storage

Natural Gas Futures Post Fourth Consecutive Loss on Technically Driven Sell-Off; Cash Still Weak

Natural gas futures could not hold onto early gains Thursday after the latest government storage data failed to generate any buzz in the market. Profit-taking managed to push January Nymex gas futures to a $4.335/MMBtu intraday high early in the session, but with a stubbornly mild weather forecast, the contract eventually settled at $4.056, down…

Texas Steps Up Oversight of ‘Critical’ Natural Gas Infrastructure in Wake of Winter Storm Uri

The Texas Railroad Commission (RRC) has adopted rules designating the “critical” natural gas suppliers and customers during energy emergencies in the wake of last February’s Winter Storm Uri. RRC Chairman Wayne Christian said the commission “adopted a ‘critical designation’ rule to ensure our natural gas supply is prepared for future energy emergencies…critical facilities including more…

December 2, 2021

Chevron Hikes Capex by 20%, Driven by U.S. Upstream, Downstream

Chevron Corp. expects to spend 20% more in 2022 on capital and exploratory efforts than it did this year to support “higher returns and low carbon” efforts, the supermajor said. Organic capital expenditures (capex) in the coming year are set at $15 billion, at the low end of its $15-17 billion initial budget plan but…

December 2, 2021

Natural Gas Futures Slips into Red after EIA Reports On-Target 59 Bcf Storage Draw

The Energy Information Administration (EIA) reported a 59 Bcf withdrawal from natural gas storage inventories for the week ending Nov. 26, which included the Thanksgiving holiday. The draw was nearly dead on with estimates ahead of the EIA report, but much steeper than historical pulls. This initially helped to maintain a modest boost seen along…

December 2, 2021

Pembina Scraps Plans for Jordan Cove LNG in Oregon After Years of Setbacks

Pembina Pipeline Corp. is abandoning plans to build a liquefied natural gas (LNG) export project and related pipeline in Oregon, citing ongoing regulatory setbacks in a filing with federal regulators on Wednesday.  “Despite diligent and persistent efforts, Applicants have not been able to obtain the necessary state-issued permits and authorizations from various Oregon state agencies,”…

December 2, 2021