NGI The Weekly Gas Market Report

Patterson-UTI Sees U.S. Fracturing Improving into New Year on Stable Oil, Gas Prices

Patterson-UTI Sees U.S. Fracturing Improving into New Year on Stable Oil, Gas Prices

The Lower 48 oil and natural gas rig count remains sharply lower than a year ago, but fracturing activity is rising, a revival that should extend into 2021, all things (prices) being equal, Patterson-UTI Energy Inc. CEO Andy Hendricks said Thursday.  Drilling and completion activity for the Houston giant “stabilized” in the third quarter as…

October 22, 2020
Despite Coronavirus Impacts, U.S. Natural Gas Exports to Mexico Still Climbing

Despite Coronavirus Impacts, U.S. Natural Gas Exports to Mexico Still Climbing

U.S. natural gas exports to Mexico, most of which cross the border via pipeline, have continued to increase in 2020, according to the U.S. Energy Information Agency (EIA). Mexico imports of liquefied natural gas (LNG), meanwhile, have declined every month since March, according to EIA, as pipeline infrastructure comes online offering cheaper alternatives. In early…

October 22, 2020
Iberdrola’s Avangrid Offers $8.3B Cash for New Mexico Utility PNM Resources

Iberdrola’s Avangrid Offers $8.3B Cash for New Mexico Utility PNM Resources

The board of Iberdrola subsidiary Avangrid Inc. has approved the acquisition of New Mexico-based PNM Resources in an all-cash transaction valued at $8.3 billion. The merger would create “one of the largest companies in the U.S. utility industry with 10 regulated electricity companies in six states (New York, Connecticut, Maine, Massachusetts, New Mexico and Texas)…

October 22, 2020
Exports, Colder Near-Term Forecasts Lead to Big Gains for Natural Gas Forward Prices

Exports, Colder Near-Term Forecasts Lead to Big Gains for Natural Gas Forward Prices

After multiple setbacks, liquefied natural gas (LNG) demand ramped up in a big way during the Oct. 15-21 period, tightening up supply/demand balances and boosting natural gas forward prices across the country, according to NGI’s Forward Look. November prices jumped an average 26.0 cents for the period, with double-digit gains extending through the winter months…

October 22, 2020
EQT Restarts Appalachia Natural Gas Volumes, but Warns More Shut-ins Possible

EQT Restarts Appalachia Natural Gas Volumes, but Warns More Shut-ins Possible

EQT Corp., the largest natural gas producer in the Lower 48, said Thursday it has ended another round of curtailments, but management said it won’t hesitate to continue shutting in volumes as low prices warrant.  The Appalachian pure-play had curtailed about 400 MMcf/d beginning Sept. 1, cutting 15 Bcf from third quarter production volumes. The…

October 22, 2020
Natural Gas Preferred to Other Fossil Fuels, Says Survey, but Still Partisan Split

Natural Gas Preferred to Other Fossil Fuels, Says Survey, but Still Partisan Split

Natural gas is viewed more favorably than other fossil fuels around the world, although sentiment is largely divided along ideological lines, according to a recent Pew Research Center survey. The survey was conducted between October 2019 and March in 20 countries including the United States, Canada, Brazil and Russia, along with several countries across Europe…

October 22, 2020
Kinder Turns 3Q Profit, Notes Positive Momentum for Natural Gas

Kinder Turns 3Q Profit, Notes Positive Momentum for Natural Gas

Kinder Morgan Inc. moved back to the positive side of the ledger during the third quarter, but management for the midstream giant remains keenly aware of the lingering uncertainties facing the oil and gas industry. “We’re not on the other side of the downturn of the U.S. energy industry,” CEO Steven Keen said Wednesday during…

October 22, 2020
Texas Oil, Natural Gas Pipelines Said Major Contributor to State Economy

Texas Oil, Natural Gas Pipelines Said Major Contributor to State Economy

The Texas oil and gas pipeline sector supported more than 238,000 high paying jobs and contributed more than $48.6 billion to the state in 2019, according to a Texas Tech University study. The report, by Tech’s Center for Energy Commerce at the Rawls College of Business, was commissioned by the Austin, TX-based Texas Pipeline Association…

October 21, 2020
Trump Commands Energy Sector’s Financial Backing, but Biden Makes Inroads

Trump Commands Energy Sector’s Financial Backing, but Biden Makes Inroads

President Trump continues to enjoy overwhelming financial support from the energy sector in the run-up to the Nov. 3 election. However, former Vice President Joseph R. Biden Jr. has gained some ground among industry donors and holds a lead in recent overall donations and in the polls. The president and Democratic nominee Biden are scheduled…

October 21, 2020
Total Sells First Carbon Neutral LNG Cargo to CNOOC

Total Sells First Carbon Neutral LNG Cargo to CNOOC

French major Total SE has delivered its first carbon-neutral liquefied natural gas (LNG) cargo, with the shipment going to state-controlled China National Offshore Oil Corp. (CNOOC), Total management said this week. “This first LNG shipment, whose carbon emissions have been offset throughout the value chain, represents a new step as we seek to support our…

October 21, 2020
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