Gas

A roundup of news and commentary from NGI’s LNG Insight

Capital spending by global oil and natural gas explorers has collapsed to levels not seen in 15 years and could decline on average by 27% in 2020, a 3,000 basis point turnaround from the 2% increase predicted in December, according to a new survey.

An encouraging start is underway to add a private enterprise dimension to municipal government production of renewable natural gas (RNG) from urban and agricultural waste landfill sites, according to a French Canadian pioneer of the budding business field.

The U.S. Energy Information Administration (EIA) reported an injection of 93 Bcf into natural gas storage for the week ending June 5, a print on par with expectations but that failed to impress. Nymex natural gas futures hovered in positive territory early Thursday but gave up early gains after the report.

The New York Independent System Operator (NYISO) has outlined a series of market design and system planning enhancements designed to integrate renewable resources into its system.

Natural gas futures rallied early Wednesday and held in positive territory throughout the trading day on forecasts for a relatively hot June and expectations that rising temperatures will drive seasonally robust energy demand to power air conditioners.

With persistent concerns about global exports, cooler-leaning near-term forecasts sent natural gas forward prices down a few notches for the June 4-10 period, according to NGI’s Forward Look.

Northern Oil and Gas Inc. has signed a definitive agreement with WPX Energy Inc. to build its Williston Basin portfolio with the $1.5 million cash purchase of about 320 acres.

The pandemic and a mild winter in the northern hemisphere have delivered a “historic shock” to the global natural gas market, with consumption set to decline in 2020 by twice the amount lost after the 2008 financial crisis, the International Energy Agency (IEA) said Wednesday.