National Grid plc has boosted long-term LNG supply to the UK from the United States and North Africa with two contracts as it expands imports at its Grain LNG terminal. London-based National Grid launched an auction in September seeking bids for up to 9 million metric tons/year (mmty) in regasification capacity at Grain, Europe’s largest…
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Canadian Natural Gas Market Mirrors United States – Plump Production, Stout Storage and Low Prices
The state of Canada’s natural gas market largely reflects that of the United States: robust production, elevated storage levels and suppressed prices. To be sure, the Arctic blast in mid-January that briefly bolstered heating demand and caused wellhead freeze-offs that slowed production in the Lower 48 also gave the Canadian market a boost. Cash prices,…
Norwegian Production Outage Fails to Lift TTF Higher – LNG Recap
European natural gas prices gave up last week’s gains on Monday, despite an unplanned outage at a top field in Norway and ongoing conflict in the Middle East. Norwegian natural gas exports to the continent were nominated at 286 million cubic meters (MMcm) on Monday, down from recent levels of 340 MMcm/d due to unplanned…
Mexico Projects Facing Uncertainty With Biden’s Decision to Pause LNG Export Licenses
Mexico’s nascent LNG market could be impacted by the Biden administration’s decision to pause U.S. export licenses while regulators review the process for approving them. The liquefied natural gas export projects planned in Mexico, which amount to about 6 Bcf/d, would use U.S. natural gas as feedstock. As such, they require U.S. Department of Energy…
China Seen Driving LNG Demand Growth Amid Various Supply Constraints
Global natural gas demand is set to rise by 2.5% or 100 billion cubic meters (Bcm) in 2024 versus 2023, likely accompanied by increased price volatility, according to the International Energy Agency (IEA). This compares to a demand increase of 0.5% recorded in 2023, the global energy watchdog said in its latest quarterly Gas Market…
Escalating Geopolitical Tensions Push European Natural Gas Prices Higher – LNG Recap
Escalating tensions in the Middle East and uncertainty over U.S. LNG exports combined Monday to push European natural gas prices higher. Despite weak fundamentals, “geopolitics remain in focus” for the global energy market, said Schneider Electric analyst Robbie Fraser. Three U.S. servicemen were killed in a drone strike in Jordan over the weekend that was…
Natural Gas Expected to Play Key Role in UK Energy Mix Despite Plans to Increase Nuclear Power
Natural gas imports will continue to play an important part in the UK’s energy mix despite a plan recently launched by the government for nuclear power assets to generate 25% of the country’s electricity by 2050. The proposed targets of having up to 24 GW of nuclear power online by 2050 in the Civil Nuclear…
Norway Awards 62 Offshore Drilling Permits, Boosts Arctic Exploration
Norway has awarded 62 offshore drilling licenses from the country’s 2023 auction, expanding explorable acreage in the Arctic and potentially locking in decades of oil and natural gas supply for European allies. The Ministry of Energy awarded offshore production permits on the Norwegian Continental Shelf to 24 oil and gas companies, with Equinor ASA and…
Global Natural Gas Prices Expected to Remain Muted Despite Roiling Volatility – LNG Recap
The tensions ratcheting up in the Middle East have left the Suez Canal devoid of LNG carriers to start the week, adding shipping lags and costs to cargoes for possibly the rest of the winter. However, the global natural gas market appears locked into a downward spiral as forecasts point to weaker price dynamics through…
The Great Recession’s Impact on Spain’s Natural Gas Market Still Ripples Through Global LNG Trade – Column
Although a stranded one, Spain’s natural gas market became a European hub years ago. Since then, the Spanish market has evolved to hold a unique role in the global market, but it’s worth noting that its position was largely carved by how the country adapted to the Great Recession.