Day: November 17, 2023

Maintenance in Texas and frostier weather forecasts lifted weekly natural gas cash prices, while a jump in natural gas inventories sent futures lower for the week. NGI’s Weekly Spot Gas National Avg. for the Nov. 13-17 period rose 86.0 cents to $2.870. Heading in the opposite direction, the December Nymex futures contract settled at $2.960/MMBtu…

The post Weekly Natural Gas Cash Prices Press Higher As Futures Sink On Bearish EIA Print appeared first on Natural Gas Intelligence

Natural gas futures prices could not regain their footing Friday after the latest government storage report sounded a clarion of potential oversupply and set off a bear stampede. At A Glance: Prompt month falls to $2.960 Warm December outlooks, stout supply weigh Texas leads cash prices lower The December Nymex natural gas futures contract settled…

The post Natural Gas Futures Fall Below $3 As Oversupply Worries Mount; Cash Prices Slip appeared first on Natural Gas Intelligence

Via Metal Miner British Steel recently told steel news sources of a £1.25 billion ($1.53 billion) project to replace its blast furnace operations with electric arc furnaces. The company said the goal was to help slash current carbon emissions. “The pro…

Mexico’s pipeline imports of U.S. natural gas should continue rising over the coming years even in the most conservative demand scenarios, experts agreed at the US-Mexico Natural Gas Forum. The power sector is driving demand growth currently, a trend that is likely to continue in the immediate term as state power company Comisión Federal de…

The post Policy Concerns or No, Mexico Natural Gas Imports to Keep Growing, Experts Say appeared first on Natural Gas Intelligence

Front-month natural gas forwards finished higher at most Lower 48 hubs during the Nov. 8-15 trading period, though bearish price action farther along the strip suggested a market incrementally less convinced of winter upside, according to NGI’s Forward Look. Fixed prices at Henry Hub picked up 5.1 cents for December delivery to end the period…

The post Natural Gas Forwards Mixed as Traders Weigh Late November Cold, Soaring Production appeared first on Natural Gas Intelligence

We’re at the point where “EV adoption” is going so well that EV companies have taken to offering fake bonds in order to get tax breaks. At least, that’s what’s going on over at Rivian, where the company has structured out $15 billion in “phantom bonds,…

Goldman Sachs expects Brent prices to average at $92 per barrel (bbl)in 2024, and expects the oil market to tighten at a moderate pace amid solid demand while core OPEC supply remains low. The bank in a note dated Thursday said it expects a 0.7 million…

Summary OPEC+ meets to set policy on Nov. 26 Oil has fallen to four-month low this week Saudi Arabia expected to extend voluntary cut – Energy Aspects MOSCOW/LONDON, Nov 17 (Reuters) – OPEC+ is set to consider whether to make additional oil…

Africa’s oil production is set for a gradual decline in 2024, the African Energy Chamber said in a new report on the industry this weekend. The chamber forecasts “relative calm” in the global oil market for the remainder of 2023, NJ Ayuk, Executive Cha…

Venezuela is nearing a decision to approve a license for Shell and the National Gas Company of Trinidad and Tobago (NGC) to export natural gas to Trinidad from a new offshore Venezuelan field, Reuters reported on Monday, quoting sources familiar with t…

The U.S. natural gas rig count dropped four units to finish at 114 for the week ending Friday (Nov. 17), while gains in the oil patch saw the combined domestic drilling tally rise two units to 618, according to updated numbers from Baker Hughes Co. (BKR). Changes in the United States for the period included…

The post Natural Gas Rigs Down Four, Oil Count Up Six in Updated BKR Tally appeared first on Natural Gas Intelligence

Chinese power and energy investment companies plan to build one of the world’s single biggest renewable projects with 11 gigawatts (GW) of total capacity. China Longyuan Power Group Corporation and CHN Energy Investment Group (CHN Energy) have entered …

The European Commission has downgraded its forecasts for growth across the eurozone this year and next as economic activity in the bloc stumbles in the face of higher borrowing costs. In its new Autumn forecast, the Commission predicted that the curren…

Pacific Northwest National Laboratory researchers have upended what’s known about how rechargeable batteries function. Rechargeable battery performance could be improved by a new understanding of how they work at the molecular level. For decades, resea…

“In my point of view, there are three important things that need to be improved in Mexico: innovation, technology and employee security,” Sandra Jahnsen, CEO of Jahnsen Business Consulting & Corporate, told NGI’s Mexico GPI. “In Mexico, both the oil and natural gas sectors are deficient in these three areas.” She added, “When those three…

The post Mexico Natural Gas, Oil Accidents Could Drop with Technology, Innovation Investment, Expert Says appeared first on Natural Gas Intelligence

The total number of active drilling rigs in the United States rose by 2 this week after falling by 2 last week, according to new data that Baker Hughes published Friday. The total rig count rose to 618 this week. So far this year, Baker Hughes has esti…

Natural gas futures slumped Thursday after a bearish government inventory report showed gas in storage grew faster than expected in early November, underscoring the effect of record production levels amid a mild start to winter to draw out the bears. The December Nymex natural gas futures contract settled at $3.062/MMBtu, down 12.8 cents day/day. NGI’s…

The post Bears Pounce on Natural Gas Futures After Twin EIA Storage Prints Swell Supply; Cash Prices Fall Again appeared first on Natural Gas Intelligence

Goldman Sachs expects OPEC to not let oil prices slide too much below $80 per barrel next year and use its pricing power to keep them in the $80-$100 range, the bank said in a note this week, ahead of the OPEC+ meeting on November 26. Oil prices dived …

Goldman Sachs expects OPEC to not let oil prices slide too much below $80 per barrel next year and use its pricing power to keep them in the $80-$100 range, the bank said in a note this week, ahead of the OPEC+ meeting on November 26. Oil prices dived …

Goldman Sachs expects OPEC to not let oil prices slide too much below $80 per barrel next year and use its pricing power to keep them in the $80-$100 range, the bank said in a note this week, ahead of the OPEC+ meeting on November 26. Oil prices dived …

Goldman Sachs expects OPEC to not let oil prices slide too much below $80 per barrel next year and use its pricing power to keep them in the $80-$100 range, the bank said in a note this week, ahead of the OPEC+ meeting on November 26. Oil prices dived …

Goldman Sachs expects OPEC to not let oil prices slide too much below $80 per barrel next year and use its pricing power to keep them in the $80-$100 range, the bank said in a note this week, ahead of the OPEC+ meeting on November 26. Oil prices dived …

Goldman Sachs expects OPEC to not let oil prices slide too much below $80 per barrel next year and use its pricing power to keep them in the $80-$100 range, the bank said in a note this week, ahead of the OPEC+ meeting on November 26. Oil prices dived …

Goldman Sachs expects OPEC to not let oil prices slide too much below $80 per barrel next year and use its pricing power to keep them in the $80-$100 range, the bank said in a note this week, ahead of the OPEC+ meeting on November 26. Oil prices dived …

Saudi Arabia has struck gas at two fields in the Empty Quarter, Reuters reported, citing a statement from the Saudi energy ministry. “Natural gas was also discovered in five reservoirs in previously discovered fields,” the Saudi Press Agency also said,…

Columbia Gas Transmission LLC (TCO) and Transcontinental Gas Pipe Line Co. LLC (Transco) each gained FERC approval on three projects designed to boost natural gas deliveries to the Southeast and East Coast.  Transco’s Southeast Energy Connector (SEC) would increase firm transportation supply by 150,000 Dth/d from Mississippi and Alabama to an existing power generation facility…

The post TC Energy, Williams Each Fetch Final Approvals for Natural Gas Expansions appeared first on Natural Gas Intelligence

One of the things on which I pride myself when writing here, or elsewhere for that matter, is that I don’t run away and hide should I make a bad call. Dealing room life taught me to own my mistakes, an essential thing to do if you are going to cut, tak…

Shares of Applied Materials tumbled in early trading in New York following a Reuters report that disclosed the largest US maker of chipmaking machinery faces a US criminal investigation for allegedly violating export restrictions to China.  The Justice…

BP is exploring ways to reduce soaring costs in the renewables sector by considering potential investments in the supply chain and development partnerships, the supermajor’s renewables business chief has told Reuters. The energy giant, which plans to b…

Chinese refiners switched from drawing to building oil inventories again in October, at a rate of over half a million barrels daily. That’s according to calculations made by Reuters’ Clyde Russell and based on official import and processing figures fro…

The U.S. Treasury Department has imposed sanctions on three maritime companies based in the United Arab Emirates (U.A.E.) and three vessels owned by the companies for shipping Russian oil sold above a price cap imposed by the world’s major economies to…

UK’s Octopus Energy is launching a $3.7-billion (£3 billion) offshore wind fund in cooperation with Japan’s Tokyo Gas as part of an ambition to invest in projects in Europe to reduce fossil fuel reliance and boost energy security. The Octopus Energy Of…

UK’s Octopus Energy is launching a $3.7-billion (£3 billion) offshore wind fund in cooperation with Japan’s Tokyo Gas as part of an ambition to invest in projects in Europe to reduce fossil fuel reliance and boost energy security. The Octopus Energy Of…

While fundamentals took over from the war-risk premium this week, pummeling oil prices, Brent crude was gaining over 4% by midday Friday, but analysts told Bloomberg that there is little chance for oil to top $90 in the current market atmosphere.  At 1…

Oil prices were recovering slightly on Friday morning after four consecutive weeks of losses pushed both Brent and WTI to their lowest levels since July. Friday, November 17th, 2023Oil prices declined to their lowest level since July this week, with WT…

As construction of the first phase gets underway in South Texas near the Mexico border, NextDecade Corp. is looking to finalize plans by mid-2024 to expand its Rio Grande LNG export project. The Houston-based firm broke ground in Brownsville on the first three trains of the facility last month, which could add 17.6 million metric…

The post NextDecade Targets 2024 to Sanction Rio Grande LNG Expansion appeared first on Natural Gas Intelligence

Environmental campaigners have urged banks to withdraw financing and guarantees for the $20-billion Mozambique LNG project led by supermajor TotalEnergies, claiming that the plant’s construction and operation would contribute to climate change and exac…

CALGARY, AB, Nov. 17, 2023 /CNW/ – Tourmaline Oil Corp. (TSX: TOU) (“Tourmaline” or the “Company”) is pleased to announce the completion of its previously announced acquisition of Bonavista Energy Corporation for $1.45 billion, consisting of $725 milli…

WhiteHawk Energy LLC said it acquired additional Marcellus Shale natural gas mineral and royalty assets from an undisclosed seller for $54 million. The acquisition increases the Philadelphia-based company’s mineral and royalty ownership in its existing 475,000 gross acre position in the Marcellus by 100%. The assets are mostly in Washington and Greene counties of Pennsylvania.…

The post WhiteHawk Energy Gobbles Up More Natural Gas Assets in Marcellus Shale appeared first on Natural Gas Intelligence

Several utilities released extensive plans to grow natural gas generation, expand pipelines and add LNG storage across the country to meet a wave of demand, executives said during the recent third quarter conference calls.  Many utilities have filed integrated resource plans (IRP) with state regulators that outline the role natural gas would play to ensure…

The post Natural Gas Seen Powering U.S. Utilities Through Escalating Demand for Decades appeared first on Natural Gas Intelligence

After years of disinterest, energy security concerns and the push for net zero are leading investors to bet on nuclear power. Markets soured on nuclear following the Fukushima Daiichi nuclear power disaster in March 2011, but the push toward net zero, …

Natural gas futures tested the $3/MMBtu level for the front month in early trading Friday as the market continued to mull evidence of oversupply in the latest government inventory data. The December Nymex contract was off 5.4 cents to $3.008 at around 8:41 a.m. ET. January was off 5.6 cents to $3.183. The U.S. Energy…

The post Bears Feeding on Hefty EIA Build, Surging Production as December Natural Gas Tests $3 appeared first on Natural Gas Intelligence

A Canadian startup raised $55 million from venture capital firms and governments to begin a carbon-capture plant in Quebec, using early-stage technology that aims to suck millions of tons of emissions out of the atmosphere and oceans. Deep Sky Corp. wa…

Calgary, Alberta–(Newsfile Corp. – November 17, 2023) – COELACANTH ENERGY INC. (TSXV: CEI) (“Coelacanth” or the “Company”) is pleased to announce its financial and operating results for the three and nine month…

Two-in-five would abolish the tax, while others would temporarily reduce it, maintain, or increase it November 16, 2023 – The Trudeau government, once lauded for its savvy communications style is facing resistance to one of its signature policies, in l…

Washington is gearing up to tighten sanctions on Iran, again, at the same time as new revelations emerge indicating that Iran was caught unaware when Hamas attacked Israel on October 7.  Iran has sent a message through Western media via anonymous sourc…

Politics, Geopolitics & Conflict An oil tanker set to load crude from a Libyan port was turned away this week because it had made a run to Israel prior to attempting to load in Libya. Libya’s eastern government (the rival to the Tripoli-based GNA) had …

1. Europe Cracks Down on Methane Emissions- The European Union agreed on a deal to place methane emission limits on Europe’s oil and gas imports from 2030, putting additional regulatory pressure on key suppliers such as the US, Algeria, and Russia. – M…

January U.S. Crude Prices Plunge January U.S. crude oil witnessed a significant drop of around 5% on Thursday, hitting a four-month low. This decline in West Texas Intermediate (WTI) crude, which reached its lowest level since early July, reflects grow…

The Canadian Press Tech giant Amazon is investing in its first Canadian wind farm. The company said it will partner with developer Copenhagen Infrastructure Partners on a 495-megawatt capacity wind farm to be built in Vulcan County in southern Alberta….

U.S. energy firm AES Corp. is in talks to sell its majority stake in one of Vietnam’s largest coal-fired power plants, two people familiar with the discussions said, as part of its global strategy to divest coal assets by the end of 2025.

Exxon Mobil Corp. warned that making Big Oil into “villains” and trying to restrict supply of fossil fuels will slow the path to net zero emissions and keep millions of people in the developing world in poverty. “The solutions to climate change have be…

New fund will support children, families, seniors and newcomers By CEC Staff Follow CEC on Linkedin  CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Photo courtesy City of Fort St. John, British Columbia As constructi…

Following the U.S. sanctions relief on Venezuela’s oil industry, supermajor Chevron has started to supply Venezuelan state oil firm PDVSA with fuels in an expansion of an oil swap deal, Reuters reports, citing sources with knowledge of the matter. Chev…

The Biden administration could push the release of a highly anticipated rule guiding the use of clean hydrogen tax credits into next year as Treasury officials struggle to resolve disputes between environmentalists and the industry over how “green” to make the incentive, according to two sources familiar with the administration’s plans.

REGINA — The Saskatchewan government has introduced legislation that it says would enable it to stop remitting the federal carbon tax on natural gas bills while providing legal protection for those at its energy Crown corporation.
The Saskatchewan Pa…

The cost of Japanese LNG imports last month decreased last month.

The agreement will focus on scientific and technological innovation, green and low-carbon transformation, LNG and new energies. [Image: BV]

By Alex Whalen and Elmira Aliakbari from the Fraser Institute The housing market is top of mind for many Nova Scotians these days, with widespread concern over availability and affordability. Unfortunately, new federal “energy efficiency” regulations a…

Banks and other financiers should withdraw their support of TotalEnergies’ $20 billion liquefied natural gas (LNG) terminal in Mozambique, environmental lobby groups urged in a letter sent to more than two dozen project funders on Friday.