December Natural gas futures edged up on Wednesday, led higher by steadily solid liquefied natural gas (LNG) volumes and weather forecasts that shifted cooler. The December Nymex contract rose 2.0 cents day/day and settled at $2.712/MMBtu. January, however, traded sideways most of the day and closed down six-tenths of a cent at $2.838. NGI’s Spot…
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Coastal GasLink Pipeline Progressing; TC Energy Optimistic for Keystone XL
Despite protest blockades and the Covid-19 pandemic, work is nearly one-third finished on the Coastal GasLink (CGL) pipeline project across northern British Columbia (BC) for the LNG Canada export terminal on the Pacific coast, according to TC Energy Corp. The C$6.6 billion ($5 billion) BC pipeline project is 31% finished, TC Energy said. The completion…
Momentum Eludes December Natural Gas Futures as Production Rises, Domestic Demand Tapers
Natural gas futures on Tuesday traded sideways as markets weighed modest weather-driven demand and rising production against continued strength in exports. The December Nymex contract flipped between slight gains and losses throughout much of Tuesday’s session and ultimately settled at $2.692/MMBtu, down a half-cent day/day. January fell 2.0 cents to $2.844. A day earlier, the…
Argentina Natural Gas Production Down 11% in September
Natural gas production in Argentina fell by 10.9% year/year in September to 122.8 million cubic meters/day (MMm3/d), or 4.37 Bcf/d, according to the latest report by the IAE Argentine Energy Institute. Production was down from 4.38 Bcf/d in August. Analysts attributed the drop to restrictions in place because of the coronavirus pandemic. Argentina has had…
YPF Open to Vaca Muerta Farm-Ins, Sees Shale Production Bouncing Back to Pre-Covid Levels
Executives at Argentina’s state energy firm Yacimientos Petrolíferos Fiscales SA (YPF) said their oil and gas fields are starting to return to work after the complete shutdown in April that became “the worst” month in the company’s history. Argentina responded to the arrival of the coronavirus in March with strict lockdown measures that have only…
December Natural Gas Futures Tread Lightly Ahead of Storage Report; Spot Prices Climb
Natural gas futures traded in a narrow range of gains and losses throughout most of Thursday’s session, as traders awaited more clarity on weather and storage levels. The December Nymex contract ultimately dipped lower late in the session and shed 5.5 cents day/day to settle at $2.976/MMBtu on Thursday. January fell 5.7 cents to $3.094.…
IEA Cuts Outlook for 2020 Global Oil Demand, Sees Fragile Rebound in 2021
The International Energy Agency (IEA) on Thursday lowered its 2020 global oil demand forecast, citing the intensifying effects of the coronavirus pandemic in the United States and Europe. The Paris-based global energy watchdog dropped its 2020 forecast by 400,000 b/d and said it expects a contraction of 8.8 million b/d. IEA estimated global oil demand…
Citing Resurgent Pandemic, OPEC Scales Back Oil Demand Forecast
Surging coronavirus cases in the Americas and Europe necessitated an additional cut to the Organization of the Petroleum Exporting Countries’ (OPEC) closely watched forecasts for oil demand. OPEC said Wednesday it now expects full-year 2020 global oil demand to decline by 9.8 million b/d, or 10%, from a year earlier. That marked a downward revision…
U.S. OFS Sector Records Two Consecutive Months of Job Gains, but Future Still Uncertain
Employment in the U.S. oilfield services (OFS) and equipment sector rose in October for the second consecutive month, after sustaining massive losses of more than 90,000 jobs earlier this year because of Covid-19, the Petroleum Equipment & Services Association (PESA) said Monday. Despite the recent uptick in jobs, the Houston-based trade association cautioned that the…
Black Hills Sees Natural Gas Continuing as Long-Term Choice for Customers
Natural gas is a long-term player and not a transitional fuel for the eight states in which Rapid City, SD-based Black Hills Corp. operates, CEO Linn Evans said Tuesday. During a 3Q2020 earnings call, Evans said he was not expecting any local lockdowns in the utility service areas, with the worst of the Covid-19 impacts…