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Implications Seen for U.S. LNG as Nord Stream 2 Nears Finish Line

Implications Seen for U.S. LNG as Nord Stream 2 Nears Finish Line

Russia will likely complete by next year the undersea Nord Stream 2 (NS2) natural gas pipeline to Germany despite ongoing U.S. efforts to scuttle the $11 billion project, analysts said. The start-up of the 5.3 Bcf/d NS2 could curb a potential recovery of U.S. LNG exports even if the Covid-19 pandemic recedes next year, said…

July 10, 2020
Scorching Outlook Revives Natural Gas Forward Prices Amid Weak Exports

Scorching Outlook Revives Natural Gas Forward Prices Amid Weak Exports

Intensifying heat across the United States led a sharp rally for natural gas forward prices at a time when exports remain slow and uncertainty continues over energy demand recovery amid the coronavirus pandemic. Prices for August natural gas jumped 15.0 cents on average during the July 2-8 period, as did the balance of summer (August-October),…

July 10, 2020
Noble Bringing Back Curtailed U.S. Oil Volumes, Expanding NatGas Export Capacity Overseas

Noble Bringing Back Curtailed U.S. Oil Volumes, Expanding NatGas Export Capacity Overseas

Noble Energy Inc. said Thursday the bulk of its shut-in U.S. oil and gas production would be brought back online in the coming weeks.  Noble, whose vast U.S. portfolio extends across Texas and Colorado, said its second quarter curtailments totaled 11,000 b/d of oil. But “significant improvements in operating costs and netback pricing” will allow…

July 9, 2020
BP Inks Deal to Supply, Regasify LNG for China’s ENN Group

BP Inks Deal to Supply, Regasify LNG for China’s ENN Group

BP plc. has signed a first-of-its-kind deal with one of China’s largest privately-owned energy companies to supply LNG and regasify it at an import terminal.  Under the supply agreement, BP would provide 300,000 metric tons of regasified LNG to ENN Group for two years beginning Jan. 1, 2021. The LNG would be received and regasified…

July 9, 2020

The Offtake: LNG in Brief

A roundup of news and commentary from NGI’s LNG Insight Genscape Inc: U.S. feed gas deliveries hit new low Thursday. Demand fell to 2.8 Bcf/d as of evening nomination cycle for gas day July 9, down 1.1 Bcf/d from June average. Since July 1, feed gas demand has remained relatively steady near 3 Bcf/d, firm…

July 9, 2020
Sweltering Heat Sparks Surge for Natural Gas Forward Prices

Sweltering Heat Sparks Surge for Natural Gas Forward Prices

Intensifying heat across the United States led a sharp rally for natural gas forward prices at a time when exports remain slow and uncertainty continues over energy demand recovery amid the coronavirus pandemic. Prices for August natural gas jumped 15.0 cents on average during the July 2-8 period, as did the balance of summer (August-October),…

July 9, 2020
New Fortress Cancels Contracted LNG Cargoes in Favor of Cheaper Spot Volumes

New Fortress Cancels Contracted LNG Cargoes in Favor of Cheaper Spot Volumes

New Fortress Energy LLC (NFE) has canceled liquefied natural gas (LNG) cargoes it contracted to receive for the remainder of the year in exchange for a payment of $105 million to supplier Centrica LNG Co. Ltd.  The move comes as LNG prices have fallen precipitously, or by 85% over the last year and a half,…

July 8, 2020
LNG, Production Changes Pressure Natural Gas Futures Lower Early

LNG, Production Changes Pressure Natural Gas Futures Lower Early

Weak export demand and an uptick in production estimates saw natural gas futures reverse lower in early trading Wednesday. The August Nymex contract was off 4.6 cents to $1.830/MMBtu at around 8:45 a.m. ET. The sell-off in the August contract could be attributed to a small upward revision in the latest production data and another…

July 8, 2020
Report Warns Weak Global Market Has Created a ‘Gas Bubble’

Report Warns Weak Global Market Has Created a ‘Gas Bubble’

A “perfect storm” of oversupply, low prices and the Covid-19 pandemic has snarled billions of dollars worth of liquefied natural gas (LNG) projects, creating a bubble that could burst if the outlook doesn’t improve on multiple fronts, according to a report by Global Energy Monitor. GEM said Monday that the landscape for LNG has drastically…

July 7, 2020
Demand Slowdown Outpacing Natural Gas Production Decline, Keeping Lid on Prices, Says EIA

Demand Slowdown Outpacing Natural Gas Production Decline, Keeping Lid on Prices, Says EIA

Continuing economic sluggishness brought on by Covid-19 mitigation efforts is weighing down demand for natural gas, but there could be a price uptick on the horizon, according to the U.S. Energy Information Administration (EIA). Henry Hub spot prices are expected to average $2.46/MMBtu in 4Q2020, bringing the 2020 average to $1.93/MMBtu, EIA said in its…

July 7, 2020
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