Just as a rally started to mount, natural gas futures stumbled on Tuesday and dashed hopes for a three-day winning streak. Strong liquefied natural gas (LNG) levels had propelled the prompt month over the two prior trading sessions, but continued forecasts for weak domestic weather demand curbed the momentum. The April Nymex contract shed 7.4…
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ICE Reports First LNG Freight Futures Trades — LNG Recap
Intercontinental Exchange Inc. said Tuesday its liquefied natural gas (LNG) freight futures contracts launched Monday and were traded by leading industry players on their first day. The contracts are based on LNG freight spot price assessments by Spark Commodities. ICE said 15 lots of the Spark30S Atlantic and 15 lots of the Spark25S Pacific contracts…
Canceled Annova LNG Export Project Signals Potential Headwinds for U.S. FIDs
The sponsors of the planned Annova liquefied natural gas (LNG) export project in South Texas have called quits on the development, citing changes in the global market. Annova disclosed the “immediate discontinuation” of the 6.5 million metric tons/year (mmty) export project in a letter filed Monday with FERC. The letter asked the Federal Energy Regulatory…
Chevron Ends Funding for Kitimat LNG; Woodside Looks to Move Ahead
The first British Columbia (BC) project in Kitimat to move liquefied natural gas (LNG) exports overseas is no longer on the funding list for Chevron Corp., which has been partnering in the proposal with Australia’s Woodside Energy Ltd. The Kitimat LNG project owner and would-be operator announced a halt to all of its spending on…
Natural Gas Futures Called Lower Early as ‘Emphatically Bearish’ Weather Lends Little Support
Continued expectations for mild temperatures later this month into early April saw natural gas futures reverse some of their gains from the previous session in early trading Tuesday. The April Nymex contract was down 2.6 cents to $2.556/MMBtu at around 8:50 a.m. ET. Overnight changes in the weather data included a loss of 13 heating…
April Natural Gas Futures Extend Gains as LNG Holds Strong, Cash Prices Advance
Natural gas futures on Monday advanced for a second consecutive session, boosted by continued robust liquefied natural gas (LNG) levels. The April Nymex contract settled at $2.582/MMBtu, up 4.7 cents day/day. May gained 5.3 cents to $2.619. NGI’s Spot Gas National Avg. rose 4.0 cents to $2.310, with prices up across the Rocky Mountains region…
Qatar Petroleum Signs LNG Supply Deal with China’s Sinopec
State-owned Qatar Petroleum (QP) on Monday signed an agreement to supply China Petroleum & Chemical Corp., aka Sinopec, with 2 million tons (Mt) of liquefied natural gas (LNG) annually for a term of 10 years. The deal is yet another bold move for QP as it looks to strengthen its hand in the future of…
Aramco Looking to Skip LNG Exports, Focus on Blue Hydrogen Transport
Saudi Arabia’s state-owned oil company is looking to expand its natural gas business by skipping over the traditional export route and going for a growing market in blue hydrogen, executives said Monday. Saudi Arabia Oil Co., better known as Aramco, is the largest oil exporter in the world. It also has a plethora of natural…
Canadian Arctic Natural Gas Project Eyed to Serve Mackenzie Delta
Natural gas supply development is returning to the Canadian Arctic, initially to serve a small Mackenzie Delta fuel market. The Delta is about 2,200 miles north of the border between the United States and Alberta. Delta native-owned Inuvialuit Petroleum Corp. and Ferus Natural Gas Fuels Inc. applied Thursday for approval by the Canada Energy Regulator…
New Fortress Energy Unveils Plans for FLNG, Southeast Asia Projects
New York City-based New Fortress Energy LLC (NFE) continues to pursue rapid growth in underserved natural gas markets across the world, announcing plans to enter the offshore liquefaction space and build an import terminal in Southeast Asia. The company, which is focused on delivering liquefied natural gas (LNG) to markets that lack access to the…