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As Temperatures Fall, Cash Prices Advance and May Natural Gas Futures Tread Water

As Temperatures Fall, Cash Prices Advance and May Natural Gas Futures Tread Water

Natural gas futures traded in the green much of Wednesday, lifted by colder weather trends that pointed to increased heating demand through the second half of April. Near-record liquefied natural gas (LNG) levels continued to provide price support as well. But a sixth-straight day of gains proved elusive as traders took profits late in the…

April 14, 2021
OPEC Raises Global Oil Demand Forecast as Mexico’s Pemex Set for Modest Production Uptick

OPEC Raises Global Oil Demand Forecast as Mexico’s Pemex Set for Modest Production Uptick

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday formally raised its expectations for global oil demand in 2021, citing expectations for a recovery from the pandemic and stronger economic growth. In its Monthly Oil Market Report (MOMR), the cartel projected demand would rise by 5.95 million b/d this year, a nearly 7% increase…

April 14, 2021
Continental May Exceed 2021 Oil, Natural Gas Production Guidance in Midcontinent as Net Debt Falls

Continental May Exceed 2021 Oil, Natural Gas Production Guidance in Midcontinent as Net Debt Falls

Continental Resources Inc. said Tuesday it is on track to meet or exceed its 2021 full-year oil and natural gas production guidance. The Oklahoma City-based exploration and production (E&P) company also indicated that it has lowered its total debt by 10% since the end of 2020. In an update ahead of its 1Q2021 earnings call…

April 14, 2021
BP Strikes Oil in Deepwater Puma West Prospect Near Mad Dog

BP Strikes Oil in Deepwater Puma West Prospect Near Mad Dog

BP plc said it has struck oil at the Puma West prospect offshore Louisiana near its Mad Dog platform in the deepwater Gulf of Mexico (GOM).  The well in Green Canyon Block 821 was drilled by BP, operator and owner of the block, on behalf of co-owners Chevron U.S.A. Inc. and Talos Energy Inc., each…

April 14, 2021
Liquids-Rich Production in Alberta’s Charlie Lake Field Inspires Calgary Dealmaking

Liquids-Rich Production in Alberta’s Charlie Lake Field Inspires Calgary Dealmaking

Liquids-rich natural gas and prolific oil properties in northwestern Alberta, known as the Charlie Lake field, inspired C$526 million (US$421 million) in deals announced this week by Calgary-based operators.  In one transaction, Tamarack Valley Energy Ltd. paid C$247.5 million ($198 million) cash and traded 105.3 million shares valued at C$2.34/share ($1.87) for Anegada Oil Corp.…

April 14, 2021
Chesapeake Pilot to Responsibly Produce Natural Gas in Haynesville, Marcellus

Chesapeake Pilot to Responsibly Produce Natural Gas in Haynesville, Marcellus

Chesapeake Energy Corp. said Tuesday it has launched a pilot program with environmental monitoring company Project Canary to continuously measure methane emissions and obtain certification that natural gas from Marcellus and Haynesville shale wells is responsibly produced. The agreement includes select well pads in Northeast Pennsylvania and Northwest Louisiana, but the companies said the partnership…

April 14, 2021
Ecoark Looking to Power Cryptocurrency Mining with Constrained Natural Gas

Ecoark Looking to Power Cryptocurrency Mining with Constrained Natural Gas

San Antonio-based Ecoark Holdings Inc. plans to begin beta testing a cryptocurrency mining approach in May that would be powered by natural gas that is constrained by a lack of infrastructure. The diversified holdings company established a strategic initiatives team in February to analyze ways to deploy capital for the test project. Led by CFO…

April 13, 2021
After Deciding to Boost Output, OPEC Lifts Forecast for Global Oil Demand

After Deciding to Boost Output, OPEC Lifts Forecast for Global Oil Demand

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday formally raised its expectations for global oil demand in 2021, citing expectations for a recovery from the pandemic and stronger economic growth. In its Monthly Oil Market Report (MOMR), the cartel projected demand would rise by 5.95 million b/d this year, a nearly 7% increase…

April 13, 2021
NatGas Output from Seven Key U.S. Regions to Fall in May, EIA Says

NatGas Output from Seven Key U.S. Regions to Fall in May, EIA Says

While some Lower 48 plays are expected to see natural gas production trend upward over the next month, overall output from seven key U.S. regions is set to decline from April to May, according to updated figures released Monday by the U.S. Energy Information Administration (EIA). Total output from the seven regions — the Anadarko,…

April 13, 2021
New Permian Oil, Gas Drilling Permits OK’d in March Surpass Year-Ago Total

New Permian Oil, Gas Drilling Permits OK’d in March Surpass Year-Ago Total

Texas operators applied for more oil and gas drilling permits during March than a year earlier, with the Permian Basin still the go-to place for activity, according to state regulators.  The Railroad Commission of Texas (RRC) said it issued 798 original drilling permits last month, versus 744 in March 2020.  Last month, the RRC issued…

April 13, 2021
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