Daily GPI
Articles from Daily GPI
August Natural Gas Futures Jump After Lower Storage Injection, Signs of Stronger Demand
Natural gas futures advanced Thursday after the latest storage build came in below analysts’ average expectations and indicated that intensifying summer heat had started to drive stronger cooling demand and power burns. The August Nymex contract rose 6.3 cents day/day and settled at $1.734 /MMBtu. September rose 6.4 cents to $1.785. NGI’s Spot Gas National…
U.S. Adds One Natural Gas Rig as Oil Count Slides
The U.S. natural gas rig count climbed one unit to finish at 76 for the holiday-shortened week ending Thursday (July 2), while declines in the Permian Basin led a modest drop-off in the oil patch, according to the latest numbers from Baker Hughes Co. (BKR). After accounting for a three-rig decline in oil-directed rigs, the…
USMCA Takes Effect, Guaranteeing Zero-Tariff Trade in North America for U.S. Energy Producers
Officials in Mexico, the United States and Canada celebrated the launch of the U.S.-Mexico-Canada Agreement (USMCA) on Wednesday, as the revamped North American Free Trade Agreement (NAFTA) treaty took effect after two years of negotiations. “USMCA will support and grow North American energy security by maintaining zero-tariff trade for crude oil, gasoline, kerosene-type jet fuel…
Hilcorp Taking Over BP’s Legacy Alaska Upstream Portfolio
Houston’s Hilcorp Energy Co. has completed a takeover of BP plc’s upstream portfolio in Alaska and is nearing a handoff of the midstream unit, allowing the private explorer to become one of the state’s biggest operators. The $5.6 billion deal struck last year with BP hands affiliate Hilcorp Alaska immediate control of BP Exploration (Alaska)…
IGU Again Finds Gas-on-Gas Competition Increasing as LNG Spot Deals Grow
The world again saw an increase of natural gas buying at prices tied to dominant hubs and indices last year as the number of purchases linked to competing fuels like crude oil declined in an ongoing shift influenced by a sharp spike in liquefied natural gas (LNG) spot trading, according to the International Gas Union…
Eni’s Natural Gas Discovery Offshore Egypt Adds to Plethora of Eastern Med Opportunities
Italian supermajor Eni SpA has struck natural gas in its first exploration well in the North El Hammad offshore Egypt in the Nile Delta, adding to a gusher of opportunities in the region. Eni, which operates the block in the Eastern Mediterranean (Med) with partners BP plc and Total SA, said the discovery at Bashrush…
Storage Injection Comes in Below Expectations, Boosting August Natural Gas Futures
The U.S. Energy Information Administration (EIA) reported an injection of 65 Bcf for the week ending June 26, a print that fell below analysts’ average expectations and sent natural gas futures higher. Prior to the EIA report, the August contract was up 2.2 cents at $1.693/MMBtu, and the prompt month advanced further to around $1.718…
California Rejects Bid to Delay Aliso Natural Gas Storage Safety Tests
California regulators have rejected a request from Southern California Gas Co. (SoCalGas) to postpone well testing at the Aliso Canyon underground storage facility because of the coronavirus lockdown. Since the largest methane leak ever occurred at the 3,200-acre, 86 Bcf capacity facility over a four-month period in 2015-2016, new state regulations require all storage wells…
