Mexico’s President Andrés Manuel López Obrador announced a new package of 20 constitutional reforms on Monday evening. They include plans to scrap autonomous regulators such as competition watchdog Comisión Federal de Competencia Económica (Cofece) and energy regulator Comisión Reguladora de Energía (CRE). CRE oversees natural gas regulations and permitting. It also publishes the IPGN monthly…
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Natural Gas Futures Inch Up Amid Evolving Weather Patterns; Cash Gains with Storms
March Nymex natural gas futures ended nearly unchanged on the plus side in the week’s opening session as the market locked onto near-term weather forecasts for mild conditions ahead of an expected blast of mid-February cold. At A Glance: Futures flat Supply worries Spot gas up The front-month contract settled at $2.082/MMBtu, less than 1.0…
Natural Gas Futures Edge Higher With Eyes On Late-February Weather Shift; Cash Sinks
March Nymex natural gas futures settled the week’s closing session up 2.9 cents as the market looked beyond near-term warmth toward a colder end to February with buying possibly triggered by short covering and bargain hunting at current lows. At A Glance: Futures gain on possible cold Upside support limited by production Cash down with…
Mexico Supreme Court Decision Protects Structure and Health of Energy Sector — Column
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. On the last day of January, Mexico’s Supreme Court delivered a verdict that could potentially end President Andrés Manuel López Obrador’s efforts…
Chevron Goes Big on Natural Gas, Oil Production as Global Demand Rises
Chevron Corp. generated company-record natural gas and oil production in 2023, punctuating a broader U.S. industry trend. American gas and crude output both reached all-time highs last year and remained elevated early this year as exploration and production (E&P) companies were striving to meet mounting global demand, even amid soft near-term prices. Chevron said it…
Natural Gas Futures Sink on Storage Draw and Mild Weather; Cash Gains
March Nymex natural gas futures settled the Thursday regular trading session down 5.0 cents day/day, turning negative after the U.S. Energy Information Administration (EIA) reported a storage withdrawal that was within market expectations. At A Glance: 197 Bcf storage draw meets expectations Neat-term warmth pressures Spot gas prices move higher The front-month contract drifted on…
ExxonMobil’s Global Trading Arm Finding Opportunities in Volatile Natural Gas, Oil Prices
ExxonMobil’s goal to advance its natural gas and oil trading arm is gaining momentum, as the company eyes more opportunities in the global market, CEO Darren Woods said Friday. Woods discussed the supermajor’s fourth quarter and full year results during a wide-ranging conference call. “We saw energy prices and refining margins start to normalize in…
Enterprise CEO Says ’24 Shaping Up ‘Better’ After Natural Gas Margins Squeezed in ’23
Enterprise Products Partners LP said it benefited from higher natural gas prices during January’s winter storm and was looking ahead to 2024 when any other commodity price bounces would add to volume-driven growth. The Houston-based midstream company shipped and processed record volumes of natural gas in 2023, alongside 11 other operational records in the year,…
Mexico LNG Export Projects Jolted by U.S. Permit Freeze – Spotlight
Mexico’s nascent LNG market could be impacted by the decision of U.S. authorities to pause export licenses as they review methodology and guidelines. The liquefied natural gas export projects planned in Mexico, which amount to as much as 6 Bcf/d, would use U.S. natural gas as feed stock. As such, they require U.S. Department of…
Mexico Natural Gas Production Hits Highest Level Under AMLO, Though Still Outpaced by Imports
Mexico’s natural gas production averaged 4.3 Bcf/d in 2023, the highest full-year figure since President Andrés Manuel López Obrador, aka AMLO, took office in December 2018. The amount was up from 4.09 Bcf/d recorded in 2022, and 3.81 Bcf/d in 2019, data from upstream regulator Comisión Nacional de Hidrocarburos (CNH) show. Crude oil production, meanwhile,…