Daily GPI

Shell’s LNG, Oil Demand Plunges in Covid-19 Rout, with Energy Impacts Still Uncertain

Shell’s LNG, Oil Demand Plunges in Covid-19 Rout, with Energy Impacts Still Uncertain

Royal Dutch Shell plc swung to a massive loss in 2Q2020, torn down by a historic loss in natural gas and oil demand, with CEO Ben van Beurden warning the long-term energy outlook remains uncertain as long as the global pandemic wreaks economic havoc. The Anglo-Dutch supermajor said the 2Q2020 current cost of supplies (CCS),…

July 30, 2020
September Natural Gas Futures in the Red After Higher-Than-Expected Storage Injection

September Natural Gas Futures in the Red After Higher-Than-Expected Storage Injection

The U.S. Energy Information Administration (EIA) reported an injection of 26 Bcf into storage for the week ending July 24, a print that came in slightly above the average of major polls and pushed Nymex natural gas futures lower. The result implies that demand, lifted by summer heat and strong energy use for cooling, is…

July 30, 2020
Don’t Mess with Texas Oil and Natural Gas, Trump Tells Permian Crowd

Don’t Mess with Texas Oil and Natural Gas, Trump Tells Permian Crowd

President Trump rallied West Texas oil and natural gas workers on Wednesday afternoon during a visit to Midland, in the heart of the Permian Basin, touting American energy dominance and claiming the industry is not only back on track but expanding. The campaign speech of sorts came during a brief visit after the president toured…

July 30, 2020
North American Midstreamers Enterprise, Enbridge Find Success Beyond Liquids in Strong Quarterly Results

North American Midstreamers Enterprise, Enbridge Find Success Beyond Liquids in Strong Quarterly Results

The diversified systems of two of North America’s largest midstream companies were positioned for a solid second quarter in which lower oil volumes were partially offset by strength in natural gas, natural gas liquids (NGL) and storage. Enterprise Products Partners LP (EPD) and Enbridge Inc. reported second quarter results on Wednesday, with each company highlighting…

July 30, 2020
Natural Gas Futures Pare Gains Ahead of EIA Report; Tropical Storm May Hit Florida by Weekend

Natural Gas Futures Pare Gains Ahead of EIA Report; Tropical Storm May Hit Florida by Weekend

Pressured by further cooler trends in the forecast, natural gas futures pared their recent gains early Thursday as traders looked ahead to the release of the latest government storage data, expected to show a below-average summertime build. The September Nymex contract was down 2.6 cents to $1.904/MMBtu at around 8:40 a.m. ET. Estimates have been…

July 30, 2020
August Natural Gas Futures Continue Rally After Forecasts for Below-Average Storage Injection

August Natural Gas Futures Continue Rally After Forecasts for Below-Average Storage Injection

August natural gas futures climbed higher for a second consecutive day as storage capacity concerns eased and traders adjusted positions ahead of the September contract becoming the front month on Thursday. The August Nymex contract settled at $1.854/MMBtu, up 5.4 cents day/day. After the close, the August contract rolled off the board. September climbed 6.6…

July 29, 2020
Helmerich & Payne Looking to Performance-Based Rig Contracts as Covid-19 Assaults Activity

Helmerich & Payne Looking to Performance-Based Rig Contracts as Covid-19 Assaults Activity

Tulsa-based Helmerich & Payne Inc. (H&P), which fabricates and operates a fleet of high-performance drilling rigs around the world, is aligning operations toward performance-based commercial models rather than the industry standard dayrates to build customer support, CEO John Lindsay said Wednesday. What historically were separate U.S. Land Operations and HP Technologies business segments have been…

July 29, 2020
SoCal Edison Confident about Wildfire Readiness, Nagged by Past Uncertainty

SoCal Edison Confident about Wildfire Readiness, Nagged by Past Uncertainty

Southern California Edison Co. (SCE) is facing the current wildfire season with renewed confidence while sweating out the unknowns of the ultimate financial and legal liabilities of separate 2017 and 2018 wildfires in which the utility has been implicated. Parent company Edison International CEO Pedro Pizarro spoke about both sides of the issue during a…

July 29, 2020
Eni’s Bashrush Natural Gas Well Builds Eastern Med Export Potential

Eni’s Bashrush Natural Gas Well Builds Eastern Med Export Potential

Eni SpA, together with partners BP plc and Total SE, said they have successfully tested a well drilled on the Bashrush prospect offshore Egypt, expanding the possibility for exports to thirsty ports. Bashrush is in the Eastern Mediterranean (Med) within the North El Hammad concession, in the Nile Delta. Seven miles from the coast, the…

July 29, 2020
Europe RNG Production Sprinting Past North America

Europe RNG Production Sprinting Past North America

Eighteen nations in Europe collectively are ahead of North America in adopting production sites for renewable natural gas (RNG), or biomethane, with growth rising 51% in the past two years, according to the Natural Gas Vehicle (NGV) America trade organization. A study earlier this year by the American Gas Association (AGA) Foundation reported 110 RNG…

July 29, 2020