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U.S. West, Midwest at Risk for Power Shortages in Extreme Heat Situations, Says NERC

U.S. West, Midwest at Risk for Power Shortages in Extreme Heat Situations, Says NERC

With drought conditions set to continue in the coming months – and likely intensify in some areas – more than half of the United States and portions of Canada could struggle to meet electricity demand this summer in the event of extreme heat, according to the North American Electric Reliability Corp. (NERC). The Midcontinent faces…

May 21, 2022
Weekly Natural Gas Prices Push Higher Amid Southern Heat, Supply Pressures

Weekly Natural Gas Prices Push Higher Amid Southern Heat, Supply Pressures

Natural gas cash prices rallied along with futures through the first three sessions of the week on supply concerns and remarkably strong cooling demand by mid-May standards. The result: NGI’s Weekly Spot Gas National Avg. for the May 16-20 period jumped 80.5 cents to $7.920. Supported by weather-driven demand and steady calls for U.S. exports,…

May 20, 2022
Natural Gas Futures Fall Second Day, but Finish Ahead For Week

Natural Gas Futures Fall Second Day, but Finish Ahead For Week

Natural gas futures gave up ground Friday as buyers moved to the sidelines after a furious rally earlier in the week. The June Nymex gas futures contract declined 22.5 cents day/day and settled at $8.083/MMBtu. Still, it gained 5.5% for the week. July shed 22.2 cents on Friday to $8.178. At A Glance: Futures tumble…

May 20, 2022
Engie Sees ‘Incredible Development Potential’ in Mexican Southeast Region, COO Says

Engie Sees ‘Incredible Development Potential’ in Mexican Southeast Region, COO Says

French utility Engie SA, which recently constructed and began operations on the Cuxtal I natural gas pipeline in the Yucatan peninsula, sees “incredible development potential” in the southeast region of Mexico, the company’s COO, Ana Laura Ludlow, told NGI’s Mexico GPI. Engie is also ready to start work on expanding capacity on the Mayakan pipeline…

May 20, 2022
FERC Says LNG Export Growth Key Factor in Higher Summer Natural Gas, Electric Prices

FERC Says LNG Export Growth Key Factor in Higher Summer Natural Gas, Electric Prices

Driven in part by liquefied natural gas (LNG) exports, demand growth will outpace supply gains this summer, leading to higher prices year/year, FERC said in its 2022 outlook on summer energy markets. Compared with summer 2021 levels, total domestic dry natural gas production is expected to increase 3.4% this summer, while total consumption is projected…

May 20, 2022
Natural Gas Drilling Steady in U.S. as Texas Leads Surge in Oil Patch

Natural Gas Drilling Steady in U.S. as Texas Leads Surge in Oil Patch

The U.S. natural gas rig count climbed one unit to 150 for the week ended Friday (May 20), while Texas led a surge in oil drilling that lifted the combined U.S. tally 14 units higher to 728, according to the latest figures from Baker Hughes Co. (BKR). Alongside the one natural gas-directed rig, 13 oil-directed…

May 20, 2022
Russia Halts Natural Gas Shipments to Finland

Russia Halts Natural Gas Shipments to Finland

Finland’s state-owned energy company Gasum said Friday that Russia would soon cut off the country’s main source of natural gas supplies, forcing it to find alternatives. Russia’s Gazprom PJSC informed the company that it would stop delivering natural gas supplies to Finland beginning Saturday (May 21). Gazprom said it was halting exports to the country…

May 20, 2022
Asia Spot LNG Prices Drop, Prompt Shipping Rates Rise

Asia Spot LNG Prices Drop, Prompt Shipping Rates Rise

HOUSTON (ICIS) — Asian LNG spot prices have fallen this week, with the July ICIS East Asia Index (EAX) down more than 12% on 19 May from one week ago. The softness in prices, compared with levels seen just a month ago, could attract additional buyers into the market. New demand will be weather dependent…

May 20, 2022
Permian Pure-Play Laredo Sees Diesel, Chemical Costs as Wildcards

Permian Pure-Play Laredo Sees Diesel, Chemical Costs as Wildcards

Laredo Petroleum Inc. has locked in pricing for most of its oilfield services operations through the rest of this year to counter inflation, but costs for the diesel fuel and chemicals needed to sustain them remain harder to predict. “We worked with our service partners to lock in 85% of expected drilling, completions, equipment and…

May 20, 2022
Early Heat, Soft Supply Drive Natural Gas Forward Prices Higher; California Seeing $10 Summer

Early Heat, Soft Supply Drive Natural Gas Forward Prices Higher; California Seeing $10 Summer

Natural gas forwards rallied throughout the trading period ending May 18 as early-season heating demand, rising exports and production declines stoked supply concerns. June fixed prices jumped an average 64.0 cents, as did the balance of summer (June-October), according to NGI’s Forward Look. The winter 2022-2023 package (November-March) bounced an impressive 58.0 cents on average…

May 20, 2022
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