Daily GPI

Chevron Warns Pandemic Threatening Through September, but Common Ground in Election

Chevron Warns Pandemic Threatening Through September, but Common Ground in Election

Chevron Corp., savaged in the second quarter by the hurricane-force winds of Covid-19, warned Friday that the pandemic may choke profits through September.  The San Ramon, CA-based major posted an $8.3 billion loss (minus $4.44/share), compared with net profits a year earlier of $4.3 billion ($2.27). U.S. upstream operations lost $2.1 billion, versus year-ago earnings…

July 31, 2020
One U.S. Natural Gas Rig Added as Count Shows Signs of Bottoming

One U.S. Natural Gas Rig Added as Count Shows Signs of Bottoming

The U.S. natural gas rig count increased one unit to 69 for the week ended Friday (July 24) as the latest Baker Hughes Co. (BKR) numbers offered further indication that domestic drilling activity is leveling off following the Covid-induced collapse earlier this year. The overall U.S. rig count finished unchanged at 251 for the week,…

July 31, 2020
Stars Align for Natural Gas Forwards, but Cooler August Forecasts Pose Downside Risk

Stars Align for Natural Gas Forwards, but Cooler August Forecasts Pose Downside Risk

As heat indexes surged above 100 degrees across the United States to close out July, natural gas forward prices rallied during the July 23-29 period, according to NGI’s Forward Look. Prices for next winter and beyond posted the largest gains, as the prospect of improving export demand and lower gas production in the months ahead…

July 31, 2020
Stung by Steep 2Q Decline in Commodity Prices, Total Sees More Volatility Ahead

Stung by Steep 2Q Decline in Commodity Prices, Total Sees More Volatility Ahead

Total SE recorded a big loss in the second quarter and took an $8.1 billion impairment as oil, natural gas and liquefied natural gas (LNG) prices all declined precipitously and the global economy reeled from the Covid-19 pandemic. An oil market crisis, historically low natural gas prices and the economic slowdown in Europe decreased petroleum…

July 31, 2020
PennFuture Urges Oil, Natural Gas Industry to Explore Green Initiatives, but PIOGA Calls Proposal ‘Laughable’

PennFuture Urges Oil, Natural Gas Industry to Explore Green Initiatives, but PIOGA Calls Proposal ‘Laughable’

Citizens for Pennsylvania’s Future (PennFuture) is calling on the commonwealth to explore “green initiatives” for the oil and gas industry, which could help in the economic recovery from Covid-19. In a report titled “A Green Stimulus and Recovery Platform for Pennsylvania,” PennFuture said Pennsylvania’s economy will need to recover from the ongoing pandemic, and officials…

July 31, 2020
Xcel Says Natural Gas to Remain Key in Lower Carbon Energy Strategy to 2050

Xcel Says Natural Gas to Remain Key in Lower Carbon Energy Strategy to 2050

Moving toward its goal of 100% carbon-free electricity to customers by 2050, Minneapolis-based Xcel Energy Inc. said it still plans to incorporate more natural gas into its U.S. energy mix. Xcel released its sustainability report ahead of 2Q2020 results, which were issued on Thursday. CEO Ben Fowke said the utility is stepping up its capital…

July 31, 2020
Natural Gas Futures Called Higher Early as Isaias on Course for Florida Coast

Natural Gas Futures Called Higher Early as Isaias on Course for Florida Coast

As traders considered the potential impacts of Hurricane Isaias reaching the Florida coast this weekend, and as analysts mulled summer balances following the latest government inventory data, natural gas futures recovered some of their recent losses in early trading Friday. The September Nymex contract was up 2.5 cents to $1.854/MMBtu at around 8:50 a.m. ET.…

July 31, 2020
September Natural Gas Futures Slump After Storage Report, Cooler Weather Forecasts

September Natural Gas Futures Slump After Storage Report, Cooler Weather Forecasts

September natural gas futures sunk on Thursday after a higher-than-expected storage build and forecasts for moderating heat amplified demand and containment concerns as fall approaches. In its first trading day on the books as the prompt month, the September Nymex contract shed 10.1 cents day/day and settled at $1.829/MMBtu. October fell 8.8 cents to $1.991. …

July 30, 2020
PG&E, Tesla Begin Work on Landmark Battery Storage Project in Northern California

PG&E, Tesla Begin Work on Landmark Battery Storage Project in Northern California

Tesla Inc. and Pacific Gas and Electric Co. (PG&E) have begun construction of a 182.5 MW lithium-ion battery energy storage system (BESS) at the combination utility’s Moss Landing substation in Monterey County, CA. The megapack system is considered a landmark in developing and deploying utility-scale batteries. In late 2018 California regulators approved plans for Moss…

July 30, 2020
EU Grants Promote Use of LNG as Transportation Fuel

EU Grants Promote Use of LNG as Transportation Fuel

The European Union (EU) has approved grants for its member states to increase the use of liquefied natural gas (LNG) as a transportation fuel for ships, cars and trucks. The funding, approved earlier this month, is part of a 2.2 billion euro ($2.6 billion) package to support 140 transportation projects in the EU. Of that…

July 30, 2020