Day: October 13, 2023

As other Middle Eastern states look to diversify their energy mix, Kuwait appears to be going full throttle on its oil and gas ambitions. The Kuwaiti government has announced aims to become a major OPEC producer by massively boosting production in the …

Weekly natural gas spot prices dropped amid stronger production readings and forecasts for benign temperatures through October and into next month. NGI’s Weekly Spot Gas National Avg. for the Oct. 9-13 period fell 9.5 cents to $2.310. Leading decliners included SoCal Border Avg., down 60.0 cents to $2.490; El Paso S. Mainline/N. Baja, off 62.0…

The post Weekly Natural Gas Cash Prices Wobble, Following Futures into Shoulder Season Slump appeared first on Natural Gas Intelligence

After surging nearly 60 cents over six sessions, the November Nymex natural gas futures contract recorded three straight losses and finished trading Friday at $3.236/MMBtu, down 10.8 cents day/day and 3% for the week. At A Glance: Front month drops 10.8 cents Production volumes stronger Weather demand dissipates Analysts attributed the slump to a combination…

The post Natural Gas Futures Fizzle to Finish Topsy-Turvy Trading Stretch; Cash Prices Tumble appeared first on Natural Gas Intelligence

An idea in the EU to phase out subsidies for fossil fuels could backfire on the aviation industry, considering that there are no readily available alternatives to jet fuel at scale, executives at airlines have told the Financial Times. The EU is curren…

European demand for natural gas remained near the bottom of the five-year seasonal levels in August, helping inventories end the month at around 93% full, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Europe’s gas demand, m…

Via Metal Miner   Month-over-month, the Construction MMI (Monthly Metals Index) narrowly missed trading completely flat, ultimately moving sideways with just a 0.2% increase. Meanwhile, steel prices, specifically h-beam steel and steel rebar costs, eit…

The Grand River Dam Authority (GRDA) selected Mitsubishi Power Americas Inc. to install a second 500-MW simple-cycle gas turbine at the Grand River Energy Center to support energy generation while wrapping up coal retirements for Oklahoma’s largest public power utility.  Florida-based Mitsubishi Power and GRDA agreed to install the turbine at the Chouteau, OK-based facility.…

The post Mitsubishi Completing Oklahoma’s Grand River Dam Coal-to-Gas Transition appeared first on Natural Gas Intelligence

Aside from some nearer term discounts at elevated western hubs, Lower 48 natural gas forwards raced higher during the Oct. 5-11 trading period, riding a wave of bullish sentiment in Nymex futures and at benchmark Henry Hub, NGI’s Forward Look data show. A bullish surprise from the U.S. Energy Information Administration’s (EIA) Oct. 5 natural…

The post Natural Gas Forwards Surge, Though Some Western Prices Down on Near-Term Warmth appeared first on Natural Gas Intelligence

Northern Mexico needs additional natural gas infrastructure to meet rising energy demand, energy lawyer Alain Duthoy told NGI’s Mexico GPI.  “The recent announcements of more natural gas capacity and supply are positive, but there is still a lack of infrastructure in place to distribute it to the companies and industries that need it,” he said.…

The post Northern Mexico Needs Pipelines to Meet Growing Natural Gas Demand, Says Expert appeared first on Natural Gas Intelligence

There are no plans for the creation of a natural gas cartel similar to the OPEC cartel in crude oil, Russia’s Deputy Prime Minister Alexander Novak said on Friday.  “There are no discussions to set up a (gas) cartel,” Novak told RT Arabic TV as quoted …

There are no plans for the creation of a natural gas cartel similar to the OPEC cartel in crude oil, Russia’s Deputy Prime Minister Alexander Novak said on Friday.  “There are no discussions to set up a (gas) cartel,” Novak told RT Arabic TV as quoted …

There are no plans for the creation of a natural gas cartel similar to the OPEC cartel in crude oil, Russia’s Deputy Prime Minister Alexander Novak said on Friday.  “There are no discussions to set up a (gas) cartel,” Novak told RT Arabic TV as quoted …

There are no plans for the creation of a natural gas cartel similar to the OPEC cartel in crude oil, Russia’s Deputy Prime Minister Alexander Novak said on Friday.  “There are no discussions to set up a (gas) cartel,” Novak told RT Arabic TV as quoted …

There are no plans for the creation of a natural gas cartel similar to the OPEC cartel in crude oil, Russia’s Deputy Prime Minister Alexander Novak said on Friday.  “There are no discussions to set up a (gas) cartel,” Novak told RT Arabic TV as quoted …

Jamie Dimon, chief executive of JP Morgan, said the early 2020s were shaping up to be “the most dangerous time the world has seen in decades” as the Wall Street banking giant reported another increase in profit. Citing geopolitical tensions, “extremely…

The U.S. natural gas rig count fell one unit to 117 for the week ended Friday (Oct. 13), while the addition of four rigs in the oil patch lifted the combined domestic tally three units overall to 622, according to the latest figures from Baker Hughes Co. (BKR). Land drilling increased by two in the…

The post Natural Gas Activity Slows, but Oil Drilling Gains Lift U.S. Count Overall appeared first on Natural Gas Intelligence

Banks across Europe may have to include environmental and social risks in their capital requirements and risk management under new recommendations by the European Banking Authority (EBA). “Environmental and social risks are changing the risk profile fo…

Israel’s war against Hamas has done little so far to disrupt global natural gas supply balances, but a confluence of factors have combined in a short period of time to shatter the perceived sense of calm that had prevailed over the market heading into winter. “I don’t think fundamentals have changed at all, however, sentiment…

The post War, Labor Strikes and Possible Sabotage Spook LNG Market as Winter Nears appeared first on Natural Gas Intelligence

France is considering an extension of its windfall tax for oil and power companies into the new year, according to French lawmaker Jean-Rene Cazeneuve, who shared the plan on X.  The plan, hatched by the National Assembly’s finance committee, is part o…

France is considering an extension of its windfall tax for oil and power companies into the new year, according to French lawmaker Jean-Rene Cazeneuve, who shared the plan on X.  The plan, hatched by the National Assembly’s finance committee, is part o…

Workers at Chevron’s Australian facilities are still planning to restart their industrial action even as they continue negotiating with the company. Industrial action first began in the middle of last month at the Gorgon and Wheatstone LNG projects, af…

The total number of active drilling rigs in the United States rose by 3 this week after falling 4 last week, according to new data from Baker Hughes published Friday. The total rig count rose to 622 this week. So far this year, Baker Hughes has estimat…

Bears maintained a grip on natural gas futures Wednesday following an in-line storage print, an increase in production and forecasts for benign weather in the second half of October. Coming off a half-cent decline the prior session, the November Nymex gas futures contract shed another 3.3 cents day/day and settled at $3.344/MMBtu. December declined 1.9…

The post Natural Gas Futures, Spot Prices Slip Amid Signs of Ample Supply appeared first on Natural Gas Intelligence

Ottawa needs to support oil industry if cutting carbon is the goal, says Alex Pourbaix

Finland prepares to restrict access to a port area hosting one of its two floating LNG import terminals after an offshore natural gas pipeline between Finland and Estonia was shut down this weekend following a leak suspected to be caused by sabotage.  …

Highest court strikes down No More Pipelines law. [UPDATEs with comment from Alberta, industry and observers]

The U.S. Treasury Department has announced sanctions on two companies for allegedly violating a price cap on Russian oil agreed last year by Western countries. Vessels owned by companies based in the United Arab Emirates and Turkey were cited as having…

Alberta took the feds to court over the Impact Assessment Act — long dubbed the No More Pipelines Act by opponents — and the powers it gave the federal government to rule on big projects like coal mines or pipelines. It won

Albemarle, the mining major, has walked out on a $4.16-billion bid for Australian lithium producer Liontown Resources. Per the Australian Financial Review, Albemarle cited “growing complexities” surrounding the deal as the reason for its withdrawal. Re…

The U.S. Administration announced on Friday it had selected seven regional hubs for hydrogen production that would receive a total of $7 billion in grants to produce hydrogen, as part of President Biden’s goal to boost the clean hydrogen economy and de…

Eight Republican lawmakers are imploring FERC to grant final approval to TC Energy Corp.’s proposed Gas Transmission Northwest, aka GTN Xpress, natural gas pipeline. The long awaited project would add 150,000 Dth/d of capacity to TC’s GTN system, which serves the Pacific Northwest and Malin interconnect markets.  GTN spans 1,377 miles and can supply up…

The post GOP Legislators Urge FERC to Approve TC’s GTN Xpress Natural Gas Pipeline appeared first on Natural Gas Intelligence

Natural gas is not included in the initial phase of the world’s first carbon import tax in the European Union (EU) that kicked off this month, but plans to start charging tariffs on specific imports by 2026 has raised political and economic issues for companies in and outside of the bloc. The first round of…

The post Initial Phase of New EU Carbon Import Tax Not Expected to Impact Natural Gas appeared first on Natural Gas Intelligence

While oil prices had fallen back after soaring at the start of the week, signs that the U.S. is set to step up its sanctions action against both Russia and Iran have boosted prices, with Brent now nearing $90.Friday, October 13th, 2023The sanctions ham…

1. ExxonMobil-Pioneer Merger May Spark Further Giant Deals- The largest upstream deal since Shell’s 2015 acquisition of BG for $82 billion, ExxonMobil’s acquisition of Pioneer Natural Resources has become the crown jewel of post-Covid E&P consolidation…

December West Texas Intermediate (WTI) crude oil futures experienced a volatile week, with prices swaying due to geopolitical tensions and shifts in supply and demand metrics. The market started the week strong, driven by concerns of supply disruptions…

Earnings season, the gift that keeps on giving for US stock traders and investors, is underway, with results for the quarter that ended at the end of September beginning to trickle in. On the energy side, big oil and other significant companies in the …

Regardless of any possible involvement of Iran in the attacks on Israel last weekend, which resulted in an Israeli declaration of war, Hamas found itself in an untenable situation. It needed escalation. Desperately.  There is a case for this attack hav…

Natural gas futures continued to retreat early Friday as a generally supportive result from the latest government inventory data was failing to sustain bullish momentum from the week-earlier period. The November Nymex contract was down 5.3 cents to $3.291/MMBtu at around 8:33 a.m. ET, conceding a chunk of the hefty gains posted late last week.…

The post Natural Gas Futures Fail to Sustain Bullish Momentum Early Despite Another Tight EIA Print appeared first on Natural Gas Intelligence

The U.S. Administration announced on Friday it had selected seven regional hubs for hydrogen production that would receive a total of $7 billion in grants to produce hydrogen, as part of President Biden’s goal to boost the clean hydrogen economy and de…

Russia will never again be seen as a reliable supplier of energy, Geoffrey R. Pyatt, U.S. Assistant Secretary of State for Energy Resources, said on Friday. During talks in Japan this week and in Europe in the past weeks, “In all those conversations, i…

Russia will never again be seen as a reliable supplier of energy, Geoffrey R. Pyatt, U.S. Assistant Secretary of State for Energy Resources, said on Friday. During talks in Japan this week and in Europe in the past weeks, “In all those conversations, i…

Oil prices jumped by nearly 4% early on Friday after the United States took a tougher stance on the Western sanctions against Russia, adding to growing concerns about supply amid fears of escalation in the Hamas-Israel war. As of 7:00 a.m. EST, the U.S…

Norway, Europe’s largest gas supplier, is closely monitoring the progress of a probe into unexplained damage on a Baltic Sea gas pipeline, having already stepped up security at its energy installations after the Nord Stream blasts last year.

China imported higher volumes of crude oil in September compared to the same month of 2022, while other energy commodity imports remained robust and imports of unwrought copper hit the highest monthly level so far this year.   The Chinese economy has r…

The New York state authorities have rejected a request by Orsted, BP, and Equinor for raising the price of electricity in future power purchase contracts featuring offshore wind energy. Offshore wind developers have been pressured by rising raw materia…

The U.S. Federal Energy Regulatory Commission (FERC) on Thursday granted liquefied natural gas (LNG) company Venture Global LNG permission to proceed with the heat recovery steam generator modifications at the Calcasieu Pass LNG export plant in Louisiana. [Image: Venture Global}

Crude oil prices are set for a modest gain this week as the war premium that emerged in the aftermath of last weekend’s attacks of Hamas on Israel appeared to cool down as inventories built and nations made a clear attempt to contain the violence. Bren…

Japan’s government is set to decide to extend gasoline, natural gas and power subsidies to the end of March that were set to expire at the end of 2023, five government and ruling party sources with knowledge of the matter said this week.

The United States has slapped sanctions on two tanker owners for carrying Russian oil sold for over $60 per barrel. This is the first time the U.S. is imposing sanctions for a breach of the price cap that the G7 and the European Union agreed to impose …

Amid comfortable levels of inventories for this time of the year, Asian LNG buyers have been sitting on the sidelines of the spot market this week, hoping for the surge in natural gas prices after the Hamas attack on Israel to fade. Natural gas prices …

Natural gas production in North Dakota rose to a record 3.303 billion cubic feet per day (bcfd) in August from the prior all-time high of 3.292 bcfd in July, while the amount of gas flared increased, according to the North Dakota Industrial Commission on Thursday.

The gas imports in September alone were 10.15mn tonnes.

Eni and Sonatrach shared their joint programs for the development of Eni’s operated gas production, as well as gas and LNG export to Europe.

Croatia became the world’s 40th importer of LNG in 2021. [Image: LNG Croatia]

Oil prices and the U.S. dollar have been moving in the same direction for over a month—an unusual pattern considering the typical inverse relationship between the commodity and the greenback.  The positive correlation—with both the dollar and crude oil…