Middle East

Norwegian Production Outage Fails to Lift TTF Higher – LNG Recap

Norwegian Production Outage Fails to Lift TTF Higher – LNG Recap

European natural gas prices gave up last week’s gains on Monday, despite an unplanned outage at a top field in Norway and ongoing conflict in the Middle East. Norwegian natural gas exports to the continent were nominated at 286 million cubic meters (MMcm) on Monday, down from recent levels of 340 MMcm/d due to unplanned…

February 5, 2024
U.S. E&Ps Treading Cautiously, but Natural Gas Drilling May Rise Later in Year, Says NOV CEO

U.S. E&Ps Treading Cautiously, but Natural Gas Drilling May Rise Later in Year, Says NOV CEO

North American exploration customers have pulled back on activity, but that may change later this year as line-of-sight focuses on ramping up more U.S. LNG capacity in 2025, according to Houston-based NOV Inc. The oilfield services giant, which provides equipment and services for exploration and production (E&P) companies worldwide, secured higher-than-expected sales in the final…

February 5, 2024
Middle East Shipping Chokepoint Pushes Global Natural Gas Prices Higher – LNG Recap

Middle East Shipping Chokepoint Pushes Global Natural Gas Prices Higher – LNG Recap

Global natural gas prices bounced back Monday, lifted by escalating tensions in the Middle East, where increasing attacks in the Red Sea have impacted commercial shipping operations.  BP plc joined a growing list of major shipping companies in announcing that it would halt all of its oil and natural gas cargoes in the Red Sea.…

December 18, 2023
TotalEnergies Says Middle East Operations Stable Amid Conflict in Israel

TotalEnergies Says Middle East Operations Stable Amid Conflict in Israel

TotalEnergies SE expects global commodity prices to remain high for the remainder of the year as wars in Israel and Ukraine, along with supply constraints, keep energy markets tight.  The steep year-over-year drop in oil and natural gas prices dented the company’s results for the period. But the cost of those fuels still remained high…

October 27, 2023
TTF Climbs as Traders Weigh Threat of Broader Conflict in Middle East – LNG Recap

TTF Climbs as Traders Weigh Threat of Broader Conflict in Middle East – LNG Recap

European natural gas prices inched higher Monday as the threat of a broader conflict in the Middle East offset a warmer forecast and ample supplies on the continent.  The December Title Transfer Facility (TTF) contract added about a nickel and again finished above $17/MMBtu. TTF is about 30% higher than it was before Israel declared…

October 23, 2023
SLB Forecasting Flatter U.S. Activity on Lower Natural Gas Prices, with Higher Growth Overseas and Offshore

SLB Forecasting Flatter U.S. Activity on Lower Natural Gas Prices, with Higher Growth Overseas and Offshore

Languishing U.S. natural gas prices have led SLB Ltd. to revise the North American outlook for 2023, CEO Olivier Le Peuch said Friday. The No. 1 oilfield services company is “primed” for growth and margin expansion this year, but the gains are likely to be led by a “very solid international outlook,” Le Peuch said…

April 21, 2023
Global Natural Gas Price Volatility Accelerating LNG’s Dominance, Says GECF

Global Natural Gas Price Volatility Accelerating LNG’s Dominance, Says GECF

Natural gas is still expected to dominate the global energy mix and support decarbonization into the middle of the century despite recent market volatility, but the world’s current energy crunch could be accelerating LNG’s position as the trade of choice, according to researchers from the Gas Exporting Countries Forum (GECF). In a recently published Global…

February 2, 2023
U.S. Oil Production Ebbs, IEA Cuts Global Demand Forecast as Biden Heads to Middle East

U.S. Oil Production Ebbs, IEA Cuts Global Demand Forecast as Biden Heads to Middle East

On a day when President Biden launched a Middle East tour in part to press for greater crude output, U.S. officials said American oil production declined along with consumption. A global energy watchdog also lowered its demand outlook, citing the specter of recession. One week after reaching a 2020 high, U.S. producers pumped 12.0 million…

July 13, 2022

LNG Supply Glut Overshadows Middle East Tensions to Hold Back Prices

Rising tensions in the Middle East that kicked off the New Year and sent a brief jolt through energy markets weren’t enough to outweigh the global supply glut that has kept a lid on liquefied natural gas (LNG) prices.

January 13, 2020