Coronavirus

Natural Gas Futures Steady After Storage Data Fails to ‘Turn the Tide’

Natural Gas Futures Steady After Storage Data Fails to ‘Turn the Tide’

Natural gas futures waffled in and out of the green Thursday after the weekly storage data failed to offer any surprises, and weather models maintained a warm pattern for the near term. The May Nymex gas futures contract ultimately settled two-tenths of a cent higher at $2.522/MMBtu. June picked up a penny to reach $2.607.…

April 8, 2021
Vitol’s 2020 Oil, LNG Trading Dragged Down by Pandemic

Vitol’s 2020 Oil, LNG Trading Dragged Down by Pandemic

Global commodity trader Vitol said Tuesday its activity in the energy markets declined last year along with demand as the Covid-19 pandemic raged on.  The world’s top oil trader, and a dominant force in the still-developing liquefied natural gas (LNG) markets, saw both oil and LNG trading fall.  “The extraordinary market conditions in the initial…

April 6, 2021
NGI’s Hub & Flow Tackles 4Q2020 Natural Gas Marketers Rankings — Listen Now

NGI’s Hub & Flow Tackles 4Q2020 Natural Gas Marketers Rankings — Listen Now

Click here to listen to a new episode of NGI’s Hub & Flow podcast. Overall, leading natural gas marketers in North America collectively posted lower 4Q2020 sales volumes when compared with the year-earlier quarter. The result extended a streak of declining or flat year/year results that dates to mid-2019, NGI’s latest Top North American Natural…

March 30, 2021
Canada Natural Gas Exports in U.S. Fall Sharply in 2020 on Lower Prices, Demand

Canada Natural Gas Exports in U.S. Fall Sharply in 2020 on Lower Prices, Demand

Canadian natural gas export volumes and revenues both shrank last year, according to trade records compiled by the Canada Energy Regulator (CER). Pipeline deliveries to the United States dropped by 8% to 6.8 Bcf/from 7.4 Bcf/d in 2019. Canadian gas export revenues plunged by 24% to C$6.9 billion ($5.5 billion) last year from C$9.1 billion…

March 30, 2021
Canadian Oil, Natural Gas Job Recovery Said Unlikely Until 2022

Canadian Oil, Natural Gas Job Recovery Said Unlikely Until 2022

Canadian oil and gas job losses will continue this year and take until 2022 to brighten, the industry’s workforce monitoring agency is reporting. The contraction is prolonged by corporate takeovers and efficiency drives in response to low prices, the Covid-19 pandemic and environmental policies, according to the Calgary-based Petroleum Labor Market Information (PetroLMI). “Industry is…

March 29, 2021
April Natural Gas Futures Extend Gains as LNG Holds Strong, Cash Prices Advance

April Natural Gas Futures Extend Gains as LNG Holds Strong, Cash Prices Advance

Natural gas futures on Monday advanced for a second consecutive session, boosted by continued robust liquefied natural gas (LNG) levels. The April Nymex contract settled at $2.582/MMBtu, up 4.7 cents day/day. May gained 5.3 cents to $2.619. NGI’s Spot Gas National Avg. rose 4.0 cents to $2.310, with prices up across the Rocky Mountains region…

March 22, 2021
North American Natural Gas Marketers Lose Ground in 4Q2020, NGI Survey Shows, but 2021 Momentum in Sight

North American Natural Gas Marketers Lose Ground in 4Q2020, NGI Survey Shows, but 2021 Momentum in Sight

Leading natural gas marketers in North America collectively reported lower sales volumes in 4Q2020, marking the sixth year/year decline over the last seven quarters, according to NGI’s Top North American Natural Gas Marketers rankings. The flat result posted for 3Q2020 marked the lone exception. The 24 gas marketers included in the latest survey reported combined…

March 19, 2021
Citing Vaccines, OPEC Boosts Oil Demand Outlook for 2021

Citing Vaccines, OPEC Boosts Oil Demand Outlook for 2021

A week after extending production cuts, the Organization of the Petroleum Exporting Countries (OPEC) on Thursday raised its forecast for world oil demand in 2021, reflecting the cartel’s expectations for a stronger economic recovery in the second half of the year. OPEC, in its Monthly Oil Market Report (MOMR) released Thursday, said it now expects…

March 11, 2021
Penn Virginia Aims to Stick with Two Eagle Ford Rigs This Year

Penn Virginia Aims to Stick with Two Eagle Ford Rigs This Year

Eagle Ford Shale pure-play Penn Virginia Corp. plans to maintain its current two-rig program through 2021 to grow production after it temporarily suspended drilling last year because of the Covid-19 pandemic. During a conference call Wednesday to discuss 4Q2020 results, CEO Darrin Henke said continuing with two rigs “makes sense” in light of the recent…

March 9, 2021
2020 Cuts to U.S. Oil Production Steepest on Record, Driven by Pandemic and Hurricanes, EIA Says

2020 Cuts to U.S. Oil Production Steepest on Record, Driven by Pandemic and Hurricanes, EIA Says

Domestic crude oil production in 2020 dropped 8% from the prior year in response to the demand hits caused by the coronavirus pandemic, the U.S. Energy Information Administration (EIA) said Tuesday. A record hurricane season further complicated matters.  The 935,000 b/d decline to an average 11.3 million b/d last year marked the steepest annual decrease…

March 9, 2021
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