U.S. Down Three Natural Gas Rigs in BKR’s Latest Count

The U.S. natural gas rig count slid to 106 for the week ending Friday (April 19), down three rigs from the week prior and down 53 rigs year/year, according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). The addition of five rigs in the oil patch lifted the combined U.S. rig…

SLB’s Strong International Oil, Natural Gas Business Overcomes Softer North American Activity

SLB Ltd., the world’s leading oilfield services operator, is forecasting “softness” to continue across North America’s oil and gas basins, but offshore activity is ticking higher.  CEO Olivier Le Peuch held a conference call on Friday to discuss first quarter performance. Because the business reaches into every onshore and offshore area of the globe, SLB…

April 22, 2024

Japan’s LNG Consumption Expected to Decline This Year 

Despite fuel restrictions at four of Jera Co. Inc.’s gas-fired power plants in Tokyo last month, Japan’s LNG imports are again expected to decline this year.  Liquefied natural gas stockpiles hit their lowest point since January 2021 last month, when they fell below the five-year average of 2.14 million tons (Mt). Cargo deliveries were delayed…

April 22, 2024

May Natural Gas Called Slightly Higher as Traders Eye Production, Cool Temps

Natural gas futures nudged higher early Monday as near-term heating demand and soft springtime production offered support for prices. The May Nymex contract was up 2.1 cents to $1.773/MMBtu at around 8:45 a.m. ET. June was up 2.5 cents to $2.013. Updated estimates Monday showed domestic production remaining steady at sub-100 Bcf/d levels.  Bloomberg data…

April 22, 2024

West Texas Clawing Back as Volatile Week Ends with Natural Gas Prices Still Lower; Futures Slip

Struggles defined the weekly natural gas cash market as prices bounced between gains and losses amid seasonal factors including fickle weather and maintenance activity.  NGI’s Weekly Spot Gas National Avg. for the April 15-19 period ultimately lost 7.5 cents to $1.135/MMBtu. Meanwhile, the May Nymex futures contract jumped early in the week after reports of…

April 19, 2024