Canadian Natural Eyeing 5% Natural Gas Production Increase, as U.S. Exports Fetching Premium to AECO

Canadian Natural Resources Ltd. (CNRL) is targeting a roughly 5% year/year increase in natural gas production next year, and plans to export more than one-third of its output to North American markets outside the AECO hub in Western Canada. Gas production in 2023 is forecast to average 2.17-2.24 Bcf/d, up from 2.11 Bcf/d projected for…

Natural Gas Spot, Futures Prices Take Beating as December Weather Trends Warmer

After a stretch of widespread cold, warming weather in some parts of the United States but a lingering chill in others led to a mix of gains and losses for natural gas spot prices during the Nov. 28-Dec. 2 trading period. NGI’s Weekly Spot Gas National Avg. ultimately climbed 39.5 cents to $7.180. Natural gas…

December 2, 2022

Natural Gas Bears Still in Control as January Futures Slide Below $6.30

Natural gas crumbled for a third straight day as weather models continued to struggle in showing a return of colder weather later this month. News that a railroad strike was averted and that Freeport LNG further delayed its initial restart added bearish pressure to the market. At A Glance: Railroad strike averted Freeport restart delayed…

December 2, 2022

Drilling Activity Steady in U.S. Following Holiday, BKR Count Shows

In terms of changes to overall activity levels, it was a quiet week for U.S. drillers, with the natural gas rig count holding steady at 155 for the week ended Friday (Dec. 2), according to the latest figures from Baker Hughes Co. (BKR). Total oil-directed drilling in the United States was also flat for the…

December 2, 2022

Early Winter Weather Insufficient to Inspire Bulls as Natural Gas Forwards Prices Mixed

Reflecting a spectrum of blue and orange temperature projections on weather maps at this early juncture in the season, natural gas forwards trading was mixed during the Nov. 23-Dec. 1 trading period. Strong gains for western markets countered declines throughout much of the eastern two-thirds of the Lower 48, NGI’s Forward Look data show. Fixed…

December 2, 2022