Day: September 22, 2023

This week, Goldman Sachs raised its oil price target to $100 again. The bank cited lower OPEC output combined with higher demand, which taken together, “more than offset significantly higher U.S. supply.” The average gas price in the U.S. on September …

On Monday, Russia tweaked its export limitations on fuels, lifting the temporary ban on exports of low-quality diesel and marine fuel. At the end of last week, Russia surprised the markets by announcing a temporary ban on exports of gasoline and diesel…

Weekly natural gas cash prices lost ground amid increasingly benign temperatures and weak cooling demand across much of the Lower 48. NGI’s Weekly Spot Gas National Avg. for the Sept. 18-22 period shed 23.0 cents to $2.180/MMBtu. Conditions during the week shifted in bears’ favor, with comfortable temperatures across much of the North and forecasts…

The post Weekly Natural Gas Spot Prices, Futures Fade Alongside Weather appeared first on Natural Gas Intelligence

Boosted by early bargain buying, natural gas futures finished the week with a modest gain, snapping a two-day run of losses. But the front month struggled to muster much momentum amid strong supply levels, rapidly declining demand and weakening cash markets. At A Glance: Production recovers ground Forecasts further favor bears Stronger injection expected Following…

The post October Natural Gas Futures Eke Out Gain to End Losing Streak; Spot Prices Slide Again appeared first on Natural Gas Intelligence

After uncertainty earlier in the year, as Egypt came to rely heavily on Israel for its gas imports, the North African state finally seems to be getting its oil and gas industry back on track. A planned expansion of its Zohr gas field and new exploratio…

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 South Central Gains, Coastal Selling in Mixed Week of Natural Gas Forwards Trading appeared first on Natural Gas Intelligence

Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process. As Mexico prepares for its presidential elections next June, it is no exaggeration to say that the nation is at a crossroads…

The post A Tale of Two Visions for Mexico’s Energy Sector – Column appeared first on Natural Gas Intelligence

It was a day 32 years in the making, but the American president finally met the assembled leaders of the five Central Asian republics on the sidelines of the 78th session of the United Nations General Assembly. According to the White House, President B…

The U.S. oil and gas rig count pulled back sharply during the week ending Friday (Sept. 22), falling 11 units to 630 amid notable losses in the Permian Basin and the Haynesville Shale, according to the latest Baker Hughes Co. (BKR) data. A three-rig decline in natural gas rigs domestically partially reversed an eight-rig increase…

The post U.S. Natural Gas Rigs Down Three and Oil Leads Double-Digit Drop in Combined Count appeared first on Natural Gas Intelligence

Some of the supply to come from the yet-to-be developed Manatee field. [Image: National Gas Company]

The total number of active drilling rigs in the United States fell by 11 this week, after seeing a brief 9-rig rise last week, according to new data from Baker Hughes published Friday. It is the fewest number of active drilling rigs since February 4, 2…

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, Spot Prices Extend Losses as Demand Dries Up appeared first on Natural Gas Intelligence

Probably the most important thing that any trader can do is to keep an open mind. Preconceptions can be dangerous to your wealth. Making an objective analysis of the prospects of a stock or whatever you are trading, and then believing in the results of…

Work stoppages at two of Chevron Corp.’s Australian LNG terminals have ended while union members finalize negotiations with the company after almost two months of labor disputes. The Australian Workers’ Union (AWU), one of two organizations representing offshore and liquefied natural gas workers at Chevron facilities, disclosed Friday that the two labor groups have endorsed…

The post Australian LNG Union Workers End Strikes at Chevron’s Gorgon, Wheatstone Facilities appeared first on Natural Gas Intelligence

FERC has approved a suite of natural gas projects, including the second phase of the Port Arthur LNG project, following a key meeting on Thursday when it addressed the items that were struck from its agenda in July following an impasse among commissioners.  Sempra Infrastructure called the order authorizing Port Arthur’s second phase “a major…

The post FERC Approves Next Phase of Port Arthur LNG, Other Export Projects After Impasse appeared first on Natural Gas Intelligence

One week ago, when previewing the three events that are about to slam U.S. GDP in the tail end of the 3rd and the 4th quarter (including the return of student loan payments, the UAW strike and the government shutdown), Goldman calculated that reduced a…

The French government will ask the fuel industry to sell fuels at cost in a bid to cushion the blow of higher oil prices on end consumers, President Emmanuel Macron said this weekend. “The Prime Minister will bring together all the players in the secto…

U.S. developers added 5,597 megawatt hours (MWh) of energy storage installations in the second quarter of 2023, setting a new quarterly record and putting the American energy storage market on track for a record year in 2023, a new report by Wood Macke…

The beginning of the supply chain of the transition to green energy is not green at all, or rather, it is green with potentially dangerous concentrations of toxic waste. That’s the conclusion of a new study by the University of Lincoln, UK, which showe…

The giant Groningen gas field will close completely on October 1, 2023, the Council of Ministers meeting determined on Friday, sealing the fate of the field for good after a draft decision that was proposed in June. The Council also decided that all ex…

The ChatNetZero bot, the world’s first data-driven chat bot tracking the net-zero pledges of companies and governments, was launched on Friday by a group of technology start-ups and scientists. The ChatNetZero bot was created by an international consor…

The ChatNetZero bot, the world’s first data-driven chat bot tracking the net-zero pledges of companies and governments, was launched on Friday by a group of technology start-ups and scientists. The ChatNetZero bot was created by an international consor…

The ChatNetZero bot, the world’s first data-driven chat bot tracking the net-zero pledges of companies and governments, was launched on Friday by a group of technology start-ups and scientists. The ChatNetZero bot was created by an international consor…

Shale pioneer Harold Hamm, the founder of Continental Resources, has called for the uncertainty in U.S. oil and gas regulations to end so that the industry can have clearer advance plans on drilling and production operations. The current U.S. Administr…

The ChatNetZero bot, the world’s first data-driven chat bot tracking the net-zero pledges of companies and governments, was launched on Friday by a group of technology start-ups and scientists. The ChatNetZero bot was created by an international consor…

The ChatNetZero bot, the world’s first data-driven chat bot tracking the net-zero pledges of companies and governments, was launched on Friday by a group of technology start-ups and scientists. The ChatNetZero bot was created by an international consor…

Sempra Infrastructures also advancing developing its Port Arthur Energy Hub, including CCS. [Image: Sempra Infrastructure]

Winter Storm Elliott, which slammed the East Coast in late 2022, made it “abundantly clear” that major improvements have to be made to the natural gas and electric grid systems, FERC Chair Willie Phillips said Thursday. Speaking during a regular Federal Energy Regulatory Commission meeting, Phillips said improvements must be made to the grid to…

The post Improving Natural Gas Infrastructure Paramount for Cold Weather Reliability, Says FERC Chair appeared first on Natural Gas Intelligence

In an unexpected twist, given the plethora of bullish fundamentals, crude oil prices are on course for a decline this week due to profit-taking and renewed economic concerns sparked by the Fed’s recent comments. Russia’s sudden announcement of a ban on…

1. Cushing Premia Soar as Rock-Solid Demand and Low Stocks Put Pressure on WTI- The price of the US light sweet benchmark West Texas Intermediate, sold for delivery at Cushing, Oklahoma, saw a meteoric rise in physical premia as the oil market suspects…

Politics, Geopolitics & Conflict Poland’s state-run refiner is using strategic reserves to artificially keep diesel prices low. It’s selling diesel that it has imported at prices below what it paid, forcing private refiners to stop selling to avoid sel…

Washington’s push to shift the balance of relations in the Middle East, which hinges on the normalization of relations with Israel, continues to gain serious momentum, most recently this week with the Saudi Crown Prince’s interview with Fox News throwi…

Oil-rich Libya has been fighting to get its oil industry back on track over the last decade, since the Arab Spring and subsequent political instability. Following the failed presidential elections of 2021, it finally appeared that Libya’s oil and gas i…

Nigeria has secured a total of $13 billion in investment commitments in its oil and gas sector from major international energy companies, including ExxonMobil, Shell, and TotalEnergies, according to Olu Verheijen, the Special Adviser on Energy to Niger…

What the Statistical Review of World Energy brings out is a clear message that the world must “inject more urgency into the energy transition,” and develop the low-carbon technologies needed to bring emissions down. The good news is that the US and Chi…

A carbon capture project that would be sited offshore Louisiana’s industrial-heavy Cameron Parish is inching forward after Carbonvert Inc. and Castex Energy Inc. clinched an operating agreement with state officials. Houston-based Carbonvert, a carbon capture and storage (CCS) expert, is teaming with Castex subsidiary Castex Carbon Solutions LLC to capture carbon dioxide (CO2) emissions at…

The post Louisiana’s Cameron Parish Advancing CCS Hub to Store Emissions from LNG, Petchem Facilities appeared first on Natural Gas Intelligence

Russia’s recent decision to restrict its diesel and gasoline exports has pushed oil prices higher, countering economic concerns sparked by the Fed’s recent reiteration of its “higher for longer” interest rate policy.Friday, September 22nd, 2023Russia’s…

Natural gas futures pared their recent losses early Friday as traders and analysts continued to mull balances following a tighter-than-normal inventory build in the latest weekly government report.  Coming off a 12.3-cent sell-off in the previous session, the October Nymex contract was up 3.7 cents to $2.647/MMBtu at around 8:45 a.m. ET. The U.S. Energy…

The post Natural Gas Futures Pare Losses Early as Traders Mull Tight EIA Print appeared first on Natural Gas Intelligence

The ChatNetZero bot, the world’s first data-driven chat bot tracking the net-zero pledges of companies and governments, was launched on Friday by a group of technology start-ups and scientists. The ChatNetZero bot was created by an international consor…

Asian spot liquefied natural gas (LNG) prices rose $1 this week due to buying activity by China and India, easing inventory levels in Japan and higher oil prices.

There is, indeed, little new under the sun, as our stories repeatedly demonstrate. Natural Gas – 100 Years Ago Today, September 22, 1923. Read our 100-year old news items on the cost of success, two or three fireplaces for the cost of one and the expected success of dirigibles over planes. Continue reading →

The post Natural Gas – 100 Years Ago Today, September 22, 1923 appeared first on Natural Gas Now.

Oil prices were on track to post a small weekly loss early on Friday after the Fed signaled this week that interest rates could remain higher for longer, although it skipped a rate hike at its latest meeting. In Asian trade on Friday, WTI Crude was up …

By 2030, the world will be home to half a billion more people, demanding more energy every year. At the same time, the global challenge of climate change calls for urgent, game-changing solutions and partnerships to eliminate emissions.

“When she awakes she will shake the world.” Thanks for the insight Napoleon, but having woken, what happens when China falls ill? A weak Chinese economy creates a complex demand outlook for an LNG market in the midst of an expansionary supply-side phas…

Hydropower generation in Asia has plunged at the fastest rate in decades amid sharp declines in China and India, data shows, forcing power regulators battling volatile electricity demand and erratic weather to rely more on fossil fuels.

Phasing out fossil fuels is unrealistic as oil, natural gas, and coal will continue to play a crucial role in global energy supply and energy security, China’s special climate envoy Xie Zhenhua said this week in a speech obtained by Reuters. “It is unr…

The SISGES project is a two-phase development that will monetise more than 10 trillion ft3 of gas discoveries with high contaminants, off the coast of Sarawak.

Moldova will uphold its gas supply contract with Russia’s Gazprom in order to ward off crises over power prices in the country and hardship in its breakaway Transdniestria region, Energy Minister Victor Parlicov said on Thursday.

An Australian union alliance on Friday called off strikes at Chevron’s two major local liquefied natural gas (LNG) projects, agreeing to resolve disputes that had threatened to disrupt around 7% of global LNG supplies.

The Block 3 (NorthEast El-Amriya) is located in the Egyptian Mediterranean Sea.

“It’s not about . . . jacking up prices, it’s about making the decisions that are right when we have the data,” Saudi energy minister Abdulaziz bin Salman said this week, commenting on the decision by the Kingdom and Russia to extend oil production cut…