NGI The Weekly Gas Market Report

North American NatGas Futures on Downward Swing Despite Russian Military Mobilization – Mexico Spotlight

North American NatGas Futures on Downward Swing Despite Russian Military Mobilization – Mexico Spotlight

Natural gas prices again showed volatility this week as news of Russia potentially pouring more into the war effort warned of further disruptions to energy markets. After five sessions of losses, the October Nymex gas futures contract settled at $7.779/MMBtu on Wednesday, up 6.2 cents day/day. November gained 5.5 cents to $7.827. But then a…

September 22, 2022
MVP Approval, Permitting Reforms at Stake as Senate Showdown Looms

MVP Approval, Permitting Reforms at Stake as Senate Showdown Looms

Sen. Joe Manchin (D-WV) unveiled the text Wednesday evening of a permitting reform bill that would streamline the review process for energy infrastructure and guarantee approval and completion of the 94% finished Mountain Valley Pipeline LLC (MVP) project. Senate Majority Leader Chuck Schumer (D-NY) has said he would attach the bill to a continuing resolution…

September 22, 2022
Increase in Suez Canal Transit Fees Unlikely to Impact LNG Trade Flows

Increase in Suez Canal Transit Fees Unlikely to Impact LNG Trade Flows

Egypt’s Suez Canal Authority (SCA) is increasing transit tolls next year, adding to the costs associated with shipping LNG and other fuels through the key trade route. Fees will increase by 15% for tankers carrying oil and petroleum products, and by 10% for dry bulk carriers and cruise ships. “I don’t expect the Suez canal…

September 22, 2022
Natural Gas Production Gains Drive Forward Prices Lower, Help Improve Balances

Natural Gas Production Gains Drive Forward Prices Lower, Help Improve Balances

Dragged lower by an upward swing in production, moderating weather and an ongoing curtailment of feed gas deliveries to the Freeport LNG facility, natural gas forward prices crumbled during the trading period from Sept. 15 to Sept. 21. Steep declines of more than 70 cents extended from the October contract through the winter season (November-March),…

September 22, 2022
UK Lifts Shale Drilling Ban in Push to Become Net Energy Exporter by 2040

UK Lifts Shale Drilling Ban in Push to Become Net Energy Exporter by 2040

The UK government on Thursday officially lifted a moratorium on unconventional natural gas extraction in England and announced a new round of oil and gas licensing for offshore blocks in the North Sea. “In light of Putin’s illegal invasion of Ukraine and weaponization of energy, strengthening our energy security is an absolute priority, and –…

September 22, 2022
California Pushes Through Oil, Natural Gas Setback Legislation, Aims to Cut Oil Consumption 91% 

California Pushes Through Oil, Natural Gas Setback Legislation, Aims to Cut Oil Consumption 91% 

California Gov. Gavin Newsom late last week signed into law Senate Bill (SB) 1137, increasing the minimum distance required between oil and gas operations and public and private property.  Beginning in 2023, oil and gas operators in California will not see requests to drill within 3,200 feet of a home, school, park, hospital or business…

September 22, 2022
Stabilis Working to Reach Overseas Customers with Small-Scale LNG After DOE Approval

Stabilis Working to Reach Overseas Customers with Small-Scale LNG After DOE Approval

The U.S. Department of Energy has authorized small-scale LNG provider Stabilis Solutions Inc. to export the super-chilled fuel across the world.  Stabilis has been cleared to export 51.75 Bcf of liquefied natural gas annually, or 140 MMcf/d, for a term of 28 years until Dec. 31, 2050.  “The DOE’s approval provides us with the ability…

September 22, 2022
IEA Sees Natural Gas, Oil, Coal Job Growth Lagging Alternative Sectors

IEA Sees Natural Gas, Oil, Coal Job Growth Lagging Alternative Sectors

Worldwide energy sector employment has topped pre-pandemic levels, and the workforce rebound has been strongest outside of fossil energy sectors, according to the International Energy Agency (IEA). In its inaugural World Energy Employment Report, Paris-based IEA found that more than 65 million people hold energy-related jobs globally. The study also concluded that more than 50%…

September 22, 2022
Natural Gas, Oil Industry Profits Forecast to Retreat in 2023 on Slower Demand, Economic Pull Back

Natural Gas, Oil Industry Profits Forecast to Retreat in 2023 on Slower Demand, Economic Pull Back

Global energy company earnings, which surged on stronger oil and natural gas prices, should ease in 2023 as the industry adjusts to slower demand growth and an economic slowdown, according to Moody’s Investors Service. “The pace of improvement in fundamental industry conditions will also decelerate after a strong post-lockdown rebound in earnings and credit quality…

September 21, 2022
Prices Tread Water as U.S. Oil Production Stagnates, Russia’s Putin Escalates War in Ukraine

Prices Tread Water as U.S. Oil Production Stagnates, Russia’s Putin Escalates War in Ukraine

Domestic crude output stalled last week at a level below the 2022 peak – and far lower than the pre-pandemic high – while the Kremlin’s erratic dictator threatened nuclear weapon retaliation amid the war in Ukraine. Russian President Vladimir Putin amplified already elevated uncertainty about his country’s fragile role on the world’s energy stage. Brent…

September 21, 2022
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