Daily GPI

Natural gas futures action was quiet on Friday, with traders content leaving their positions intact amid little fresh news to drive prices one way or the other. The May Nymex gas futures contract closed the week at $2.526, up only four-tenths of a cent from Thursday’s close. June slipped two-tenths of a cent to $2.605.…

Four major hurricanes are forecast to storm through the Atlantic Basin this year, with at least one likely making landfall on the U.S. coastline, according to meteorologists at Colorado State University (CSU). “We anticipate an above-average probability for major hurricanes making landfall along the continental United States coastline and in the Caribbean,” said CSU forecasters…

The U.S. natural gas rig count climbed two units to 93 for the week ended Friday (April 9) as an uptick in land drilling offset a pullback in the Gulf of Mexico, according to data published by Baker Hughes Co. (BKR). U.S. oil-directed rigs remained unchanged overall at 337. The total U.S. rig count ended…

A major revision in the April weather forecast coming back from the Easter weekend took a big chunk out of natural gas forward prices for the period ending April 8. The short work week ended with the May contract down an average 10.0 cents and the balance of summer (May-October) off 7.0 cents, according to…

San Francisco-based Pacific Gas and Electric Co. (PG&E) is facing 33 criminal charges for the 2019 Kincade Fire in Sonoma County, CA, which damaged close to 78,000 acres and injured six firefighters. Sonoma County District Attorney Jill Ravitch filed the charges after state officials determined PG&E equipment sparked the fire northeast of Geyserville in Northern…

Tellurian Inc. could begin construction on certain elements of its Driftwood liquefied natural gas (LNG) facility in Louisiana as early as this summer, CEO Octávio Simões said recently. “We’re aiming to start construction of the owner obligation costs this summer,” Simões told NGI. Those owner obligations are not covered by the company’s engineering, procurement and…

Natural gas futures were trading close to even early Friday amid no major changes to the weather outlook overnight, while analysts continued to mull the implications of the latest government inventory data. The May Nymex contract was up 1.2 cents to $2.534/MMBtu at around 8:50 a.m. ET. The U.S. Energy Information Administration (EIA) on Thursday…

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.…

A unit of Occidental Petroleum Corp. (Oxy) is partnering in a pilot project that could produce 1 metric tons/month of ethylene using human-made carbon dioxide (CO2) instead of hydrocarbon feedstocks like natural gas and oil. Houston-based Cemvita Factory, a bio-engineering start-up, is working with Oxy Low Carbon Ventures (OLCV) on the bio-ethylene pilot facility, which…