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…
Offshore
Articles from Offshore
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…
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…
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…
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.…
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…
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…
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…
Talos Maintains Bright Outlook For Private Sector E&P in Mexico Despite Tension
Despite tension between Mexico’s government and non-state energy firms, Houston-based Talos Energy Inc. maintains a bright outlook for private sector exploration and production (E&P) in the country, management said last week. President Andrés Manuel López Obrador has upheld his pledge to honor the more than 100 E&P contracts awarded following the 2013-2014 market-opening energy reform,…
Interior’s GOM Auction Delayed to Square Covid-19 Impacts
A federal offshore oil and gas lease set for August has been delayed for three months to assess the impact of Covid-19 on U.S. oil and gas markets. The Department of Interior’s Bureau of Ocean Energy Management (BOEM), which oversees the offshore auctions, rescheduled the Gulf of Mexico (GOM) Lease Sale 256 to November. The…