U.S. Sheds One Natural Gas Rig, Combined Domestic Count Down Three

The U.S. natural gas rig count fell one unit to finish at 109 for the week ended Friday (April 12), while a small decrease in oil drilling dropped the combined domestic tally three units to 617, according to the latest numbers from Baker Hughes Co. (BKR). Total domestic natural gas rigs finished the period down…

Negative West Texas Prices Weigh Down Weekly Spot Natural Gas Average; Futures See-Saw

Despite bullish national production readings, weekly natural gas cash prices retreated alongside a West Texas supply glut and festering headwinds in the region.  NGI’s Weekly Spot Gas National Avg. for the April 8-12 period lost 25.0 cents to $1.210/MMBtu. West Texas prices, as they did the prior week, proved the principal source of weakness. Waha…

April 12, 2024

As Demand Dissipates, Natural Gas Futures and Spot Prices Finish Trading Week with Whimper

Natural gas futures were bound by a narrow range of gains and losses Friday. This capped a topsy-turvy trading week that featured falling production and an early rally, but also rapidly waning weather demand and choppy LNG activity that later sapped sentiment. At A Glance: Mild weather ahead Output near 99 Bcf/d Storage surplus holds…

April 12, 2024

Mexico’s Amigo LNG Project Benefiting From U.S. Permit Pause, CEO Says

The Amigo liquefaction project planned in western Mexico has been positively impacted by the Biden administration’s pause on new U.S. LNG export permits, according to LNG Alliance CEO Mutthu Chezhian. LNG Alliance is developing the Amigo LNG project at the port of Guaymas in Sonora on Mexico’s Pacific coast. The Amigo project would include a…

April 12, 2024

EU Grants Members Option to Block Russian LNG Imports

European Union (EU) lawmakers approved new rules that would allow member countries to limit LNG imports from Russia as cargoes continue to hit Europe’s ports in record numbers. Under the new gas market regulations, countries could legally block Russian exporters from being able to bid on liquefied natural gas import or storage capacity. “We have…

April 12, 2024