Day: February 23, 2024

Weekly natural gas spot prices trended lower as soft weather-driven demand overshadowed fresh signs of lower production and more output cuts to come. NGI’s Weekly Spot Gas National Avg. for the holiday-shortened February 20-23 trading period fell 23.5 cents to $1.550. Leading cash price decliners for the week included Southern Border, PG&E in the West,…

The post Weekly Natural Gas Cash Prices, Futures Surrender to Mother Nature’s Meek Winter Disposition appeared first on Natural Gas Intelligence

Natural gas futures gave up more ground on Friday, hindered by robust supplies and exceptionally mild late-winter weather conditions. At A Glance: Heating demand fades Production remains high Storage surplus increases Coming off a 4.1-cent decline the previous session, the March Nymex gas futures contract on Friday fell another 12.9 cents day/day and settled at…

The post Natural Gas Futures Succumb to Lofty Supply, Benign Weather; Cash Prices Cascade appeared first on Natural Gas Intelligence

New 900-megawatt natural gas-fired facility to supply more than eight per cent of Alberta’s power needs By Will Gibson Follow CEC on LinkedIn  CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter The Cascade Power Pr…

Solar energy operations have been flourishing in recent years, following decades of sustained investment and recent innovations in solar panel technology. There has been a solar manufacturing boom, which is expected to continue at a faster pace. Countr…

A wave of bullish optimism, tied to the production cuts announced recently by Chesapeake Energy Corp., also lifted regional natural gas forwards higher during the Feb. 15-21 trading period, NGI’s Forward Look data show. For numerous Lower 48 trading locations, the most pronounced week/week fixed price gains occurred further along the strip during the 2024…

The post Natural Gas Forwards Rally as Chesapeake Cuts Provide Uplift for 2024 Strip appeared first on Natural Gas Intelligence

“A lot of the potential developments that nearshoring will bring are going to need access to natural gas,” Diana Pineda, a partner at Gónzalez Calvillo law firm in Mexico City, told NGI’s Mexico GPI.  “And the truth is, we’ve now gone several years without a new natural gas pipeline.” Pineda is one of the leading…

The post Natural Gas Pipeline Connectivity, Electricity Top Mexico Energy Needs, Says Expert Lawyer appeared first on Natural Gas Intelligence

Via Metal Miner The United Kingdom’s Trade Remedies Authority (TRA) recently initiated a suspension review on safeguard measures against hot rolled flat and coil steels. Steel news sources report that the move also came alongside a tariff quota review….

Coterra Energy Inc. is “throttling back on operations” in the Marcellus Shale to start 2024, but management is “highly optimistic on the 12- to 18-month outlook” for natural gas as LNG facilities come online, CEO Tom Jorden said.  The Houston-based independent plans to decrease capital expenditures (capex) in 2024 by 12% year/year to $1.75-1.95 billion…

The post Coterra Halving Marcellus Spending, but Ready to Pivot for Natural Gas Price Recovery appeared first on Natural Gas Intelligence

Vitol Inc. is progressing its strategy of inking direct supply agreements for U.S. LNG with exploration and production (E&P) companies, this time tapping EOG Resources Inc. Under the sales and purchase agreement, EOG would supply Vitol with 180,000 MMBtu/d, about 1.25 million metric tons/year (mmty) of liquefied natural gas, for 10 years starting in 2027.…

The post EOG Increases LNG Exposure with Brent-linked Vitol Supply Agreement appeared first on Natural Gas Intelligence

The government of Uzbekistan plans to invest $500 million on expanding capacity in its natural gas transportation system to enable a significant increase in imports from Russia, according to reporting by news website Gazeta.uz. Uzbekistan, whose own ga…

Natural gas futures headed for large sell-off Friday as midweek rally fizzles on blowtorch temps March Nymex contract down 12.7 cents to $1.605/MMBtu as of 2:20 p.m. ET, near pre-rally levels prior to Chesapeake Energy Corp. releasing production guidance Heating demand over next 15 days “would rank among some of the warmest late February and…

The post Natural Gas Futures Giving Back Midweek Gains — MidDay Market Snapshot appeared first on Natural Gas Intelligence

Feb 23 (Reuters) – U.S. energy firms this week added the most oil rigs since November, and the most in a month since October 2022, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday. The combined oil and gas rig…

Natural gas-directed drilling activity held steady in the United States for the week ended Friday (Feb. 23) at 120 rigs, down one week/week, while an uptick in oil drilling lifted the combined domestic tally five units to 626, updated Baker Hughes Co. (BKR) data show. Total domestic natural gas rigs ended the period down 31…

The post U.S. Natural Gas Drilling Total Off One to 120; Oil Count Climbs appeared first on Natural Gas Intelligence

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 5 to 626 this week, compared to 753 rigs this same time last year. Th…

Natural gas futures flopped on Thursday after a government inventory report showed underground supplies surged to more than 20% above historical norms. At A Glance: EIA prints 60 Bcf withdrawal Production near 103 Bcf/d Weather forecasts bullish Following a nearly 20-cent spike the day before, the March Nymex gas futures contract on Thursday settled at…

The post Momentum Proves Elusive for March Natural Gas Futures appeared first on Natural Gas Intelligence

Calgary, AB – The Indigenous Resource Network is excited to see BC taking the next step in providing equity tools for Indigenous ownership in resource projects with the introduction of provincial equity loan guarantees in BC’s budget. “Since 2022 the I…

Courtesy of Axios Last year crushed global recorded temperature records, but this year has started off hotter. The El Niño event beginning last year continues to have a big impact on global temperatures. One potential source of reprieve: there is now a…

U.S. diesel exports to Europe have tumbled so far in February amid lower refinery output and tighter supplies in America, which have decreased arbitrage opportunities and further tightened European diesel supplies.   Europe’s imports of U.S. diesel hav…

Denmark is dropping the investigation over what it described as a “deliberate sabotage” of the Nord Stream gas pipelines in 2022, due to insufficient grounds to pursue a criminal case, the Copenhagen police said on Monday. Gas leaks in each of the Nord…

QatarEnergy, the state company of one of the world’s biggest LNG exporters, is adding another major LNG expansion project to its two ongoing projects, aiming to raise its total LNG export capacity by 85% from current levels by 2030. QatarEnergy said on…

Courtesy of Interesting Engineering Not since Michael Scott said Webster’s defined a wedding as “the fusing of two hot metals with a hot torch” has welding been so exciting. What happened: The world of nuclear power is abuzz with excitement as UK-based…

Oil industry watchers and analysts are betting on OPEC+ extending its oil production cuts beyond the first quarter of 2024 into the next quarter, a new Bloomberg survey revealed on Friday. The anonymous survey has overwhelmingly predicted that OPEC+ wi…

CALGARY — Pembina Pipeline Corp. says it will defer making a final investment decision on its proposed Cedar LNG project until mid-2024.
The Calgary-based pipeline company and its project partner, the Haisla First Nation, have been working to develop…

CALGARY — Pembina Pipeline Corp. says it will defer making a final investment decision on its proposed Cedar LNG project until mid-2024.
The Calgary-based pipeline company and its project partner, the Haisla First Nation, have been working to develop …

Foran Mining (TSX:FOM) has reported initial assay results from the 2024 winter drilling program at the Tesla and Bridge Zones, which are part of the company’s 100% owned McIlvenna Bay Project in Saskatchewan. The initial results from recent Tesla Zone drilling continue to confirm the continuity of mineralization along strike, currently up to 1,050 meters, […]

The post Foran Mining’s (TSX:FOM) Winter Drilling Expands Tesla Zone Mineralization at McIlvenna Bay appeared first on MiningFeeds.

Two years into the Russia-Ukraine war and following the introduction of a wide array of sanctions, several countries still refuse to cut ties with Moscow, instead benefitting from low-cost oil and gas. Following Russia’s invasion of Ukraine, the U.S., …

The Yemeni Houthis fired a ballistic missile at a U.S.-flagged and operated tanker in the Gulf of Aden but missed, the U.S. Central Command has said. The Houthis also reported they had targeted the MV Torm Thor on Sunday, with “a number of appropriate …

Bitcoin miners in Texas have filed a lawsuit accusing the Department of Energy of trying to collect data illegally after the department asked that they disclose their electricity consumption. The Texas Blockchain Council called the request “an unpreced…

Final investment decision on 3.1mn tonnes/year floating LNG project now anticipated mid-year 2024. [Image credit: Cedar LNG]

(The authors are Reuters Breakingviews columnists. The opinions expressed are their own.) By George Hay and Yawen Chen (Reuters Breakingviews) – U.S. and European oil giants sell the same product in the same global market. But they are on diverging pat…

Oil prices have remained rangebound in recent weeks, with macro concerns driving the direction of both Brent and WTI.Friday, February 23rd, 2024Oil trading in the past weeks has seen remarkably little volatility, with Brent futures moving within a narr…

CEO remains positive that 27.6mn tonnes/year Driftwood LNG facility will progress. [Image credit: Tellurian]

A panel of federal judges has decided to withdraw its decision around a Texas air permit for Sempra Infrastructure’s Port Arthur LNG export project southeast of Houston. In November, the U.S. Court of Appeals for the Fifth Circuit vacated an air permit granted by the Texas Commission on Environmental Quality (TCEQ). In that decision, the…

The post Port Arthur LNG Permit Question Facing Texas Supreme Court Scrutiny appeared first on Natural Gas Intelligence

France missed its target of adding new solar and wind power capacity last year, despite adding more than 5 gigawatts (GW) to its renewable energy fleet, according to data from the French Energy Transition Ministry reported by Montel. France installed a…

France missed its target of adding new solar and wind power capacity last year, despite adding more than 5 gigawatts (GW) to its renewable energy fleet, according to data from the French Energy Transition Ministry reported by Montel. France installed a…

An EU sanctions loophole that allows imports of Russian crude if it’s refined elsewhere made Russia an estimated $1.2 billion (1.1 billion euros) from sales of fuels in the European Union last year, despite the embargo on direct imports from Russia, an…

The Permian Basin remains its largest growth market, but with natural gas supply and demand dynamics shifting, Louisiana will surpass Oklahoma to become EnLink Midstream LLC’s second largest segment this year, according to management.  “In 2019, Oklahoma and North Texas represented over 60% of our segment profit mix,” CFO Ben Lamb said. Today, “the Permian…

The post EnLink Eyeing Louisiana as Largest Midstream Growth Market Amid a Shift in Natural Gas Dynamics  appeared first on Natural Gas Intelligence

DT Midstream Inc. (DTM) has boosted the top end capacity estimate for its Louisiana Energy Access Project, or LEAP, to 4 Bcf/d, roughly double the amount of natural gas it could be transporting by 2026. Based on the work to expand LEAP, “it’s become clear to us that we actually can expand this beyond 3…

The post DTM Looking Beyond ‘Current Realities’ in Natural Gas Market to Expand Haynesville LEAP Pipe appeared first on Natural Gas Intelligence

A bearish weather outlook well into the month of March kept the pressure on natural gas futures early Friday as the front month conceded further ground following a midweek rally. The March Nymex contract was off 11.7 cents to $1.615/MMBtu at around 8:50 a.m. ET; April was down 10.1 cents to $1.731. Forecasts have seemingly…

The post Late Winter Cold a No-Show in Updated Forecasts as Natural Gas Futures Retreat Further appeared first on Natural Gas Intelligence

1. Plunging Natural Gas Prices Is Not Good News for US Oilmen- The once red-hot labor market for oil services and drilling firms has been contracting in recent months, mostly driven by a pronounced decline in natural gas drilling amidst slumping Henry …

Coal miner and power generator LEAG, owned by Czech energy firm EPH, plans to build gas-fired power stations at four locations in Germany as part of a government strategy to add more such plants, its CEO told Reuters in an interview.

Calgary, Alberta–(Newsfile Corp. – February 23, 2024) – Gear Energy Ltd. (“Gear” or the “Company”) (TSX: GXE) (OTCQX: GENGF) is pleased to announce that the new January 2024 monthly update to shareholders can b…

This week, crude oil prices are inching higher, primarily driven by concerns over tightening supply. As of the latest trading sessions, April West Texas Intermediate (WTI) crude oil futures are showing an increase, currently up by 0.19% for the week. T…

QatarEnergy, the state company of one of the world’s biggest LNG exporters, will make on Sunday a very important announcement that will be of importance to the industry, Reuters reported on Friday, citing a source with direct knowledge of the plans.   …

Politics, Geopolitics & Conflict The Federal Supreme Court in Baghdad has ordered the Kurdistan Regional Government (KRG) to relinquish all oil and non-oil revenue to the Iraqi Federal government, amid the ongoing dispute between Baghdad and Erbil over…

France missed its target of adding new solar and wind power capacity last year, despite adding more than 5 gigawatts (GW) to its renewable energy fleet, according to data from the French Energy Transition Ministry reported by Montel. France installed a…

Back in the 1950s, when nuclear power became a thing, it was seen as the great hope for mankind, a new source of energy in a world where consumption was increasing rapidly. There was some skepticism initially in the West given that the first functionin…

Russia has pushed through Ukrainian forces in the new flashpoint town of Avdiivka and has vowed to go further into Ukraine. Meanwhile, Putin is now free of his biggest opposition threat – Alexei Navalny, who has died in a Siberian gulag.  Since it laun…

Doing so to increase reimbursement to rural families The Canadian Press OTTAWA — The federal government is cutting the amount of financial relief small businesses will receive from carbon tax revenues so it can increase the size of the rebate it is pro…

Asian spot liquefied natural gas (LNG) fell to a fresh low this week, easing to its lowest levels in nearly three years, as weak demand in Asia and Europe weighed on prices.

(Reuters) – Oil prices were down on Friday and on track to end a two-week winning streak after the U.S. central bank indicated interest rate cuts could be delayed by at least two more months. Brent crude futures were down 94 cents, or 1.1%, at $8…

Summary Shell’s LNG trading accounted for third of Shell’s Q4 profit Trading was boosted by East-West arbitrage, CEO said (Reuters) – Nearly a third of Shell’s profit in the fourth quarter of 2023 came from the $2.4 billion it m…

CALGARY, Alberta, Feb. 22, 2024 (GLOBE NEWSWIRE) — Journey Energy Inc. (JOY – TSX) (“Journey” or the “Company”) is pleased to report its year-end 2023 oil and gas reserves evaluation. 2023 Reserve Report Highlights: Proved developed producing res…

QatarEnergy, the state company of one of the world’s biggest LNG exporters, will make on Sunday a very important announcement that will be of importance to the industry, Reuters reported on Friday, citing a source with direct knowledge of the plans.   …

The approval marks a crucial step in advancing the documentation for the sales of Mako gas and securing access to the West Natuna Transportation System.

Shell earned $2.4 billion from LNG trading in the fourth quarter amid strong demand for the fuel ahead of the winter, with LNG trades contributing to almost a third of its Q4 adjusted earnings, Reuters reported on Friday, quoting sources close to the U…

Most British household energy bills will fall from April after regulator Ofgem cut its domestic price cap by 12.3% to its lowest level in more than two years.

The Federal Energy Regulatory Commission will try to be quick in deciding whether to extend Venture Global’s permit to continue construction work on its already operating Calcasieu Pass LNG export facility. The decision should come within 45 days, Reut…

Elliott Investment Management is preparing to roll out a new company with an at least $1 billion war chest to invest in metals mining assets around the world, to take advantage of the energy transition and the currently low market valuations of mining …

The Lesedi substation, which will connect Tlou’s power generators to the transmission line, is reported to be approximately 38% complete.