New regulation over the permitting process involved in the importing and exporting of fuels in Mexico published in the country’s Official Gazette on Dec. 26 could prove harmful to competition in the Mexican energy sector. Mexico’s Comisión Federal de Competencia Económica (Cofece), the federal economic competition commission, published a statement last week warning the rules…
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Christmas Eve Decline Sets Stage for Natural Gas Futures’ Post-Holiday Crash
Increasingly mild outlook sends Nymex futures on post-Christmas crash Positioning ahead of January contract expiration also may be at play Cash prices stumble ahead of extended holiday Natural gas traders on Thursday couldn’t be convinced to go long despite the extended Christmas holiday weekend, especially with the weather data turning milder with every run of…
State Looks to Become Predominant Actor in Mexico’s Natural Gas Infrastructure
According to company plans and Mexican government announcements, the vast majority of 2021 natural gas projects will be spearheaded by the state, or at least the state will play some role in their development. Meanwhile, most of the major natural gas pipelines launched thanks to Mexico’s 2013-2014 energy reform are complete, but a few delayed…
Following Storage Report and New Headwinds, Natural Gas Futures Plunge; Cash Prices Give Up Ground
EIA reports steep storage pull, but it fell shy of expectations European weather model shed heating-degree days Spot prices sputtered as mild temperatures pervaded Lower 48 Natural gas futures plummeted Wednesday as weather models continued to seesaw, production increased, export cargoes were reportedly cancelled, and the latest government inventory print fell shy of market expectations.…
Mexico Natural Gas Prices Hit 21-Month High in November
Natural gas prices in Mexico reached a 21-month high in November, averaging $3.45/MMBtu, according to the latest IPGN monthly natural gas price index published by Comisión Reguladora de Energía (CRE). This compares to $3.15/MMBtu in November 2019. CRE compiles the index based on day-ahead spot prices reported anonymously by marketers. CRE used 298 transactions reported…
Colder Conditions and Bullish Storage Forecasts Drive Up Natural Gas Futures
Improved LNG levels add a dose of optimism Passage of a $900 billion coronavirus relief bill added optimism Natural gas futures advanced Tuesday on forecasts for colder weather and a bullish withdrawal from storage. Improved liquefied natural gas (LNG) levels added a dose of optimism. The January Nymex contract climbed 7.5 cents day/day and settled…
Private Sector Upstream Industry in Mexico Said Committed to Developing Nation’s Oil and Gas
Private firms operating in the Mexican upstream oil and gas sector have maintained their commitment to the country despite the impacts of coronavirus and have even upped exploratory activity this year. This is according to a panel of experts who spoke during a virtual event last week organized by the #WeTweetEnergy group, an online community…
January Natural Gas Futures Inch Ahead Despite LNG Decline, Coronavirus Concerns; Spot Prices Sputter
Worries mounted over a still-surging coronavirus pandemic LNG volumes declined from the prior week Cash prices cascaded as temperatures climbed Despite favorable weather news, natural gas futures traded sideways Monday as worries mounted over a still-surging coronavirus pandemic and its potential impacts on economies and energy demand. The January Nymex contract settled at $2.705/MMBtu, up…
Tax Break or No, Mexico’s Pemex Likely to Require More Government Support, Fitch Says
Mexican state oil company Petróleos Mexicanos (Pemex) would require more government support over the coming years if it wants to increase capital expenditures (capex) without taking on more debt, even if proposed tax breaks for the firm are passed by legislators, according to Fitch Ratings. Senator Armando Guadiana, a member of President Andrés Manuel López…
Natural Gas Futures Advance as Forecasts Point to More Cold Snaps
Outlooks called for freezing temperatures around the Christmas holiday Demand for liquefied natural gas exports held strong Spot prices plummeted in the Northeast after a major storm passed Natural gas futures advanced Friday following forecasts for freezing temperatures, steadily strong liquefied natural gas (LNG) levels and a bullish withdrawal from storage. The January Nymex contract…