More than 5 Bcf/d of natural gas demand from the industrial sector has been lost since the start of the year, brought down by the heavy economic toll of Covid-19, the Department of Energy said. Domestic natural gas demand from the industrial sector measured 20.1 Bcf/d in June, down nearly 1.0 Bcf/d compared to year-ago…
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The Covid-19 pandemic dealt a substantial blow to Mexico’s natural gas demand between April and July, according to the U.S. Energy Information Administration (EIA). Gas consumption in Mexico averaged 8.2 Bcf/d during the period, down 5% or 0.5 Bcf/d from the same span last year, EIA said last Thursday, citing data from Genscape Inc. The…
It took some convincing, but traders have woken up to the incredible looseness still penetrating the natural gas market. After a bearish storage report, the September Nymex gas futures contract dropped 7.4 cents to $2.352. October fell 6.0 cents to $2.503. Spot gas prices also were mostly lower, with steep decreases continuing to be seen…
Gulfport Energy Corp. has entered an $87 million agreement to acquire 12,600 net acres in Monroe County, OH, from an undisclosed seller. The undeveloped properties, 50% held by production, are near the company’s core position in the Utica Shale. Gulfport said it would fund the transaction with cash on hand. The bolt-on increases its Utica position to more than 223,000 net acres, with nearly 70% in the dry gas window. The sale is expected to close by the end of December.
Low oil and natural gas prices that have reduced development activity from the Northeast to the Southwest cut into American Electric Power Co.’s (AEP) power sales to industrials in the second quarter.
Less natural gas was used in the United States in February than in the second month of 2015, while production was up, according to the Energy Information Administration (EIA).
U.S. industrial demand for natural gas has failed to match expectations and lags far behind supply growth, an odious sign for natural gas prices going forward, according to Raymond James & Associates Inc.
Raymond James & Associates Inc. on Monday reduced its 2016 Henry Hub price estimate by 90 cents, while Tudor, Pickering Holt & Co. (TPH) cut its price deck by $1.00, citing decreasing industrial demand growth and rising takeaway capacity from the Northeast.
A massive production optimization project is under way by General Electric’s (GE) Intelligent Platforms Software that eventually would connect 4,000 of BP plc’s wells around the world.
Industrial natural gas demand is likely to grow steadily in the next five to 10 years, according to a report released Monday by engineering consulting firm Black & Veatch (BV).