NGI The Weekly Gas Market Report

The Gulf of Mexico (GOM) for decades was the breadbasket for U.S. natural gas and oil production, but the Lower 48 took over as unconventional drilling uncorked massive reserves. As onshore activity has waned, however, the deepwater is once again beckoning. Enverus Intelligence Research (EIR) director Andy McConn recently shared the firm’s outlook about the…

TotalEnergies SE said Friday that its LNG sales decreased in the first quarter mainly due to lower demand in Europe and an unplanned outage at the Freeport export terminal on the upper Texas coast.  The company has 2.2 million tons (Mt) of annual tolling capacity at Freeport’s Train 3, which was offline most of the…

Chevron Corp.’s domestic operations, particularly in the Permian Basin, performed “stronger than we had anticipated” in the first quarter, with improved cycle times and natural gas and oil output, CEO Mike Wirth said Friday. During a conference call to discuss quarterly performance, Wirth explained to analysts how the Permian portfolio improved as the wellhead-to-sales times…

Supplies of natural gas in storage are stout everywhere, but East region inventories are closer to historical norms than any other section of the Lower 48. Should the densely populated Northeast sizzle amid scorching temperatures as forecast this summer, utilities in the heavy-gas consuming corner of the country could burn through more gas in the…

Equinor ASA expects competition for LNG with Asia and weather to be the largest drivers of European natural gas prices as markets continue to shift, creating a floor for global benchmarks. After another mild winter helped Europe exit its second heating season without major Russian pipeline gas supplies and sizable storage inventories, CFO Torgrim Reitan…

TotalEnergies SE has inked an agreement with BlackRock Inc.-backed Vanguard Renewables to advance nearly a dozen U.S. renewable natural gas (RNG) projects over the next year with total annual production capacity of 2.5 Bcf.  Boston-based Vanguard, funded by BlackRock’s Diversified Infrastructure segment, plans initially to develop 10 projects. The first three from the joint venture…

Mexico’s reliance on U.S. natural gas imports is likely to increase if Claudia Sheinbaum, who is expected to win Mexico’s June 2 presidential election, maintains the state-centric approach of outgoing President Andrés Manual López Obrador, aka AMLO, according to analyst Carlos Ramírez Fuentes. Ramírez, a political and economic risk consultant at Mexico City-based Integralia Consultores,…

The U.S. natural gas rig count eased one unit lower to 105 for the week ended Friday (April 26), while a decline of five oil-directed rigs dropped the combined domestic tally six units week/week to 613, according to updated numbers from Baker Hughes Co. (BKR). The 105 active natural gas rigs in the United States…

ExxonMobil will add more natural gas – including LNG – into the portfolio, both in the United States and overseas, as long as they are “advantaged investment opportunities,” according to CEO Darren Woods. During the quarterly conference call on Friday, Woods was asked whether more liquefied natural gas assets would be added to the portfolio…