Coronavirus

NOV Sees North American Oil, Gas Activity Rising, but Overseas Demand Soft

NOV Sees North American Oil, Gas Activity Rising, but Overseas Demand Soft

Oilfield equipment expert NOV Inc. warned Tuesday that fourth quarter earnings would be below guidance as stronger North American activity levels were not enough to overcome a softer international market. On a consolidated basis, NOV expects to report quarterly revenue of $1.33 billion and an operating loss of $327 million.  “While rising North American activity…

January 21, 2021
U.S. Oil, Natural Gas Infrastructure Growth Potential Said ‘Significant’ as LNG, Mexico Exports Climb

U.S. Oil, Natural Gas Infrastructure Growth Potential Said ‘Significant’ as LNG, Mexico Exports Climb

The potential for oil and natural gas infrastructure development remains “significant” through 2025 as the U.S. economy recovers from Covid-19 and exports increase, according to ICF Resources Inc. In a report prepared for the Interstate Natural Gas Association of America (INGAA), ICF said one scenario used by researchers to evaluate changes to markets and infrastructure…

January 21, 2021
More Action Needed on Oil, Natural Gas Methane Emissions as Latest Decline Mainly Pandemic-Driven, IEA Says

More Action Needed on Oil, Natural Gas Methane Emissions as Latest Decline Mainly Pandemic-Driven, IEA Says

Methane emissions from the oil and natural gas sector fell by an estimated 10% in 2020, mainly because of production curtailments in response to the Covid-19 crisis, according to the International Energy Agency’s (IEA) Methane Tracker 2021 report published Monday. Oil and gas operations emitted more than 70 million tons of methane into the atmosphere…

January 20, 2021
Warmer Forecasts Chill February Natural Gas Futures; Cash Prices Drop

Warmer Forecasts Chill February Natural Gas Futures; Cash Prices Drop

Expectations eased for a widespread winter freeze  LNG volumes were solid, but lower than January highs Spot prices sputtered amid mild temperatures Natural gas futures plunged on Tuesday after forecasts over the holiday weekend trended warmer for late January and early next month, diminishing prior expectations for a widespread winter freeze that would fuel robust…

January 20, 2021
Fading Expectations for Frigid Temperatures Weigh Down Natural Gas Futures

Fading Expectations for Frigid Temperatures Weigh Down Natural Gas Futures

Natural gas futures plunged on Tuesday after forecasts over the holiday weekend trended warmer for late January and early next month, diminishing prior expectations for a widespread winter freeze that would fuel robust heating demand. The February Nymex gas futures contract settled at $2.546/MMBtu, down 19.1 cents day/day. March fell 16.7 cents to $2.529. Spot…

January 19, 2021
February Natural Gas Futures Bounce Back on Renewed Expectation of Deep Freeze

February Natural Gas Futures Bounce Back on Renewed Expectation of Deep Freeze

Natural gas prices rebounded Friday from a loss the day earlier as volatile weather forecasts shifted back to expectations for a severe winter chill in late January that could drive a surge in heating demand. The February Nymex gas futures contract climbed 7.1 cents day/day and settled at $2.737/MMBtu on Friday. The advance more than…

January 15, 2021
Permian-Fueled Revenue Lifts Texas Oil, Natural Gas Royalties Near $14B

Permian-Fueled Revenue Lifts Texas Oil, Natural Gas Royalties Near $14B

Lifted by revenue pulled from the Permian Basin in West Texas, the state’s oil and natural gas industry paid $13.9 billion in taxes and royalties in fiscal 2020, or around $38 million/day,  according to a top industry group. Data compiled by the Texas Oil & Gas Association (TXOGA) indicated state energy industry taxes and royalties…

January 14, 2021
LNG Canada Conduit Coastal GasLink, Other BC Energy Projects Temper Labor Force on Covid Outbreak

LNG Canada Conduit Coastal GasLink, Other BC Energy Projects Temper Labor Force on Covid Outbreak

Construction schedules are under review in British Columbia (BC) for its entry into the global natural gas export market as a result of labor force limits that provincial public health authorities adopted to counter the impacts from the pandemic. “Long-term impacts to the overall schedule continue to be assessed,” said TC Energy Corp. Vice President…

January 14, 2021
U.S. Midstreamers Eyeing Potential Gains in Permian, Beyond, but Need Oil Prices to Cooperate

U.S. Midstreamers Eyeing Potential Gains in Permian, Beyond, but Need Oil Prices to Cooperate

The U.S. economy’s reopening amid the Covid-19 pandemic jump-started the oil and natural gas midstream recovery in the second half of 2020. But, the recent rise in oil prices could spur renewed activity in a handful of basins, benefiting some operators in the year ahead. A Raymond James & Associates Inc. team, led by analysts…

January 12, 2021
Henry Hub to Rebound in 2021 Amid Higher Natural Gas Exports, Declining Production, EIA Says

Henry Hub to Rebound in 2021 Amid Higher Natural Gas Exports, Declining Production, EIA Says

Natural gas prices are poised to rebound in 2021, with Henry Hub spot prices on track to average $3.01/MMBtu for the year, nearly $1 higher than 2020 prices, according to updated projections from the U.S. Energy Information Administration (EIA). In its first Short-Term Energy Outlook of the new year, published Tuesday, the agency offered up…

January 12, 2021
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