Day: November 3, 2023

Petrochemicals have been driving oil demand in recent years but that could all change if new restrictions come into place to curb the production of plastics and other products. The global demand for petrochemicals has been gradually rising over the las…

Weekly natural gas cash prices jumped on a surge in early-season heating demand brought on by frigid temperatures that reached deep into the bottom half of the country. NGI’s Weekly Spot Gas National Avg. for the four-day Oct. 31-Nov. 3 trading period rose 41.0 cents to $2.800. A cold shot of weather gave large portions…

The post Weekly Natural Gas Spot Prices Fly On Season’s First Cold Blast; Futures Up Modestly appeared first on Natural Gas Intelligence

Natural gas futures forged higher on Friday, bolstered by elevated LNG exports and momentum from this week’s cold shot that may have been enough to trigger the season’s first withdrawal. The December Nymex gas futures contract rose 4.3 cents day/day to settle at $3.515/MMBtu. January rose 4.5 cents to $3.795. At A Glance: December contract…

The post Natural Gas Futures Snap Losing Streak With LNG Exports In Focus; Cash Prices Slide Again appeared first on Natural Gas Intelligence

Africa’s geothermal sector will attract at least $35 billion in investments by 2050, showing the critical role geothermal is set to play in meeting the continent’s rapidly growing energy demand. Rystad Energy’s latest projections reveal this significan…

Mexico’s transmission lines and electric power grid are insufficient to meet growing power demand across the country and require new investment, Edith Rojo Zazueta, an industrial engineer who worked previously at Mexico’s Comision Reguladora de Energia (CRE) told NGI’s Mexico GPI.  During her time at the CRE from 2021 to August of this year, Rojo…

The post Investment in Energy Infrastructure Lacking in Mexico, Expert Says appeared first on Natural Gas Intelligence

Mexico’s transmission lines and electric power grid are insufficient to meet growing power demand across the country and require new investment, Edith Rojo Zazueta, an industrial engineer who worked previously at Mexico’s Comision Reguladora de Energia (CRE) told NGI’s Mexico GPI.  During her time at the CRE from 2021 to August of this year, Rojo…

The post Investment in Energy Infrastructure Lacking in Mexico, Expert Says appeared first on Natural Gas Intelligence

The United States government could request a panel process by February to settle the ongoing energy dispute with Mexico over practices that are considered to be in violation of the U.S.-Mexico-Canada-Agreement, or USMCA. This is according to Vanessa Sciarra, vice president of Trade and International Competitiveness at the American Clean Power Association (ACP), who spoke…

The post U.S.-Mexico Energy Trade Dispute Seen Heading to Panel Process appeared first on Natural Gas Intelligence

The United States government could request a panel process by February to settle the ongoing energy dispute with Mexico over practices that are considered to be in violation of the U.S.-Mexico-Canada-Agreement, or USMCA. This is according to Vanessa Sciarra, vice president of Trade and International Competitiveness at the American Clean Power Association (ACP), who spoke…

The post U.S.-Mexico Energy Trade Dispute Seen Heading to Panel Process appeared first on Natural Gas Intelligence

Forecasts suggest that it would take time before U.S. hydrogen production is up to speed to match burgeoning demand, and before pilot projects produce conclusive results for blending the fuel in natural gas infrastructure. Natural gas and electric utilities, nonetheless, are eager to leverage the fuel to lower emissions in existing infrastructure and electricity generation.  …

The post U.S. Natural Gas Utilities Paving Long Road to Hydrogen Blending appeared first on Natural Gas Intelligence

Forecasts suggest that it would take time before U.S. hydrogen production is up to speed to match burgeoning demand, and before pilot projects produce conclusive results for blending the fuel in natural gas infrastructure. Natural gas and electric utilities, nonetheless, are eager to leverage the fuel to lower emissions in existing infrastructure and electricity generation.  …

The post U.S. Natural Gas Utilities Paving Long Road to Hydrogen Blending appeared first on Natural Gas Intelligence

SilverBow Resources Inc. is eyeing plans to ramp up natural gas production in South Texas amid expectations for stronger commodity prices and as more Gulf Coast export projects near completion. SilverBow, which operates in the Eagle Ford Shale and Austin Chalk formations, earlier this year made oil development its focus. With gas prices hovering around…

The post SilverBow Pivoting to Boost Texas Natural Gas Production on ‘Bullish’ Forecast for Prices appeared first on Natural Gas Intelligence

SilverBow Resources Inc. is eyeing plans to ramp up natural gas production in South Texas amid expectations for stronger commodity prices and as more Gulf Coast export projects near completion. SilverBow, which operates in the Eagle Ford Shale and Austin Chalk formations, earlier this year made oil development its focus. With gas prices hovering around…

The post SilverBow Pivoting to Boost Texas Natural Gas Production on ‘Bullish’ Forecast for Prices appeared first on Natural Gas Intelligence

Mixed trends in regional natural gas forwards trading for the Oct. 26-Nov. 1 period saw prices climb modestly for much of the Lower 48, though mild early winter forecasts put pressure on coastal demand hubs, particularly at the front of the curve. According to NGI’s Forward Look data, fixed prices for December delivery at benchmark…

The post Natural Gas Forward Prices Discounted at Coastal Demand Hubs as Forecasts Fail to Impress appeared first on Natural Gas Intelligence

Tellurian Inc. said it could soon be insolvent unless it raises more capital to pay off debt and fund its operations as plans to develop the Driftwood LNG export terminal in Louisiana haven’t become a reality.  The company said in its quarterly report filed with the U.S. Securities and Exchange Commission (SEC) that it faces…

The post Tellurian Warns of Insolvency as it Tries to Advance Driftwood LNG appeared first on Natural Gas Intelligence

Santos Ltd. estimates it may be able to ship one more LNG cargo fed by natural gas from the Bayu-Undan field before it ends production by the end of the year. Meanwhile, its project to tap additional feed gas supply for the Darwin liquefied natural gas facility could be headed for more headwinds. Darwin LNG,…

The post Santos Looks to ‘Defend’ Barossa Natural Gas Project as Bayu-Undan Nears Last LNG Cargo appeared first on Natural Gas Intelligence

A great deal of energy infrastructure has failed worldwide when confronted with extreme weather events due to the unpreparedness of many countries for the effects of storms, wildfires, flooding and other severe weather. With these types of disasters ex…

The U.S. natural gas rig count picked up one unit to finish at 118 for the week ended Friday (Nov. 3), while a slowdown in oil-directed drilling dropped the combined domestic count seven units to 618, according to the latest numbers published by Baker Hughes Co. (BKR). Total domestic oil rigs declined by eight to…

The post One Natural Gas Rig Added in U.S. as Oil Count Tumbles appeared first on Natural Gas Intelligence

Europe’s natural gas demand could begin to rise this winter with higher electricity consumption in major markets and easing industrial demand destruction in the Eurozone, analysts and industry professionals have told Bloomberg. Higher demand in Europe …

Equinor announced on Monday a new commercially viable gas discovery near a producing field that can be brought online and deliver gas to Europe as early as this year.   Equinor has made the gas discovery by the Gina Krog field in the North Sea. Despite…

In a world where some commentators speculate that there is a glut of energy and distillate products as a result of high oil prices, sliding China demand and a looming global recession, Argentina will take the under: as La Nacion reports, on Wednesday r…

National Grid, the UK’s power systems operator, is accelerating the connection of up to 20 gigawatts (GW) of clean energy projects to its electricity transmission and distribution networks in England and Wales as part of a collaborative UK plan to spee…

Minority owner of Cedar LNG cautions that FID may not happen until early 2024. [Image credit: Pembina Pipeline]

The total number of active drilling rigs in the United States fell by 7 this week after climbing by 1 last week, according to new data that Baker Hughes published Friday, with the number of active oil rigs plunging to their lowest level since January 2…

Natural gas futures slid for a second session Thursday after the latest government inventory data gave bulls little ammunition to counter against light demand weather forecasts and hefty production levels. Midday weather models didn’t help either, shaving off more demand, yet bulls fought on to narrow the session’s declines. Coming off an 8-cent decline the…

The post Natural Gas Bulls and Bears Play Tug-of-War After In-Line Storage Build appeared first on Natural Gas Intelligence

The U.S. government has for the first time directly imposed sanctions against Russian LNG production as part of a broader package of restrictions aimed at undermining the Kremlin’s war in Ukraine.  The U.S. Department of the Treasury sanctioned PAO Novatek’s Arctic LNG 2 project in Russia’s Arctic, which is aiming to start-up its first train…

The post U.S. Sanctions Target Russia’s Arctic LNG 2 Project appeared first on Natural Gas Intelligence

Clean Electricity Regulations would make it impossible to build and operate new gas-fired generating capacity, even with CCS.

Saudi Arabia kept the price of its flagship crude grade for shipping to Asia in December unchanged from November’s pricing in a widely expected move amid weakening refining margins.   Saudi Aramco, the world’s top crude oil exporter, set the price of i…

In a recent Buttonwood column for the Economist, John O’Sullivan laid out a case for retiring the nickname “Dr. Copper” for the ubiquitous red metal. The piece articulates a convincing argument that the relationship between copper and the wider economy…

Montney producer continues to pursue LNG marketing opportunities.

China’s Sinopec has become the latest energy major to seal a 27-year LNG supply deal with QatarEnergy, for volumes of 3 million tons annually once the second phase of the North Field enters into operation. The partnership deal will also see Sinopec tak…

Venture Global LNG Inc. drew sharp criticism from Shell plc’s CEO on Thursday, who said the “actions of one player could potentially start to undermine confidence” in U.S. natural gas exports.  During the third quarter conference call, CEO Wael Sawan was asked about an ongoing contract dispute with Venture to deliver liquefied natural gas cargoes…

The post Venture Global Undermining Confidence in U.S. LNG, Says Shell CEO appeared first on Natural Gas Intelligence

Last year, the U.S. federal government began talking about building supply chains for the energy transition. Many saw this as a better-late-than-never moment after China had essentially cornered every transition-related market. Others saw it as an oppo…

The temporary ban on exports of Russian diesel and heavy refinery maintenance reduced Russia’s diesel exports by sea by 11% in October compared to September, according to data from LSEG and trade sources cited by Reuters. On September 21, Russia surpri…

The temporary ban on exports of Russian diesel and heavy refinery maintenance reduced Russia’s diesel exports by sea by 11% in October compared to September, according to data from LSEG and trade sources cited by Reuters. On September 21, Russia surpri…

The temporary ban on exports of Russian diesel and heavy refinery maintenance reduced Russia’s diesel exports by sea by 11% in October compared to September, according to data from LSEG and trade sources cited by Reuters. On September 21, Russia surpri…

The renewable energy industry is in full collapse mode this week. First, Orsted A/S, the world’s largest offshore wind farm developer, abandoned two major US projects due to supply chain and interest rate impacts, and now solar stocks are being clubbed…

Norway’s Equinor has discovered oil and gas four kilometers west of the Oseberg field in the North Sea in two separate formations, the Norwegian Petroleum Directorate said on Friday.

ConocoPhillips on Thursday boosted its oil and natural gas production guidance for the remainder of the year and said it expects to spend more now that it has taken full control of the Surmont oilsands site in Alberta.  Full-year oil and natural gas production is now expected to come in at 1.82 million boe/d, up…

The post Inflation in U.S. Onshore, Surmont Takeover Push Costs Higher for ConocoPhillips appeared first on Natural Gas Intelligence

After falling for the first three days of the week, oil prices have started to recover after both the Federal Reserve and Bank of England decided not to hike interest rates.Friday, November 3rd, 2023Sometimes no action is the best action. That was cert…

Utility Sempra on Thursday topped estimates for quarterly profit on strength in its energy infrastructure business, but sharply lowered its full-year earnings forecast.

Even with low natural gas prices throughout 2023, midstream giant Williams plans to aggressively expand its infrastructure and services to accommodate robust production needed to meet mounting global demand for U.S. supplies. “Shoring up our nation’s and the world’s energy foundation with natural gas is going to happen…because we are running out of time and…

The post Williams Accelerating Midstream Expansions on Expectations for Enduring Global Natural Gas Demand appeared first on Natural Gas Intelligence

As traders and analysts continued to mull a somewhat leaner-than-expected storage print, and as mixed forecast trends continued to point to wide coverage of mild weather into mid-November, natural gas futures probed modestly higher early Friday. The December Nymex contract was up 4.0 cents to $3.512/MMBtu at around 8:43 a.m. ET. The updated 11- to…

The post Slight Gains for Natural Gas Futures Amid Mixed Forecast, Tight-Leaning Storage Print appeared first on Natural Gas Intelligence

(Bloomberg) The delayed startup of a Canadian government-owned pipeline expansion project is weighing on the country’s heavy crude prices after producers ramped up output before the new capacity to export it has come online. Heavy Western Canadian Sele…

(Reuters Breakingviews) – Shell  CEO Wael Sawan has upped the UK group’s quarterly buyback plan while cutting back on unprofitable low-carbon activities. His pivot back into fossil fuels has shielded the $217 billion company from the wind energy …

(Reuters) – Oil prices were little changed on Friday, but headed for a second week of losses as supply concerns driven by conflict in the Middle East eased, while the demand outlook from the world’s top crude importer China remained uncerta…

CALGARY — Enbridge Inc. says its most recent quarter delivered a profit of $500 million as it announced the acquisition of three U.S. gas utilities.
The Calgary-based pipeline giant says its second-quarter profit compared with $1.3 billion a year ear…

Pipeline operator Enbridge on Friday beat third-quarter profit estimates, benefiting from transporting higher volumes of oil.

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…

The newly commissioned storage tank at the Qingdao terminal has a diameter of 100.6 meters and a height of 55 meters.

    BRINGING THE HEAT! Artic Therm provides an efficient Flameless Heat and clean Breathable Air for multiple applications using portable equipment to remote locations for extreme climate challenges. If your project is going to require Flamel…

Mitsui invests in Arctic LNG 2 through Japan Arctic LNG, a Dutch corporation 75% owned by the Japan Organization for Metals and Energy Security and 25% owned by Mitsui. [Image: Novatek]

The United States on Thursday imposed sweeping new measures against Moscow over the war in Ukraine, targeting Russia’s future energy capabilities, sanctions evasion and a suicide drone that has been a menace to Ukrainian troops and equipment, among others, in sanctions on hundreds of people and entities.

Foran will purchase approximately 0.9mn tonnes/year of LNG for 20 years.

Israeli natural gas exports to Egypt have resumed after a disruption last weekend but in small volumes, an official in Egypt’s petroleum ministry said on Thursday, without specifying the current flow.

There was always an incongruity between the strength of a carbon tax as a way to encourage reductions in greenhouse gas (GHG) emissions and the Trudeau government’s more activist approach to policy and managing the economy. That incongruity recently be…

The Canada Energy Regulator (CER) on Thursday ordered the Trans Mountain pipeline expansion project to stop work in a wetland area near Abbotsford, British Columbia, after inspectors found several environmental and safety-related non-compliances. Some …

New Fortress Energy on Thursday disclosed it is weighing a liquefied natural gas (LNG) export facility in Mexico that would be an onshore complement to its offshore project.

The JV’s blocks contain the Cragganmore gas field, which was discovered in 2012.

The issuances will be used to replace short-term debt facilities put in place in connection with the recently announced Alinta Energy Pilbara acquisition.