Choking off the world’s oil and natural gas supply will slow instead of speed ambitions toward achieving net-zero carbon emissions, ExxonMobil CEO Darren Woods warned earlier this month. In his address at the Asia-Pacific Economic Cooperation’s CEO summit, Woods shared how ExxonMobil’s view of climate change has evolved over three decades, from skeptic to believer.…
Daily GPI
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Despite Subdued Prices, Haynesville Natural Gas Producers Ramp Up Activity in November
Counter to rig count trends over much of 2023, natural gas production in the Haynesville Shale proved robust through the first half of November and could continue to help drive strong overall output, according to East Daley Analytics. Pipeline flows in Louisiana and East Texas averaged 13.2 Bcf/d through Nov. 16, marking a 300 MMcf/d…

Natural Gas Futures Stumble Further Below $3; Spot Prices Surge
Natural gas futures retreated for a second session Monday, chased by another record production reading and warmer forecasts for early December. The December Nymex natural gas futures contract settled at $2.794/MMBtu, down 6.1 cents day/day. January fell 5.3 cents to $2.946. December futures touched an intraday low of $2.709 early in the morning, then trended…

California Regulators OK PG&E Plan to Harden Electric, Natural Gas Infrastructure
Pacific Gas and Electric Co. (PG&E) customers can expect a nearly 13% bill increase next year after California regulators approved a plan to harden electric infrastructure against wildfire risks and upgrade some natural gas infrastructure. The California Public Utilities Commission (CPUC) unanimously approved the three-year general rate case (GRC) to recover the costs from undergrounding…

With Energy Industry Win, Next GOM Oil and Natural Gas Auction Set for December
The on-again, off-again federal auction of oil and natural gas tracts in the Gulf of Mexico (GOM) is on again following a court order mandating the sale be held next month. The Bureau of Ocean Energy Management (BOEM) has rescheduled Lease Sale 261 for Dec. 20 after the U.S. Court of Appeals for the Fifth…

Japan Weighs Energy Security Impacts After U.S. Sanctions Arctic LNG 2
The latest round of U.S. sanctions against Russian energy assets targeted at the Arctic LNG 2 project is creating uncertainty for Japanese stakeholders. PAO Novatek, Russia’s largest independent natural gas producer, launched development of the three-train, 19.8 million metric ton/year Arctic LNG 2 on the Gydan Peninsula in 2018 with plans to boost liquefied natural…

Power Sector Demand to Support Natural Gas Prices Even As Utilities Add Renewable Capacity
As coal-fired power generating plants are retired in a push for utilities to reach clean energy goals, a greater reliance on natural gas for power generation could support prices over the long term, according to market analysts. Generally speaking, coal retirements are bullish for natural gas pricing, analysts said. “As coal retires, the supply of…

January Natural Gas Plunges Below $3 on Booming Production, Mild December Weather
A mild early December forecast and further evidence of surging domestic production combined to send natural gas futures tumbling early Monday as traders returned from the weekend break. After settling 4.2 cents lower on Black Friday, the December Nymex contract was off another 9.7 cents to $2.758/MMBtu as of 8:42 a.m. ET. January was down…

December Natural Gas Futures Gain On Storage Result, Weather; Cash Mixed
Nymex December natural gas futures settled higher on the final trade day in the truncated Thanksgiving holiday workweek, supported by a surprise withdrawal from inventories and approaching cold weather. At A Glance: EIA prints 7 Bcf storage draw Warming follows near-term cold Thanksgiving holiday limits cash The front-month contract settled Wednesday at $2.897/MMBtu, which was…

Oman Pushes Global LNG Supply Position ‘Beyond 2024’ with Latest BP LNG Deal
Oman has extended its LNG supply relationship with BP plc for an additional nine years as it progresses its “Beyond 2024” initiative to remain a significant natural gas player through the decade. BP inked a liquefied natural gas sales and purchase agreement (SPA) with Oman LNG for 1 million metric ton/year (mmty) on a free-on-board…