With the latest government storage data expected to show a hefty weekly injection, adding to an already comfortable cushion in Lower 48 inventories at this point in the season, natural gas futures extended their recent losses in early trading Thursday. After sliding 9.5 cents in the previous session, the October Nymex contract was down 7.5…
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Abu Dhabi Sovereign Wealth Fund Buys Major Stake in Cheniere Energy
The state-owned Abu Dhabi Investment Authority (ADIA) has acquired a 5.05% share in U.S. liquefied natural gas (LNG) exporter Cheniere Energy Inc., according to a Wednesday filing with the U.S. Securities and Exchange Commission. The sovereign wealth fund owns about 12.7 million shares of Houston-based Cheniere that are valued at about $648 million. Cheniere’s share…
Eastern Med’s Prolific Natural Gas Resources Looking Rock Solid with Eni’s 4 Tcf Discovery
An estimated 4 Tcf of additional natural gas resources has been discovered offshore Egypt in what is becoming one of the most prolific resource areas of the world. Operator Eni SpA and BP plc on Wednesday said a gas-heavy strike was made in the Nidoco NW-1 well in the Abu Madi West Development Lease. The…
Natural Gas Futures Slide Amid Storage Concerns; Sally Lands as Cat 2
With a major hurricane making landfall early Wednesday over the Gulf Coast, natural gas futures were down a few cents in early trading as plump storage inventories continued to weigh on prices near the front of the curve. The October Nymex contract was off 2.7 cents to $2.335/MMBtu at around 8:50 a.m. ET. Hurricane Sally…
Cameron LNG Restart Likely Soon, but Further Delays Said Possible
The restart of one liquefied natural gas (LNG) export project in Louisiana, Cameron LNG, could occur this month, but some are warning in a worst-case scenario, the facility could be offline until November. The terminal was shuttered in late August by Hurricane Laura. Majority owner Sempra Energy has not said when the 2.3 Bcf/d facility…
MPL Exec Sees Better Economics, Regulatory Climate for LNG in Mexico
Mexico boasts more attractive economics, and in some ways, a more attractive regulatory climate for liquefied natural gas (LNG) export projects than the U.S. Gulf Coast, according to Mexico Pacific Limited LLC’s (MPL) Sarah Bairstow, chief commercial officer. MPL is developing an LNG liquefaction project on Mexico’s Pacific coast in Puerto Libertad, Sonora state, which…
Natural Gas Futures Called Slightly Higher as ‘Historic Flooding’ Predicted from Slow-Moving Sally
Natural gas futures were trading slightly higher early Tuesday as Hurricane Sally, hovering just off the northern Gulf Coast, forced production shut-ins and threatened to cause “historic flooding” in the region. The October Nymex contract was up 1.1 cents to $2.321/MMBtu at around 8:40 a.m. ET. The National Hurricane Center (NHC) warned early Tuesday that…
Natural Gas Futures Jump as LNG Volumes Rise, Hurricane Sally Approaches GOM
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…
LNG Developer Cites Favorable Economics, Regulations For Mexico Liquefaction Projects
Mexico boasts more attractive economics, and in some ways, a more attractive regulatory climate for liquefied natural gas (LNG) export projects than the U.S. Gulf Coast, according to Mexico Pacific Limited LLC’s (MPL) Sarah Bairstow, chief commercial officer. MPL is developing an LNG liquefaction project on Mexico’s Pacific coast in Puerto Libertad, Sonora state, which…
Magnolia LNG, Pipeline Developer Seek Five-Year Extension to Build Facilities
The developer of a Gulf Coast liquefied natural gas (LNG) project that would be part of the so-called second wave buildout is seeking more time from FERC to build the export facility, citing difficulty in securing long-term offtake agreements with international customers. New York City-based Glenfarne Group LLC told the Federal Energy Regulatory Commission on…