Natural gas futures rebounded on Monday, bolstered by lower production readings and trader positioning ahead of the front-month contract’s expiration. At A Glance: NGI models 84 Bcf draw Production at 103 Bcf/d Weather demand evades Coming off back-to-back losses to close out the prior week, the March Nymex gas futures contract settled at $1.659/MMBtu, up…
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Algerian Natural Gas Exports Surge, Providing Additional Supply Cushion for Europe
Algeria is keeping its promise to supply Europe with additional natural gas as the continent continues replacing Russian imports. Algeria LNG exports reached record highs during the first nine months of this year, increasing 35% year-over-year to 9.94 million tons (Mt), according to Kpler data. Algeria liquefied natural gas exports are being supported by a…
Vital Role Seen for Natural Gas as Biden Doubles U.S. Climate Commitments
Energy stakeholders endorsed President Biden’s strengthening of U.S. climate change commitments on Thursday, but they also stressed the importance of natural gas in achieving deep decarbonization of the economy. Biden said Thursday the United States will target a 50-52% reduction in economy-wide greenhouse gas (GHG) pollution by 2030 versus 2005 levels. The announcement, made during…
SM Energy’s Permian, Eagle Ford to See Lower Activity, Capex on Uncertainty from Coronavirus
Denver-based SM Energy Co., whose Texas-centered operations plow the Eagle Ford Shale and Midland formation of the Permian Basin, said Wednesday it has reduced spending and activity to the rest of the year, with guidance uncertain because of the Covid-19 pandemic.
Noble Cuts More Lower 48 Capex; More Closures, Layoffs as Pandemic Disrupts Energy Markets
One month after it cut expenditures by almost one-third, Houston’s Noble Energy Inc. has joined a growing group of peers in reducing even more spend, with the hit mostly to U.S. onshore operations, while it furloughs employees and cuts salaries in response to the never-ending impacts from the Covid-19 pandemic and sharp decline in oil and gas demand.
Marathon Taking Frack ‘Holiday’ in Bakken, Eagle Ford as E&Ps Deal with Coronavirus Impacts
The energy sector was quick to take a red pen to the 2020 budget in March as the coronavirus turned into a pandemic and the price war continued overseas, but some operators are finding they have to cut deeper in the face of uncertain demand for oil and gas.
Marathon Taking Frack ‘Holiday’ in Bakken, Eagle Ford as E&Ps Deal with Coronavirus Impacts
The energy sector was quick to take a red pen to the 2020 budget in March as the coronavirus turned into a pandemic and the price war continued overseas, but some operators are finding they have to cut deeper in the face of uncertain demand for oil and gas.
NGI The Weekly Gas Market Report
Halliburton Furloughs 3,500, More E&Ps Cut Capex on Dire Economic Tumult Ahead from Coronavirus, Oil Price War
More than 3,000 people based in Houston have been furloughed by Halliburton Co., while ConocoPhillips and other big producers continue to cut capital spending in an increasingly dire situation, as the coronavirus and oil price war sink 2020 operating plans.
Gulfport Cuts Jobs, Suspends Share Repurchases as Low NatGas Prices Persist
Gulfport Energy Corp. on Monday said it has cut 13% of its workforce and suspended a share repurchase program as part of ongoing efforts to boost shareholder value.
Alberta Easing Oil Production Cuts as Canadian Prices Rise
With prices fetched by Alberta heavy oil on the rise, the provincial government Wednesday reduced mandatory production cuts to 250,000 b/d from the 325,000 b/d ordered on Dec. 2.