A considerable jump in global oil and natural gas prices during the first quarter supported a big gain in profits for French supermajor Total SE. Commodity prices were strong during the period as the world continued recovering from Covid-19, while colder weather in the northern hemisphere helped drive natural gas demand. Total said average oil…
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U.S. LNG Drove Global Supply Additions, Spot Trading in 2020, GIIGNL Says
Despite the Covid-19 pandemic’s impact on energy markets, global liquefied natural gas (LNG) imports increased by 0.4% last year to 356.1 million tons (Mt), driven in part by supply additions from the United States, according to the International Group of LNG Importers (GIIGNL). While the pandemic cut into demand across commodities, GIIGNL said the “LNG…
U.S. to Work Toward Net-Zero Future with Fellow Oil, Natural Gas Producing Nations
The United States is teaming up with Canada, Norway, Qatar and Saudi Arabia to target net-zero greenhouse gas (GHG) emissions from the five countries, all of which are major oil and gas producers. The countries, which together account for about 40% of global oil and gas production, jointly said on Friday they are establishing a…
Huge Production Drop Propels Natural Gas Futures Higher for Second Day
A massive day/day decline in U.S. production drove more gains for natural gas futures despite a modest pullback in exports and continued outlooks for moderate early May temperatures. The May Nymex futures contract settled at $2.873, up 8.3 cents day/day. June rose 6.8 cents to $2.942. Spot gas prices also bounced Tuesday ahead of a…
Global Natural Gas Prices Sputter, but Stronger Outlook Remains Unchanged — LNG Recap
A rally in Asian and European natural gas prices lost steam last week, but fundamentals remain unchanged as the coming months are still expected to be tight. European futures closed higher on Tuesday, recovering some of last week’s losses as the near-term curve was lifted by lingering cold, weak Russian pipeline imports and ongoing strength…
BP Proves Natural Gas, Oil Still Reign as Profits Triple on Henry Hub, Brent Prices
With natural gas and oil trading crushing it in the first quarter, BP plc proved that even as it transitions to net zero emissions, it’s still a major fossil fuel producer, with rising global demand likely to accelerate profits through the year. The London-based operator, which now prefers to be tagged as an “integrated energy…
Lower 48 Production Down on Maintenance as Natural Gas Futures Press Higher Early
Estimates showing a day/day drop in production helped natural gas futures extend their recent gains in early trading Tuesday. After picking up 6.0 cents in the previous session, the May Nymex contract was up 3.0 cents to $2.820/MMBtu at around 8:45 a.m. ET. The latest daily production estimate from Wood Mackenzie Tuesday showed a 2.4…
Natural Gas Futures Prices Start Week on Solid Footing as Exports Still Strong
Natural gas futures struggled to gain traction early Monday, but continuously strong export demand eventually pushed prices into the green. With options and the May Nymex contract’s expiration looming, the prompt month settled at $2.790, up 6.0 cents from Friday’s close. The June contract picked up 5.6 cents to land at $2.874. Spot gas prices…
Total Suspends Activity at Mozambique LNG Site as Violence Worsens
French supermajor Total SE has suspended work at its Mozambique liquefied natural gas (LNG) work site amid rising violence in the area. Total said the security threat from violent insurgents had led it to declare force majeure on the $20 billion project. It did not say when work might resume. “Considering the evolution of the…
Argentina Ramping Up LNG Imports Ahead of Southern Hemisphere Winter
Argentina has commissioned a second floating storage and regasification unit (FSRU) to meet higher-than-expected natural gas demand this upcoming winter in the Southern Hemisphere. The country’s natural gas buyer, Integración Energética Argentina (Ieasa), has leased an Excelerate Energy LP FSRU for the Bahía Blanca port. This will add to the existing FSRU now stationed at…