EOG Increases LNG Exposure with Brent-linked Vitol Supply Agreement

Vitol Inc. is progressing its strategy of inking direct supply agreements for U.S. LNG with exploration and production (E&P) companies, this time tapping EOG Resources Inc. Under the sales and purchase agreement, EOG would supply Vitol with 180,000 MMBtu/d of natural gas, or the equivalent of 1.25 million metric tons/year (mmty) of liquefied natural gas,…

Natural Gas Forwards Rally as Chesapeake Cuts Provide Uplift for 2024 Strip

A wave of bullish optimism, tied to the production cuts announced recently by Chesapeake Energy Corp., also lifted regional natural gas forwards higher during the Feb. 15-21 trading period, NGI’s Forward Look data show. For numerous Lower 48 trading locations, the most pronounced week/week fixed price gains occurred further along the strip during the 2024…

February 23, 2024

Port Arthur LNG Permit Question Facing Texas Supreme Court Scrutiny

A panel of federal judges has decided to withdraw its decision around a Texas air permit for Sempra Infrastructure’s Port Arthur LNG export project southeast of Houston. In November, the U.S. Court of Appeals for the Fifth Circuit vacated an air permit granted by the Texas Commission on Environmental Quality (TCEQ). In that decision, the…

February 23, 2024

Cheniere Says LNG Expansions On Track Despite Suspended U.S. Export Authorizations

Cheniere Energy Inc. CEO Jack Fusco said Thursday the Biden administration’s decision to pause new LNG export authorizations has not slowed down the company’s expansion projects, which management expects to stay on track despite an ambiguous regulatory environment. “It does introduce regulatory and permitting uncertainty to the U.S. liquefied natural gas industry as a whole,”…

February 22, 2024

European Natural Gas Demand Forecast to Stabilize, but Price Volatility Looms Large

European natural gas demand has shown few signs of recovery so far this year as warm weather and industrial curtailments persist, but the fall in gas consumption on the continent is expected to slow this year compared to its downward spiral of 2023. Between August 2022 and December, European Union (EU) countries reduced gas demand…

February 22, 2024