At the right “price point,” global demand for natural gas will continue to expand, Shell plc CEO Wael Sawan said Monday. On the opening day of CERAWeek by S&P Global in Houston, Sawan told the industry audience that the transition to become a net-zero producer remains a goal by 2050. However, alternatives remain too expensive…
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Venture Global Acquiring Fleet of LNG Tankers to Transport Gulf Coast Volumes Overseas
Venture Global LNG Inc. said Sunday it would acquire a fleet of nine liquefied natural gas tankers, becoming the first U.S. producer of the super-chilled fuel to own vessels as it continues to integrate its operations. The vessels are currently under construction in South Korea. Six of them would have the capacity to carry 174,000…
Tellurian Considers Company Sale, Other Driftwood LNG Options as Strategic Shift Continues
As Tellurian Inc. continues to reorganize its management team, it’s expanding the purview of its financial consultant to include selling equity in its LNG export project, or the entire company. Houston-based Tellurian, which is developing the proposed Driftwood liquefied natural gas project in Louisiana, has undergone a series of major personnel and strategy changes since…
Colder Forecast, Tighter Balances Lift Natural Gas Futures in Early Trading
Supportive weekend weather trends, against a backdrop of tightening underlying fundamentals, helped natural gas futures rebound in early trading Monday. After plunging 8.6 cents in Friday’s session, the April Nymex contract was up 8.8 cents to $1.743/MMBtu as of 8:35 a.m. ET. The American Global Forecast System model added 20 heating degree days (HDD) over…
More Work Expected at Freeport LNG After Train Inspections – The Offtake
Train 3 at Freeport LNG was in the process of restarting on Friday, according to a source with knowledge of the matter. An electrical motor that was damaged by severe cold in January has been repaired and is back online. Feed gas nominations were up slightly Friday. Following inspections, Freeport will now make upgrades requiring more work on Trains 1 and 2. An inspection on Train 2 is currently “progressing well,” the source said. Train 1 will be shut down for inspections and work once Train 2 is finished.
Natural Gas Forwards Weighed Down by Soft Fundamentals
Against a backdrop of soft near-term fundamentals, exceptionally weak spot market pricing and plummeting Nymex futures, regional natural gas forwards came under widespread bearish pressure during the March 7-13 trading period, NGI’s Forward Look data show. For a market still threading the needle between near-term oversupply and anticipated future demand growth, selling was weighted toward…
Nuclear Power Additions Not Expected to Significantly Cut Into South Korea’s LNG Demand
South Korea’s plans to bring online more nuclear power capacity could cut natural gas demand this summer, but the strategy is unlikely to curb demand the way it has in Japan. “Korea’s nuclear projects have been under construction for some time, and Japan will be far ahead with switching their plants back on once they…
Shell to Expand LNG Trading, Carve Out Lower Emissions through AI and Efficiencies
Shell plc upended its energy transition strategy on Thursday, citing lower power sales and stronger demand for natural gas, but it still expects to reach net-zero carbon emissions by 2050. Under pressure from investors to focus on the core oil and natural gas business, the London-based major updated its carbon reduction ambitions in the Energy…
Natural Gas Futures Steady Early on Potential Freeport Restart, Supportive Storage
With the market anticipating a bump in export demand, natural gas futures held on to the previous session’s gains in early trading Friday. The April Nymex contract was up 0.7 cents to $1.748/MMBtu at around 8:30 a.m. ET. Indications of an imminent return to service for Freeport LNG’s Train 3, offline since January, helped fuel…
Freeport LNG Said Close to Restarting Train 3 – Three Things to Know About the LNG Market
NO. 1: Power usage at the Freeport LNG export terminal was ramping up on Thursday, according to Wood Mackenzie, as the facility prepares to restart its third train. The liquefaction unit has been offline since January, when extreme cold caused electrical issues at the plant on the upper Texas coast. An industry source with knowledge…