December Natural Gas Futures Fly Higher Following Storage Withdrawal; Spot Prices Falter

Natural gas futures rallied a third consecutive day in the short holiday week, as markets digested a storage decrease and hints of stronger demand before the December contract rolled off the board as the prompt month at the close of trading Wednesday. The December Nymex contract jumped 12.1 cents day/day to settle at $2.896/MMBtu. January…

One Natural Gas Rig Added in U.S., Sturdy Growth in Oil Patch

The U.S. natural gas rig count increased one unit to 77 during the short holiday work week ended Wednesday (Nov. 25), while the overall domestic tally rose sharply on a double-digit increase in the oil patch, according to the latest figures from Baker Hughes Co. (BKR). The United States added 10 rigs overall for the…

November 25, 2020

Venture Global Selects KBR to Lead Construction on Phase One of Plaquemines LNG

Venture Global LNG Inc. has selected KBR Inc. to lead the first phase of construction for its Plaquemines liquefied natural gas (LNG) export project in a surprise announcement just months after KBR said it would exit the energy business.  Venture Global said as the engineering, procurement and construction (EPC) contractor KBR would “integrate highly modularized,…

November 25, 2020

December Natural Gas Futures Rebound as EIA Reports On-Par Storage Withdrawal

The U.S. Energy Information Administration (EIA) on Wednesday reported a withdrawal of 18 Bcf from natural gas storage for the week ended Nov. 20, led by a relatively large pull in the East. The result was roughly on par with expectations set by major polls, and Nymex natural gas futures rebounded on the news. Ahead…

November 25, 2020

U.S. Natural Gas Prices to Average $3.30 in 2021, with Summer Even Higher, Says BofA

U.S. natural gas prices are forecast to average $3.30/MMBtu in 2021, with even higher prices predicted next summer, according to BofA Securities. The analyst team led by Francisco Blanch, head of commodities and derivatives research, discussed the outlook for energy overall during a webcast on Tuesday.  “The bottom line is that higher prices are needed…

November 25, 2020