Day: December 14, 2023

To combat China’s dominance of global clean energy supply chains, Western countries are trying to build up their manufacturing capacity to ensure reliable and affordable supply. These efforts might be too little too late, however, as Rystad Energy rese…

January Nymex natural gas futures settled the regular trading session higher on Thursday,  backed by cooler weather trends.  Still, more significant gains were relinquished as temperatures were forecasted to rise again. Meanwhile, the latest government storage report showed a withdrawal matching the figure modeled by NGI and most others, but it provided little additional support.…

The post EIA Storage Pull on Target; January Futures Gain with Modest Weather Support appeared first on Natural Gas Intelligence

The combination of unseasonably light weather-driven demand and record-level production continued to deal one bearish blow after another to regional natural gas prices during the Dec. 7-13 trading period, data from NGI’s Forward Look show. Traders locked in fixed price discounts from coast-to-coast for the period, with Henry Hub down to $2.342/MMBtu for January delivery,…

The post Natural Gas Forwards Further Bruised by One-Two Punch of Weather, Production appeared first on Natural Gas Intelligence

Small U.S. oil and gas producers from Texas to Wyoming are concerned that the new federal rule designed to slash methane emissions in the industry could force them to shut down wells and put them out of business. Early this month, the U.S. Environmenta…

North American natural gas futures slumped below $2.500/MMBtu this week amid ample supplies and weak domestic demand. Mexico demand for attractively priced U.S. gas, though, hasn’t abated.  For the past 10 days through Thursday, average pipeline imports of U.S. natural gas into Mexico averaged 6.59 Bcf/d. This was an increase of  0.80 Bcf/d over the…

The post U.S. Natural Gas Production, Breaking Records, Keeps Prices in Check for Mexico End-Users – Spotlight appeared first on Natural Gas Intelligence

The first phase of the Shell plc-led 14 million metric tons/year (mmty) LNG Canada export project in Kitimat, British Columbia, is more than 85% complete, CEO Jason Klein said in a year-end update. The project is on track to start shipping LNG abroad in 2025.

The post LNG Canada On Track to Start Testing Facility in 2024 – The Offtake  appeared first on Natural Gas Intelligence

A study developed jointly by Istituto Italiano di Tecnologia (IIT) and the spin-off BeDimensional has identified a solution based on ruthenium particles and a solar-powered electrolytic system. Small ruthenium particles and a solar-powered system for w…

India is resuming imports of crude oil from Venezuela for the first purchases since 2020 as the U.S. lifted most of the sanctions on Venezuela’s oil industry in October. The easing of the sanctions now allows the production, lifting, sale, and exportat…

In a shock development, Latin American energy giant Brazil announced it will join the OPEC+ group of oil-producing countries, including some of the world’s biggest such as Russia and the Kingdom of Saudi Arabia. The consortium works in concert to coord…

Pembina Pipeline Corp. disclosed that a possible final investment decision (FID) for its Cedar LNG project on the British Columbia (BC) coast could slip to early next year as the project partners hammer out final details for its construction and tolling agreements. In its recently released 2024 guidance, the company said it expects to make…

The post Cedar LNG FID Slips to Early 2024 as Pembina Prepares for Western Canada’s ‘Transformational Period’ appeared first on Natural Gas Intelligence

TotalEnergies has big plans for South African oil and gas despite increasing pressure from environmentalists to curb production. Following the recent go-ahead from the government to develop a new project in the country’s Orange Basin, it appears that T…

Venezuela’s revival of its border dispute with the Cooperative Republic of Guyana may provide an opportunity for the AUKUS pact – Australia, United Kingdom, United States – to reverse or challenge the gains of the People’s Republic of China (PRC), Russ…

Venezuela and Guyana agreed to avoid the use of force as they tried to settle a century-old territorial dispute that recently saw Venezuela threaten Guyana with annexing two-thirds of its territory. The presidents of Venezuela and Guyana met for talks …

Iraq’s government is studying options for amending its budget in order to be able to pay foreign companies operating oil fields in Kurdistan in a bid to restart the flow of oil from the northern semi-autonomous region. “We are discussing the draft amen…

Following a three-year Midas Touch streak, oil trader Pierre Andurand’s main hedge fund has lost 54% so far this year, and is set to rack up more losses before the year’s end, making this the worst 12 months for the fund in its history, Bloomberg repor…

Oil prices were nearing a 4% gain on Thursday as the U.S. dollar weakened and the International Energy Agency (IEA) upgraded its demand forecast to a 1.1 million barrel-per-day increase next year.  Brent crude was trading at $76.70 on Thursday at 11:50…

Oil prices were nearing a 4% gain on Thursday as the U.S. dollar weakened and the International Energy Agency (IEA) upgraded its demand forecast to a 1.1 million barrel-per-day increase next year.  Brent crude was trading at $76.70 on Thursday at 11:50…

CALGARY (December 14, 2023) – Drawing insights from our participation at COP28, Canada Powered by Women (CPW) recognizes the critical need for more Canadian women’s voices at the forefront, on both the national and global stage. Now, more t…

Maersk fuel carriers will have the option of bypassing the Red Sea following a spate of attacks on other vessels in the area, possibly extending fuel voyages by thousands of miles. Maersk said on Thursday that its fuel carriers can bypass the Red Sea t…

Crude oil prices extended their gains early on Friday morning as a combination of demand optimism and rising geopolitical risk added to upward pressure. If the recent rally doesn’t reverse today, oil prices could be on course to break a seven-week losi…

The world is sliding into a copper deficit over the next couple of years as one of the world’s largest copper mines was forced to shutter operations while demand for the refined metal remains elevated due to renewable energy infrastructure and electric…

The U.S. Energy Information Administration (EIA) on Thursday reported a withdrawal of 55 Bcf of natural gas from storage for the week ended Dec. 8, matching the figure modeled by NGI ahead of the report’s release. The draw was on par with most expectations. January Nymex futures were higher on the day at around $2.393/MMBtu…

The post EIA Report Shows Storage Draw Matching Expectations, January Futures Pare Gains appeared first on Natural Gas Intelligence

The European Union and the European Parliament reached on Thursday a provisional deal to reform the EU’s electricity market design to make power prices less dependent on volatile fossil fuel prices. The EU is seeking to reform the way its electricity m…

Enbridge Inc. said late Wednesday it planned to sell its stakes in the Alliance Pipeline and the Aux Sable natural gas liquids processing facility in the United States to Pembina Pipeline Corp. for more than US$2 billion. The deal would generate proceeds to help fund Enbridge’s efforts to acquire U.S.-based gas utilities. The Calgary-based midstream…

The post Pembina Agrees to Buy Enbridge’s Alliance Pipeline, Aux Sable Natural Gas Processing Facility appeared first on Natural Gas Intelligence

Reunion Gold’s (TSXV:RGD) Oko West gold project in Guyana continues to report further drill results, revealing both the extension of high-grade mineralization at depth and the strong consistency of the deposit within the established Mineral Resource Estimate (MRE) pit shell. Rick Howes, President and CEO of Reunion Gold, commented in a press release: “We are […]

The post Reunion Gold (TSXV:RGD) Reports Results and Discovers More High-Grade Gold at Oko West appeared first on MiningFeeds.

Russia’s oil revenues dropped in November to the lowest level since July as crude export prices dropped and volumes declined, the International Energy Agency (IEA) said on Thursday.   Russia’s export revenues for crude and oil products fell by 17% mont…

Ford Motor Co. is cutting 2024 production goals in half for its F-150 Lightning plug-in pickup truck — its signature electric vehicle — due to slowing demand for battery-powered models Ford will cut planned production of its electric F-150 Lightning pi…

China’s costs for producing solar modules have plummeted by 42% over the past year, which gives Chinese manufacturers a huge cost advantage over the U.S. and European solar equipment producers, Wood Mackenzie said in a report on Thursday. In the past 1…

The European Union and the European Parliament reached on Thursday a provisional deal to reform the EU’s electricity market design to make power prices less dependent on volatile fossil fuel prices. The EU is seeking to reform the way its electricity m…

Sales of EVs and plug in hybrids were up 20% globally in November, according to market research firm Rho Motion. The boost in sales was mainly attributed to strong growth both in North America and China, which offset poor sales in Europe, according to …

With new investors coming into long-standing projects and floating LNG proposals being tabled, Indonesia’s LNG sector may be on the cusp of a rebirth. [Gas in Transition, Volume 3, Issue 10]

Natural gas’ tendency to trade lower over the course of the winter is playing out in quicker fashion this year, with the prompt-month Nymex futures contract down 35% since Nov. 1. More often than not — around 64% of the time — Nymex futures have ended lower at the end of the November-March winter trading…

The post Where’s Santa Rally? Natural Gas Price Negative Trend Follows Familiar Winter Pattern appeared first on Natural Gas Intelligence

Oil and natural gas investments in decarbonization so far have largely focused on curbing individual Scope 1 and 2 emissions, according to a new analysis by Deloitte. Operators “are increasingly exploring clean energy avenues,” said authors Amy Chronis, Kate Hardin and Anshu Mittal in Deloitte’s 2024 Oil & Gas Industry Outlook. “However, their direct spending…

The post Renewable Returns Still Lagging Oil and Natural Gas Projects, Slowing Industry Transition Efforts appeared first on Natural Gas Intelligence

Some colder adjustments to the temperature outlook for later this month helped natural gas futures recover some of their recent losses early Thursday as traders prepared to shift their attention to updated government inventory data. After consecutive double-digit sell-offs to open the week, the January Nymex contract finished 2.4 cents higher Wednesday. The front month…

The post Potential for ‘Near-Term Bounce’ as Natural Gas Futures Climb Ahead of Storage Report appeared first on Natural Gas Intelligence

(Reuters) – A Glencore-led (GLEN.L) consortium’s successful $9 billion bid for Teck Resources’ (TECKb.TO) steelmaking coal unit could face tougher environmental clean-up obligations, as water pollution from the mines comes under incre…

By Alex Lawler Summary Cuts 2023 demand growth forecast by 90,000 bpd Raises 2024 demand growth forecast by 130,000 bpd to 1.1 mbpd Gap remains between OPEC, IEA views on 2024 oil demand growth LONDON, Dec 14 (Reuters) – World oil demand will ris…

COP28 nations strike historic fossil fuel deal Summary COP28 reaches deal to reduce fossil fuels consumption Summit President Sultan al-Jaber calls accord ‘historic’ Small island states say deal does not do enough OPEC wanted focus on emiss…

LONDON, Dec 14 (Reuters) – Oil prices rose on Thursday, extending the previous session’s gains, boosted by a weaker dollar and as the International Energy Agency (IEA) lifted its oil demand forecast for next year. Brent futures were up $1.4…

(Reuters) – Canadian Natural Resources (CNQ.TO) said on Thursday it expects production to increase in 2024, as the energy producer bets on demand amid tight supplies. Canadian oil and gas producers have been disciplined with their output in 2023….

CALGARY, AB, Dec. 13, 2023 /CNW/ – Kiwetinohk Energy Corp. (TSX: KEC) (“Kiwetinohk” or the “Company”) today provided an update on fourth quarter operating results, announced its 2024 budget, and established a three-year growth target of 40,000 boe/d of…

Calgary, Alberta–(Newsfile Corp. – December 14, 2023) – Canadian Natural’s (TSX: CNQ) (NYSE: CNQ) President, Tim McKay, commented on the Company’s 2024 budget, “Our teams remain focused on safe, reliable, effective and efficient operations throughout o…

(Reuters) – Cenovus Energy (CVE.TO) said on Thursday it expects higher production from its U.S. refineries in 2024 as the Canadian company’s two refineries restarted operating at full capacity. The company had been grappling with production…

All financial figures are approximate and in Canadian dollars unless otherwise noted. This news release refers to adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) and adjusted cash flow from operating activiti…

CALGARY, Alberta, Dec. 13, 2023 (GLOBE NEWSWIRE) — STEP Energy Services Ltd. (TSX:STEP) (STEP) is reporting continued improvement in its balance sheet, an update on its 2024 capital budget, and is providing an operational update. Balance Sheet an…

  CALGARY, Alberta, Dec. 14, 2023 (GLOBE NEWSWIRE) — Prospera Energy Inc. (“Prospera” or the “Company”) (TSX.V: PEI, OTC: GXRFF, FRA: OF6B, OF6B.SG, OF6B.F, OF6B.BE). Prospera Energy Inc. is pleased to announce a medium light oil +500 barrel…

CALGARY, Alberta, Dec. 14, 2023 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its 2024 budget, delivering disciplined capital investment and balancing growth of the company’s base business with meaningful sharehold…

Norway’s Equinor said on Thursday it has agreed to buy Shell’s stake in the Linnorm gas discovery in the Norwegian Sea, raising its ownership to 50%.

Thailand is importing record amounts of LNG again this year as it struggles with further declines in domestic gas output. Boosting pipeline imports is also problematic. With gas consumption relatively inflexible, LNG demand is likely to remain on an up…

The major gas leak last year in the Baltic Sea from the sabotaged Nord Stream pipeline caused Sweden’s annual territorial greenhouse gas emissions to rise, by 7%, the Environmental Protection Agency said on Thursday.

Oil prices rose early on Thursday in Asian trade, extending the gains from Wednesday, after the Fed signaled there could be three rate cuts coming next year that could boost economic growth and oil demand. Early on Thursday, the U.S. benchmark WTI Crud…

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 5-year budget spanning from 2024 to 2028 amounts to $32.56bn.

Global observed oil inventories fell in October, with the first drop in oil product stocks for the first time in four months, the International Energy Agency (IEA) said on Thursday. Global observed oil inventories dropped by 19.6 million barrels in Oct…

Dec 13 (Reuters) – Pembina Pipeline said on Wednesday it would buy Enbridge’s interests in the Alliance Pipeline, Aux Sable and NRGreen joint ventures for C$3.1 billion ($2.30 billion).
Alliance delivers liquids rich natural gas sourced in Northeast B.C., Northwest Alberta and the Bakken region to C…

Talon shareholders will receive 0.4828 new Strike shares for every Talon share held.

CALGARY — Enbridge Inc. is selling its stakes in the Alliance pipeline and Aux Sable gas processing facility to Pembina Pipeline Corp. for $3.1 billion.
The Alliance pipeline is a 3,848-kilometre pipeline stretching southeast from B.C. that brings ga…

Australia’s Woodside Energy and rival Santos are unlikely to announce any agreement on a proposed A$80 billion ($52 billion) tie-up to create a global oil and gas giant until at least February, said a person with direct knowledge of the talks.

Greenpeace Australia said on Thursday it had filed a lawsuit against the country’s largest oil and gas company Woodside Energy alleging it deceived the public over its green credentials.

The primary goal of the collaboration is to ensure the successful execution of drilling for the two gas exploration wells in Block 12. [Image: Abraj]

The Aptara suite is an array of subsea equipment including subsea trees, wellheads, control systems and more.