Day: January 10, 2024

Oversupply, weak prices, and lukewarm demand growth are the three horsemen of low oil prices that analysts expect to become the most probable scenario for this year. The only factor that could potentially offset the effects of these factors is the situ…

Natural gas futures on Wednesday floundered for the first time this year, with speculators hesitant to hold positions and bears seizing upon forecasts for a late January warm-up. Following gains every regular session of 2024 through Tuesday, when prices jumped 21.0 cents, the February Nymex gas futures contract on Wednesday shed 15.1 cents day/day and…

The post Natural Gas Futures Slump for First Time in 2024 Amid Warmer Mid-Range Forecasts; Cash Prices Climb appeared first on Natural Gas Intelligence

The government of Cuba has announced a 500% increase in fuel prices beginning on February 1, as the nation suffers its worst economic crisis since the 1990s, with Cubans now readying themselves to weather what is being called a humanitarian crisis.  Th…

Last year proved to be a banner year for the U.S. solar sector, with installed capacity rocketing 55% Y/Y to a record 33 GW, driven by robust growth by residential solar and high energy prices. It’s something of a minor miracle that the sector was able…

Tensions in the Middle Eastern shipping lanes continued to run high on Thursday amid reports of a hijacked oil tanker in the Gulf of Oman, which was boarded by masked individuals and forced to alter course toward Iran.  The UK Marine Trade Operations (…

The number of container ships transiting through the Red Sea towards the Suez Canal tumbled 90 per cent year-on-year through the first week of January, as attacks from Yemeni Houthi rebels continue to disrupt one of the world’s busiest trade routes. Ne…

Renewable capacity installations surged by almost 50% last year as global renewable energy capacity hit nearly 510 gigawatts (GW), led by solar photovoltaics and a jump in new Chinese installations, the International Energy Agency (IEA) said in a new r…

At this point, one might be forgiven for thinking that the Nord Stream pipelines sabotage is already ancient history. After all, mainstream media and prime time TV news coverage has by and large ‘moved on’ as soon as it became clear that Russia had not…

Mexico’s natural gas market will continue its modernization and expansion in 2024, regardless of who wins the presidential election on June 2. Natural gas demand in Mexico, driven by the power sector, continues to rise. Power demand was up by around 440 MMcf/d in 2023 to 4.603 Bcf/d, according to Wood Mackenzie data. Natural gas…

The post Mexico Natural Gas Market Poised for Growth in Pivotal Election Year appeared first on Natural Gas Intelligence

A fresh escalation of violence in the Middle East pushed oil prices higher early on Thursday, even after Wednesday’s session ended with losses for both WTI and Brent. Those losses were driven by an unexpected build in U.S. crude oil inventories and ano…

Canadian precious metals miner Fortuna Silver (NYSE: FSM; TSX: FVI) announced Wednesday it has paid down an additional US$41 million in debt […]
The post Fortuna cuts down debt using cash generated from Séguéla mine appeared first on Canadian Min…

Argentina is using a number of policy tools to ensure lithium extraction fully benefits the nation.

The post Argentina Pulling Policy Levers to Maximize Lithium Benefits appeared first on Intergovernmental Forum.

Via Metal Miner The nickel price remained within a strong downtrend throughout November, hitting its lowest point since April 2021. While prices appeared to stabilize during the first half of December, the nickel market has overwhelmingly proven itself…

Taseko Mines (TSX: TKO; NYSE: TGB; LSE: TKO) said output from the Gibraltar mine in British Columbia rose to 123 million lb. […]
The post Taseko says Gibraltar mine output rose 26% to 123 million lb. copper in 2023 appeared first on Canadian Mini…

New Found Gold (TSXV: NFG; NYSE-A: NFGC) has received the results of 16 diamond drill holes that tested the Honeypot zone, part […]
The post New high-grade – +100 g/t – discovery for New Found Gold at the Honeypot zone appeared first on Canadian …

NEWS PROVIDED BY Trigon Pacific Terminals Limited  PRINCE RUPERT, BC, Jan. 10, 2024 /CNW/ – As a critical step in securing the necessary project approvals, Trigon Pacific Terminals Ltd. (Trigon) has completed the Project Description for its propo…

The UK has announced a major nuclear power generation capacity expansion, with the government calling it the “biggest expansion of nuclear power for 70 years”. “Nuclear is the perfect antidote to the energy challenges facing Britain – it’s green, cheap…

U.S. Secretary of State Antony Blinken has accused Iran of aiding Yemen’s Houthi attacks on merchant vessels in the Red Sea, telling reporters in Bahrain that Tehran was providing vital assistance. “These attacks have been aided and abetted by Iran wit…

reductions in the coming months. Figures today from energy analysis consultancy Cornwall Insights show that the average costs for 2024 will be £113 per MWh – a £16 drop from the previous forecast. This is largely due to Europe holding higher than expec…

Natural gas futures rallied again on frigid temperatures and mounting heating demand, continuing an uninterrupted stretch of gains that dates to the opening session of 2024. At A Glance: Prompt month tops $3.300 Weather data bullish Production declines 2 Bcf/d Coming off steady advances last week and an 8.7-cent gain to begin this week, the…

The post Widespread Heating Demand Propels Natural Gas Futures, Cash Prices appeared first on Natural Gas Intelligence

Offshore oil drilling in Namibia was boosted on Wednesday with French TotalEnergies’ move to increase its stake in the Venus discovery and the announcement of another discovery of light oil near Venus by a smaller explorer.  On Wednesday, TotalEnergies…

Electrification of transport and homes, as well as consumer demand for all kinds of technology, are set to continuously raise electricity demand for summer and winter peaks in the United States, the biggest U.S. grid operator, PJM Interconnection, said…

Drilling at Russia’s oil production wells likely beat a post-Soviet record in 2023, according to industry data Bloomberg has seen—evidence that the Western sanctions haven’t affected drilling rates much, especially at brownfields.   Russia is estimated…

Last week, when looking at the latest global container shipping rates, we observed a surge in prices for all legacy Red Sea routes such as US and Europe to China, while simple trans-Atlantic or trans-Pacific routes remained subdued. However this surge …

Saudi Arabia is now focused on all kinds of energy and is taking climate change and the efforts to fight global warming seriously, according to the energy minister of the world’s largest crude oil exporter.  “We as a country, we are no longer called a …

Import facility at Richards Bay will be the first of its kind in South Africa.

The United Kingdom’s North Sea Transition Authority gave the greenlight in September for the development of the Rosebank field by owners Equinor ASA (NYSE:EQNR) and Ithaca Energy, with Prime Minister Riki Sunak’s government arguing that  projects such …

Junior exploration company Fireweed Metals (TSXV:FWZ) has announced new drill results from its 2023 exploration program at the Macmillan Pass Project in Yukon, Canada. The results include the best drill intersection to date from the Boundary Zone target, as well as other high-grade assay results. Brandon Macdonald, CEO of Fireweed Metals, commented in a press […]

The post Fireweed Metals (TSXV:FWZ) Reports Wide Mineralized Intercepts Including 143.95 m at 14.45% Zinc, 1.15% Lead, and 60.0 g/t Silver at Boundary Zone, Yukon appeared first on MiningFeeds.

Crude oil prices moved lower today after the U.S. Energy Information Administration estimated a relatively moderate inventory build in crude all and also reported sizeable increases in fuels for the first week of 2024. In crude, the EIA reported an inc…

Wind power generated as much as 41.2% of Britain’s electricity in December, its highest monthly share ever, thanks to milder and windy weather, data from the UK’s National Grid ESO showed.  In December, wind was the UK’s largest source of generation, a…

As winter comes into its own in Europe, gas prices have fallen, with traders convinced full storage will take care of adequate supply during the coldest days. At the start of this month, the benchmark gas price for Europe, the Dutch TTF facility, fell …

CHEYENNE, Wyo., Jan. 10, 2024 /PRNewswire/ — U.S. Gold Corp. (Nasdaq: USAU) (the “Company,” “we,” “us” or “our”), a gold development and exploration company, today issued a CEO update outlining its recent and expected milestones, as it continues to advance its assets and projects (the “CEO Update”) in 2024. Operational and strategic highlights follow: CK Gold Project […]

Energy majors and commodities traders are playing an outsized role in supporting a global LNG export buildout that ultimately could saturate the market with the super-chilled fuel later this decade, bring prices down and stoke future demand. About 150 million metric tons/year (mmty) of additional liquefaction capacity is under construction across North America and in…

The post Energy Majors, Traders Betting on Big Future for LNG appeared first on Natural Gas Intelligence

Wind power generated as much as 41.2% of Britain’s electricity in December, its highest monthly share ever, thanks to milder and windy weather, data from the UK’s National Grid ESO showed.  In December, wind was the UK’s largest source of generation, a…

As the early phases of construction ramp up in Texas, NextDecade Corp. is plotting course for a final investment decision (FID) on an expansion of its Rio Grande LNG export facility later in the year. Houston-based NextDecade disclosed it has secured a credit agreement with the Japanese financial giant MUFG Bank Ltd. for a $50…

The post NextDecade Looks to Reach FID On Rio Grande LNG Train 4 By End of 2024 appeared first on Natural Gas Intelligence

While working toward first injections at a carbon dioxide storage site to serve Freeport LNG, Houston-based Talos Energy Inc. said it has begun flowing production from two deepwater wells in the U.S. Gulf of Mexico (GOM). One year after discovering hydrocarbons, the Lime Rock and Venice wells were “brought safely online in late December 2023,” …

The post Talos Ramps Up Lime Rock, Venice Liquids-Rich Wells in Deepwater GOM appeared first on Natural Gas Intelligence

Natural gas futures pared their recent gains early Wednesday as updated weather models moderated for later this month, while in the nearer term, cold was already showing signs of hampering production. After rallying 21.0 cents in Tuesday’s session, the February Nymex contract was down 14.2 cents to $3.048/MMBtu at around 8:36 a.m. ET. Both the…

The post February Natural Gas Gives Back Gains Early as Weather Models Seen Warmer Overnight appeared first on Natural Gas Intelligence

U.S. oil and gas production continued to climb in October, but there were indications of both starting to flatten and turn down in response to lower prices since the middle of 2022.

Crude oil prices extended their gains from Tuesday after the American Petroleum Institute reported an estimated inventory draw of over 5 million barrels that observers had not expected. That followed a weekly inventory draw of over 7 million barrels fo…

Lower American gasoline demand, higher fuel production after refiners returned from autumn maintenance, and cheaper prices due to a supply glut and transit issues at the Panama Canal prompted some rare shipments of U.S. gasoline cargoes to places such …

Summary Libya’s 300,000 bpd of supply still offline U.S. crude stocks fall by 5.2 million barrels, API reports Euro zone facing possible recession, ECB VP says U.S. oil output to touch a record high in 2024 Coming up: EIA supply report, 1530 GMT …

EDMONTON — The Transportation Safety Board says external corrosion led to a natural gas pipeline rupture that caused an explosion near a small northwestern Alberta community.
In a statement on the results of its investigation into the April 2022 blas…

Norway’s export of natural gas via pipelines to Europe hit an all-time high in December but still declined by 6.7% overall in 2023 following lengthy maintenance outages, pipeline system operator Gassco said on Wednesday.

By: Jason Chiu In an era of digitization, artificial intelligence (AI) is increasingly prevalent in our daily lives. It’s also reshaping the energy industry by maximising operations and asset performance with advanced analytics. From personalized marke…

Jan 9 (Reuters) – A massive winter storm moving across the eastern half of the U.S. on Tuesday knocked out power to about 811,000 homes and businesses in 12 states ahead of a brutal freeze expected to blanket the region starting this weekend.
The hardest hit states so far are New York and Pennsylva…

By Julio Mejía and Elmira Aliakbari This report presents the results of the Fraser Institute’s 2023 Canada-US Energy Sector Competitiveness Survey regarding barriers to investment in oil and gas exploration and production facilities in each country. Th…

The primary focus of this JV will be to pursue global investments in energy technology and enhance tech-enabled energy services.

 The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened marginally on Tuesday: * WCS for February delivery in Hardisty, Alberta, settled at $19.40 a barrel under WTI, accordin…

The French major has bought an additional stake in block 2913B and block 2912 in Namibia from Impact Oil and Gas.

For Immediate Release Media Release VANCOUVER, BC – The Chair of the Energy Futures Initiative is calling for a swift response based on new information showing British Columbia emerging as an ‘at-risk area’ for energy as soon as 2026, after a year in w…

FOR IMMEDIATE RELEASE Jon Haubert | 303.396.5996 Enverus releases its 2024 Outlook  Series of reports focus on the shifting dynamics of oil and gas, energy transition and geopolitics AUSTIN, Texas (Jan. 9, 2024) — Enverus, the most trusted energy-…

U.S. natural gas production and demand, as well as liquefied natural gas (LNG) exports, will hit record highs again in 2024, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. The EIA projected dry…

U.S. oil and gas production continued to climb in October, but there were indications of both starting to flatten and turn down in response to lower prices since the middle of 2022.

By Matthew Lau As the calendar has turned to 2024, businesses, charities and other organizations should have accounted for higher taxes when they did their financial planning for the new year. If they didn’t, they’re in for an unpleasant surprise. Just…

U.S. crude production will rise to record highs in 2024 and 2025, but will grow less than it did last year, the U.S. Energy Information Administration (EIA) said on Tuesday. In its Short-Term Energy Outlook (STEO), EIA projected U.S. crude production w…

U.S. energy-related carbon dioxide (CO2) emissions are expected to remain unchanged in 2024, as increased natural gas and petroleum emissions offset decreased coal emissions, the Energy Information Administration said in a monthly report on Tuesday.

The order has been placed at Korea’s Hyundai Samho Heavy Industries. [Image: Nakilat]

Algerian energy minister Mohamed Arkab has discussed oil and gas investments in Algeria with the U.S. oil major ExxonMobil, an energy ministry statement said on Tuesday.

Dear Valued Shareholders, As we approach the close of another year, I find myself reflecting on our journey and the significant milestones we’ve achieved together. In the face of challenging market conditions, we’ve made remarkable progress in various aspects of our business, demonstrating our commitment to advancing the Philadelphia discovery and enhancing shareholder value.Let’s delve […]

Portugal oil and gas firm Galp has asked U.S. regulators to allow it to join BP and Shell’s formal complaints against U.S. liquefied natural gas (LNG) exporter Venture Global LNG, a filing showed on Tuesday. [Image: Venture Global]