Gas

Imports of Canadian natural gas supplies through the western United States were subdued in April and May amid higher prices north of the border, according to the U.S. Energy Information Administration (EIA).

The U.S. natural gas rig count fell three units to 75 as upstream activity continued on its recent downward trajectory during the week ending Friday, the latest Baker Hughes Co. (BKR) data show.

After curtailing output by 70% in May in response to a pandemic-driven market downturn, Continental Resources Inc. said Thursday it would bring some production back in July, although about 50% of output is to remain offline.

Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process.

After finishing flat a day earlier, Natural gas futures mustered new momentum on Friday, ending the week in positive territory as mid-range forecasts for more heat outshined persistently weak demand for liquefied natural gas (LNG) amid fallout from the coronavirus pandemic.

Rains and relatively mild temperatures across much of the eastern half of the Lower 48, along with festering fallout from the coronavirus pandemic, curbed weekly spot gas prices for the June 15-19 period.

With much of the supply/demand background fairly stable, weak natural gas cash pricing drove a deep dive lower for forward markets during the June 11-17 period, NGI’s Forward Look data show. Double-digit decreases extended across North America through the rest of summer, though smaller losses were seen further out the curve.

FERC has issued a notice of inquiry (NOI) on its proposed index level used to calculate annual changes to interstate oil pipeline rate ceilings for the next five years, beginning July 1, 2021.

Mirage Energy Corp. has signed a $4 billion debt facility with the family office of Bluebell International to develop a natural gas project that would add cross-border capacity into Mexico, as well as the nation’s first underground gas storage facility.