NG=F - Natural Gas Jul 23
| Pre. Settlement | N/A |
| Settlement Date | 2023-06-28 |
| Open | 2.1630 |
| Bid | 2.1670 |
| Last Price | 2.1580 |
| Day's Range | 2.1590 - 2.1720 |
| Volume | |
| Ask | 2.1680 |
- Reuters
UPDATE 2-US natgas drops 5% to 3-week low on record output, big storage build
The U.S. Energy Information Administration (EIA) said utilities added 110 billion cubic feet (bcf) of gas into storage during the week ended May 26. That is up from an average of 7.0 bcfd from the May 6-22 period when wildfires in Alberta caused energy firms to cut oil and gas production.
- Investing.com
Natural gas near 1-month low after weekly storage build exceeds 100 bcf
Investing.com -- The much-anticipated storage injection of 100 billion cubic feet or more for the current build season in natural gas has finally materialized, sending prices of the fuel to a near one-month low on Thursday.
- Reuters
US natgas futures drop 4% on record output ahead of storage report
Data provider Refinitiv said average gas output in the U.S. Lower 48 states rose to a record 102.5 billion cubic feet per day (bcfd) in May, topping the prior monthly all-time high of 102.2 bcfd in April. The amount of gas flowing from Canada to the U.S. was on track to jump to a near four-month high of 9.7 bcfd on Thursday from 8.3 bcfd on Wednesday, according to Refinitiv. Gas exports from the U.S. to Mexico, meanwhile, were on track to hit a preliminary 7.7 bcfd on Thursday, which would top the current daily all-time high of 7.3 bcfd set in June 2021.
- Reuters
GLOBAL LNG-Asian spot LNG prices slip for sixth straight week
Asian spot liquefied natural gas (LNG) prices fell for the sixth straight week to their lowest level in more than two years, while European LNG prices also declined on weak demand and high inventories. The average LNG price for July delivery into northeast Asia was down 5.3% from the previous week at $9 per million British thermal units (mmBtu), according to industry estimates, the lowest since April 2021. Asia LNG prices have not risen week-over-week in the 22 weeks since mid-December.
BloombergPetrobras Captures Carbon to Ramp Up Gas Production, and Calls It Green
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ReutersPetrobras eyes global expansion as Brazil hopes fade, sources say
Brazil's Petrobras may look abroad for future growth, two sources with knowledge of the state-run firm's plans told Reuters, after environmental regulators dashed its hopes of exploring near the Amazon River where it had aimed to make its first major domestic oil discovery in over a decade. Petroleo Brasileiro, as the company is formally known, has spent years reducing its international footprint to focus on deepwater assets in Brazil's vaunted pre-salt areas, so its impulse to explore foreign opportunities is an about-face. President Luiz Inacio Lula da Silva, during his last mandate in 2008, compared the first major oil discoveries pre-salt fields far off Brazil's coastline to a winning lottery ticket.
Financial PostOpinion: Believing in a world without Canadian oil and gas is magical thinking
To divest from the oil and gas sector is to hurt Canada and everyday Canadians
- Reuters
FOCUS-Petrobras eyes global expansion as Brazil hopes fade, sources say
Brazil's Petrobras may look abroad for future growth, two sources with knowledge of the state-run firm's plans told Reuters, after environmental regulators dashed its hopes of exploring near the Amazon River where it had aimed to make its first major domestic oil discovery in over a decade. Petroleo Brasileiro, as the company is formally known, has spent years reducing its international footprint to focus on deepwater assets in Brazil's vaunted pre-salt areas, so its impulse to explore foreign opportunities is an about-face. President Luiz Inacio Lula da Silva, during his last mandate in 2008, compared the first major oil discoveries pre-salt fields far off Brazil's coastline to a winning lottery ticket.
Motley FoolIf History Repeats, 1 Widely Owned Commodity Is Set to Skyrocket
For the fourth time in 123 years, this ultrapopular commodity appears to be on the verge of a significant bull market.
BloombergEurope’s Unused Coal Heads to New Shores in Post-Crisis Glut
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- Reuters
Commonwealth LNG expects first US export permit by June
Commonwealth LNG expects the U.S. Department of Energy (DOE) to approve a license as early as next month that would allow it to export liquefied natural gas (LNG), according to Executive Chairman Paul Varello. It would be the first since the agency denied Energy Transfer's Lake Charles LNG a second extension to its Non-FTA permit and said it would only allow extensions under extenuating circumstances. Commonwealth believes it will be able to export LNG within three years of receipt of the Non-FTA LNG export approval, Varello said.
- Reuters
Argentina's Vaca Muerta could pump 1 mln bpd of crude by 2030, Rystad says
Argentina's Vaca Muerta shale formation could produce more than 1 million barrels per day (bpd) of crude oil by 2030, consultancy Rystad Energy said on Wednesday, but cautioned this relied on the country solving transport capacity bottlenecks. This could see the formation, the size of Belgium located in Argentina's vast Patagonian region, nearly quadruple production from around 291,000 bpd now, and rival leading U.S. shale oil projects Bakken or Eagle Ford, Rystad said in a report. Argentina has been making a big push on shale oil and gas development in Vaca Muerta, hoping to reduce reliance on costly energy imports amid plunging foreign currency reserve levels, sky-high inflation levels and pressure on the local peso.
- Reuters
UPDATE 1-US natgas fall 3% on record output, low flows to LNG export plants
Front-month gas futures for July delivery on the New York Mercantile Exchange fell 6.1 cents, or 2.6%, to settle at $2.266 per million British thermal units (mmBtu). Data provider Refinitiv said average gas output in the U.S. Lower 48 states rose to 101.7 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 flowing from Canada to the U.S. was on track to jump to a 10-week high of 8.54 bcfd on Wednesday from 7.81 bcfd on Tuesday, according to Refinitiv.
CoinDeskWashington Ignored Crypto for Now. That’s Good for Bitcoin.
A huge tax on BTC miners didn’t make it into a deal to resolve the battle, and a separate provision might actually (unintentionally) help them.
- Reuters
US natgas futures up 2% to 1-week high with warmer weather coming
U.S. natural gas futures rose about 2% to a one-week high on Wednesday on forecasts for warmer than normal weather in mid June that should boost air conditioning demand. Front-month gas futures for July delivery on the New York Mercantile Exchange rose 3.5 cents, or 1.5%, to $2.362 per million British thermal units (mmBtu) at 8:57 a.m. EDT (1257 GMT), putting the contract on track for its highest close since May 24. Data provider Refinitiv said average gas output in the U.S. Lower 48 states rose to 101.7 billion cubic feet per day (bcfd) so far in May, which would top April's monthly record of 101.4 bcfd.
- Reuters
Tanzania to review approval of $42 bln LNG project in June
Tanzania's government said on Wednesday it had completed negotiations with the investors of its $42 billion liquefied natural gas (LNG) project, with the agreements set to be reviewed for approval next month. Energy minister January Makamba said the agreements for the approval of the long-delayed project - aimed at unlocking the country's vast but remote offshore gas resources - would be presented to the government's cabinet before they are signed. While Makamba did not provide a time frame in his address to parliament, the ministry of energy's budget speech for 2023/24 published on its website showed the LNG investors and the government are expected to sign an amended production sharing agreement in June.
ZacksTime for Inverse Energy ETFs?
With oil witnessing its largest decline in four weeks and weaker demand indicators appearing on the horizon, is now the moment to consider investing in inverse energy ETFs?
ZacksOil & Gas Stock Roundup: ConocoPhillips' Acquisition, Shell's AGM & More
Apart from ConocoPhillips (COP) and Shell (SHEL), TechnipFMC (FTI), Eni (E) and Petrobras (PBR) hogged attention during the week.
ReutersMarketmind: China factory fright, dollar surges
With the U.S. debt ceiling saga nearly over, the state of the global economy hoves back into view - with contrasting interest rate pictures that saw the dollar climb across the board. A deepening contraction of Chinese factory activity this month casts more doubt over the spluttering recovery of the world's second largest economy, while Europe saw some inflation relief as French and German readouts for May mirrored the surprising drop in Spanish inflation seen earlier this week. China's official manufacturing purchasing managers' index unexpectedly fell to 48.8 from 49.2 in April, staying below the 50-point mark that separates expansion from contraction and below a forecast of 49.4.
- Reuters
UPDATE 1-Aphrodite gas field off Cyprus to be linked to Egypt - NewMed
The offshore Aphrodite natural gas field being developed in Cypriot waters will be connected to an existing processing and production facility in Egypt via a subsea pipeline, one of the partners in the project said on Wednesday. NewMed Energy said it had submitted with partners Chevron and Shell a development plan for Cypriot government approval. "The updated plan is expected to accelerate and reduce the cost of development," NewMed said.
ReutersCarrots and sticks: Venezuela's new oil chief targets graft, courts workers
The new CEO of Venezuelan state-run PDVSA is targeting endemic corruption at the financially troubled oil company while hoping to win over its 95,000 workers, a move critical to securing much needed cash for the country, home to the world's largest crude reserves. Pedro Tellechea, a 47-year-old mechanical engineer, took command of PDVSA in January and quickly suspended the OPEC country's exports and reviewed sales that had left $21.2 billion in income uncollected. Two months later, President Nicolas Maduro disclosed an anti-corruption investigation that since has led to the arrests of over 60 officials and businessmen and the resignation of the once-powerful oil minister.
- Reuters
CANADA STOCKS-TSX hits two-month low in broad-based sell-off as energy tumbles
Canada's main stock index slid on Tuesday to its lowest closing level in two months, with the energy sector leading the declines in a broad-based slide as oil prices tumbled. The Toronto Stock Exchange's S&P/TSX composite index ended down 228.25 points, or 1.1%, at 19,739.70, its lowest close since March 28. "Energy was one of the sectors that did well last year as many people thought that with what's going on in Russia and Ukraine, prices would skyrocket," said Allan Small, senior investment adviser at Allan Small Financial Group.
- Reuters
UPDATE 1-US natgas futures drop 4% on record output, lower demand forecast
On its first day as the front-month, gas futures for July delivery on the New York Mercantile Exchange fell 9.0 cents, or 3.7%, from where the July contract closed in the prior session to settle at $2.327 per million British thermal units (mmBtu). So far this month, Canadian exports have dropped from a six-week high of 8.5 bcfd on May 4 to a 25-month low of 6.4 bcfd on May 17 as wildfires in Alberta caused energy firms to cut oil and gas production.
- Reuters
FERC approves TC Energy's US-Mexico North Baja natgas pipe expansion
Canadian energy company TC Energy Corp's North Baja Pipeline LLC unit has received permission from U.S. energy regulators to put the North Baja natural gas pipeline expansion in Arizona and California into service. In a filing on Tuesday, the U.S. Federal Energy Regulatory Commission (FERC) clarified that its May 25 order included approval for all remaining facilities of the North Baja expansion. 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.
BloombergPoorer Nations Snap Up Cheap LNG in Economic Boost
(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 BloombergWinklevoss Twins Attempt Pivot After Gemini Loses Money and EmployeesPutin Orders Tighter Defenses After Drone Strikes on MoscowMcCarthy Confident on Debt Vote Despite Hard-Line Ouster ThreatStock Rally Loses Steam After AI-Fueled Euphoria: Markets WrapNvidia Touches $1 Trillion Mark After