Freeze

February natural gas futures rebounded from early weakness Monday to settle shy of $3.000/MMBtu as weather models firmed up expectations for more heating demand from this week’s two winter storms and colder weather into next week. The February Nymex natural gas futures contract rose 8.7 cents day/day to settle at $2.980, after trading across a…

Exceptionally harsh winter weather that surprised Texas authorities was the leading cause of widespread generator outages that left millions of residents without power for days in February, a new report says. The initial findings from the Electric Reliability Council of Texas (ERCOT), which oversees electric power in the state, amplified the already widely reported thinking…

Operational disruptions from freezing weather in February, as well as softer-than-expected customer orders are set to weigh on first quarter results, NOV Inc. said Tuesday. The Houston-based oilfield technology giant said severe weather during February knocked out operations in Oklahoma and Texas, two of its biggest operating regions. In addition, there has been an underwhelming…

The Texas Attorney General’s (AG) Office is expanding its investigation into the massive price spikes that occurred in the natural gas and power markets during the historic winter freeze last month, with the IntercontinentalExchange (ICE) ordered to turn over documents on pricing for the unprecedented week. “These massive price increases impacted businesses and consumers alike…

Following the devastating winter storm Uri last month that left millions of Texans without electricity for days and billions in damages, utilities and oil and gas producers, along with other industries, have stepped up to assist with relief efforts.  The damage and economic losses from the winter storms in February could reach $155 billion across…

The impacts of a historic cold snap on the Texas electricity market continued to reverberate on Monday, as one electric power supplier filed for bankruptcy and another was sued by the state attorney general in connection with the crisis. Waco, TX-based Brazos Electric Power Cooperative Inc. said Monday it has filed for Chapter 11 bankruptcy…

Crude oil production in the United States plummeted but so too did demand amid last week’s bitter freeze that caused an energy crisis in Texas. Stockpiles ticked up as a result, the Energy Information Administration (EIA) said in its latest Weekly Petroleum Status Report (WPSR) on Wednesday. U.S. commercial crude inventories for the week ended…

The U.S. oil and gas industry reacted with dismay and the first of perhaps multiple lawsuits Wednesday ahead of an executive order (EO) by President Biden directing the Department of the Interior (DOI) to pause new oil and natural gas leasing on federal lands and offshore waters. The EO published Wednesday afternoon follows a 60-day…

President Trump signed executive orders Monday calling for a federal hiring freeze and withdrawing the United States from the proposed Trans-Pacific Partnership (TPP) trade agreement.