Upstart hedge fund Engine No. 1 has captured three board seats at ExxonMobil, in an upset of historic proportions. Shareholders elected nine company nominees but Engine No. 1 has captured three, the Irving, TX-based supermajor announced last week. The annual meeting held late last month had already jolted the investor complex, with Engine No. 1,…
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Hot Weather, Low Storage Inventories Continue Driving Global Demand for Natural Gas — LNG Recap
Global natural gas prices were mixed on Monday, picking up where they left off last week, but the outlook remains strong as bullish market fundamentals in Europe, Asia and South America remain largely unchanged. The front-month National Balancing Point and Title Transfer Facility contracts in Europe traded sideways last week, but they remained stable around…
Cooler Weather Pressures Natural Gas Futures Lower in Early Trading
Moderating summer heat in the latest forecasts helped send natural gas futures a few cents lower in early trading Monday. As of 8:45 a.m. ET, the July Nymex contract was down 3.8 cents to $3.059/MMBtu. The temperature outlook trended slightly cooler over the weekend, according to Bespoke Weather Services, leading the firm to remove 2-3…
Global Energy Investments Rebounding, but Shifting Away from Traditional Oil, Natural Gas
Global energy investments are set to rebound by nearly 10% this year to $1.9 trillion, reversing the 2020 decline, but the energy transition is moving more funds toward electricity and renewables and away from fossil fuels, according to the International Energy Agency (IEA). Researchers said investments are returning to pre-crisis levels, with a shift continuing…
Sizzling June Forecast Boosts Natural Gas Forward Prices; LNG Key to Maintaining Momentum
Forecasts promising toasty temperatures during the second week of June prompted double-digit gains for natural gas forwards prices at numerous Lower 48 hubs during the trading week ended June 2, according to NGI’s Forward Look. A prominent increase in cooling demand expectations from forecasts over the Memorial Day weekend sent Nymex futures sharply higher in…
Vessel Owners Scoping Out Technology to Cut CO2 Emissions as Decarbonization Rules Loom — LNG Spotlight
An international regulatory body is set to finalize decarbonization guidelines for about 50,000 commercial vessels across the world later this month, but liquefied natural gas (LNG) ship owners are not waiting to upgrade their fleets. LNG carrier owners are already searching for ways to comply with the coming International Maritime Organization (IMO) decarbonization rules, which…
Argentina’s Second LNG Import Terminal Starts Operations to Meet Winter Demand
Gas-rich Argentina is back to importing natural gas from two ports with the startup of Excelerate Energy LP’s Exemplar floating storage and regasification unit (FSRU) at Bahía Blanca. The new liquefied natural gas (LNG) import option adds to the existing Excelerate FSRU now stationed at Escobar, also in Buenos Aires province. The Exemplar FSRU has…
U.S. Dominated Global LNG Trade in 2020, Says IGU
The United States accounted for all of the world’s new liquefied natural gas (LNG) production capacity last year, as exports grew despite challenges created by the Covid-19 pandemic, according to the 12th annual World LNG Report by the International Gas Union (IGU). Cameron, Freeport and Elba Island LNG added 20 million tons (Mt) of annual…
Natural Gas Forwards Sizzle as June Heat Jolts Futures Market
Forecasts promising toasty temperatures during the second week of June prompted double-digit gains for natural gas forwards prices at numerous Lower 48 hubs during the trading week ended June 2, according to NGI’s Forward Look. A prominent increase in cooling demand expectations from forecasts over the Memorial Day weekend sent Nymex futures sharply higher in…
ICE Reports TTF, JKM Setting Records as LNG Market ‘Matures’
Intercontinental Exchange Inc. (ICE) reported new records in trading activity at European and Asian natural gas hubs as the global export market heats up. Dutch Title Transfer Facility (TTF) futures achieved record open interest of about 1.94 million contracts on May 26, representing a 21% increase year/year, according to ICE. The benchmark earlier in May…