Day: October 26, 2023

Analysts have been talking about three-digit oil prices for months now, yet the benchmarks have stubbornly refused to move above $100, whatever happens. One reason for this is the economic headwinds pressuring prices and keeping them from breaking out …

One year after Congress passed the historic Inflation Reduction Act (IRA), the U.S. remains as reliant on China as ever for critical minerals, materials and components that go into everything from electric vehicle batteries to solar panels. Indeed, de-…

CALGARY, Alberta, Oct. 26, 2023 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to announce the most recent version of the Company’s monthly activity update can be found on the Company’s website at https://www…

Natural gas futures rallied again Thursday, gaining ground a fourth time this week as government inventory data signaled that gradually emerging heating demand and stronger LNG volumes are offsetting robust production – with winter looming. The November Nymex gas futures contract spiked 20.4 cents day/day and settled at $3.214/MMBtu. December, which takes over as the…

The post Natural Gas Futures, Spot Prices Lengthen Rally to Four Sessions After Bullish Storage Result appeared first on Natural Gas Intelligence

Good energy policy starts with a good understanding of energy issues. But both major political parties have glaring blind spots when it comes to understanding the energy sector. Let me preface this column by noting that I am a registered Independent. I…

Regional natural gas forwards eased lower during the Oct. 19-25 trading period as market participants continued to price in a comfortable winter supply outlook amid still-elevated production readings and an ample storage buffer. Fixed prices at Henry Hub shed 4.8 cents for November and 8.6 cents for December, ending at $3.011/MMBtu and $3.382, respectively, according…

The post Waha Basis Widens; Natural Gas Forward Fixed Price Discounts Widespread appeared first on Natural Gas Intelligence

OTTAWA — Prime Minister Justin Trudeau has announced that the government will double the carbon price rebate for rural Canadians beginning next April. 
Trudeau also says there will be a temporary, three-year pause to carbon pricing measures that are …

U.S. waterborne imports of crude from OPEC+ members including Saudi Arabia have dropped steadily over the last year, further tightening supplies in the U.S. while supporting other markets including Europe, according to flows data and analysts. Going fo…

Record refinery throughput and higher oil prices raised ExxonMobil’s (NYSE: XOM) earnings for the third quarter compared to the second quarter, but the profit missed Wall Street expectations anyway. Exxon reported on Friday earnings of $9.1 billion for…

Mining billionaire Gina Rinehart has amassed a 19% stake in Australian lithium producer Azure Minerals, building a large interest in a second lithium player in Australia in a few weeks and potentially derailing another acquisition in the sector.   Azur…

Exxon Mobil’s $59.5 billion deal to acquire oil and gas producer Pioneer Natural Resources may have been larger than Chevron’s $53 billion agreement to buy Hess, but it is Chevron that is paying a loftier price tag. Pioneer generates twice as much annu…

CALGARY, AB, Oct. 25, 2023 /CNW/ – Whitecap Resources Inc. (“Whitecap” or the “Company”) (TSX: WCP) is pleased to report its operating and unaudited financial results for the three and nine months ended September 30, 2023. Selected financial and operat…

North American natural gas prices saw strong forward momentum this week as winter weather appeared around the corner. The November New York Mercantile Exchange contract jumped 20.4 cents day/day on Thursday and settled at $3.214/MMBtu. Mexico imports added to the upward pressure. Pipeline imports over the last 10 days through Thursday averaged 6.87 Bcf/d, according…

The post North American Natural Gas Futures Surge; Hurricane Otis Batters Acapulco – Mexico Spotlight appeared first on Natural Gas Intelligence

CALGARY, AB, Oct. 26, 2023 /CNW/ – Tamarack Valley Energy Ltd. (“Tamarack” or the “Company“) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2023. Selected financial and operating information…

A study focused on turning waste plastics into high-value graphene just unlocked a new way of producing hydrogen that could transform the nascent industry and, on a grander scale, positively alter projected decarbonization pathways. The breakthrough co…

A Ulsan National Institute of Science and Technology(UNIST) research team has made a groundbreaking advancement in improving the efficiency of hydrogen fuel cells, which are gaining significant attention as eco-friendly next-generation energy sources. …

Chevron Corporation (NYSE: CVX) reported on Friday lower-than-expected earnings for the third quarter, as international downstream weakness and maintenance at both the upstream and downstream operations weighed on profits. Chevron booked earnings of $6…

EQT Corp. said Thursday that it has signed two major sales agreements covering all the capacity it has booked on the Mountain Valley Pipeline (MVP) system, which it expects to enter service early next year.  “These are two of the largest long-term physical supply deals ever executed in the North American natural gas market,” CEO…

The post EQT Signs Deals to Sell 1.2 Bcf/d of Natural Gas on MVP  appeared first on Natural Gas Intelligence

Via Metal Miner  According to an official with the bourse, the London Metal Exchange (LME) is not ruling out the prospect of introducing contracts connected with Category II nickel. This comes despite the incident with the LME nickel contract back in M…

The global LNG market remained tight during the third quarter, evidenced by price spikes, labor strikes in Australia and geopolitical turmoil,  but demand still rose about 1.5% year/year and is looking stronger, Baker Hughes Co. CEO Lorenzo Simonelli said Thursday. During a wide ranging conference call to discuss quarterly results, Simonelli provided insight into how…

The post Baker Hughes Clinching More LNG Contracts, with Pipeline of FIDs in Queue appeared first on Natural Gas Intelligence

Canada’s federal government has suspended a new carbon tax targeting heating oil after a wave of popular opposition from the country’s eastern provinces where oil is an essential source of heating. “We are switching to heat pumps off home heating oil, …

Italy’s energy major Eni (NYSE: E) booked an adjusted net profit for the third quarter that beat consensus estimates as strong upstream performance partly offset lower commodity prices compared to the same period last year. Eni reported on Friday adjus…

NuScale is America’s contender in the race to build a commercial, nuclear small modular reactor (SMR). The company has two buyers for its product lined up. But the stock’s price seems to say that there is trouble ahead, especially after the recent rele…

The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 74 Bcf natural gas into storage for the week ended Oct. 20. The result came in shy of expectations and bolstered Nymex natural gas futures. At A Glance: BREAKING: U.S. EIA reports 74 Bcf storage injection Models show fresh chills Production off 2023…

The post Natural Gas Futures, Spot Prices Continue Rally as Winter Weather, LNG Drive New Demand appeared first on Natural Gas Intelligence

Industrial and energy technology orders exceed $14bn. [Image credit: Baker Hughes]

Supermajors TotalEnergies and Exxon were among the bidders in a tender for a number of shallow-water oil and gas blocks offshore Guyana. The tender involved 11 shallow-water blocks and three deepwater ones, Reuters reports, citing a statement from the …

Berkshire Hathaway (BRKA: BRKB) has expanded its stake in Occidental Petroleum (OXY) with a purchase of another 3.9 million shares this week, according to a Securities and Exchange Commission regulatory filing. Warren Buffett’s holding company now owns…

As merger-mania in the American shale patch continues to gain momentum, ConocoPhillips is now said to be considering an offer for Permian basin producer CrownRock LP, Reuters reports, citing unnamed sources.  Privately-held CrownRock is valued between …

OTTAWA — Environment Minister Steven Guilbeault says the Impact Assessment Agency of Canada will limit some of its work while the federal government develops new legislation to respond to a recent Supreme Court of Canada opinion.
The court ruled earl…

Volkswagen Group has said it “cannot be satisfied” with its profitability, as it missed third quarter targets due to hedging losses and supply chain disruption. Profits declined seven percent in the first nine months of the year, to sit at €16.2bn (£14…

Spanish energy group Repsol reported on Thursday a 14% lower net income for January to September, due to lower crude oil and gas prices than in the year-ago period, while it strengthened its renewable energy portfolio. Repsol’s net income for the first…

The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 74 Bcf natural gas into storage for the week ended Oct. 20. The result came in shy of expectations and bolstered Nymex natural gas futures. Ahead of the 10:30 a.m. ET government report, the November futures contract was up 1.5 cents at $3.391/MMBtu…

The post November Natural Gas Futures Fly Following Seasonally Light Storage Print appeared first on Natural Gas Intelligence

Calgary, Alberta–(Newsfile Corp. – October 26, 2023) – Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) (BE: WNF) (“VCT”) and E-Power Resources Inc. (CSE: EPR) (“EPR”) are pleased to announce their coll…

Siemens Energy shares in Germany crashed on Thursday after the company warned its wind turbine business is grappling with quality issues and offshore ramp-up challenges. The company said it’s evaluating various measures to strengthen its balance sheet …

Cold air and heavy snow in the Pacific Northwest provided the first dose of what may lie ahead this winter season, fueling large price gains for November baseload natural gas, according to NGI’s Bidweek Alert. Though confined to the U.S. West Coast, a multi-day stretch of well below-average temperatures over parts of the Northern Rockies…

The post Winter Blast Seen Stoking Huge Natural Gas Price Gains for November Bidweek appeared first on Natural Gas Intelligence

Cold air and heavy snow in the Pacific Northwest provided the first dose of what may lie ahead this winter season, fueling large price gains for November baseload natural gas, according to NGI’s Bidweek Alert. Though confined to the U.S. West Coast, a multi-day stretch of well below-average temperatures over parts of the Northern Rockies…

The post Winter Blast Seen Stoking Huge Natural Gas Price Gains for November Bidweek appeared first on Natural Gas Intelligence

Norway’s energy major Equinor cut its full-year production guidance for both oil and gas, now expecting output to grow by 1.5% rather than 3% as earlier expected. At the release of its third-quarter results, the company also noted that its gas producti…

The United Automobile Workers and Ford Motor Company reached a tentative agreement on a new four-year labor contract on Wednesday night. This comes six weeks after UAW initiated strikes targeting Detroit’s Big Three automakers. UAW provided details abo…

Lower prices for turbines amid a price war in China have resulted in a 98% plunge in the net profit of the top Chinese wind turbine maker, Xinjiang Goldwind Science & Technology Co. While investments in renewable energy projects in China are booming, i…

Appalachian-focused Range Resources Corp. plans to maintain natural gas and natural gas liquids (NGL) production into next year using hedging and efficiencies to capture the forecast surge in demand as Gulf Coast LNG export facilities start up next year. The management team held a conference call to discuss the latest results and the expected growing…

The post Range Resources Maintaining Natural Gas, NGL Output to Prepare for Surging LNG Demand  appeared first on Natural Gas Intelligence

OTTAWA — The Competition Bureau says it has reached a deal with Global Fuels Inc. to address concerns over the company’s deal to buy Greenergy’s Canadian retail fuel business.
Under the agreement, the bureau says Global Fuels has agreed to assign mot…

Israel’s war against Hamas has created yet another turning point for North American LNG projects working to advance, particularly those in the United States, as they look to seize momentum and pitch buyers on the energy security they can provide in an increasingly volatile market. The United States and Qatar are set to drive the…

The post U.S. LNG Seen as Safe Bet Amid War in Israel, Qatar’s Balancing Act appeared first on Natural Gas Intelligence

With recent surprises from weekly government inventory reports still top of mind, natural gas futures advanced modestly early Thursday as traders staked out positions ahead of the latest data release. The November Nymex contract was up 1.6 cents to $3.026/MMBtu as of 8:42 a.m. ET. December was up 2.0 cents to $3.396. The latest U.S.…

The post Following Recent EIA Surprises, Natural Gas Futures Advance Ahead of Latest Storage Print appeared first on Natural Gas Intelligence

Summary Companies Company shares fall to all-time lows, market value plummets Siemens Energy, govt confirm talks after media reports Government well disposed but wants stakeholders to chip in BERLIN, Oct 26 (Reuters) – Shares in Siemens Energy (E…

(Reuters) – ConocoPhillips (COP.N) is considering an offer for CrownRock LP, an energy producer in the west Texas area of the Permian basin, people familiar with the matter said, as consolidation in the sector picks up pace. Houston-based Conoco,…

Summary Companies Investors monitor developments in Israel-Hamas conflict US crude inventories up more than expected -EIA Macroeconomic concerns continue to pressure oil LONDON, Oct 26 (Reuters) – Oil prices fell on Thursday after a rise in U.S. …

CALGARY, Alberta, Oct. 26, 2023 (GLOBE NEWSWIRE) — Cielo Waste Solutions Corp. (TSXV: CMC; OTCQB: CWSFF) (“Cielo” or the “Company”), a waste-to-fuel environmental technology company, is pleased to provide an update regarding the closing of its as…

CALGARY, Alberta, Oct. 26, 2023 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements a…

CanREA launches new careers website for Canada’s wind, solar and energy-storage industries. CALGARY, Alberta, Oct. 25, 2023 (GLOBE NEWSWIRE) — The Canadian Renewable Energy Association (CanREA) is proud to launch Clean Energy Jobs Canada | E…

ConocoPhillips is considering an offer for CrownRock LP, an energy producer in the west Texas area of the Permian basin, people familiar with the matter said, as consolidation in the sector picks up pace.

Oil refiners are finding it harder to secure funding for projects as more banks shy away from fossil-fuel financing, with plant owners now pressed to show their businesses have cleaner-energy goals, executives said.While the business is still profitabl…

by Yogi Schulz Here’s the link to my IT blog at IT World Canada With all the buzz, press and enthusiasm surrounding ChatGPT, more and more oil & gas professionals are exploring how ChatGPT and similar AI chatbots can help them improve their work an…

CALGARY — Precision Drilling Corp. reported a third-quarter profit of $19.8 million, down from $30.7 million a year earlier, as its revenue edged higher.
The company says the profit amounted to $1.45 per diluted share for the quarter ended Sept. 30, …

The Bank of Canada kept interest rates unchanged for a second straight meeting, but left the door open to more tightening even as officials forecast weaker economic growth.Policymakers led by Governor Tiff Macklem held the benchmark overnight lending r…

(Reuters) – Crude oil prices in some of the world’s main physical markets have weakened due to a jump in freight costs and a drop in refining margins, according to traders and LSEG data, suggesting demand weakness that could filter through …

CALGARY — A geothermal energy company is the first recipient of funding from the Canada Growth Fund, the federal government’s new $15-billion arm’s-length public investment vehicle.
Calgary-based Eavor Technologies Inc. has developed a proprietary cl…

The terminal injected its first megawatt-hours of gas into the grid operated by GRTgaz, using LNG from Norway. [Image: TotalEnergies]

Each week Josef Schachter gives you his insights into global events, price forecasts and the fundamentals of the energy sector. Josef offers a twice monthly Black Gold  newsletter covering the general energy market and 35 energy, energy service and pip…

Latest investment in more than $10 million in community support By Mario Toneguzzi Follow CEC on Linkedin  CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Getty Images photo A new CT scanner is being welcomed by the p…

OTTAWA — Energy Minister Jonathan Wilkinson says Canada needs to “get with the program” and move faster to become a renewable energy powerhouse, as a new international energy outlook forecasts demand for all fossil fuels will peak in seven years.
The…