Policymakers must ensure the supply of conventional energy sources alongside lower carbon ones as the energy transition marches on, according to Saudi Arabian Oil Co. (Aramco) CEO Amin Nasser. The head of the state-owned oil behemoth has been warning of the threats to global energy security posed by underinvestment in oil and natural gas. “Many…
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South Korea Aiming to Boost Nuclear Output Amid Tight Global Energy Markets
Despite South Korea’s plan to boost the use of nuclear energy in the country’s power generation mix by 2030, LNG will continue to play an important role in the government’s new energy strategy. President Yoon Suk-yeol was elected in March and is a strong supporter of nuclear energy. He plans to reduce the country’s dependence…
As Market Watches for Signs of Summer Heat, Natural Gas Forwards Retreat
Having entered the summer cooling season at sharply elevated price levels, natural gas forwards pulled back during the May 25-June 1 trading period as the market continued to try to price in risks posed by lagging domestic inventories, according to NGI’s Forward Look. Fixed price declines of around 25-45 cents for July delivery were the…
Glencore Reports Big Coal Profits on Soaring LNG Prices, Fuel-Switching
Despite increasing efforts by major energy consumers to replace coal with cleaner fuels, volatile prices for other commodities like liquefied natural gas (LNG) have helped keep coal competitive for leading suppliers. In the latest case of high gas prices creating a boon for coal suppliers, Glencore plc reported Tuesday that 2021 brought overwhelming results for…
Volatile Natural Gas Market Led to Coal Generation Growth in 2021, Say Researchers
A new report from Rhodium Group suggested that the United States may have to play catch-up to regain progress in the fight against climate change following a year of volatile natural gas prices that led to more reliance on less expensive coal increased greenhouse gas emissions in 2021. In its report published on Monday, researchers…
November Natural Gas Prices Tumble to Near $5.50 as Cold Not Yet on Radar; Cash Off
After another week of turbulent swings in the natural gas market, bulls and bears appeared ready to take a breather on Friday. November Nymex gas futures still gyrated in a more than 30-cent range, but were poised to settle nearly flat on the day before a late-session sell-off ended with the contract off 11.2 cents…
Fears Deepen Over Global Energy Shortage as Commodity Prices Continue Hitting Records
Concerns that the world won’t have enough energy supplies to go around this winter appeared to deepen on Thursday as natural gas prices again set records and governments continued stepping in to ensure the lights stay on. Coal, natural gas and even water for hydropower are in short supply. In North Asia, Japan-Korea Marker (JKM)…
October Natural Gas Futures Finish with Flurry, Flirt with $6.00; Cash Prices Surge
Natural gas futures flew higher again on Monday – up more than 30 cents early — as worries about global energy supplies intensified and bulls dominated U.S. trading ahead of front-month expiration. Traders took some profits in afternoon action, but the October contract still finished in the green and up more than 70 cents over…
Chinese NOCs Plan Drilling Splurge to Increase Domestic Natural Gas, Oil Output
Drilling activity in China is expected to intensify over the next five years as the nation’s producers are under pressure to boost domestic natural gas and oil production and reduce reliance on imports. According to a recent report by Rystad Energy, China’s top three national oil companies (NOCs) are expected to spend about $123 billion…
Golden Pass LNG Said ‘on Schedule’ for 2024 Start-Up
Construction on the Golden Pass liquefied natural gas (LNG) export project in Texas is progressing, with the facility on track to come online in 2024, according to ExxonMobil. ExxonMobil Qatar President Dominic Genetti said recently there are currently about 4,000 people at the worksite for the three-train, 16 million metric tons/year (mmty) facility. “I think…