LNG

Amid estimates showing production declines, natural gas futures rallied ahead of the latest government inventory data even as the market braced for a larger-than-average weekly storage injection. The August Nymex contract was up 21.3 cents to $5.723/MMBtu at around 8:50 a.m. ET. Estimates ahead of the latest Energy Information Administration (EIA) storage report, scheduled for…

New Fortress Energy Inc. (NFE) is targeting first natural gas production from the Lakach deepwater field offshore Mexico by the end of 2023, according to CEO Wes Edens. NFE management held a conference call on Thursday to update investors on a series of commercial agreements reached with Mexico’s state-owned energy giants, Petróleos Mexicanos (Pemex) and…

New Fortress Energy Inc. has announced plans to spin-off the majority of its midstream liquefied natural gas business (LNG) into a new joint venture with Apollo Global Management Inc. as it focuses on its own Fast LNG infrastructure. New York-based NFE disclosed its plans to sell 11 LNG assets to the new joint venture in…

Another crisis for Europe’s gas market was avoided late Monday after the Norwegian government intervened to stop a strike that could have significantly cut production from some of the country’s most critical gas fields. Norway’s Labor Ministry announced late Tuesday that the government took emergency action to intervene in the flagging negotiations between the Lederne…

The European Parliament voted in favor on Wednesday of accepting the proposal by the European Commission (EC) to classify new natural gas and nuclear power projects as “green.” The classification would allow for subsidies and low-cost loans for natural gas and nuclear projects deemed environmentally sustainable. “This vote is important recognition of our pragmatic and…

A combination of lower production estimates and hotter overnight forecast trends helped lift natural gas futures in early trading Wednesday. The August Nymex contract was up 14.5 cents to $5.668/MMBtu as of around 8:50 a.m. ET. A day/day drop in production estimates of around 1.6-1.9 Bcf/d was “providing fundamental cover” for higher prices as of…

Natural gas futures slipped lower Tuesday, extending the extensive sell-off from a week earlier. A mid-July reprieve from oppressively hot weather patterns and the potential for another stout storage print weighed on prices. The August Nymex gas futures contract settled at $5.523/MMBtu, down 20.7 cents day/day. September fell 22.5 cents to $5.487. With heat scorching…

European natural gas prices hit their highest point in months on Tuesday, extending a series of gains as the continent continues to face the threat of supply shortages on a number of fronts. A prolonged shutdown of the Freeport liquefied natural gas (LNG) export terminal in the United States, reduced flows from Russia on the…

Permian Highway Pipeline LLC (PHP) sanctioned a 550 MMcf/d natural gas expansion project to boost capacity for the 2.1 Bcf/d West Texas to Gulf Coast system. Using additional compression, the final investment decision (FID) would boost deliveries from the Waha area of West Texas to mainline connections near Houston and Gulf Coast markets. Pending required…