NGI The Weekly Gas Market Report

U.S. Regulators Approve Saguaro Connector Linked to Mexico Pacific LNG Project

U.S. Regulators Approve Saguaro Connector Linked to Mexico Pacific LNG Project

The U.S. Federal Energy Regulatory Commission (FERC) on Thursday approved Oneok Inc.’s proposed 2.8 Bcf/d Saguaro Connector natural gas pipeline, which would transport Permian Basin supply to the U.S.-Mexico border. The pipeline would transport gas to Mexico Pacific Ltd.’s Saguaro Energía LNG export plant envisioned for Puerto Libertad, Sonora, located on the country’s west coast. …

February 15, 2024
Widespread Discounts for Natural Gas Forwards as Mild Weather Crushes Prices

Widespread Discounts for Natural Gas Forwards as Mild Weather Crushes Prices

Slammed by a lack of winter weather set against a robust supply backdrop, regional natural gas forwards fell sharply across the Lower 48 during the Feb. 8-14 trading period, NGI’s Forward Look data show. Henry Hub fixed prices for March delivery took a 35.6-cent nosedive week/week to exit the period at $1.620/MMBtu. The benchmark saw…

February 15, 2024
Arc Resources Eyeing LNG Canada, Gulf Coast Exports to Fetch Top Prices for Montney Natural Gas

Arc Resources Eyeing LNG Canada, Gulf Coast Exports to Fetch Top Prices for Montney Natural Gas

Calgary-based Arc Resources Ltd. plans to expand its Montney Shale natural gas production this year as it builds reserves for selling up to 25% of future output to global markets to capture the LNG export premium. To execute its strategy, total production in 2024 is forecast to average 350,000-360,000 boe/d, 63% weighted to natural gas.…

February 15, 2024
EQT Not Ready to Curb Production Further as it Positions for Natural Gas Rebound

EQT Not Ready to Curb Production Further as it Positions for Natural Gas Rebound

Despite crashing prices, executives at EQT Corp. said the U.S. natural gas market is not as oversupplied as most think, suggesting the stage is being set for a rebound.  Henry Hub has traded below $2/MMBtu for seven straight sessions. The contract hasn’t been this low since June 2020 during the Covid-19 pandemic. NGI’s Weekly Spot…

February 14, 2024
Williams CEO Says Surging Natural Gas Demand Looms Large ‘Under Any Scenario’

Williams CEO Says Surging Natural Gas Demand Looms Large ‘Under Any Scenario’

Midstream giant Williams reported a jump in earnings and, during accompanying investor presentations, touted an expected spike in natural gas demand through this decade and into the next even if new political or regulatory roadblocks emerge. “Under any scenario, a lot of growth is coming on the demand side,” CEO Alan Armstrong said during an…

February 14, 2024
Asia Could Drive 50% Rise in Global LNG Demand By 2040, Shell Says

Asia Could Drive 50% Rise in Global LNG Demand By 2040, Shell Says

Shell plc has tempered its expectations for peak LNG demand over the next two decades, but the top natural gas trader still expects the current buildout of export capacity led by the United States to fall short of rising global consumption driven by Asia. In its latest liquefied natural gas market outlook, the London-based integrated…

February 14, 2024
Soft Natural Gas Prices Disappoint Bulls but Buoy Consumers, Tame U.S. Inflation

Soft Natural Gas Prices Disappoint Bulls but Buoy Consumers, Tame U.S. Inflation

Weak weather-driven demand and robust production intersected this winter to depress natural gas prices, deflating market bulls. But lower heating costs contributed to falling inflation levels, saving consumers money and supporting expectations for continued economic growth in 2024. The U.S. Department of Labor said Tuesday its Consumer Price Index (CPI) increased at a rate of…

February 14, 2024
Comstock Shedding Rigs, Suspending Dividend Amid Natural Gas Price Slump

Comstock Shedding Rigs, Suspending Dividend Amid Natural Gas Price Slump

Haynesville Shale pure-play Comstock Resources Inc. is pumping the brakes on natural gas drilling and shareholder distributions because of low commodity prices. “In response to weak natural gas prices, Comstock plans to suspend its quarterly dividend until natural gas prices improve,” management said. “In addition, the company plans to reduce the number of operating drilling…

February 14, 2024
Chesapeake Inks First SPA to Buy Volumes From Delfin LNG Project

Chesapeake Inks First SPA to Buy Volumes From Delfin LNG Project

Chesapeake Energy Corp. has signed its first binding agreement to buy LNG as it advances a strategy unveiled two years ago to gain exposure to the international gas market. The company said it has signed a sales and purchase agreement (SPA) to buy 0.5 million metric tons/year (mmty) of the super-chilled fuel from the proposed…

February 13, 2024
U.S. LNG Pause Could Help Balance Future Global Natural Gas Prices, Equinor Says

U.S. LNG Pause Could Help Balance Future Global Natural Gas Prices, Equinor Says

Norway’s Equinor ASA expects the Biden administration’s pause of natural gas export authorizations to delay some massive additions to U.S. LNG capacity expected at the end of the decade, but the overall impact could help avoid market oversupply. During the company’s recent fourth quarter earnings call with analysts, Irene Rummelhoff, executive vice president for marketing,…

February 13, 2024
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