NGI The Weekly Gas Market Report

Natural Gas Forward Discounts Widespread as February Expected to Bring More Warmth

Natural Gas Forward Discounts Widespread as February Expected to Bring More Warmth

Value continued to erode in regional natural gas forwards markets during the Jan. 26-Feb. 1 trading period as forecasts showed this month was poised to carry over the same warm-dominated themes that have collapsed prices winter-to-date. March fixed prices at benchmark Henry Hub sank 44.7 cents to end the period at $2.473/MMBtu, and regional hubs…

February 2, 2023
North American Natural Gas Prices Continue Slump, with Further Volatility Seen – Mexico Spotlight

North American Natural Gas Prices Continue Slump, with Further Volatility Seen – Mexico Spotlight

North American natural gas trading has been hijacked by bears, with prices moving lower this week on the back of a healthy supply and storage outlook. The New York Mercantile Exchange (Nymex) futures contract for March is hovering around $2.500/MMBtu, its lowest point in almost two years. Last Friday (Jan. 27), the February Nymex natural…

February 2, 2023
Global Natural Gas Price Volatility Accelerating LNG’s Dominance, Says GECF

Global Natural Gas Price Volatility Accelerating LNG’s Dominance, Says GECF

Natural gas is still expected to dominate the global energy mix and support decarbonization into the middle of the century despite recent market volatility, but the world’s current energy crunch could be accelerating LNG’s position as the trade of choice, according to researchers from the Gas Exporting Countries Forum (GECF). In a recently published Global…

February 2, 2023
ConocoPhillips Sees Continued ‘Tight’ Global Supply Supporting Lofty Production, LNG Investments

ConocoPhillips Sees Continued ‘Tight’ Global Supply Supporting Lofty Production, LNG Investments

Despite softening natural gas and oil prices at the end of last year, ConocoPhillips expects stronger prices through 2023, sustaining multi-billion dollar investments planned for major LNG projects. In a fourth-quarter earnings call hosted Thursday, CEO Ryan Lance said the Houston independent planned to remain focused on capital returns this year. However, the company’s expectations…

February 2, 2023
Shell’s Integrated Natural Gas Business Delivers as LNG Sales Climb

Shell’s Integrated Natural Gas Business Delivers as LNG Sales Climb

Natural gas trading delivered blow-out results for Shell plc in the final quarter of 2022, fueled by stronger LNG sales. CEO Wael Sawan, helming his first conference call since taking over, joined CFO Sinead Gorman on Thursday from London, as they dissected fourth quarter and 2022 results. Sawan formerly led the Integrated Gas unit. He…

February 2, 2023
FortisBC Secures First Nations Partnership to Advance Tilbury LNG Expansions

FortisBC Secures First Nations Partnership to Advance Tilbury LNG Expansions

FortisBC Holdings Inc. has reached an agreement with the Snuneymuxw First Nation community “to work in close collaboration” on planned expansions of the Tilbury LNG facility in Delta, British Columbia (BC). In operation since 1971, the liquefied natural gas facility added 0.25 mmty (33 MMcf/d) of liquefaction capacity and a 46,000 cubic meter (1 Bcf)…

February 2, 2023
Enterprise Preparing to Launch Expanded Crude, NGL and Natural Gas Systems

Enterprise Preparing to Launch Expanded Crude, NGL and Natural Gas Systems

Enterprise Product Partners LP has $3.6 billion of assets scheduled to begin commercial operations this year to expand natural gas, liquids and crude oil systems across the United States, with almost $2 billion more rolling off the boards through 2025, executives said Wednesday. Co-CEOs Jim Teague and Randy Fowler shared a microphone with the executive…

February 1, 2023
‘Disappointed’ TC Energy Projecting 29% Cost Increase for Coastal GasLink Natural Gas Pipeline

‘Disappointed’ TC Energy Projecting 29% Cost Increase for Coastal GasLink Natural Gas Pipeline

TC Energy Corp. has again upwardly revised the expected cost of the Coastal GasLink (CGL) natural gas pipeline in Western Canada, citing challenges on multiple fronts. TC now expects the project to cost C$14.5 ($10.9 billion), up from C$11.2 billion ($8.4 billion) forecasted in its third-quarter 2022 earnings report. “The project continues to face material…

February 1, 2023
MPLX Bullish on Natural Gas Growth as Permian, Marcellus Bottlenecks Targeted

MPLX Bullish on Natural Gas Growth as Permian, Marcellus Bottlenecks Targeted

MPLX LP is bumping up its capital spending by $50 million in 2023 to work toward debottlenecking pipeline constraints and expanding gathering and processing (G&P) capacity in the Permian Basin, as well as the Bakken and Marcellus shales. MPLX has set aside $800 million of growth capital for the year, with another $150 million earmarked…

February 1, 2023
Global Natural Gas, Oil Exploration Soaring, with Focus on High-Value Assets

Global Natural Gas, Oil Exploration Soaring, with Focus on High-Value Assets

The global natural gas and oil exploration sector had its strongest year in 2022 in a decade as national oil companies and majors focused on taking advantage of what might be a short-term window of opportunity. The sector created some $33 billion of value at $60/bbl Brent prices last year, according to a report from…

February 1, 2023
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