Natural gas futures pulled back from early highs, still ending the week’s opening session with a gain as near-term cold weather that could prevent surpluses in natural gas inventories from widening further offered some support. At A Glance: Futures pare early gains Weather modestly supportive Cash markets up on cooldown The April Nymex natural gas…
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NGI’s 4Q2023 Mexico Natural Gas Market Analyst Takeaways
Mexico faces an election in June amid rising natural gas demand and infrastructure needs. See what NGI analysts gleaned from the recently completed 4Q2023 earnings season. SLB Corp. (SLB): CEO Olivier Le Peuch told investors on SLB’s 4Q2023 earnings conference call that “in the international markets, we expect full year revenue growth reaching the mid-teens…
Shell’s ‘Competitive Advantages’ Centering on LNG Trade, Lowering Emissions, Says CEO
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…
Cooler Weather Outlook Bolsters Natural Gas Futures; Cash Rallies — MidDay Market Snapshot
Natural gas futures pull back from early highs but still in positive territory as weather models seen cooler over weekend April Nymex contract trading at $1.713/MMBtu as of 2:10 p.m. ET, up 5.8 cents “Changes over the weekend were colder, particularly for the Plains and Midwest” throughout 15-day projection period, according to Maxar meteorologist Brad…
Appalachia, Haynesville Natural Gas Production Seen Falling into April, EIA Data Show
Natural gas production from major Lower 48 plays will hold mostly steady from March to April as oil-focused regions boost output to offset declines in the Haynesville Shale and Appalachian Basin, according to the U.S. Energy Information Administration (EIA). EIA in its latest monthly Drilling Productivity Report (DPR) modeled combined natural gas production from seven…
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…
Chevron’s Guyana Mega-Deal Facing Hurdles as Oil, Natural Gas Industry Consolidates
ExxonMobil is trying to put a stop to Chevron Corp. and its bid to enter the lucrative Guyanese offshore oil and natural gas patch. The company has filed for arbitration, claiming Chevron’s bid to snap up Hess Corp.’s Guyana assets goes against a contract clause that grants ExxonMobil a right of first refusal. Last October,…
No Uplift for Bakken Natural Gas Prices as Supply Glut Continues
Natural gas prices in North Dakota continue to languish at nearly 30-year lows amid nationwide oversupply, according to the state’s top oil and gas regulator. Production cuts announced by large operators in the gassy Marcellus and Haynesville shales have so far failed to meaningfully boost prices. “We’re seeing rigs lay down in the natural gas…
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…