Day: December 19, 2023

The oil and gas multinational divestment from the Niger Delta that kicked off over a decade has now hit fever pitch.  Hordes of oil and gas majors have exited the Nigerian market in the current year, with their timing curious considering they are leavi…

January Nymex natural gas futures’ four-day winning streak ended Tuesday in losses driven by revised weather outlooks that erased some cooler, supportive weather from forecasts. At A Glance: January futures slip 1.1 cents Weather forecasts more bearish Spot gas prices slump The front-month contract settled at $2.492/MMBtu, off 1.1 cents day/day. February futures closed at…

The post January Natural Gas Sinks as Revised Weather Outlooks Shrink Demand Hopes  appeared first on Natural Gas Intelligence

Azerbaijan is on target to double its gas exports to Europe by 2027, according to President Ilham Aliyev. Speaking at the inauguration ceremony for the Bulgaria-Serbia interconnector gas pipeline in Niš, Serbia, on December 10, Aliyev confirmed that Ba…

Russia has increased significantly its crude oil exports to China and India this year, with volumes to China hitting 100 million tons annually, or around 2 million barrels per day, Nikolay Tokarev, the head of Russian oil pipeline monopoly Transneft, t…

University of California – Santa Barbara researchers presented an adaptive tile, which when deployed in arrays on roofs, can lower heating bills in winter and cooling bills in summer, without the need for electronics. It’s a problem UC Santa Barbara re…

Mexican conglomerate Grupo Carso SAB has bought into another Mexico oil and natural gas field in shallow waters offshore Campeche. Carso subsidiary Zamajal SA de CV would acquire PetroBal SAPI de CV and its 50% interest in the Ichalkil and Pokoch fields. PetroBal is the oil and gas subsidiary of Mexican conglomerate Grupo Bal. The…

The post Billionaire Carlos Slim Accumulating Mexico Oil, Natural Gas Assets appeared first on Natural Gas Intelligence

The EU summit on December 14-15 brought good and bad news for Ukraine. Before the summit, most diplomats I spoke to thought it would be easier to agree on fresh EU funding for the war-torn country than to green-light the start of accession talks with K…

European natural gas prices retreated on Tuesday after the United States announced an international naval force to protect commercial and energy cargoes transiting the Red Sea. The Title Transfer Facility erased the gains it made Monday amid escalating tensions in the Middle East. The prompt month contract fell 8% to close at $10.47/MMBtu, its lowest…

The post Naval Force Mobilizing to Stop Red Sea Attacks Eases Natural Gas Supply Concerns in Europe appeared first on Natural Gas Intelligence

Russia has been raising its exports of fuels in recent weeks as refiners ramped up processing and Moscow lifted most restrictions on exports of fuels that were introduced in September.     Russia’s fuel exports by sea averaged around 2.4 million barrel…

Lloyds has added Guyana to its risk list, which also features the Red Sea and the Black Sea due to heightened military tensions. While there is no immediate threat to oil transportation around Guyana, the recent flare-up in bilateral relations with Ven…

Russian crude oil shipments continued to increase on a four-week average basis, despite maintenance work that reduced flows out of the port of Primorsk on the Baltic Sea last week, tanker-tracking data monitored by Bloomberg showed on Tuesday.     Russ…

Crude oil inventories in the United States rose this week by 939,000 barrels for the week ending December 15, according to The American Petroleum Institute (API), after a 2.349-million-barrel draw in crude inventories in the week prior. Analysts had ex…

Via Metal Miner   While the Raw Steels Monthly Metals Index (MMI) rose 6.43% from November to December, U.S. flat rolled steel prices remain decidedly bullish. By mid-December, hot rolled coil prices broke above the $1,000 per short ton mark for the fi…

The European Union’s energy ministers approved on Tuesday a plan to extend the emergency cap on natural gas prices for another year until the end of January 2025.   The original cap on gas prices, the so-called “market correction mechanism,” was introd…

Global commodities trader Gunvor Group Ltd. has secured a 400 million euro loan ($437 million) backed by the Italian government to buy more natural gas and LNG for industrial consumers in the country. The five-year term loan guaranteed by Italy’s export credit agency, Sace SpA, is aimed at supporting Italian industry with energy supplies to…

The post Italy Backs Another Loan to Secure More Natural Gas Supplies appeared first on Natural Gas Intelligence

Last week, the COP28 climate summit in Dubai came to a close with a new agreement that became the first UN climate deal calling for countries to cut back on fossil fuels. This came after the initial draft faced widespread pushback for failing to includ…

January Nymex natural gas futures extended a relief rally into the fourth trading day Monday as hints of colder January weather provided some support, but weather and fundamental outlooks suggested the upside movement would be short-lived. The front-month contract settled at $2.503/MMBtu, up 1.2 cents from Friday but well off an early high of $2.597.…

The post Natural Gas Futures Give Back Early Gains to Finish Slightly Higher Monday appeared first on Natural Gas Intelligence

OTTAWA, ON: The Canadian Taxpayers Federation released its annual New Year’s Tax Changes report today to highlight major tax changes in 2024. “Tax hikes will give Canadians a hangover in the new year,” said Franco Terrazzano, Federal Director of the CT…

A Sad Story about Budget Rentals and a Tesla Model 3 By Geoffrey Cann I had an occasion to rent a car for the first time since the pandemic, for a few days out of Halifax, and visited the usual suspects to see what was on offer. Interestingly, Budget w…

“The biggest climate law ever in Europe, and some say in the world,” Peter Liese, lead negotiator for the European Parliament said. In reference to the Paris Agreement? Europe’s New Green Deal? Biden’s IRA? Nope – Liese was describing the carbon border…

A volcano in the southwestern region of Iceland erupted on Monday, sending geysers of hot lava as high as 330 feet. The eruption was located near the Svartsengi geothermal power plant near the town of Grindavík, which was evacuated last month over an i…

A volcano in the southwestern region of Iceland erupted on Monday, sending geysers of hot lava as high as 330 feet. The eruption was located near the Svartsengi geothermal power plant near the town of Grindavík, which was evacuated last month over an i…

Red Pine Exploration (TSXV:RPX) shared new results from its ongoing exploration program. These results have demonstrated a significant expansion in the exploration potential at depth in the Jubilee Shear. The findings have broadened the known area of gold mineralization, filling in previously unexplored gaps within the existing Surluga resource. Quentin Yarie, President and CEO of […]

The post Red Pine Exploration (TSXV:RPX) Reports Gold Mineralization Expansion at Wawa Gold Project, Intersects 3.80 g/t gold over 36.94m including 11.01 g/t gold over 5.60m appeared first on MiningFeeds.

Norwegian energy giant Equinor (former Statoil) has signed a 10-year supply agreement with German state-owned energy company SEFE (Securing Energy for Europe). The deal entails the delivery of 111 TWhours (10 billion cubic meters – bcm) of natural gas …

Howard Energy Partners (HEP) completed about $800 million worth of growth projects and achieved record natural gas throughput on its assets during 2023, the company said Wednesday. San Antonio, TX-based HEP owns energy infrastructure assets in Texas, New Mexico, Oklahoma, Pennsylvania and Mexico. The newly completed projects include “new major pipelines and processing facilities in…

The post Howard Energy Touts South Texas Natural Gas Expansions, Record Throughput as LNG Demand Taking Off appeared first on Natural Gas Intelligence

A volcano in the southwestern region of Iceland erupted on Monday, sending geysers of hot lava as high as 330 feet. The eruption was located near the Svartsengi geothermal power plant near the town of Grindavík, which was evacuated last month over an i…

The benchmark U.S. natural gas prices fell by 3% early on Tuesday after the latest models overnight showed that most of the U.S. will see warmer than normal temperatures over the next week.  As of 9:30 a.m. ET on Tuesday, the front-month futures at the…

Germany’s Wintershall Dea and Austria’s OMV are being stripped of their multi-billion-dollar stakes in joint ventures developing natural gas projects in Russia under a decree by Vladimir Putin. The Russian president has signed a decree ordering that th…

Oil markets are finally focusing on geopolitical risk, with disruptions in the Red Sea pushing Brent up toward $79 and WTI above $73.- Shipping stocks have been on the rise since the Houthi threat in the Red Sea began to escalate, with the likes of Mol…

CALGARY, Alberta–(BUSINESS WIRE)–Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced bought deal offering (the “Offering”) of subscription receipts (“Subscri…

For all the talk about weak weather-driven demand in 2023, a buoyant U.S. economy may complement mounting global energy needs and provide a key pillar of strength for natural gas markets in the form of steady industrial demand in the new year. Over much of 2023, elevated inflation and the Federal Reserve’s (Fed) aggressive interest…

The post Resilient Economy, Potential for Interest Rate Cuts Could Power Industrial Natural Gas Demand, Support Prices appeared first on Natural Gas Intelligence

Natural gas production from seven key Lower 48 regions is set to ease lower from December to January as declines from the Haynesville Shale and the Appalachian Basin overshadow Permian Basin gains, according to the latest modeling from the U.S. Energy Information Administration (EIA). EIA’s updated Drilling Productivity Report (DPR), which also models production trends…

The post EIA Models Appalachian, Haynesville Natural Gas Declines, Permian Gains into Early 2024 appeared first on Natural Gas Intelligence

With the natural gas market already facing a bearish temperature outlook to close out 2023, warmer overnight forecast trends saw futures retreat in early trading Tuesday. After settling 1.2 cents higher in the previous session — but well off the intraday high — the January Nymex contract was down 6.0 cents to $2.443/MMBtu at around…

The post Models Seen Warmer Overnight as Natural Gas Futures Slide Early appeared first on Natural Gas Intelligence

Monitoring shows above-guideline selenium concentrations in secondary drinking water wells in Fernie, B.C., downstream of coal mines owned by Teck Resources

A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen’s Iran-aligned Houthis on the world’s main East-West trade route.

Summary US launches multinational push to safeguard Red Sea commerce Disruption unlikely to have big effect on oil -Goldman U.S. crude inventories expected to have fallen last week LONDON, Dec 19 (Reuters) – Oil steadied on Tuesday as investors c…

By Resource Works More News and Views From Resource Works Here Last month, the Canada Energy Regulator (CER) dealt another blow to the Trans Mountain expansion project with more pauses and delays. These days, it seems like regulatory slowdowns have mad…

Some Canadian oil and gas producers say they will not rush to accelerate emissions cuts until they see if unpopular Prime Minister Justin Trudeau survives long enough to implement his proposed oil and gas emissions cap.

EDMONTON — It was just supposed to be a pause, a breather for an overburdened regulator and concerned public to catch up with an industry growing beyond expectations. 
But for those who study the renewable electricity industry, as well as for those i…

By Megan Rowling Summary U.N. climate talks agree work plan for just transition Millions of fossil fuel workers to need support, training Governments, business urged to tackle green skills gap (Thomson Reuters Foundation) – The hard-won agreement…

By Rod Nickel and Nia Williams (Reuters) – Some Canadian oil and gas producers say they will not rush to accelerate emissions cuts until they see if unpopular Prime Minister Justin Trudeau survives long enough to implement his proposed oil and ga…

Chinese LNG imports could hit record levels by year’s end as rapidly rising power demand and a lack of hydropower push gas-fired generation and city gas use higher. [Gas in Transition, Volume 3, Issue 11]

New liquefied natural gas (LNG) projects coming online this year and high stocks in Europe and North Asia in early 2024 capping demand are seen curbing spot price growth for the next six months as analysts forecast a “finely balanced” market. Asian spo…

U.S. oil output from top shale-producing regions is set to decline in January for the third consecutive month, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday. U.S. oil output is expected to d…

German energy firm Sefe secured a blockbuster 50-billion-euro ($55 billion) gas deal with Norway’s Equinor on Tuesday, covering a third of the industrial gas needs of Europe’s largest economy.

The company will expand its fleet with the addition of five new dual-fuel capesize bulkers, capable of burning either LNG or conventional marine fuel oil. [Image: MOL]

Renewables made up 50.8% of Spain’s electricity mix this year, rising from a 42.2% share last year, Energy Transition Minister Teresa Ribera said on Tuesday.   More than half of the electricity Spain now consumes comes from renewable energy sources, th…

It increasingly feels like we are nearing an inflection point when it comes to energy consumption, production, and the combatting of climate change.  On the one hand, new temperature records are being set around the world, environmental movements are g…

New liquefied natural gas (LNG) projects coming online this year and high stocks in Europe and North Asia in early 2024 capping demand are seen curbing spot price growth for the next six months as analysts forecast a “finely balanced” market.

CALGARY — The company building the Trans Mountain pipeline has submitted evidence to support its claim that oil companies must pay more in tolls in light of the pipeline project’s mounting costs.
Trans Mountain Corp. says in a new regulatory filing t…

The Australian company will supply gas to Mbuyu Energy’s proposed 500 MW gas-to-power project.

The disruption to energy flows in the Red Sea is unlikely to have large effects on crude oil and liquefied natural gas (LNG) prices as vessel redirection opportunities imply that production should not be directly affected, Goldman Sachs said.

The imports were up in the eight months of the current fiscal year, which commenced on April 1, 2023, as well.

The LNG imports during the 11 months of 2023 were 62.99mn tonnes.

TotalEnergies reaffirmed its commitment to business interests in Nigeria, the French company said, adding that its head Patrick Pouyanne had met Nigeria President Bola Tinubu in Abuja on Monday.

CALGARY, Alberta–(BUSINESS WIRE)–Imperial (TSE: IMO, NYSE American: IMO) today provided an update on its corporate guidance outlook for 2024. The company’s strategy remains focused on maximizing value of existing assets and progressing select high-valu…

The warmest autumn in the northern hemisphere in nearly a century and a half has pushed natural gas prices in the U.S., Europe, and Asia lower at the start of the winter.    Prices are also weighed down by record-high U.S. production, record-high inven…

Since the mid-1990s, China has been the key global buyer of multiple commodities needed to power its economic growth. The purpose of this growth was partly to create and enlarge a middle class over which it is generally much easier to maintain control …