Since taking office in 2018, Mexico’s President Andrés Manuel López Obrador has reiterated that his government would prioritize energy security and reduce the country’s dependency on foreign fuel imports, such as natural gas and gasoline. While López Obrador’s government has built a $19 billion refinery in the southern state of Tabasco in hopes to reduce…
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Natural Gas Futures, Cash Prices Extend Gains Amid Supply Hits
Natural gas futures extended their winning ways on Tuesday, advancing for a third session amid lower production readings, signs of renewed LNG strength and bargain buying after a late-winter slump that spilled into the early spring. The May Nymex gas futures contract settled at $1.872/MMBtu, up 2.8 cents day/day. At A Glance: Production declines further…
Pemex Safety Woes Continue as Offshore Platform Fire Kills One, Injures Nine
Mexico’s state oil company Petróleos Mexicanos (Pemex) said a fire Saturday at the Akal-B offshore platform in Campeche Bay left one worker dead and nine injured, including two in critical condition. The deceased worker was an employee of a contractor company called COTER. The incident occurred in an area where pipelines supply natural gas as…
May Natural Gas Futures Further Rally Amid Lighter Production, Expectations for Small Injection
Natural gas futures pushed ahead on Monday amid expectations for a seasonally modest storage injection and lower production that offset mild spring weather. At A Glance: Production holds below 100 Bcf/d Forecasts for benign weather NGI models 14 Bcf storage increase Coming off a modest 1.1-cent gain on Friday, the May Nymex gas futures contract…
What Will Natural Gas Demand Look Like in 2050? It Depends
Global natural gas demand has boomed in the past 25 years and, unlike coal and oil, growth could continue through 2050, according to Washington, DC, nonprofit Resources for the Future (RFF). RFF’s “Global Energy Outlook 2024: Peaks or Plateaus?” report compared 16 scenarios across eight outlooks published in 2023 by major energy agencies and companies.…
Natural Gas Futures Slightly Higher, but Some Downside Risks Seen Near-Term
Amid mild springtime weather-driven demand and steady readings for production and exports, natural gas futures hovered close to even in early trading Monday. The May Nymex contract was up 0.7 cents to $1.792/MMBtu as of 8:30 a.m. ET. June was trading at $2.013, up 0.3 cents. EBW Analytics Group analyst Eli Rubin told clients early…
Mexico’s Cenagas Failing to Take Advantage of Natural Gas Opportunity — Column
Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process. Every Mexican summer, natural gas imports from the United States peak. The aggregate figure reflects impressive growth in the last decade. If…
Natural Gas Futures, Cas Prices Slump as Storage Draw Fails to Impress
Natural gas futures fell for a second straight session on Thursday, dragged lower by forecasts for benign weather and government inventory data that showed stout supplies in storage. At A Glance: EIA prints 37 Bcf withdrawal Outlook shifts to injections Weather demand softens Coming off a 2.1-cent loss the prior day, the May Nymex gas…
Mexico Natural Gas Market Turns Attention to Elections, Summer Demand – Spotlight
North American natural gas futures got a small boost this week on news of weaker production from U.S. operators, but by mid-week the momentum had fizzled. The May New York Mercantile Exchange gas futures contract posted a second day of losses and lost 6.7 cents on Thursday to settle at $1.774/MMBtu. Mexican imports of U.S.…
May Natural Gas Futures Fizzle After EIA Prints 37 Bcf Storage Pull
The U.S. Energy Information Administration (EIA) on Thursday reported a withdrawal of 37 Bcf natural gas from storage for the week ended March 29. The result fell just shy of expectations and, with inventories still plump and injections on the horizon, left Nymex natural gas futures under pressure. Ahead of the 10:30 a.m. ET government…