’s decisi…

Mark Gyetvay also ordered to pay $4.35mn in fines and restitution.

The planned expansion of the BRICS bloc, through the addition of new members Saudi Arabia, Iran, United Arab Emirates (UAE), Egypt, Ethiopia and Argentina, will transform the grouping into a global leader in renewable energy in the coming decades, Ryst…

Germany passed on Thursday a bill that would make energy savings measures mandatory across all economic sectors, according to media. The new law, called The Energy Efficiency Act, would regulate energy savings in public buildings, industry, and data ce…

Crown Prince Mohammed bin Salman (MbS) said in an exclusive Fox News interview published Wednesday that Saudi Arabia will obtain a nuclear weapon if its number one regional rival does so first. “If they get one, we have to get one,” MbS told Fox’s ‘Spe…

The U.S. Energy Information Administration (EIA) on Thursday reported a 64 Bcf injection into domestic natural gas storage for the week ended Sept. 15, a tighter-than-normal figure that aligned with market expectations. At A Glance: BREAKING: U.S. EIA reports 64 Bcf injection into storage Weather demand fades Output holds at 100 Bcf/d Natural gas futures…

The post October Natural Gas Futures Rally Fizzles as Fall Weather Cuts Demand appeared first on Natural Gas Intelligence

Chevron Corp. disclosed it has agreed to the terms of a deal with union workers at its Australia LNG facilities that was brokered by the country’s Fair Work Commission (FWC). Union workers at Chevron’s Gorgon and Wheatstone liquefied natural gas facilities in Western Australia have been escalating tactics since labor action started earlier this month,…

The post Chevron Agrees to Mediator’s Terms in Australian LNG Labor Dispute appeared first on Natural Gas Intelligence

Reuters, the international news company, published a very silly story suggesting China was helping the climate (which needs no help) by building coal plants. Why? Continue reading →

The post China Coal Story All About Protecting the Grift! appeared first on Natural Gas Now.

The de facto Armenian administration of Nagorno-Karabakh declared its readiness to surrender to Azerbaijan, avoiding further bloodshed following the start of the latter’s offensive a day earlier.  The population of the region has been under Azerbaijani…

The U.S. Energy Information Administration (EIA) on Thursday reported a 64 Bcf injection into domestic natural gas storage for the week ended Sept. 15, a tighter-than-normal figure that aligned with market expectations. However, with supportive cooling demand fading into the shoulder season and heftier injections expected in the coming weeks, Nymex natural gas futures pulled…

The post Natural Gas Futures Prices Flounder After EIA Storage Print Confirms Market Expectations appeared first on Natural Gas Intelligence

Ulsan National Institute of Science and Technology (UNIST) research team has achieved significant breakthroughs in harnessing low-grade heat sources (

Russia launched missile attacks on Ukrainian energy facilities on Thursday, in one of the biggest attacks on Ukraine’s energy infrastructure in months. Missile attacks overnight caused damage to power facilities in the western and central parts of Ukra…

As Hurricane Nigel churns in the Atlantic Ocean, weather forecasters are closely watching the possibility of a subtropical depression or storm forming off the Southeast coast later this week and could swamp the Mid-Atlantic and Northeast by the weekend…

Iraq’s Prime Minister Mohammed Shiaa al-Sudani is meeting this week in New York with representatives of dozens of U.S. energy companies to pitch potential investments in the Iraqi natural gas sector. “My government is serious about investment in gas an…

Despite continued supply volatility over the next several years, European natural gas prices could fall next summer by 20% from current prices as high storage and soft demand play out in the market, according to Wood Mackenzie. In the consultancy’s short-term outlook report,  researchers said the Dutch Title Transfer Facility (TTF) price could fall by…

The post European Natural Gas Prices Forecast to Slump into Next Summer Before Market Tightens appeared first on Natural Gas Intelligence

The role of Saudi Aramco has always been seen as that of a national oil company, deeply integrated into the Kingdom’s operations and serving as a significant player in the oil market. It has aimed to avoid discussions about market power and the influen…

Dallas-based Berry Corp. has completed a $70 million all-cash acquisition of ​​Kern County, CA-based Macpherson Energy Corp., which builds its San Joaquin Basin production and cash flow. The exploration and production (E&P) company updated its full-year guidance based on a Henry Hub natural gas price average of $2.77/MMBtu.  “This transaction is immediately accretive to Berry…

The post Berry Expands California E&P Operations with Macpherson Takeover appeared first on Natural Gas Intelligence

Europe’s benchmark natural gas prices fell on Thursday as signs emerged that supply risks from Australia and Norway have eased. The front-month futures at the Dutch TTF hub, the benchmark for Europe’s gas trading, dropped by 2.7% to $38.58 (36.28 euros…

Global energy demand is set to rise as income and population grow, with natural gas, oil and coal in 2050 still meeting more than half of total consumption, in part because of the high cost of new technologies, according to Wood Mackenzie. The consultancy’s 2023 Energy Transition Outlook (ETO) highlights the “energy challenge trinity” impacting…

The post Big Role for Natural Gas, Oil as World Transitions to Lower Carbon, Says Wood Mackenzie appeared first on Natural Gas Intelligence

Mexico’s upcoming 2024 presidential election is shaping up to be a lot closer than many expect, and the result could change the face of the natural gas sector not only in Mexico and the United States, but also the world. Click here to listen to the latest episode of NGI’s Hub & Flow podcast, in…

The post Who Is Going To Be Mexico’s Next President, and What Does it Mean for Natural Gas? – Listen Now to NGI’s Hub & Flow appeared first on Natural Gas Intelligence

With maintenance weighing on export demand, natural gas futures retreated in early trading ahead of the release of updated government inventory data Thursday. The October Nymex contract was off 3.5 cents to $2.698/MMBtu at around 8:45 a.m. ET. The latest U.S. Energy Information Administration (EIA) storage report, scheduled for 10:30 a.m. ET, is poised to…

The post Natural Gas Futures Slide Early Despite Another Potential Surplus-Shrinking EIA Print appeared first on Natural Gas Intelligence

Russia is temporarily restricting exports of gasoline and diesel to stabilize fuel prices on the domestic market, the Russian government said on Thursday, ending weeks of speculation that authorities would limit exports in the face of soaring prices an…

The Canadian federal government expects to start the sale process for the Trans Mountain oil pipeline next week with a meeting with indigenous groups interested in buying a stake, Bloomberg reported on Thursday, citing sources with knowledge of the pla…

Chevron has accepted recommendations made by Australia’s industrial tribunal, the Fair Work Commission, to end a dispute with unions at its liquefied natural gas (LNG) facilities in Western Australia, a company spokesperson said on Thursday. [Image: Chevron]

Chevron has accepted recommendations made by Australia’s industrial tribunal, the Fair Work Commission, to end a dispute with unions at its liquefied natural gas (LNG) facilities in Western Australia, a company spokesperson said on Thursday. [Image: Chevron]

Norway’s natural gas output fell in August from July and lagged an official forecast, while crude oil exceeded expectations, the Norwegian Petroleum Directorate (NPD) said on Thursday.

China’s natural gas demand this year is expected to grow by 8% from 2022, an analyst from state-owned oil major CNOOC’s research division said, a pace higher than analysts’ forecasts on the back of cooling gas prices and China’s economic recovery.

China is importing record volumes of coal, with purchases from Australia and Russia at multi-year highs, as Chinese authorities focus on boosting energy security and the economy amid the worsening quality of the domestically mined coal. China is mining…

Exxon expects to generate some $16 billion in profits from its fuels and chemicals businesses in 2027, company executives told media. “Toward the end of this decade we see gasoline demand peaking, but it will be a long plateau,” Senior Vice President J…

The first of the two vessels is expected to be delivered to Nissen Kaiun in the fourth quarter of 2023.

The Mukuyu-2 well will be drilled to a planned total depth of approximately 3,750 m.

The imports remained stable on a month/month basis.

Australia’s industrial arbitrator on Thursday pushed Chevron and unions to resolve a long-running dispute over pay and conditions at two liquefied natural gas (LNG) projects and bring to an end strikes that have roiled world gas markets.

Indonesia’s energy minister said on Thursday the government had made improvements in its oil and gas terms that would allow contractors to have equity shares of more than 50% in some new blocks to attract investment.

It now holds 100% of the issued capital of Afro and, in turn, 100% of the exploration rights to the flagship Amersfoort gas project in South Africa.

Central expects to bring more gas to market, having increased its capacity through the commissioning of the Palm Valley 12 well in November and recent well recompletions at Mereenie.

Commodity analysts at Dutch multinational banking and financial services company ING Bank have said the oil price rally still has room to run, and have forecast that Brent crude will break above $100 per barrel in the near-term assuming OPEC+ doesn’t b…