Day: November 7, 2023

An unexpected deeper contraction in U.S. manufacturing activity could signal weaker diesel demand, helping stocks – which are below the five-year average for this time of year – rebuild ahead of the higher winter demand for distillates. Diesel demand i…

An unexpected deeper contraction in U.S. manufacturing activity could signal weaker diesel demand, helping stocks – which are below the five-year average for this time of year – rebuild ahead of the higher winter demand for distillates. Diesel demand i…

Natural gas futures stumbled for a second session Tuesday as warm November forecasts kept hopes of higher winter heating demand at bay. The December Nymex natural gas futures contract fell 12.4 cents day/day to settle at $3.140/MMBtu. January fell 10.1 cents to $3.463. At A Glance: Prompt month sheds 12.4 cents Cash prices slide for…

The post Natural Gas Futures, Cash Prices Fall Again As Warm Weather Douses Demand; SoCal Citygate Swings appeared first on Natural Gas Intelligence

Global LNG demand will continue to grow in the foreseeable future, driven by Asia’s rising consumption, the need for security of energy supply, and decarbonization, Australia’s major Woodside Energy Group said on Wednesday. “The world’s demand for Wood…

Back in 2009 I wrote a piece entitled “The unbearable lightness of information.” Since then the information economy has become ever more resource intensive. Examples include Bitcoin, the widely recognized digital-only currency, which, as it turns out, …

The European Commission’s long-awaited annual enlargement report is set to be released on November 8. The release has been constantly postponed, as the report was originally expected to come out in early October. The delay was due to a number of factor…

Russia’s ESPO crude blend has slipped to a discount to Brent for December loadings to China amid lower Chinese demand and higher freight costs, Reuters reported on Wednesday, citing market sources. ESPO, named after the East-Siberia-Pacific Ocean pipel…

Plans for fossil fuel extraction by 2030 reveal that production of oil, natural gas, and coal would be more than double than what would be consistent with limiting warming to 1.5 degrees Celsius, a new report by the United Nations and climate think tan…

Suriname’s state-run energy company Staatsolie has opened up bidding for 11 offshore areas in the country, according to a statement made on the company’s website. Staatsolie Hydrocarbon Institute N.V. (SHI) announced on Tuesday a round of competitive b…

Higher crude oil production helped Occidental Petroleum book a profit increase for the third quarter of the year, beating analyst expectations. The company reported adjusted net income attributable to shareholders of $1.1 billion, or $1.18 per share. A…

A vigorous recovery from the global aerospace industry has increased demand for nickel, a key aircraft component prized for its corrosion resistance, high strength and exceptional mechanical properties. This could inadvertently complicate or delay new …

Production of associated natural gas – fuel produced in concert with oil – surged in the prolific Permian Basin over the past five years, supporting strong total supplies and, for much of this year, helping to keep U.S. prices in check. Associated gas produced from the top three oil plays in the Permian region –…

The post Associated Natural Gas Production Surges in Permian Basin, Bolstering Supply and Taming Prices appeared first on Natural Gas Intelligence

The fight to suspend authorization for the Rio Grande and Texas LNG export projects on the Gulf Coast is expected to continue in federal court after FERC’s decision late last month to deny requests for rehearings. The Federal Energy Regulatory Commission reapproved the two Texas liquefied natural gas projects and the Rio Bravo pipeline earlier…

The post Environmental Groups Look to Resume Fight Against Rio Grande LNG, Texas LNG Through DC Circuit appeared first on Natural Gas Intelligence

Researchers announced a major breakthrough in the field of next-generation solid-state chloride-based solid electrolyte batteries. It is believed that their new findings will enable the creation of batteries that exhibit exceptional ionic conductivity….

Henry Hub natural gas spot prices will average $3.40/MMBtu this winter as mild weather and strong production should help to maintain a healthy supply buffer, the U.S. Energy Information Administration (EIA) said in updated projections published Tuesday. In its latest Short-Term Energy Outlook (STEO), EIA recorded an average spot price at the national benchmark of…

The post U.S. Natural Gas Spot Prices to Average $3.40 This Winter and Output to Hold Near 105 Bcf/d, EIA Says appeared first on Natural Gas Intelligence

Researchers from the European Union’s Copernicus Climate Change Service have sounded an alarm about this year being “virtually certain” to be the hottest in 125,000 years. The service’s records go back to only 1940 but the researchers said they had use…

Lower refining margins, higher oil and fuel inventory levels, and a slower-than-expected increase in air travel have combined to push down oil demand in China, according to a Bloomberg report, with analysts expecting little change in the status quo in …

Over the past week Prime Minister Nikol Pashinyan and other Armenian officials have been hinting that a peace deal with Azerbaijan could be imminent.  They say the sides have reached agreement on three core principles of a deal while “details” remain t…

Crude oil inventories in the United States rose by a staggering 11.9 million barrels for week ending November 3, according to The American Petroleum Institute (API), after a 1.347-million-barrel rise in crude inventories in the week prior, API data sho…

Latin America is poised to play an increasingly important role in the global transition to cleaner energy sources, the International Energy Agency (IEA) said on Wednesday in its first-ever energy outlook on the region. Latin America and the Caribbean r…

STX Midstream serves Gulf Coast, Mexican markets.

Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.Chart of the Week- At least 48 VLCC tankers are sailing towards the United States to collect oil for exports, the highest in six years, as U…

NFE also expects to deploy new FSRU to Barcarena import terminal by year’s end. [Image credit: Energos Infrastructure]

OTTAWA — The plan to enable Canada to reach its 2030 targets for greenhouse-gas emissions doesn’t quite measure up, the federal environment commissioner says in a new audit.
Jerry DeMarco did a deep dive into the government’s emissions reduction pla…

French President Emmanuel Macron spent last week in Central Asia, courting trade relations with Kazakhstan and Uzbekistan in the interest of boosting France’s energy security. Both Kazakhstan and Uzbekistan are naturally rich in the uranium that France…

Acquisition will create Canada’s 7th largest E&P company.

Suriname’s state-run energy company Staatsolie has opened up bidding for 11 offshore areas in the country, according to a statement made on the company’s website. Staatsolie Hydrocarbon Institute N.V. (SHI) announced on Tuesday a round of competitive b…

Europe’s natural gas demand continues to be weak after last year’s energy crisis and most of the demand destruction will likely be permanent, according to France’s utility giant Engie. European gas demand has slumped since the end of 2021 due to skyroc…

Agreement could not be reached on how to develop Lakach field. [Image credit: New Fortress Energy]

Aramco will pay out almost £30bn in dividends for the third quarter, boosting 90 percent owner Saudi Arabia’s coffers Saudi Aramco (Aramco) has sustained hefty payouts to its investors, including the country’s government which owns 90 percent of the oi…

Natural gas futures on Monday lost ground, succumbing to weaker fundamentals as production notched another all-time high and early winter warmth deflated demand. The December Nymex gas futures contract settled at $3.264/MMBtu, down 25.1 cents day/day. January fell 23.1 cents to $3.564.  The session’s 7% slide followed a topsy-turvy week that saw trading lower three…

The post Prompt Natural Gas Futures Plunge Amid Record Output, Mild Forecast appeared first on Natural Gas Intelligence

Europe’s natural gas demand continues to be weak after last year’s energy crisis and most of the demand destruction will likely be permanent, according to France’s utility giant Engie. European gas demand has slumped since the end of 2021 due to skyroc…

With early winter cold still failing to show up meaningfully in the latest forecasts, natural gas futures continued to sell off in early trading Tuesday. The December Nymex contract was down 11.6 cents to $3.148/MMBtu at around 8:33 a.m. ET. The December contract plummeted 25.1 cents on Monday amid expectations for mild November temperatures and…

The post Natural Gas Futures Extend Slide Early on Mild November Forecasts appeared first on Natural Gas Intelligence

Kinder Morgan Inc. (KMI) has agreed to acquire NextEra Energy Partners LP’s South Texas natural gas business, South Texas Midstream LLC (STX Midstream), for $1.8 billion. The STX Midstream system comprises 462 miles of natural gas pipelines with 4.9 Bcf/d of transport capacity connecting the Eagle Ford Shale with growing demand in Mexico and along…

The post Kinder Morgan Adding Nearly 5 Bcf/d of South Texas Natural Gas Capacity in $1.8B Deal with NextEra appeared first on Natural Gas Intelligence

In the face of operational issues across its gathering and processing systems in the third quarter, Targa Resources Corp. is progressing projects in the Permian Basin to meet the infrastructure needs of producers anticipating strengthening export demand.  Operations commenced at Houston-based Targa’s Greenwood plant in the Permian’s Midland sub-basin ahead of schedule in October and…

The post Targa Advancing Permian Projects, Betting on Continued Growth Despite Dip in Delaware Volumes appeared first on Natural Gas Intelligence

Calgary-based Crescent Point Energy Corp. is jumping into the merger frenzy with a goal to transform its portfolio in Western Canada with the $1.9 billion cash-and-stock takeover of crosstown rival Hammerhead Energy Inc. “This strategic consolidation is an integral part of our overall portfolio transformation,” said Crescent Point CEO Craig Bryksa. The assets are in…

The post Crescent Point Aiming to Become No. 1 Montney E&P with $1.9B Takeover of Hammerhead appeared first on Natural Gas Intelligence

Multi-basin exploration and production firm EOG Resources Inc. in the third quarter made steady progress toward completing a natural gas pipeline that would transport Eagle Ford Shale supply to Gulf Coast markets. EOG completed construction on a natural gas treatment facility, as well as the first phase of a 36-inch-diameter natural gas pipeline from the…

The post EOG Holding Production Steady in 2024 as ‘Instrumental’ Dorado Natural Gas Pipeline Half Complete appeared first on Natural Gas Intelligence

CALGARY, Alberta, Nov. 06, 2023 (GLOBE NEWSWIRE) — Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (TSX and NYSE: CPG) is pleased to announce that it has entered into an arrangement agreement (the “Agreemen…

According to a recent study, these new regulations will add more than $78,000 to the cost of a newly constructed home in B.C. by 2030. British Columbians face a housing crisis—that’s not breaking news. But now, new federal regulations aimed at “decarbo…

LONDON, Nov 7 (Reuters) – Oil prices hit fresh 2-1/2-month lows on Tuesday as mixed economic data from China offset the impact of Saudi Arabia and Russia extending output cuts. Brent crude futures were down $1.65, or 1.94%, to $83.53 a barrel as …

(Reuters) – The Organization of the Petroleum Exporting Countries and allies (OPEC+) sees a healthy global economy growing, despite the broad challenges of inflation. The United States is doing very well, although Europe is struggling, general se…

CALGARY, AB, Nov. 6, 2023 /CNW/ – (TSXV: CWC) CWC Energy Services Corp. (“CWC” or the “Company”) is pleased to announce that at its special meeting of shareholders held earlier today (the “Meeting), the shareholders of CWC (“CWC Shareholders”) passed a…

The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened again on Monday: * WCS for December delivery in Hardisty, Alberta, settled at $28.00 a barrel under WTI, according to CalR…

Calgary, Alberta–(Newsfile Corp. – November 6, 2023) – Cardinal Energy Ltd. (TSX: CJ) (“Cardinal” or the “Company”) is pleased to announce its operating and financial results for the third quarter ended September 30, 2023, the appointment of a new dire…

CALGARY, Alberta, Nov. 07, 2023 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced today that the Toronto Stock Exchange (“TSX”) has approved the renewal of the company’s normal course issuer bid (“NCIB”) to purchase up to 133,160,…

The company cited limited synergies between the gas solutions unit and the rest of its marine product portfolio as the reason for the divestment.

It is essential to understand China’s hydrogen strategy, including how the country plans to start decarbonizing its current hydrogen consumption and expand future use and production.

While Europe has slashed its imports of piped Russian natural gas, it has bought some 13 million metric tons of liquefied natural gas (LNG) so far in 2023, little changed from a year ago, LSEG data showed on Tuesday.

By Alex Epstein At Jordan Peterson’s ARC conference I was asked to share the most important truths about our energy future. At Jordan Peterson’s ARC (Alliance for Responsible Citizenship) conference I was asked to share the most important truths about …

By Geoffrey Cann The aviation fuel market is now ripe for fraud. Here’s how to prevent fraud from corrupting a market vital to decarbonization. Of all the engines burning fuel today, there’s a good bet that the very last one to go still will be a jet e…

U.S. sanctions will have an impact on the Arctic LNG 2 project in Russia in which Japanese shareholders hold a combined 10% stake, Japan’s industry minister Yasutoshi Nishimura said on Tuesday.

MEG Energy Corp. says it earned $249 million in the third quarter, up from $156 million a year earlier.
The Calgary-based energy company says earnings per diluted share were 86 cents, up from 51 cents during the same quarter last year.
Revenues were…

A possible loss of the Everett Marine LNG terminal can jeopardize the reliability of New England’s energy supply during extreme cold weather, the Federal Energy Regulatory Commission (FERC) and the North American Electric Reliability Corp (NERC) said on Monday. [Image: Constellation Energy]

The project is expected to produce around 50,000 barrels of oil equivalent gross/day at peak production. [Image: BP]

The gas imports in October alone were 8.78mn tonnes.

The project aims to decarbonise the industrial, power, fertilizer, and chemical sectors.

Recoverable volumes are estimated to be between 5 and 16mn barrels of oil equivalent. [Image: Equinor]

Iran’s Supreme Leader, Ali Khamenei, last week called on the Islamic members of OPEC to halt oil exports to Israel immediately. Given that Israel buys virtually none of its oil from Islamic members of OPEC – purchasing mainly from Azerbaijan, the U.S.,…

All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen unless otherwise noted. The Corporation’s Non-GAAP and Other Financial Measures are detailed in the Advisory section of this news release. T…

The United States became the largest natural gas producer in a matter of years, also turning into one of the top three LNG exporters. Gas production and demand are both on the rise, and the EIA projects that output will hit a record high this year. At …