NGI The Weekly Gas Market Report

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…

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…

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),…

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 –…

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…

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…

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%…

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…

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…