Global oil and natural gas discoveries in 2021 were tracking to hit their lowest full-year level in 75 years and decline considerably from 2020. Total discovered volumes through November were calculated at 4.7 billion boe, according to an analysis by Rystad Energy. No major discoveries had been announced through the first three weeks of December,…
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October Natural Gas Futures Skyrocket Ahead of Expiration, Reach New 2021 High
Natural gas futures sailed higher on Monday, rallying for a third straight session ahead of prompt month expiration and amid a potential global energy supply crunch. The October Nymex contract spiked 56.6 cents day/day and settled at $5.706/MMBtu. October rolls off the board as the prompt month at the close of trading Tuesday. November jumped…

Natural Gas Futures, Cash Prices Soar Above $5.00 as Nicholas Amplifies Production Worries
Natural gas futures surged on Monday as a new tropical storm threatened to further shake the Gulf of Mexico’s (GOM) production foundation, a development that could hamper supply/demand balances at a time when gas in storage for winter is already light. The October Nymex contract cruised 29.3 cents higher day/day and settled at $5.231/MMBtu. November…

Rystad Sees Global LNG Market Flipping from Surplus to Deficit in 2029 on Mozambique LNG Delays
Anticipated delays in developing liquefied natural gas (LNG) export projects in Mozambique could cause the market to tighten even more than expected later this decade, with forecasts flipping from surplus to deficit in 2029, according to a new report from Rystad Energy. The Norwegian consultancy said it now expects a supply deficit of 5.6 million…

Global Oil Production Costs Seen Down 35% Since 2014
Breakeven costs for all unsanctioned oil projects have fallen to around $50/bbl on average, down around 10% over the last two years and 35% since 2014. With oil production less expensive to produce versus six years ago, the “clear cost savings winner” is offshore deepwater development, according to Rystad Energy’s latest assessment. Rystad’s cost of…
The Offtake: LNG in Brief
A roundup of news and commentary from NGI’s LNG Insight Tellurian Energy Inc. has named Charif Souki as executive chairman. Souki co-founded the company in 2016 and had been serving as nonexecutive chairman. The company is looking to better leverage his “marketing expertise and relationships” as its Driftwood LNG export project in Louisiana has struggled…

NGI The Weekly Gas Market Report
‘Inevitable’ Downturn Seen in U.S. NGL Production, but Midstreamers Appear Optimistic
A sharp recovery in natural gas liquids (NGL) production projected in the Permian Basin won’t be enough to stave off a dramatic decline in overall U.S. output, which Rystad Energy is forecasting will tumble to under 4.2 b/d in 2021.

NGI The Weekly Gas Market Report
U.S. Oil, Gas Jobs Lost Since Lockdowns Estimated at 100,000-Plus, with Wages Seen Falling 8-10% in 2021
Hunkering down for Covid-19 has led to plenty of analysis about the loss in energy demand, but Rystad Energy has put a human face on the real tragedy, determining that more than 100,000 oil and gas jobs across the United States have been lost, most within necessary support activities.

Oil Market Tightening Said Imminent As OPEC-plus Extends Cuts Another Month
The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, on Saturday agreed to extend May and June oil supply cuts for another month to continue rebalancing an oversupplied global crude market.

NGI The Weekly Gas Market Report
OPEC, Allies Extend Supply Cuts Another Month, Signaling Tightened Market Ahead
The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, on Saturday agreed to extend May and June oil supply cuts for another month to continue rebalancing an oversupplied global crude market.