Day: December 1, 2023

Natural gas cash prices spiked early in the past week amid a blast of frigid air. But milder temperatures settled in during the weekly trading period and strong production pushed the physical market into negative territory. NGI’s Weekly Spot Gas National Avg. for the Nov. 30-Dec. 1 period shed 10.5 cents to $2.745. Conditions during…

The post Weekly Natural Gas Spot Prices Slide as Demand Fades; Futures Fizzle Amid Lofty Production appeared first on Natural Gas Intelligence

A nationwide system to monitor and reduce U.S. emissions, initially through a two-year pilot, was given the green light on Wednesday by the Biden-Harris administration.  The goal, said officials, would advance the “U.S. commitments” made in 2015 with nearly 200 countries under the United Nations climate accord, aka Paris Agreement to reduce greenhouse gas (GHG)…

The post Nationwide GHG Monitoring Strategy Launched by White House appeared first on Natural Gas Intelligence

Investors are betting on more normal weather patterns later this winter.

Nymex January natural gas futures traded near unchanged in the week’s closing session, picking up a slight 1.2 cents to a settlement at $2.814/MMBtu. Participants expected the recent blast of cold weather would drive the first substantial withdrawal from natural gas inventories but saw little additional weather-related demand to support sharper gains. At A Glance:…

The post January Natural Gas Notches Modest Gain In Week’s Final Session appeared first on Natural Gas Intelligence

Natural gas prices were a mixed bag in December bidweek trading, with some support coming via the arrival of robust heating demand in northern markets and new pipeline capacity out of West Texas broadening its sales base. However, relatively balmy forecasts for early December and a hefty wall of new gas supply doused some of…

The post December Natural Gas Bidweek Prices Mixed as Mild Forecasts, Stout Supply Blunt Some of Winter’s Impact appeared first on Natural Gas Intelligence

Volumes exported were just shy of record set in April.

The Cop28 climate summit has opened in Dubai, yet it is already clear that the world is not on track to meet the climate change targets that governments set themselves in Paris in 2015. In strictly numerical terms therefore, Cop28 will be a failure, li…

There is “no science” that says the world should phase out fossil fuels to curb global warming to 1.5 degrees Celsius, according to Sultan Al Jaber, the president of the COP28 climate summit, the Guardian and the Centre for Climate Reporting report. “T…

Despite reducing significantly its dependence on Russian gas, Europe remains exposed to natural gas supply and price shocks as it lacks any buffers in the system, the CEO of Germany’s top utility, RWE, told the Financial Times in comments published on …

Crude oil prices whipsawed between an early gain and a loss in a matter of hours in pre-noon trade in Asia today locked between bullish and bearish events. On the bullish side, Venezuelans voted in a referendum about what essentially would amount to an…

Facing a mild December forecast and record-level production flowing into the market, regional natural gas forwards underwent widespread selling during the Nov. 22-29 period, NGI’s Forward Look data show. January fixed prices at benchmark Henry Hub sold off 17.8 cents to end the period at $2.819/MMBtu, and January discounts of around 15 cents or more…

The post Natural Gas Forwards Pressured Lower on Supply, Mild Temps; East Coast Basis Strengthens appeared first on Natural Gas Intelligence

The U.S. natural gas rig count slid one unit to 116 for the week ended Friday (Dec. 1), while gains in the oil patch lifted the overall domestic count to 625, according to the latest figures from Baker Hughes Co. (BKR). Changes in the United States for the period included the addition of five oil-directed…

The post Natural Gas Rig Count Eases Lower as Oil Drilling Powers Domestic Activity Gains appeared first on Natural Gas Intelligence

Not enough shareholders of Australia’s top energy retailer, Origin Energy, backed on Monday a takeover bid from a Brookfield-led consortium of investors, leading to a collapse of a proposed $11-billion deal. A total of 68.92% of the votes cast by Origi…

The COP28 UAE-led presidency doesn’t have any “red lines” for language about fossil fuels in the negotiated text, COP28 Director General Majid al-Suwaidi said on Friday. “Our job as a COP presidency is not to have red lines. We don’t have red lines.” T…

“The Southeast Gateway project represents a significant long-term investment for the people of southern Mexico by providing them with a new dedicated gas pipeline featuring state-of-the-art technology for natural gas transportation, while addressing the country’s growing energy demand,” Alexis Milo, one of Mexico’s top economists, told NGI’s Mexico GPI.  “The development of this project should…

The post Top Economist Sees Natural Gas Fueling Growth in Southeast Mexico Amid Nearshoring Boom appeared first on Natural Gas Intelligence

In our continuing effort to stay ahead of changes in the physical flows of the North American natural gas market, particularly those in the U.S. Gulf Coast and Rocky Mountains regions, Natural Gas Intelligence (NGI) will amend the spot market price tables that appear in NGI’s various data services by adding three (3) new locations…

The post NGI’s Natural Gas Price Index Changes to Take Effect January 1, 2024 appeared first on Natural Gas Intelligence

The total number of active drilling rigs in the United States rose by 3 this week after rising by 4 last week, according to new data that Baker Hughes published Friday. The total rig count rose to 625 this week. Since this time last year, Baker Hughes …

Natural gas futures reversed early day gains Thursday to fall for a fifth consecutive session after the weekly storage report printed a build that landed at the high end of expectations. The January Nymex natural gas futures contract settled at $2.802/MMBtu, down two-tenths of a cent day/day. February fell six-tenths of a cent to $2.763.…

The post Natural Gas Futures Flounder After Injection Tops Outlooks; Cash Sees Broad Declines appeared first on Natural Gas Intelligence

Hungarian Prime Minister Viktor Orban said opening European Union accession negotiations with Ukraine is not currently in Budapest’s interest and that the 27-member bloc should opt instead for a “strategic partnership” with the war-wracked country. In …

Dutch pension fund Pensioenfonds Metaal & Techniek (PMT) is divesting from 40 oil and gas companies, but will keep its investments in Shell and BP and seven other energy firms as it sees the nine companies as “the most promising” for PMT in the sector….

The Yemeni Houthis attacked three ships off the coast of the country yesterday, firing ballistic missiles at them. The group, which controls most of Yemen, also targeted a U.S. warship with drones, the AP reports. “These attacks represent a direct thre…

Dutch pension fund Pensioenfonds Metaal & Techniek (PMT) is divesting from 40 oil and gas companies, but will keep its investments in Shell and BP and seven other energy firms as it sees the nine companies as “the most promising” for PMT in the sector….

Russia will be ramping up its diesel exports from its Black Sea and Baltic Sea ports by 28% in December from November, as Moscow relaxed further its fuel export curbs and Black Sea storms delayed some November loadings into this month, industry data se…

Consumers in Germany’s states with lower clean energy production may end up paying higher grid fees as the regulator plans to spread out evenly among regions the higher costs of adding renewables to the system. The Federal Network Agency, Bundesnetzage…

Over the last twenty years or so, I have spent a lot of time teaching and mentoring aspiring traders. During that time, I have heard a lot of questions, but the most common one by far is why markets move in a counterintuitive direction after news. Norm…

OPEC+ Agrees on Significant Output Cuts Amid Market Uncertainty In a decisive move, OPEC+ members, led by Saudi Arabia, have agreed to substantial voluntary output cuts totaling about 2.2 million barrels per day (bpd) for early next year. This announce…

1. OPEC+ Confronts Quota Imperfections, Weak Sentiment- Saudi Arabia and Russia, the two heavyweights of OPEC+, have managed to coordinate a wider response to weakening market sentiment and agree on voluntary cuts of 2.2 million b/d in their latest Nov…

Markets Oil markets balked at the OPEC+ news this week that saw the organization extend cuts from Saudi Arabia and Russia and deepen the group’s overall cuts with other member states beginning in the first quarter of next year. The distinction–and like…

For newly oil-rich Guyana, this weekend will be a fateful one, with rumors that Venezuela is gathering forces to invade at the close of a referendum on the ownership of Essequibo, a disputed region that represents two-thirds of Guyana’s total territory…

Natural gas will remain a “key transition fuel” until the mid 2040s to ensure electricity systems maintain their reliability for dispatchable generation, according to TotalEnergies SE. The French integrated major, which has a worldwide portfolio of oil, natural gas and alternative energy projects, recently issued its fifth annual outlook of the global markets. The forecast,…

The post Energy Transition Reliant on Natural Gas as Decarbonization Said ‘Relatively Slow’ appeared first on Natural Gas Intelligence

Interruptions imposed by western wildfires last summer aside, natural gas production in Canada has often averaged around 18 Bcf/d or higher in 2023. That’s roughly 1 Bcf/d more than the 2022 standard, according to Canada Energy Regulator data, and it comes at a time when demand has largely held flat amid mild weather. The result:…

The post Canadian Natural Gas Storage in Stout State, Leaving Abundant Supplies to Flow into U.S. appeared first on Natural Gas Intelligence

Consumers in Germany’s states with lower clean energy production may end up paying higher grid fees as the regulator plans to spread out evenly among regions the higher costs of adding renewables to the system. The Federal Network Agency, Bundesnetzage…

Brazil, which is set to join the OPEC+ alliance in January, will not have any quota and will not participate in oil production cuts, Jean Paul Prates, the chief executive of Brazilian state-controlled oil giant Petrobras, told Reuters in an interview p…

Oil markets were left both confused and underwhelmed by the OPEC+ decision to cut 2.2 million bpd in the first quarter of 2024, with oil prices falling toward a weekly loss.Friday, December 1st, 2023Oil markets welcomed the new OPEC+ deal that pledged …

Brazil, which is set to join the OPEC+ alliance in January, will not have any quota and will not participate in oil production cuts, Jean Paul Prates, the chief executive of Brazilian state-controlled oil giant Petrobras, told Reuters in an interview p…

Natural gas futures continued to grind lower in early trading Friday as market participants factored in mild December forecasts and a bearish miss from recent government inventory data. The January Nymex contract was down 1.4 cents to $2.788/MMBtu at around 8:43 a.m. ET. The U.S. Energy Information Administration (EIA) on Thursday reported a 10 Bcf…

The post Weak Weather-Driven Demand Outlook Continues as Natural Gas Futures Called Slightly Lower appeared first on Natural Gas Intelligence

The average price of Russia’s flagship crude grade, Urals, dropped in November from October but was still way above the Western price cap of $60 per barrel, data from Russia’s Finance Ministry showed on Friday. The average price of the Urals grade was …

The average price of Russia’s flagship crude grade, Urals, dropped in November from October but was still way above the Western price cap of $60 per barrel, data from Russia’s Finance Ministry showed on Friday. The average price of the Urals grade was …

Summary Crude prices stable on Friday after 2% drop on Thursday OPEC+ agreed to 2.2 million bpd of cuts for the first quarter Market concerned about compliance, macroeconomic demand Global manufacturing data was sluggish in November Dec 1 (Reuters) &#8…

(Reuters) – Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group’s coordinated output caps, the chief executive of state-run oil firm Petrobras  told Reuters. The group’…

Commentary by Clyde Russell (Reuters) – The additional crude output cuts by OPEC+ should do two things, and neither of them are likely to please the group of oil exporters. Firstly, the reduction of about 2.2 million barrels per day (bpd) for ear…

Rising global crude stockpiles and weak demand could prompt Saudi Arabia to lower the price of Arab Light, its flagship crude, for Asian customers for January for the first time in seven months, a Reuters survey showed on Friday. Saudi Aramco, the worl…

(Bloomberg) The United Arab Emirates is planning to start a $30 billion climate fund with BlackRock Inc., Brookfield Asset Management and TPG Inc., according to people with knowledge of the matter. The fund will be managed by Lunate Capital, a $50 bill…

(Bloomberg) United Nations Secretary-General António Guterres said drastic action is needed to keep stem global warming and warned fossil fuel companies their “old road is rapidly aging” at the opening of the COP28 climate talks in Dubai on Thursday. T…

For Immediate Release (Calgary Alberta)- At GLJ we believe that our people are our greatest resource. We employ highly skilled professionals that provide credible energy consultancy services to help our clients navigate a changing global energy landsca…

Coal remains the primary fuel for global electricity generation, particularly in Asian countries By Ven Venkatachalam Follow CEC on Linkedin  CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter A man walks towards a ferry…

MOSCOW, Dec 1 (Reuters) – Average daily natural gas supplies to Europe by Russian energy giant Gazprom were down 4.3% in November from their October levels, Reuters calculations showed on Friday.

By Jock Finlayson, Senior Fellow, Fraser Institute “Denominator blindness” refers to situations where people fail to put what seem to be big numbers into proper context. The affliction is especially common among governments seeking to justify their spe…

The United States will stick to the sanctions on Russian energy as long as Putin persists with his war in Ukraine and Washington looks to halve Moscow’s energy revenues by 2030, a senior U.S. official has told the Financial Times. “This is something th…

The company signed an agreement with Gasunie to acquire the stake in April 2023 for €80mn.

(Bloomberg) The latest bid by OPEC+ to support crude prices with additional oil-output cuts that’ll take effect from January has left market watchers skeptical about the effectiveness of the move. That’s partly because of the voluntary nature of the cu…

CALGARY — The Canada Energy Regulator has approved preliminary interim tolls that would see oil companies pay nearly twice as much to ship crude on the expanded Trans Mountain pipeline as what was estimated in 2017.
In a decision issued Thursday, the…

India produced a record amount of electricity from coal in October to make up for a shortfall in hydro generation following lower-than-normal monsoon rains.

More than half of the discoveries were made in the Sarawak basin. [Image: Petronas]

Fort Saskatchewan project expected to create up to 8,000 jobs during peak construction and 400 to 500 full-time positions (Reuters) – Dow (DOW.N) said on Tuesday its board approved an investment in the $6.5 billion Fort Saskatchewan Path2Zero pro…

Two of SilverBow Resources Inc’s largest investors are pushing the U.S. oil and gas producer to revamp its board to address governance concerns and boost its lagging performance, according to statements on Thursday.

CALGARY, Alberta, Nov. 28, 2023 (GLOBE NEWSWIRE) — Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) announces the reactivation of natural gas production at Farrell Creek, Northeast British Columbia and the release o…

The company’s revenue during the quarter slipped 2.57% year/year.

CALGARY, AB, Nov. 30, 2023 /CNW/ – Advantage Energy Ltd. (“Advantage”, the “Corporation”, “us”, “we” or “our”) is pleased to announce our 2024 budget and provide an update as we enter the second year of our three-year strategic plan. Advantage’s 2024 c…

CALGARY, Alberta, Nov. 30, 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…