NGI Mexico GPI

Natural gas futures bulls gave up more ground Friday as production continued to allay the market’s storage concerns. Spot prices fell throughout the Midwest with cooler temperatures in the forecast, while the volatile SoCal Citygate gained heading into the weekend; the NGI National Spot Gas Average dropped 3 cents to $2.68/MMBtu.

A Mexican-Norwegian consortium has won an integrated oilfield services (OFS) contract with Petroleos Mexicanos (Pemex) for two mature onshore areas in the southern state of Veracruz.

Natural gas futures pulled back Thursday as weekly government storage data came in tighter than surveys but not enough to rile a market focused on production growth. In the spot market, Southern California prices remained elevated as other regions saw mostly minor adjustments; the NGI National Spot Gas Average added 2 cents to $2.71.

Mexico’s leftist president-elect Andrés Manuel López Obrador and his top energy adviser, Rocío Nahle, have somewhat quelled investor concerns since the July 1 election by signaling that they will not reverse course on the country’s 2013-14 constitutional energy reform.

Natural gas futures bounced Wednesday as analysts pointed to production easing off recent highs, while the upcoming Energy Information Administration (EIA) storage report is likely to have some say in whether the rally continues.

Federal regulators on Thursday gave the green light to Tennessee Gas Pipeline Co. LLC (TGP) to substantially increase its natural gas export capacity from Texas to Mexico.

Bears tightened their grip on the natural gas futures market Tuesday, sending prices lower as production continues to overshadow summer heat and storage deficits. Spot prices backed off Monday’s gains, including sharp declines in California and the Northeast coinciding with forecasts for less intense heat; the NGI National Spot Gas Average dropped 8 cents to $2.66/MMBtu.

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.