International

Brazilian national oil company Petróleo Brasileiro (Petrobras) reported a 43.5% year/year (y/y) increase in domestic natural gas sales volumes during the third quarter as severe drought limited hydroelectric output in the South American country. Gas sales totaled 89 MMm3/d, up from 62 MMm3/d in 3Q2020, management said in presenting the firm’s quarterly earnings. Petrobras relied…

Global natural gas markets are likely to remain tight through the winter, with oil prices continuing to climb as well, BP plc executives predicted on Tuesday. CEO Bernard Looney was joined in a conference call by CFO Murray Auchincloss to discuss the London-based integrated energy major’s third quarter results and the near-term outlook.  “It was…

Calgary-based Suncor Energy Inc.’s upstream production during the third quarter climbed from a year ago on strong performance from its oilsands portfolio. Total production rose to 698,000 boe/d from 616,200 boe/d in 3Q2020, propelled by the northern Alberta facilities, where 91% of the upstream output originates at mines and in-situ underground extraction plants.  “We continue…

Natural gas futures fell again Monday as forecasts for more mild fall weather and light demand eclipsed robust liquefied natural gas (LNG) levels. The December Nymex contract settled at $5.186/MMBtu, down 24.0 cents day/day. January fell 22.4 cents to $5.305. Trading Monday extended a steep downward trend. Futures shed more than 75 cents over the…

The Saudi Arabian Oil Co., better known as Aramco, recorded a substantial increase in profits during the third quarter on rebounding global energy demand, which is likely to “remain healthy for the foreseeable future,” CEO Amin H. Nasser said. Higher oil volumes sales and prices, combined with stronger refining and chemicals margins, were underpinned by…

European natural gas prices jumped on Monday after flows reversed on a key pipeline that moves Russian supplies to the continent.  Monday’s price action was the latest to demonstrate how mixed signals from Russia have the European market seesawing. The Dutch Title Transfer Facility and National Balancing Point benchmarks dropped sharply last week, falling from…

Plans to expand natural gas infrastructure across Asia could prove harmful to the region as the world transitions from fossil fuels, according to a new report by environmental advocate Global Energy Monitor (GEM).  GEM said the $379 billion of planned gas-fired power plants, natural gas pipelines and liquefied natural gas (LNG) terminals across Asia could…

With limited global supplies and robust demand entering the peak winter season, Raymond James analysts this week boosted their already bullish natural gas price forecasts for this year and 2022. Analysts J.R. Weston and John Freeman said they raised their full-year 2021 Henry Hub average price forecast 6% to $3.70/MMBtu and their expectation for next…

Gunvor Group Ltd. has agreed to employ four newbuild liquefied natural gas (LNG) carriers as the trading house looks to cut emissions tied to its operations.  Subsidiary Clearlake Shipping is securing long-term time charters with Monaco-based shipowner Celsius Tankers. Celsius expects to take delivery of the new vessels from Samsung Heavy Industries Co. Ltd. (SHI)…