Global commodity trader Vitol said Tuesday its activity in the energy markets declined last year along with demand as the Covid-19 pandemic raged on. The world’s top oil trader, and a dominant force in the still-developing liquefied natural gas (LNG) markets, saw both oil and LNG trading fall. “The extraordinary market conditions in the initial…
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Nymex Natural Gas Futures Crumble on Warming April Forecast; Cash Weakens Further
Natural gas futures took a dramatic fall after the Easter holiday weekend as weather forecasts shifted much warmer for the next couple of weeks. With April on pace to be warmer than normal, the May Nymex gas futures contract plunged 12.8 cents Monday to settle at $2.511/MMBtu. June fell 11.5 cents to $2.582. Spot gas…
European Demand Driving U.S. LNG Exports — LNG Recap
Feed gas deliveries to U.S. liquefied natural gas (LNG) export terminals have been near capacity, flowing at almost 12 Bcf each day over the last week. The European natural gas market is helping drive U.S. export demand. Prices on the continent closed higher last week. The Dutch Title Transfer Facility finished at $6.620/MMBtu and the…
Natural Gas Forwards Hibernating as Mild Spring Weather Takes Hold
Natural gas forward markets remained quiet as they closed out March, with near-record export demand going head to head with generally weak domestic demand. The May contract, which took over the prompt-month position on Tuesday, finished the period ending Wednesday (March 31) essentially flat from where it averaged on March 25, according to NGI’s Forward…
Backlog at Suez Canal Clearing, with Few Impacts Seen on LNG Trade
The backlog of vessels at the Suez Canal was dwindling Thursday after a massive container ship was freed following a week-long blockade, and little impact was seen — for now — on the global liquefied natural gas (LNG) trade. As of Thursday, about 250 ships had transited the canal since Monday (March 29), down from…
No U.S. LNG Export FIDs Predicted in 2021, Says Wood Mackenzie
No U.S. liquefied natural gas (LNG) projects are expected to be sanctioned this year, marking the second year in a row developers may postpone moving ahead with facilities, according to Wood Mackenzie. Consultants during a webcast last week said domestic final investment decisions (FID) were unlikely as sponsors struggle to secure long-term contracts “Generally, we’ve…
LNG Demand Drives Small Gains for U.S. Natural Gas Forward Prices, but Warm Temps Soften Northeast Curves
Natural gas forward prices posted modest increases across the majority of U.S. markets for the trading week ending March 24, buoyed largely by record export demand, according to NGI’s Forward Look. With the spring shoulder season underway, gas bulls have struggled to gain momentum in recent weeks. Aside from stormy weather patterns that could drive…
Quebec LNG, Pipeline Project Still Facing Questions Following Government Assessment
A seven-year-old contender to move liquefied natural gas (LNG) exports from French Canada vowed to earn Quebec government approval after doubts were raised Wednesday in a provincial environmental assessment. Risks and rewards were documented, but no recommendation was made regarding the estimated $10 billion Energie Saguenay and Gazoduq pipeline projects. The 506-page assessment was completed…
LNG Demand, Supply Interruption Fuel April Natural Gas Futures
Natural gas futures on Wednesday gained ground for the third time in four sessions amid steady demand for U.S. liquefied natural gas (LNG) and concern about delayed export deliveries after a huge container ship was grounded in the Suez Canal. The April Nymex contract climbed 1.0 cent day/day and settled at $2.518/MMBtu. May followed suit,…
Brazil Natural Gas Law Awaiting President’s Signature, Paving Way for ‘Open, Competitive’ Market
Brazil’s Chamber of Deputies, the federal legislative body and lower house of the National Congress, on Wednesday passed a highly anticipated natural gas law aimed at opening up the country’s pipelines to market players to increase competition in the sector. The bill, which has been held up for months, now goes to President Jair Bolsonaro…