U.S. Utilities Expanding Infrastructure, LNG Storage Amid Surge in Energy Demand

U.S. utilities are reporting growth in residential demand, as well as commercial and industrial (C&I) consumption, underpinning investments in more natural gas-fired generation and system reliability.  Atmos Energy Inc. CEO John Akers during a call to discuss the fiscal first quarter earnings  highlighted capital expenditures (capex) for modernizing its natural gas distribution system to serve…

Natural Gas Futures Fumble Away Momentum Amid Bearish Demand; Spot Prices Slip

With production strong and demand fading, natural gas futures fell prey to price bears once again. At A Glance: NGI models 65 Bcf draw Benign weather in cards Production at 104 Bcf/d Coming off a 2.8-cent gain on Friday – but eight straight losses prior to that – the March Nymex gas futures contract settled…

February 20, 2024

U.S. Sanctions Slowly Impacting Russian LNG Exports

U.S. sanctions announced late last year have so far succeeded in inhibiting trade flows from Russian LNG export facilities.   Sanctions have affected the sale, transport and transshipment of liquefied natural gas from PAO Novatek’s 19.8 million tons (Mt)/year Arctic LNG 2 facility, creating “a two tier universe for Russian LNG,” Kpler analyst Viktor Katona said…

February 20, 2024

Mexico Waives Pemex Taxes After Moody’s Downgrade

Mexican President Andrés Manuel López Obrador said last week that the government waived four months of tax obligations for state oil and gas producer Petróleos Mexicans (Pemex) in an effort to free up cash flow for the debt-saddled company following a downgrade by the credit agency Moody’s.  The credit rating for Pemex — which is…

February 20, 2024

More Bearish Headwinds for Natural Gas as Futures Fall; Cali Spot Prices Rally — Midday Market Snapshot

Nymex futures heading for negative session on return from three-day weekend amid weak heating demand outlook through early March March Nymex contract off 3.2 cents to $1.577/MMBtu as of 2:35 p.m. ET; steeper losses observed for 2024 injection season contracts Euro model seeing highs of 40s and 50s for Midwest and Northeast next week, according…

February 20, 2024