U.S. and global crude prices opened the New Year mired in a slump, led lower by uneven domestic demand and hints of global sluggishness amid intensifying expectations of recession. After dropping Tuesday, West Texas Intermediate (WTI) prices in the United States slid below $74/bbl in intraday trading Wednesday, down more than 4%. Brent crude, the…
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IEA Again Warns of EU Natural Gas Supply Shortfall Next Year
The International Energy Agency (IEA) estimates the European Union (EU) could have to address a natural gas supply shortage in 2023 due in part to few additional LNG projects coming online and increased competition with Asia for cargoes. In a new report released Monday, the IEA modeled how the EU could manage a shortfall of…
NYISO Ready For Winter Demand, Though Natural Gas Losses Outpacing Renewable Adds Pose ‘Risk’ Later in Decade
The New York Independent System Operator (NYISO) announced it has adequate supplies to meet the state’s forecasted peak winter electricity demand of 23,893 MW. NYISO said it is stocked with a total of 43,184 MW of available supply, which includes imports from neighboring regions, leaving it “well positioned to meet this winter’s forecasted demand and…
Energy Bank Execs Forecast Ongoing Strength in Global Natural Gas, Oil Prices
U.S. energy bankers expect to see “sustained increases” in global natural gas and oil prices – at a higher level than predicted earlier this year. According to the Fall 2022 Energy Price Deck Survey of 23 energy bank executives that was conducted in October by Haynes and Boone LLC, the forecasts showed significantly increased near-term…
U.S. E&Ps Step Up Oil Production as Demand Climbs, Recession Lurks
Domestic crude production climbed notably last week, putting output near the 2022 peak, as U.S. demand accelerated and global market conditions tightened. The Energy Information Administration (EIA) said Wednesday that output for the week ended Nov. 4 climbed by 200,000 b/d from the previous week to 12.1 million b/d. That brought production close to the…
Limits in Short-term Gulf Coast LNG Export Capacity Could Fuel Price Slump as Production Builds
Limited additions to pipeline infrastructure and a slower expansion of LNG terminals on the Gulf Coast are expected to stymie U.S. natural gas demand in early 2023 before helping fuel the region’s export growth over the long term. The Gulf Coast has become the epicenter for U.S. liquefied natural gas since the Lower 48’s first…
Natural Gas, Oil Industry Profits Forecast to Retreat in 2023 on Slower Demand, Economic Pull Back
Global energy company earnings, which surged on stronger oil and natural gas prices, should ease in 2023 as the industry adjusts to slower demand growth and an economic slowdown, according to Moody’s Investors Service. “The pace of improvement in fundamental industry conditions will also decelerate after a strong post-lockdown rebound in earnings and credit quality…
FERC Urged to Support Natural Gas Infrastructure in New England Amid Winter Supply Concerns
New England energy sector stakeholders stressed the importance of natural gas to the region’s energy security on Thursday at an event organized by FERC. The Federal Energy Regulatory Commission convened the forum to seek input on the region’s winter supply challenges. Primarily because of pipeline constraints, New England relies on LNG imports to cover increased…
Aegis Shares Insight on Price Swings in U.S. Natural Gas Market – Listen Now to NGI’s Hub & Flow
Click here to listen to the latest episode of NGI’s Hub & Flow for a breakdown of the myriad factors influencing the dramatic price swings in the U.S. natural gas market. NGI Price and Markets Editor Leticia Gonzales is joined by Aegis Hedging Solutions’ Nick Hillman, associate of market analytics. Hillman discusses supply and demand…
IEA Predicts Lackluster Growth for Natural Gas-fired Power Generation
Fuel costs for generating natural gas- and coal-fired electricity surged in 2021 but should taper off in the coming years, the International Energy Agency (IEA) predicted in its latest semi-annual Electricity Market Report. “Sharp spikes in electricity prices in recent times have been causing hardship for many households and businesses around the world and risk…