NGI The Weekly Gas Market Report

Natural Gas Forwards Rally, but Higher Prices Said Still to Come on Festering Supply Fears

Natural Gas Forwards Rally, but Higher Prices Said Still to Come on Festering Supply Fears

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 19, 2022
LNG, New Pipeline Connections to Help Poland, Bulgaria Fill Natural Gas Shortfall Left by Russia

LNG, New Pipeline Connections to Help Poland, Bulgaria Fill Natural Gas Shortfall Left by Russia

Poland and Bulgaria are receiving help from neighboring countries and liquefied natural gas (LNG) suppliers to help weather Russia’s decision to cut off natural gas supplies. When Gazprom PJSC cut off deliveries to both countries last month for refusing to comply with Russia’s payment requirements for natural gas, Greece and other nations in southeast Europe…

May 19, 2022
Heat, Lackluster Production Sizzling North American Natural Gas Prices – Mexico Spotlight

Heat, Lackluster Production Sizzling North American Natural Gas Prices – Mexico Spotlight

Natural gas prices at points key to Mexico surged above $8.00/MMBtu this week as hot weather in North America and lingering production concerns drove bullish sentiment in the market. Analysts continue to see pricing being pushed to the upside in the months ahead. The U.S. Energy Information Administration (EIA) expects natural gas delivered to electric…

May 19, 2022
U.S. OFS Jobs Jump by 8,600-Plus in April from March

U.S. OFS Jobs Jump by 8,600-Plus in April from March

U.S. oilfield services (OFS) and equipment sector employment reached an estimated 622,309 jobs in April, its highest level since September, the Energy Workforce & Technology Council reported in early May. “Oil and gas demand has continued to increase, and global demand will continue to rise as more countries cut off imports of Russian energy resources,”…

May 19, 2022
Centennial, Colgate’s $7B Merger to Create Permian Powerhouse

Centennial, Colgate’s $7B Merger to Create Permian Powerhouse

Centennial Resource Development Inc. and Colgate Energy Partners III LLC agreed to a roughly $7 billion merger of equals that would create what may be the largest pure-play exploration and production (E&P) company in the Permian Basin’s Delaware sub-basin. Publicly traded Centennial and privately held Colgate together hold roughly 180,000 net leasehold acres, 40,000 net…

May 19, 2022
North Dakota Oil, Natural Gas Activity at Two-Year High Despite Labor Shortage

North Dakota Oil, Natural Gas Activity at Two-Year High Despite Labor Shortage

North Dakota’s tally of active oil and natural gas drilling rigs and hydraulic fracturing (frack) crews has risen to levels not seen since the start of the pandemic, the state’s top oil and gas regulator said Friday. The rig count stood at 40 as of Friday, the highest since March 2020, North Dakota Department of…

May 19, 2022
Ballyhooed U.S. Deepwater Oil, Gas Prospect Set to Sail, Say Chevron, TotalEnergies

Ballyhooed U.S. Deepwater Oil, Gas Prospect Set to Sail, Say Chevron, TotalEnergies

The Ballymore oil and natural gas project in the deepwater Gulf of Mexico (GOM), which would be developed using a three-mile subsea tieback to reduce costs, has gotten a thumb’s up to proceed.  The Mississippi Canyon prospect, with design capacity of 75,000 b/d of crude oil, would be tied back to the Chevron-operated Blind Faith…

May 19, 2022
Yellen Says Russia ‘Using Energy As a Weapon,’ Reiterates U.S. LNG Commitment to Europe

Yellen Says Russia ‘Using Energy As a Weapon,’ Reiterates U.S. LNG Commitment to Europe

U.S. Treasury Secretary Janet Yellen said the United States and Europe needed to “go further” in confronting Russia’s war against Ukraine, while expanding the “potent transatlantic cooperation to address many of the other shared challenges we face.” Speaking at the Brussels Economic Forum on Tuesday, Yellen said “we must address the present energy security emergency…

May 18, 2022
EU Plan to Cut Out Russian Energy Supplies Aims to Reduce Natural Gas Consumption

EU Plan to Cut Out Russian Energy Supplies Aims to Reduce Natural Gas Consumption

The European Commission (EC) on Tuesday released a long list of measures aimed at supporting its plan to end Russian energy imports that would significantly reduce the continent’s consumption of fossil fuels. Energy efficiency efforts, fuel substitution, electrification and what the commission said would be a “massive scaling-up and speeding-up of renewable energy,” could cut…

May 18, 2022
FERC Issues DEIS for Tellurian Subsidiary’s Pipeline Project in Louisiana

FERC Issues DEIS for Tellurian Subsidiary’s Pipeline Project in Louisiana

FERC has prepared a draft environmental impact statement (DEIS) for a Tellurian Inc. pipeline project that would potentially serve natural gas demand in Southwestern Louisiana and the company’s Driftwood liquefied natural gas (LNG) export project.  The Federal Energy Regulatory Commission (FERC) concluded that construction and operation of the Driftwood Line 200 and Line 300 projects…

May 18, 2022
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