Coronavirus

Baker Hughes Sees Uptick in Covid-Related Remote Operations, with Longer-Term LNG Outlook Still Positive

Baker Hughes Sees Uptick in Covid-Related Remote Operations, with Longer-Term LNG Outlook Still Positive

Covid-19 has created near-term challenges, but Baker Hughes Co. has seen positives as its remote services capabilities expand to serve customers. In addition, the outlook for global natural gas continues to be solid, CEO Lorenzo Simonelli said Wednesday. Simonelli shared second quarter results and insight on the opportunities and challenges ahead during a conference call…

July 22, 2020
August Natural Gas Futures Recover Ground Amid Cooling Demand Expectations, Signs of LNG Improvement

August Natural Gas Futures Recover Ground Amid Cooling Demand Expectations, Signs of LNG Improvement

August natural gas futures gathered momentum on Tuesday, buoyed by expectations for strong near-term cooling demand and new indications that U.S. exports could recover later in 2020. The August Nymex contract climbed 3.4 cents day/day and settled at $1.675/MMBtu. September gained 3.0 cents to $1.714.  NGI’s Spot Gas National Avg. lost a half-cent to $1.615.…

July 21, 2020
LNG Recap: Coronavirus Continues Weighing on Global Natural Gas Trade

LNG Recap: Coronavirus Continues Weighing on Global Natural Gas Trade

A spike in coronavirus cases in some parts of the world was again pressuring commodity prices Monday as concerns over energy demand persisted. Oil moved lower as the week got underway, but gained slightly with the Brent September contract finishing at $43.28/bbl. In the United States, natural gas prices failed to rally last week even…

July 20, 2020
Natural Gas Forward Prices Steady as Bulls, Bears Fight for Control Amid Depressed Export Demand

Natural Gas Forward Prices Steady as Bulls, Bears Fight for Control Amid Depressed Export Demand

Coming off a sharp surge from the prior week, natural gas forwards sputtered a bit during the July 9-15 period as spiking coronavirus cases across the United States threatened continued economic and energy demand recovery, according to NGI’s Forward Look. Meanwhile, higher oil prices have incentivized producers to return to the oil patch, resulting in…

July 17, 2020
California Resources Joins Coronavirus-Led Bankruptcy Filings by U.S. Operators

California Resources Joins Coronavirus-Led Bankruptcy Filings by U.S. Operators

California Resources Corp. (CRC), the state’s largest producer, late Wednesday joined a growing list of U.S. operators to seek Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. Excessive debt related to its spinoff from Occidental Petroleum Corp. (Oxy), as well as Covid-19’s impact on energy demand, were the principal…

July 17, 2020
Under Shadow of Coronavirus, LNG Woes Weigh Down August Natural Gas Futures Despite Positive Storage Report

Under Shadow of Coronavirus, LNG Woes Weigh Down August Natural Gas Futures Despite Positive Storage Report

A favorable storage report was overshadowed on Thursday by a coronavirus resurgence and its potential to keep liquefied natural gas (LNG) exports at depressed levels. The August Nymex contract lost 5.5 cents day/day and settled at $1.723/MMBtu. September fell 4.2 cents to $1.776. NGI’s Spot Gas National Avg. advanced 1.0 cents to $1.680. The U.S.…

July 16, 2020
Canada’s Wobbling Oil, Liquids Production Seen Achieving Only Modest Recovery into 2021

Canada’s Wobbling Oil, Liquids Production Seen Achieving Only Modest Recovery into 2021

After declining by 20% this spring in part on the Covid-19 pandemic, Canadian oil and natural gas liquids production will only achieve partial recovery into the first half of 2021, according to the U.S. Energy Information Administration (EIA). The Covid-19 pandemic and unstable commodity prices lopped 1.1 million b/d off 2019 supplies of 5.5 million…

July 16, 2020
OPEC-Plus To Ease Production Cuts as Conflicting Factors Keep WTI Around $40

OPEC-Plus To Ease Production Cuts as Conflicting Factors Keep WTI Around $40

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, has agreed to ease coordinated oil production cuts to 7.7 million b/d from the August-December period from the May-July amount of 9.7 million b/d. The decision announced Wednesday to start turning the taps back on comes amid a tightening of the global supply/demand…

July 16, 2020
Nearly In-Line Storage Injection Nudges July Natural Gas Futures Higher

Nearly In-Line Storage Injection Nudges July Natural Gas Futures Higher

The U.S. Energy Information Administration (EIA) reported an injection of 45 Bcf into storage for the week ending July 10, a print that reflected intense heat and robust cooling demand. The result pushed up Nymex natural gas futures, though early gains were modest amid lingering concerns about weak liquefied natural gas (LNG) demand. The build…

July 16, 2020
Forum Energy Warns of 2Q Revenue Plunge on ‘Unprecedented’ U.S. Drilling Decline

Forum Energy Warns of 2Q Revenue Plunge on ‘Unprecedented’ U.S. Drilling Decline

Global oilfield operator Forum Energy Technologies Inc. said Tuesday second quarter revenue is projected to plunge 37-40% sequentially because of the sharp decline in U.S. oil and gas drilling. The Houston-based operator expects quarterly revenue to be $110-115 million, down by as much as 40% from the first three months of this year. Free cash…

July 14, 2020