NGI Mexico GPI

Andres Manuel Lopez Obrador, the overwhelming victor in Mexico’s recent presidential election, believes that his future administration will make the state oil company Petroleos Mexicanos, aka Pemex, “great once again.”

Natural gas futures retreated Monday as forecasts failed to offer up enough heat to impress a market mindful of surging production. Hot temperatures to start the week drove up spot prices along the East Coast and in Southern California; the NGI National Spot Gas Average jumped 14 cents to $2.74/MMBtu.

Mexican natural gas imports averaged 5.07 Bcf/d in April, up 13.2% year/year (y/y), according to the latest Energy Ministry (Sener) data.

Natural gas futures bulls gained back some ground Friday after taking it on the chin earlier in the week, even as a slight bearish miss from government storage data appeared to offer little in the way of support.

Energy regulators have extended indefinitely a resolution allowing Petroleos Mexicanos (Pemex) to inject off-specification natural gas into pipelines serving southern Mexico.

Natural gas futures slid Thursday as production concerns and some anticipated cooling in the Northeast sent prices lower, despite a generally bullish forecast for the next two weeks. In the spot market, projected triple-digit heat sent SoCal Citygate prices spiking, while East Coast points fell on cooler temperatures ahead; the NGI National Spot Gas Average added 2 cents to $2.72/MMBtu.

Mexican authorities have renewed the transport rates on Sistrangas, the country’s largest natural gas transmission network, for an additional month to allow its operator to adapt its pipeline management software to a new tariff regime.

Natural gas futures gained modestly Tuesday ahead of the Independence Day holiday as small changes to weather guidance left the market to continue weighing near-term heat and storage deficits against surging production.

Socialist and former Mexico City mayor Andrés Manuel Lopez Obrador is slated to be Mexico’s next president after cruising to a landslide victory in Sunday’s general election.