Offshore

Natural Gas Futures, Cash Back Above $3.00 as LNG Demand Reaches Fresh Highs

Natural Gas Futures, Cash Back Above $3.00 as LNG Demand Reaches Fresh Highs

Natural gas futures moved back above $3.00/MMBtu Monday as export demand reached fresh highs and weather models added back some previously lost demand for the 15-day period. With expiration looming later this week, the November Nymex contract climbed 5.3 cents to $3.024. December edged up 5.8 cents to $3.253. Spot gas prices surged at the…

October 26, 2020
ExxonMobil Green Lights Another Oil-Rich Project Offshore Guyana

ExxonMobil Green Lights Another Oil-Rich Project Offshore Guyana

With government approvals in hand, ExxonMobil and its partners have pulled the trigger to move forward with the Payara field offshore Guyana in the estimable Stabroek Block. Payara, the third project in the abundant region, is estimated to cost $9 billion and is designed to produce up to 220,000 b/d. The project is set to…

October 2, 2020
Natural Gas Futures Jump as LNG Volumes Rise, Hurricane Sally Approaches GOM

Natural Gas Futures Jump as LNG Volumes Rise, Hurricane Sally Approaches GOM

Natural gas futures advanced on Monday as U.S. liquefied natural gas (LNG) demand strengthened and Hurricane Sally barreled to the Gulf of Mexico (GOM), compelling production shut-ins. The October Nymex contract climbed 4.1 cents day/day and settled at $2.310/MMBtu. November, however, declined four-tenths of a cent to $2.740. Spot gas prices jumped as temperatures sizzled…

September 14, 2020
Canada’s Struggling Oil, Gas Developments Drawing Federal and Provincial Support

Canada’s Struggling Oil, Gas Developments Drawing Federal and Provincial Support

The Canadian government is vowing to help salvage a mothballed C$2.2 billion ($1.6 billion) oil project offshore Newfoundland that the coronavirus pandemic threatens to sink. Rescue talks are underway, said Natural Resources Minister Seamus O’Regan, after Husky Energy Inc. teamed up with business and labor supporters to broadcast a group call for help for West…

September 11, 2020
Canada Government, Provinces Step Up to Support Flailing Oil, Gas Projects

Canada Government, Provinces Step Up to Support Flailing Oil, Gas Projects

The Canadian government vowed Wednesday to attempt to salvage a mothballed C$2.2 billion ($1.6 billion) oil project offshore Newfoundland that the coronavirus pandemic threatens to sink. Rescue talks are underway, said Natural Resources Minister Seamus O’Regan, after Husky Energy Inc. teamed up with business and labor supporters to broadcast a group call for help for…

September 10, 2020
October Natural Gas Futures Tread Water Following Modest Storage Injection

October Natural Gas Futures Tread Water Following Modest Storage Injection

Natural gas futures broke even Thursday as markets looked past improved U.S. liquefied natural gas (LNG) export demand and a light storage report to the expected onset of fall weather, eased cooling demand and the likelihood of more robust stockpile injections in coming weeks. The October Nymex contract inched up one-tenth of a cent day/day…

September 3, 2020
Southwestern Louisiana’s Power Prospects Still Grim as Laura Impacts Linger

Southwestern Louisiana’s Power Prospects Still Grim as Laura Impacts Linger

Louisiana still had more than 200,000 customers awaiting power restoration Thursday, while substantial Gulf of Mexico natural gas and oil remained shut-in, one week after Hurricane Laura stormed ashore. Based on reports from 31 offshore operators, 420 MMcf/d, or 15.50% of the gas produced pre-storm remained shut-in. There also was 16.27%, or 301,077 bbl offline.…

September 3, 2020
LNG Uncertainty Weighs Down October Natural Gas, but Better Pricing Seen for Winter, Beyond

LNG Uncertainty Weighs Down October Natural Gas, but Better Pricing Seen for Winter, Beyond

Natural gas exports, hammered by Hurricane Laura only days after reaching levels not seen since pre-Covid-19, were at the forefront of a steep decline in October forward prices during the Aug. 27-Sept. 2 period. The rest of the forward curve fared better, however, as the potential for further production decreases and stronger global demand this…

September 3, 2020
After Early Tumble, Aggressive Buying Trims Losses for Natural Gas Futures, but LNG Demand Still Weak

After Early Tumble, Aggressive Buying Trims Losses for Natural Gas Futures, but LNG Demand Still Weak

What initially appeared to be a substantial retracement for natural gas futures ultimately turned out to be a much smaller pullback to start the week. After bouncing off a $2.497/MMBtu intraday low, the October Nymex gas futures contract settled Monday at $2.630, off only 2.7 cents from Friday’s close. November finished four-tenths of a cent…

August 31, 2020
Oil, Natural Gas Industry Bracing for Possible Regime Change as Biden Accepts Democratic Nomination

Oil, Natural Gas Industry Bracing for Possible Regime Change as Biden Accepts Democratic Nomination

The oil and gas industry is bracing for a possible November victory by Joseph R. Biden Jr., who is leading in the polls and who officially accepted the Democratic nomination Thursday from Wilmington, DE. Although energy policy has taken a backseat to the Covid-19 pandemic and economic hardship facing Americans, climate change has nonetheless garnered…

August 21, 2020
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