Mexico’s natural gas production is helping to meet national demand as U.S. prices continue to soar this summer. “Mexican dry gas output is ramping up again,” WoodMackenzie analyst Richardo Falcón told NGI’s Mexico GPI. Since July 21, dry gas production has averaged nearly 2.5 Bcf/d, up 0.24 Bcf/d above average levels seen for the past…
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Natural Gas Futures Hit Fresh Highs Ahead of Expected Small Storage Build
After two solid days in the black, natural gas futures prices reached new heights on Wednesday as production continued to decline, and hot weather remained firmly in next week’s forecast. The September Nymex gas futures contract hit a $4.205 intraday high before settling at $4.158, up 13.1 cents from Tuesday’s close. At A Glance: U.S.…
BP’s Looney Says Natural Gas Demand to Surpass Pre-Covid Levels by Year-End
Global natural gas demand is forecast to recover and eclipse 2019 levels by the end this year, with liquefied natural gas (LNG) consumption set to climb in Asia, according to BP plc. The London-based integrated energy major delivered its second quarter results on Tuesday, offering a robust outlook for natural gas and oil, even as…
Production Drop, Hotter Forecast Propel Natural Gas Futures Prices a Second Day
A step down in production drove natural gas futures prices higher for a second day, with gains accelerating after the latest weather models turned even hotter for next week. The September Nymex gas futures contract settled Tuesday at $4.027, up 9.2 cents on the day. October climbed 9.4 cents to $4.032. At A Glance: Covid…
Eni’s Gusher in Mexico’s GOM Waters Said Sign of Remaining Untapped Potential
Italy’s Eni SpA has announced another deepwater find in the Sureste Basin in southeastern Mexico’s Gulf of Mexico (GOM), with preliminary estimates indicating 150-200 million boe in place. The estimated resources “reflect that there’s still untapped potential to be brought to market,” Amexhi head Merlin Cochran told NGI’s Mexico GPI. Amexhi is a Mexico private…
September Natural Gas Rallies as ‘Hottest Weather of Summer’ Seen for Next Week
Natural gas futures traded both sides of the $4.00/MMBtu mark on Monday as bullish weather forecasts and persistently sagging storage levels quickly reversed the losses from late last week. The September Nymex gas futures contract hit a $4.042 intraday high but ultimately finished the day at $3.935, up only 2.1 cents from Friday’s close. At…
TC Energy, CFE Sign MOU to Advance Mexico Natural Gas Pipeline Projects
Mexican state power utility Comisión Federal de Electricidad (CFE) said Sunday it has signed a memorandum of understanding (MOU) with TC Energy Corp. to advance two natural gas pipeline projects and to “consolidate” several existing firm natural gas transport agreements between the firms. CFE said it has agreed “to take a more active role” in…
Natural Gas Futures, Spot Prices Sink as Cooler Weather Arrives
Natural gas futures faltered on Friday as traders took profits and markets focused on a near-term shift in weather that is expected to usher in a reprieve from the oppressive heat that has defined the summer to date over much of the Lower 48. The September Nymex contract dropped 14.5 cents day/day and settled at…
Possible Constitutional Reform Worrying Mexico Energy Industry, Expert Says
“A change to the constitution is something everybody is thinking about but the road ahead looks a bit more complicated given the results of midterm elections,” David Crisostomo, associate director at IHS Markit and seasoned Mexico energy industry expert, told NGI’s Mexico Gas Price Index. “The results of the midterm elections show that the room…
Natural Gas Futures Spike as September Kicks Off Run as Prompt Month
Natural gas futures flew higher on Thursday, bolstered by strong fundamentals and a bullish government inventory report that reinforced concerns about supply/demand imbalance and the specter of anemic storage levels ahead of winter. The September Nymex contract, which took over as the prompt month on Thursday, jumped 9.2 cents day/day and settled at $4.059/MMBtu. A…