NG=F - Natural Gas Jul 23
| Pre. Settlement | N/A |
| Settlement Date | 2023-06-28 |
| Open | 2.4630 |
| Bid | 2.4140 |
| Last Price | 2.4760 |
| Day's Range | 2.3810 - 2.4790 |
| Volume | |
| Ask | 2.4180 |
- Reuters
UPDATE 1-US natgas futures drop 6% to three-week low on lower demand forecast
The amount of U.S. power generated by wind dropped to 7% of the total so far this week versus a high of 17% during the week ended April 21, according to federal energy data. SUPPLY AND DEMAND Data provider Refinitiv said average gas output in the U.S. Lower 48 states rose to 101.5 billion cubic feet per day (bcfd) so far in May, which would top April's monthly record of 101.4 bcfd.
- Reuters
TC Energy seeks US OK to put US-Mexico North Baja natgas pipe in service
Canadian energy company TC Energy Corp's North Baja Pipeline LLC unit asked U.S. energy regulators on Thursday for permission to put parts of the North Baja natural gas pipeline expansion in Arizona and California into service. The 0.495-billion cubic feet per day (bcfd) North Baja expansion will supply more U.S. natural gas to Mexico, including to U.S. energy company Sempra Energy's Costa Azul liquefied natural gas (LNG) export plant in Mexico, which is under construction. The roughly $2 billion Costa Azul project on Mexico's Pacific Coast will be able to turn about 0.43 bcfd of gas into LNG once it enters service around mid 2025.
BloombergPlunging LNG Prices Have Traders Bracing for US Export Cancellations
(Bloomberg) -- As global liquefied natural gas prices nosedive, traders are bracing for the possibility that US cargoes will be canceled in the coming months.Most Read from BloombergEurope’s Economic Engine Is Breaking Down‘Last of Us’ Multiplayer Video Game Faces Setbacks at SonyEmerging US Debt Deal Would Raise Limit, Cap Spending for Two YearsCathie Wood’s ARKK Dumped Nvidia Stock Before $560 Billion SurgeDebt-Limit Talks Get More Time as US Treasury Pushes Back DeadlineAsian LNG spot prices
- Reuters
US natgas futures fall 4% to two-week low on lower demand forecast
U.S. natural gas futures fell about 4% to a two-week low on Friday on a collapse in global gas prices, record U.S. output, rising Canadian exports and forecasts for milder U.S. weather and lower than previously expected demand next week, which includes the U.S. Memorial Day holiday on Monday. The amount of U.S. power generated by wind dropped to 7% of the total so far this week versus a high of 17% during the week ended April 21, according to federal energy data. In the spot market, mild weather and ample hydropower in the U.S. West pressured next-day gas prices for Friday at the PG&E Citygate in Northern California to $2.80 per mmBtu, their lowest since August 2020 for a second day in a row.
BloombergPoorer Nations Snap Up Cheap LNG in Push to Boost Economies
(Bloomberg) -- Countries from Asia to Latin America are snapping up natural gas cargoes as prices slump, helping replace more polluting fuels while easing cost pressures on the economy.Most Read from BloombergEmerging US Debt Deal Would Raise Limit, Cap Spending for Two YearsCathie Wood’s ARKK Dumped Nvidia Stock Before $560 Billion SurgeEurope’s Economic Engine Is Breaking DownCredit Suisse Loses Singapore Case Against Georgian Billionaire IvanishviliJPMorgan Tells 1,000 First Republic Employee
- Reuters
UPDATE 2-US natgas falls 4% to near 2-wk low on record US output
Prices declined despite a federal report showing a slightly smaller-than-expected U.S. storage build last week, when mild weather limited demand for the fuel for both heating and cooling. The U.S. Energy Information Administration (EIA) said utilities added 96 billion cubic feet (bcf) of gas into storage during the week ended May 19. The amount of U.S. power generated by wind has dropped to 7% of the total so far this week versus a high of 17% during the week ended April 21, according to federal energy data.
CoinDeskDeSantis and the Growing Culture War Around Bitcoin
This week CoinDesk published one of the most thought-provoking and balanced articles on bitcoin mining I’ve ever read. The report is focused around the Greenidge bitcoin mining company in upstate New York, which was at the center of a protracted media cycle last year after environmental activists claimed the facility was boiling the waterways and poisoning delicate ecosystems. The thing is, most of the worst claims about Greenidge were straight up wrong.
- Reuters
US natgas futures steady ahead of storage report
U.S. natural gas futures were steady on Thursday as the market awaited direction from a federal report expected to show a bigger-than-usual U.S. storage build last week when mild weather limited demand for the fuel for both heating and cooling. Analysts forecast U.S. utilities added 100 billion cubic feet (bcf) of gas into storage during the week ended May 19.
ZacksMarathon Petroleum's (MPC) Fire Incident Raises Safety Concerns
A fire incident at Marathon Petroleum's (MPC) Galveston Bay refinery leads to a worker's death, raising concerns regarding safety within the facility.
- Investing.com
U.S. natural gas build again underwhelms with injection below 100 bcf - EIA
Investing.com -- U.S. natural gas storage rose by 96 billion cubic feet, or bcf, last week, the Energy Information Administration, or EIA, said Thursday, announcing for a second straight time a weekly injection below 100 bcf that suggested the oversupplied market may be turning the corner on fundamentals.
- Reuters
Higher inventories, output to weigh on US natgas prices this summer -trade group
Ample storage levels, milder weather and a boost in production are likely to place downward pressure on US natural gas prices this summer, even as demand is seen reaching record levels, the Natural Gas Supply Association (NGSA) said on Thursday. The NGSA in its annual Summer Outlook said benchmark prices at the Henry Hub could average below last year's $7.10 per million British thermal units (mmBtu) for April through October. Prices would be weighed down by a commensurate 3% summer-on-summer increase in production to 101.3 bcfd while entering summer with much higher storage levels at 1.83 trillion cubic feet (tcf) compared to 1.38 tcf last summer, the trade group said.
- Reuters
UPDATE 1-Alberta wildfires ease, and Canada natgas exports recover
Firefighters have made "significant progress" in tackling wildfires in Alberta thanks to rain and cooler temperatures, provincial government officials said on Wednesday, as Canadian natural gas exports to the U.S. rebounded after nearly three weeks of lower flows. Many oil and gas companies that shut in production as a precaution have restarted operations or are preparing to do so. At their height the fires shuttered at least 319,000 barrels of oil equivalent per day, or 3.7% of national production, and forced around 30,000 Albertans to evacuate their homes.
- Reuters
UPDATE 1-US natgas up 3% on forecasts for higher demand through early June
Data provider Refinitiv said average gas output in the U.S. Lower 48 states rose to 101.5 billion cubic feet per day (bcfd) so far in May, which would top April's monthly record of 101.4 bcfd. The amount of gas exported from Canada to the United States was on track to hold near a near three-week high of 8.1 bcfd for a second day in a row on Wednesday. Over the past few weeks, the average amount of gas flowing from Canada to the United States averaged just 7.2 bcfd as wildfires in Alberta and other western provinces caused some producers to shut oil and gas output, according to Refinitiv.
- Reuters
US natgas up 2% on forecasts for higher demand through early June
U.S. natural gas futures gained about 2% on Wednesday on forecasts for cooler weather this week and warmer weather next week that should boost demand more than previously expected through early June. Last month's record flows were higher than the 13.8 bcfd of gas the seven big plants can turn into LNG since the facilities also use some of the fuel to power equipment used to produce LNG.
- Reuters
Canada natgas exports to US back at levels seen before Alberta wildfires
Canadian natural gas exports to the U.S. this week returned to levels seen before wildfires in Alberta and other western provinces over the past three weeks forced producers to shut oil and gas wells and cut the amount of fuel flowing in pipelines. That return to normal gas flows from Canada caused U.S. gas futures to plunge about 10% earlier this week since Canada supplies about 8% of the gas consumed in, or exported from, the U.S. Data provider Refinitiv said the amount of gas exported from Canada to the United States was on track to hold near a three-week high of 8.1 billion cubic feet per day (bcfd) for a second day in a row on Wednesday.
ReutersRecord solar power generated in New York state -grid operator
A record-setting 3,330 megawatts (MW) of solar power was produced during the noon hour on May 18, the New York Independent System Operator (NYISO) said. That amount of power could provide electricity to between 2.7 million and 3.3 million homes, with the peak load on May 18 logging at 16,166 MW, the NYISO said.
CoinDeskUpstream Data Sues Crusoe Energy Over Waste Gas Mining Patent
Crusoe is not a pioneer, but a follower, says the lawsuit filed by Stephen Barbour's mining firm.
- Reuters
UPDATE 1-US natgas down 3% to one-week low on record output, rise in Canada exports
The amount of U.S. power generated by wind dropped to just 7% of the total so far this week versus a recent high of 17% during the week ended April 21, according to federal energy data. In Texas, wind power was on track to generate just 7,344 gigawatt-hours (GWh) in May in the Electric Reliability Council of Texas (ERCOT), which would be the lowest for the month since 2019 when fewer turbines were in service. Before this month, ERCOT data showed that the amount of wind power generated in May rose every year since 2015 due in part to an increase in the number of turbines operating, hitting a record for any month of 12,454 GWh in May 2022.
- Reuters
Energy Transfer slams US denial of LNG extension, seeks rehearing
Pipeline operator Energy Transfer slammed the U.S. Department of Energy's denial of an export-permit extension to its Louisiana liquefied natural gas (LNG) export project in a DOE filing, seeking a rehearing. The DOE had denied Energy Transfer's request for a three-year extension of its multi-billion-dollar Lake Charles LNG project, saying the request did not meet its criteria for granting second extensions. "Lake Charles LNG is the most advanced LNG project in the United States that has not taken FID and we believe it satisfies the criteria for an extension," said Energy Transfer's spokesperson Vicki Granado.
CoinDeskThe Bitcoin Mining Debate Is Ignoring the People Most Affected
Environmentalists and anti-mining lawmakers debating bitcoin mining facility Greenidge Generation’s impact use rhetorically persuasive arguments that aren’t backed by reality. But so do the bitcoiners supporting the powerplant-turned-mining facility. And the debate does not solve the very real environmental problems on Seneca Lake.
- Reuters
UPDATE 3-US EPA recommends delaying electric vehicles biofuel program -sources
The U.S. Environmental Protection Agency has recommended delaying a scheme that would give electric vehicle (EV) manufacturers tradable credits under a federal biofuel program, in a final rule that the White House will now review, two sources familiar with the matter said. The plan would have given EV automakers, such as Tesla , credits for charging vehicles using power generated from renewable natural gas, or methane collected from sources such as cattle or land fills. Reuters first reported in early May that the EPA was considering the delay over concerns the plan could trigger lawsuits.
- Reuters
UPDATE 1-Ukraine PM eyes 14.7 bcm of gas in storage for new heating season
Ukraine has 9.3 billion cubic meters of natural gas in storage and plans to accumulate 14.7 bcm by the start of the new heating season, Prime Minister Denys Shmyhal said on Tuesday. Shmyhal said the government was already preparing for the next heating season, understanding it will be no easier than the previous season when Russia hit Ukraine's power infrastructure with missiles and drones.
- Reuters
US natgas down 3% to one-week low on record output, rise in Canada exports
U.S. natural gas futures fell about 3% to a one-week low on Tuesday with U.S. output on track to hit a monthly record high and as exports from Canada increase as some producers in Alberta return to the wellpad after wildfires. The amount of U.S. power generated by wind dropped to just 7% of the total so far this week versus a recent high of 17% during the week ended April 21, according to federal energy data.
- Investing.com
Gas E&P valuations seen up: Southwestern, Chesapeake, Range, EQT
Earnings and profits of natural gas-weighted companies are seen getting better despite the outsized supply of U.S. natural gas versus demand, with four companies particularly — Southwestern Energy (NYSE:SWN), Chesapeake Energy (NYSE:CHK), Range Resources (NYSE:RRC) and EQT (NYSE:EQT) — offering value to investors, Bank of America says. “Our second conclusion is that at the current forward curve for U.S. gas, valuations for gas weighted E&Ps look compelling, led by SWN, CHK, RRC and EQT, with limited down-side risk contrasting with values we see 80%-175% higher at strip,” analysts BofA said in a note.
- Reuters
U.S. Permian natgas flaring could rise in 2024, report shows
Natural gas flaring in the top U.S. shale basin is poised to increase next year, a report released on Tuesday projected, as the region's output exceeds available pipeline capacity. Increased flaring, or the burning of unwanted gas, could reduce shale oil production in the region as major oil producing companies seek to limit climate-warming carbon dioxide emissions. The Permian is the biggest U.S. shale oil basin, pumping 5.7 million barrels of oil per day and 22.5 billion cubic feet per day (bcfd) of natural gas, productivity estimates by the U.S. Energy Information Administration (EIA) show.