Day: March 22, 2024

Summary US says talks in Qatar could reach Gaza ceasefire agreement Russia attacks Ukrainian energy infrastructure overnight Speculators raise U.S. crude oil net longs-CFTC US oil rig counts falls by one to 509 this week, Baker Hughes says (Reuters) &#…

The African continent it at a critical turning point. The region’s energy demand is set to skyrocket just as climate change is starting to impact local livelihoods in earnest. African countries are among those most vulnerable to climate change despite …

Weekly natural gas cash prices were mixed during the week as some regions were supported by cold weather-driven demand, offset by widening storage surpluses and Freeport LNG’s plans to take two trains offline.   NGI’s Weekly Spot Gas National Avg. for the March 18-22 trading period gained 13.0 cents/MMBtu to $1.355. West Texas hub values mostly…

The post Weekly Natural Gas Cash Prices Vary as Late Chill Supports appeared first on Natural Gas Intelligence

‘I think that we’re really privileged to be in the heart of oil and gas town here in Calgary… We’re seeing innovations and ideas that are brilliant’ By Cody Ciona Follow CEC on LinkedIn  CEC LinkedIn Follow CEC on Facebook CEC Faceboo…

April Nymex natural gas futures extended losses into the week’s closing session as a storage glut and a trimming of demand pressured the contract. At A Glance: April futures down 2.4 cents Freeport outage worries Weather support brief The front-month contract settled 2.4 cents lower at $1.659/MMBtu. April futures traded as high as $1.712 and…

The post Natural Gas Futures Prices Sink Lower on Demand Woes; Cash Slides appeared first on Natural Gas Intelligence

By Irina Slav More From Irina Slav “Any source of energy is intermittent, but renewables are perhaps the least intermittent, since they use the sun and wind. The crucial missing piece of renewables is the lack of infrastructure.” This profound revelati…

A rebound in Chinese natural gas demand and rising fuel sales pushed the earnings of state oil and gas giant PetroChina to a record high in 2023, despite the drop in international oil and gas prices. PetroChina reported on Monday a net income of $22.3 …

Foreign oil firms in Iraqi Kurdistan are partially to blame for the delays to the resumption of exports from the semi-autonomous region of OPEC’s second-largest producer, Iraq’s Oil Ministry said in a Monday statement carried by Reuters. Neither foreig…

The European Union is inching closer to a historic decision to use windfall profits accumulated by frozen assets in the bloc belonging to the Russian Central Bank and sending them to Ukraine. The assets were frozen shortly after the full-scale invasion…

Expanding the use of natural gas tapped from Mexico’s abundant reserves would help to reduce the carbon intensity throughout many areas of the economy, said Jeremy Martin, vice president of Energy & Sustainability at the Institute of Americas. During the upcoming elections, however, Mexicans will decide whether they want more of the same or a…

The post Mexico Elections Pit Energy Continuity Against Return to Open Auction Era, Expert Says appeared first on Natural Gas Intelligence

Natural gas forward prices pushed modestly higher at the front of the curve during the March 14-20 trading period, particularly in the Northeast and Appalachia, data from NGI’s Forward Look show. Meanwhile, spring contracts at hubs near the congested Permian Basin struggled under the weight of weak near-term fundamentals. Fixed prices for April delivery at…

The post Some Natural Gas Markets Seeing Stronger Basis, but Permian Forwards Crushed appeared first on Natural Gas Intelligence

‘We want to make sure we reduce emissions while keeping in mind affordability and reliability’ By Deborah Jaremko Follow CEC on LinkedIn  CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Ontario radio operators KT and …

The recovery of the UK economy looks set to roll on as business activity continued expanding in March, a closely watched survey suggests. S&P’s purchasing managers’ index (PMI), which measures activity in the private sector, dropped slightly to 52.9 in…

Natural gas futures were trading slightly lower through midday Friday as a sizable storage surplus continued to hang over the market, even as estimates suggest production volumes have pulled back. Here’s the latest: April Nymex contract off 2.1 cents to $1.662/MMBtu as of 2:14 p.m. ET Domestic production down day/day at 99.9 Bcf/d, LNG at…

The post Natural Gas Futures Continue to Struggle Under Storage Glut — MidDay Market Snapshot appeared first on Natural Gas Intelligence

The U.S. natural gas patch dropped four rigs for the week ended Friday (March 22), including a notable reduction in drilling numbers for the gassy Haynesville Shale, according to the latest figures from Baker Hughes Co. (BKR). The United States ended the period with 112 active natural gas-directed rigs, down from 162 in the year-earlier…

The post Haynesville Down Four Rigs in Latest Baker Tally as Natural Gas Count Drops appeared first on Natural Gas Intelligence

Energy executives say they are looking past current ultra-cheap gas prices and betting on a coming wave of new liquefied natural gas (LNG) plants to lift demand – and prices – for the fuel. Natural gas prices have fallen by one-third this year, undercu…

U.S. energy firms this week cut the number of natural gas rigs operating to the lowest level since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The combined oil and gas rig count, an early indicator of …

SLB, the biggest oilfield services firm in the world, is not planning to abandon its business in Russia, chief executive Olivier Le Peuch told the Financial Times in an interview published on Monday.    Pressure has mounted on companies, especially in …

Commodity demand will increase this year driven by interest rate cuts by central banks. This is according to Goldman Sachs, which sees potential commodity returns as high as 15%. The investment bank’s analysts said in a note that lower interest rates w…

Houthi forces have struck a tanker owned and operated by a company based in Hong Kong, the U.S. Central Command has reported, calling the vessel “Chinese”. The Huang Pu, which was sailing under a Panamanian flag, was targeted with five anti-ship missil…

Sixteen Republican-led states, including Louisiana and Texas, have filed a lawsuit asking a federal court to reverse the Biden administration’s suspension of LNG export project approvals and force it to resume reviewing applications. “This ban disregards statutory mandates, flouts the normal regulatory process, upends the industry, disrupts Plaintiffs’ economies, and subverts our constitutional structure,” the…

The post Republican-Led States Sue to Stop Biden’s Pause on LNG Export Project Approvals appeared first on Natural Gas Intelligence

The total number of active drilling rigs for oil and gas in the United States fell by 5 this week, according to new data that Baker Hughes published on Friday, bringing the total rigs gained this year to just 2. The total rig count fell by 5 to 624 thi…

Natural gas futures lost ground Thursday following the release of U.S. Energy Information Administration (EIA) storage data, which outlined a small injection into inventories for the week ended March 15. At A Glance: Futures shed 1.6 cents Storage up 7 Bcf Cash gains reversed April Nymex natural gas futures settled at $1.683/MMBtu, down 1.6 cents…

The post April Natural Gas Futures Pressured by Small Storage Build; Cash Retreats appeared first on Natural Gas Intelligence

By Julio Mejía and Elmira Aliakbari According to the latest calculations, the Trans Mountain pipeline expansion project, which the Trudeau government purchased from Kinder Morgan in 2018, will cost $3.1 billion more than the $30.9 billion projected las…

By Philip Cross This essay quantifies the important role natural resources play in British Columbia’s economy. It looks at their impact on both Gross Domestic Product (GDP) and employment. In addition, it examines the connection between natural resourc…

By Kenneth P. Green Despite calls from seven of Canada’s premiers (including one premier from his own party) to scrap the upcoming carbon tax hike, and the threat of a non-confidence vote by the Opposition in Parliament, Prime Minister Trudeau has doub…

The examples of the ESG fraud imploding over the last 6 months simply aren’t stopping. The latest has come from Texas, where the state is now terminating an $8.5 billion investment with BlackRock due to the investment manager’s boycott of energy compan…

1. As TMX Starts Line Fill, China Takes Centre Stage – Canadian crude will start flowing to China directly (up until now it has only been exported from the US Gulf Coast) as the impending launch of the Trans Mountain Expansion pipeline saw the first de…

Renewed hopes of a ceasefire in Gaza and U.S. efforts to halt Ukrainian attacks on Russian refineries have added some downward pressure to oil prices. Despite this downward pressure, bullish sentiment continues to build in oil markets.Friday, March 22n…

West Texas Intermediate Crude Weekly Analysis This week’s crude oil market has been marked by several significant events influencing May West Texas Intermediate (WTI) futures. The trends observed ranged from economic policy decisions to geopolitical de…

Politics, Geopolitics & Conflict With his campaign for re-election in full swing, Venezuela’s Nicolas Maduro has managed to get lawmakers to approve the creation of a new state out of Guyana’s oil-rich Essequibo region, where ExxonMobil and partners ha…

Yesterday, Jay Powell and the FOMC gave us their decision on interest rates. In the accompanying statement and the subsequent press conference given by Fed Chair Jay Powell, they explained to some extent how they arrived at that decision and, more impo…

When Sudan’s civil war broke out in April last year, markets stood by for a few weeks to see if the war would impact oil exports from Sudan, which has no real oil of its own but is the only export route for South Sudan’s oil.  When South Sudan’s oil re…

Pemex, Mexico’s state-owned oil firm, has been putting off urgent equipment repairs on a major producing platform in the Gulf of Mexico, despite being aware of the faulty components and despite methane leaks from the facility being detected by third pa…

Pemex, Mexico’s state-owned oil firm, has been putting off urgent equipment repairs on a major producing platform in the Gulf of Mexico, despite being aware of the faulty components and despite methane leaks from the facility being detected by third pa…

Pemex, Mexico’s state-owned oil firm, has been putting off urgent equipment repairs on a major producing platform in the Gulf of Mexico, despite being aware of the faulty components and despite methane leaks from the facility being detected by third pa…

Asian spot liquefied natural gas (LNG) prices edged up this week to a six-week high amid supply concerns and following some spot demand pickup from buyers.

Russia attacked an underground natural gas storage site in the Ukraine, but the Ukrainian state energy company Naftogaz said that supply had not been disrupted. “We have sufficient backup capacities in place to mitigate any immediate impacts. The suppl…

Global oil demand is stronger than expected with robust growth in all economies across the board, oil industry executives at the CERAWeek conference have said this week, adding that they generally view the International Energy Agency’s (IEA) demand gro…

Energy operators were cautiously optimistic during their recent quarterly conference calls that Lower 48 natural gas activity would improve in anticipation of increasing LNG demand, but the startup of more export projects is not yet a certainty, according to some analysts. Evercore ISI’s James West, senior managing director, said the U.S. gas rig count jumped…

The post Is U.S. Natural Gas Rig Count Rebound Unfolding? Look to Second Half of ‘24, Say Experts appeared first on Natural Gas Intelligence

The volumes of Russian diesel in floating storage at sea have jumped this month to the highest levels since at least 2017, according to data from analytics firm Kpler compiled by Bloomberg. In the 10 days to March 17, as many as 6.2 million barrels of …

Natural gas utilities are growing renewable natural gas (RNG) programs to meet sustainability goals and customer interest. At the other end of the supply chain, producers are working to complete projects and boost supplies of the low-carbon fuel.  NGI reviewed the fourth quarter 2023 results for some of the top players in the RNG industry…

The post Sustainability Targets, Customer Interest Driving Natural Gas Utilities to RNG appeared first on Natural Gas Intelligence

Global oil consumption is outpacing expectations this year Oil executives gathered in Houston confident on demand outlook The world is using more oil than ever and demand is outpacing expectations again this year, raising questions about how soon globa…

With an unusually early storage injection seemingly confirming market assumptions around balances following a stretch of extremely mild weather, natural gas futures were treading water early Friday. The April Nymex contract was off 0.6 cents to $1.677/MMBtu as of 8:40 a.m. ET. May was trading at $1.828, off 0.3 cents. The U.S. Energy Information Administration…

The post Natural Gas Futures Called Slightly Lower as Early Injection Confirms Lack of Weather appeared first on Natural Gas Intelligence

Part 2 of this blog post will focus on the remaining engineering work to finish Chapter 16 of the Technical Report. We only wrote about half of it in Part 1. The mining engineer can generally handle the rest of these tasks without requiring a lot of ex…

U.S. energy pipeline and storage operators have spent two years watching the consolidation of oil and gas producers, and now they are gearing up for the merger wave to hit their sector, executives, investors, and analysts said.

Summary US says talks in Qatar could reach Gaza ceasefire agreement Russia attacks Ukrainian energy infrastructure overnight US gasoline product supplied slips below 9 mln bbls-EIA (Reuters) – Oil prices were little changed on Friday, with global…

All Indian refiners are now refusing to take Russian crude transported on vessels of sanctioned Russian tanker fleet owner Sovcomflot to avoid running afoul of the stricter enforcement of the U.S. sanctions on Russia, Bloomberg reported on Friday, quot…

Gas production was suspended in September 2019 to facilitate the redevelopment project. [Image: TotalEnergies]

ExxonMobil is slightly ahead of schedule in its work to double its LNG portfolio by 2030, Peter Clarke, senior vice president for global LNG, has told Reuters in an interview. In 2020, Exxon said it aims to double its LNG portfolio from 20 million tons…

Chinese energy firm CNOOC Ltd posted a fall of 12.6% in 2023 net income after a record high a year earlier, as hydrocarbon prices fell, although a focus on cost control and reserve expansion helped the result.

16 states are suing the federal government for the decision to “pause” new LNG export capacity permitting. The plaintiffs, all Republican-led, include Texas and Louisiana, as well as Florida, claim that the suspension of new LNG export permits would af…

The LNG will be supplied to the McIlvenna Bay project situated in Northern Saskatchewan. [Image: Cryopeak Energy Solutions]

BlackRock has asked Texas authorities to reconsider the withdrawal of $8.5 billion in assets of the Permanent School Fund from the asset manager. The decision to withdraw from BlackRock was announced earlier this week by the Texas State Board of Educat…

Pragmatism, innovation and US LNG and policy were the key buzz words at the conference in Houston.

If the U.S. pulls back from permitting new liquefied natural gas (LNG) export plants, demand for the fuel will still be met from projects in Qatar, Argentina and Africa, the CEO of Baker Hughes BKR.O, the world’s largest provider of equipment for the LNG sector, said on Thursday.

Oil prices are set to end this week flat after gaining around 3% last week amid robust demand and growing supply unease. This week, these factors were tempered by the prospect of a ceasefire in the Middle East and a stronger U.S. dollar that normally p…

Sixteen Republican-led states on Thursday filed a lawsuit to challenge the federal government’s ban on approving applications to export liquefied natural gas (LNG), saying the federal government lacks the authority to broadly deny those permits.

Exxon Mobil is ahead of schedule with its plan to double the size of its liquefied natural gas (LNG) portfolio to 40 million tons per annum (mtpa) by 2030 and will focus on selling its own gas rather than trading that of third parties, the company’s LNG chief said on Thursday.

Last October, I published a piece on OilPrice where I discussed the drivers for the rapid expansion of upstream E&P merger activity that was being seen. Upstream M&A has continued since that article came out, and I thought an update was in order as not…