Day: December 15, 2023

The northern hemisphere experienced its warmest October and November in records dating back to the 1880s – pushing the gas market into a large surplus and triggering a slump in prices. Northern hemisphere land temperatures were 2.61°C above the long-te…

U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in five weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future …

Weekly cash natural gas prices fell as scattered cold weather failed to generate enough widespread heating demand, while weather forecasts that added more heating degree days (HDD) toward the official start to winter lifted futures late in the week ending Dec. 8.  NGI’s Weekly Spot Gas National Avg. for the Dec. 11-15 period fell 42.0…

The post Weekly Natural Gas Cash Prices Tumble on Mild Weather While Futures Trim Losses at Week’s End appeared first on Natural Gas Intelligence

Hedge funds have cut their bullish bets on crude oil to record lows as the market reacts to increasing U.S. inventories and fear that OPEC+ will not fully deliver on its promises to voluntarily cut production come January 1. Money managers have slashed…

January Nymex natural gas futures gained for a third day Friday in an apparent round of profit-taking, and as weather forecasts turned slightly less bearish but suggested the trend toward mild weather would remain intact into the official start of winter.  At A Glance: January gains for third day Brief cooldown supports prices Outlook remains…

The post January Futures Add Gains Amid a Brief Cooldown and Ahead of Warming Into Winter’s Start appeared first on Natural Gas Intelligence

The Swiss National Bank (SNB) was urged to divest from oil and gas fracking companies on Monday, when climate activists handed over a petition signed by 60,000 people demanding the Swiss central bank exit its fracking investments.     Last month, a stu…

Turkey, which has become one of the biggest buyers of Russian oil after the EU embargo on Moscow’s crude and refined products, has saved some $2 billion from its oil import bill so far this year, as it has boosted imports from Russia, Reuters has estim…

The weather blog Severe Weather Europe provides an in-depth analysis of “cold anomalies across much of the central, southern, and eastern United States” after the start of the new year. This news should excite our US readers since many of them have bee…

Following intensified attacks by Houthi rebels, oil supermajor BP is temporarily suspending all shipments via the Red Sea, becoming the latest major firm to pause vessel navigation in the area that could reverberate through global supply chains.     “I…

The U.S. natural gas rig count held steady at 119 for the week ended Friday (Dec. 15), while the overall number of domestic rigs eased lower on a slowdown in oil-directed activity, according to updated figures from Baker Hughes Co. (BKR). Domestic natural gas rigs ended the period down 35 from the 154 rigs active…

The post U.S. Natural Gas Rigs Steady at 119 in Latest Baker Hughes Tally 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 Coastal Winter Natural Gas Basis Premiums Shrink as Weather Disappoints Bulls 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 Coastal Winter Natural Gas Basis Premiums Shrink as Weather Disappoints Bulls appeared first on Natural Gas Intelligence

The total number of active drilling rigs in the United States fell by 2 this week after climbing by 10 over the course of the last four weeks, according to new data that Baker Hughes published Friday. The total rig count fell to 624 this week. Since th…

Robust natural gas production, plump supplies in storage and benign winter weather so far could send Henry Hub futures below $2.00/MMBtu, putting prices late this year in the realm of the pandemic-induced slump of 2020. “The narrative keeps getting worse for gas bulls,” analysts at The Schork Report said, noting forecasts that call for seasonally…

The post Weak Weather, Plump Storage Clear Path for Sub-$2 Natural Gas Prices Despite Latest Bounce appeared first on Natural Gas Intelligence

Robust natural gas production, plump supplies in storage and benign winter weather so far could send Henry Hub futures below $2.00/MMBtu, putting prices late this year in the realm of the pandemic-induced slump of 2020. “The narrative keeps getting worse for gas bulls,” analysts at The Schork Report said, noting forecasts that call for seasonally…

The post Weak Weather, Plump Storage Clear Path for Sub-$2 Natural Gas Prices Despite Latest Bounce appeared first on Natural Gas Intelligence

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 Draw on Target; January Futures Up with Modest Weather Support appeared first on Natural Gas Intelligence

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 Draw on Target; January Futures Up with Modest Weather Support appeared first on Natural Gas Intelligence

There’s been yet another Houthi attack on commercial shipping in the Red Sea, in at least the third serious incident this week, prompting container shipping giant Maersk to order any of its vessels near the southern entrance of the Red Sea to immediate…

On the heels of Christine Lagarde’s more-hawkish-than-The-Fed comments yesterday, the European Union’s economy appears to be deteriorating faster than anticipated. The Euro area composite flash PMI fell by 0.6pt to 47.0 in December, below expectation, …

Two environmental groups have challenged in court the UK’s approval of a major new oil project in the North Sea, arguing that the field would be incompatible with the UK’s net-zero goal and that the government hasn’t factored in Scope 3 emissions when …

A chemical leak from Marathon Petroleum’s refinery in Galveston Bay prompted Texas officials to call for a shelter-in-place order this weekend before readings showed the air quality in the area was normal. The release of chemicals followed a small fire…

Crude oil prices began the week with a 1% gain in mid-morning trade in Asia as the latest news about Red Sea ship attacks sparked concern about the security of oil shipments. At the same time winter weather in Russia has affected oil exports negatively…

There could be more presents under the tree this year for U.S. drivers, with gasoline prices plummeting to their lowest levels in 2.5 years. The national average price for a gallon of regular gasoline in the United States was $3.087 as of Friday, accor…

The latest ship to come under attack in the Red Sea near the Yemeni coast has turned out to have been hijacked by Somali pirates. The initial reports suggested the MV Ruenm a bulk carrier sailing under a Maltese flag, had become the latest target of th…

TotalEnergies is launching with partners the construction of a solar plus storage plant in South Africa, the French energy major said on Friday. The hybrid renewable energy project will include a 216 megawatt (MW) solar plant and a 500 MWh battery stor…

TotalEnergies is launching with partners the construction of a solar plus storage plant in South Africa, the French energy major said on Friday. The hybrid renewable energy project will include a 216 megawatt (MW) solar plant and a 500 MWh battery stor…

Canadian government-owned Trans Mountain Corp asked the country’s energy regulator on Thursday to reverse a decision rejecting proposed construction changes on its oil pipeline expansion, warning of a possibly “catastrophic” two-year delay and billions…

Oil prices are on course for their first weekly increase in eight weeks, a shift in sentiment that was driven in large part by the Federal Reserve pledging to cut interest rates next year.Friday, December 15th, 2023As the price of Brent rose toward $77…

The aggregate value of mergers and acquisitions (M&A) in the Permian Basin has surpassed $100 billion this year with the recently announced $12 billion takeover by Occidental Petroleum Corp. (Oxy) of CrownRock LP, eclipsing the previous record of $65 billion set in 2019, according to new analysis by Wood Mackenzie.  The Oxy-CrownRock deal followed ExxonMobil’s…

The post Oxy-CrownRock Deal Caps Record Permian M&A Year as Dealmaking Surpasses $100B appeared first on Natural Gas Intelligence

The U.S. Department of Energy (DOE) has delivered a final environmental assessment for New Fortress Energy Inc.’s (NFE) offshore Altamira LNG project as the firm awaits delivery of a component that could allow it to begin exporting U.S. natural gas from Mexico’s eastern coast. NFE previously requested to re-export 145 Bcf/year, or 400 MMcf/d, from…

The post Altamira LNG Nabs Final Environmental Assessment as Launch of Mexico Exports Nears appeared first on Natural Gas Intelligence

A storm and planned maintenance have forced Russia to suspend on Friday around two-thirds of the shipments of its flagship crude grade Urals from its Baltic and Black Sea ports, Reuters reported, citing traders and vessel tracking data.   The port of P…

A storm and planned maintenance have forced Russia to suspend on Friday around two-thirds of the shipments of its flagship crude grade Urals from its Baltic and Black Sea ports, Reuters reported, citing traders and vessel tracking data.   The port of P…

A storm and planned maintenance have forced Russia to suspend on Friday around two-thirds of the shipments of its flagship crude grade Urals from its Baltic and Black Sea ports, Reuters reported, citing traders and vessel tracking data.   The port of P…

Appearing to find some support at current discounted levels, natural gas futures advanced modestly in early trading Friday, though a mild December weather outlook remained hardly inspiring for bulls. The January Nymex contract was up 3.6 cents to $2.428/MMBtu at around 8:30 a.m. ET, building on a 5.7-cent rally in the previous session. The U.S.…

The post Weather-Adjusted Power Demand Seen Strengthening as Natural Gas Futures Advance appeared first on Natural Gas Intelligence

The Biden Administration is directing Federal agencies to prioritize the use of sustainable transportation such as electric vehicles and trains for official travel, as part of efforts to build a clean transportation future, the White House said in new …

(Reuters) – Oil prices rose on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency (IEA) on oil demand for next year and a weaker dollar. Brent futures rose…

1. The Contango in WTI Turns Steep Enough to Make it Lucrative- All the key Central Bank meetings held this week in the United States, Europe, and Great Britain have kept interest rates unchanged, providing a small boost to oil prices, although they fa…

This week, the oil market witnessed a significant rebound, driven by a confluence of factors including a weaker dollar and revised demand forecasts from major energy organizations. After a period of decline that saw prices reaching a six-month low, the…

Politics, Geopolitics & Conflict Across Ukraine, the government announced large-scale air alerts on Thursday, with explosions reported near Kyiv, though scant details were available. Kyiv warned that the entire country is under threat of missile attack…

As you may know, I am someone who rarely uses a chart pattern or signal as the basis for a trade. I tend to do “top down” analysis, meaning that I start with the big picture, the economic and fundamental conditions, then drill down to individual compan…

As Yemen’s Iran-backed Houthis continue to attack merchant ships in the Red Sea, and as U.S. naval forces continue to shoot down Houthi drones in answer to mounting distress calls, under consideration now is a multinational task force to protect the sh…

Unless otherwise noted, all monetary amounts in this news release are stated in Canadian dollars. CALGARY, AB, Dec. 14, 2023 /CNW/ – Lucero Energy Corp. (“Lucero” or the “Company”) (TSXV: LOU) (OTCQB: PSHIF) is pleased to announce that the Company’s Bo…

Calgary, Alberta–(Newsfile Corp. – December 14, 2023) – Gear Energy Ltd. (“Gear” or the “Company”) (TSX: GXE) (OTCQX: GENGF) is pleased to announce that the new November 2023 monthly update to shareholders can be accessed via the following link https:/…

The companies will also undertake joint investment in a nature-based carbon project in Australia.

Enserva hosts expert panel to discuss trends and insights for the oil and gas and drilling services sector (GLOBE NEWSWIRE) — Thursday, Enserva released its Fall 2023-2024 State of the Industry Report (the “Report”), providing trends, insights an…

Global efforts to boost clean energy and rein in carbon emissions have had a clear impact on coal: consumption of the dirtiest fossil fuel is expected to peak this year. Total consumption of coal will reach a record high of more than 8.5 billion metric…

A storm and planned maintenance have forced Russia to suspend on Friday around two-thirds of the shipments of its flagship crude grade Urals from its Baltic and Black Sea ports, Reuters reported, citing traders and vessel tracking data.   The port of P…

85% ownership in oil and gas midstream infrastructure to create stable revenue for participating communities  CALGARY, AB, Dec. 13, 2023 /CNW/ – The Alberta Indigenous Opportunities Corporation’s (AIOC) sixth deal has closed, allowing 12 Indigenous com…

A disagreement between Shell PLC and Venezuela’s state company PDVSA over future liquefied natural gas (LNG) prices has gridlocked talks on a license for Shell and Trinidad and Tobago’s National Gas Company to operate a Venezuelan gas field, two people close to the negotiations said.

The Biden Administration is directing Federal agencies to prioritize the use of sustainable transportation such as electric vehicles and trains for official travel, as part of efforts to build a clean transportation future, the White House said in new …

Mitsui acquired the interest in the Kaikias field in December 2016.

Global coal demand is set to rise by 1.4% this year and surpass a record-high level of 8.5 billion tons for the first time, the International Energy Agency (IEA) said on Friday.  While coal demand in the United States and the EU is set for a 20% record…

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…

Criterium acquired the 42.5% stake in Bulu from Mitsui in December 2022 for $1.6mn.

DUBAI, Dec 14 (Reuters) – The COP28 climate summit in Dubai started with all the ingredients for spectacular failure: It proposed an end to the fossil-fuel era at a conference situated in Arab oil country amid overt opposition from the powerful o…

As the carbon pricing consensus evaporates, the federal government introduces new policies that could cap the production of oil and gas. By Resource Works More News and Views From Resource Works Here The federal government’s proposed cap on emissions f…

Freeport LNG, which operates the second-largest U.S. liquefied natural gas export plant in Texas, agreed with the U.S. Environmental Protection Agency to settle safety violations related to a June 2022 blast that caused some $275 million in damage to the facility. [Image: Freeport LNG]

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 …

This follows the company’s initial announcement of a gas discovery in the same well just last week. [Image: Invictus]

As part of this collaboration, Liberty plans to import a modern frac fleet into the Beetaloo basin in 2024 to support the stimulation campaign for Tamboran’s Shenandoah South pilot project.