Freeport LNG liquefaction train at Texas export plant shuts
Freeport LNG reported to state regulators on Thursday that one of the three liquefaction train at its export plant in Texas was shut down on Wednesday. Freeport stated that Train 3 was tripped during operation due to a problem with a lube-oil pump. This caused an emissions event which lasted for more than 11 hour from Wednesday evening until early Thursday morning.
US natgas manufacturers chase AI-driven surge of power demand to weather low price
Shale gas producers are contacting data-center operators in the U.S. Permian Basin to build up the capacity needed to power an AI boom. They want to relieve the pressure of a two-year-old slump in prices. Devon Energy, Expand Energy Diamondback Energy and Permian Resources highlighted the potential of AI and data centres to drive gas consumption and said that they were in preliminary discussions with many operators.
US natural gas drillers will increase output in 2025, reversing a year-long cut
The U.S. Natural Gas producers will increase output in 2025 after a series production cuts this past year. Rising demand from LNG export plants should raise prices, which had dropped to multi-decade lows. According to the latest U.S. Energy Information Administration outlook, U.S. natural gas production will decline in 2024, for the first drop since 2020 when the COVID epidemic reduced demand.
EUROPE GAS prices hit an all-time high amid cold weather and supply concerns
Dutch and British wholesale prices for gas hit an intraday record on Thursday, amid concerns about the Russian storage and supply inventories falling below last year's levels and a forecast of cold weather. LSEG data show that the benchmark front-month contract for the Dutch TTF hub had risen 0.86 euros to 47.67 euros a megawatt hour at 1012 GMT. This was a new intraday high.
Prices fluctuate in Europe due to colder weather forecasts despite constant Russia flows
Dutch and British wholesale gas prices fluctuated Monday morning due to colder weather forecasts, a decrease in Norwegian supplies and stable Russian gas flows through Ukraine. However, more LNG cargoes were heading towards Europe. LSEG data shows that the benchmark front-month contract traded at the Dutch TTF Hub at 45.90 Euro per megawatt hour at 1007 GMT, after fluctuating between losses and gains in the morning.
Baker Hughes: US drillers reduce oil and gas rigs in the US for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of oil rigs for the first time since four weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending Nov. 15 to 584, the lowest level since early September. This is a reduction of 34 rigs, or 6% from the same time last year.
Prices for EUROPE GAS are near their highest levels in a year due to supply concerns and storage drawbacks
Dutch and British wholesale gas prices were roughly flat on Friday, near their one-year-highs. Profit-taking was offset with ongoing concerns about Russian supply as well as cold weather reducing gas stocks. LSEG data show that the benchmark contract for the first month at TTF's Dutch hub fell by 0.60 euro to 45.75 Euros per Megawatt Hour by 0930 GMT.
EUROPE GAS prices near a one-year high due to concerns about Russian supply and cold weather
The Dutch and British wholesale gas prices reached their highest intraday levels in almost a year on Thursday, amid concerns about Russian gas supply. Austrian energy group OMV said that an award of over $243 mln for irregular German gas supplies by Gazprom may impact its Gazprom gas supply agreement. The benchmark front-month contract…
Coterra Energy will spend $3.95 billion to expand its Permian Basin footprint
Coterra Energy announced on Wednesday that it will buy certain assets from privately-held Avant Natural Resources, and Franklin Mountain Energy. The deal is worth $3.95 billion and includes cash and stock. The Permian Basin is a popular place for producers to expand their stock. The Permian Basin, located between Texas and New Mexico is a highly productive shale-oil basin with undeveloped reserves…
The price of gas in Europe is falling amid profit-taking
The Dutch and British wholesale gas prices fell on Wednesday morning as profit-taking and Slovakia's SPP announced that it would take measures to guarantee supply because of the risk of Ukraine ending its transit at the end the year. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell by 0.10 euros to 43.45 Euro per megawatt hour at 1025 GMT.
EUROPE GAS-Prices firm as temperatures drop
Dutch and British wholesale price rose on Monday morning due to the colder weather forecast. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub rose by 1.00 euros to 43.15 Euro per Megawatt Hour (MWh), which is $13.51/mmbtu by 0921 GMT. The British day-ahead contract increased by 3.00 pence to 109.15 cents per therm.
EOG Resources to boost shareholder returns
EOG Resources announced on Friday that its debt levels would allow the oil and natural gas producer to use more than 100% free cash flow for shareholder returns. In afternoon trading, shares of the company rose by 4.8% to $132.54. The company announced that it would increase its debt to between $5 and $6 billion over the next 12-18 months. This would allow for additional cash to be available to pay out to investors.
Baker Hughes: US Rig Count Remains Steady
U.S. energy firms this week kept the number of oil and natural gas rigs operating unchanged for a record third week in a row, according to energy services firm Baker Hughes' data going back to 1987.The oil and gas rig count, an early indicator of future output, was steady at 585 in the week to Nov. 8, Baker Hughes said on Friday. Baker Hughes said that puts the total rig count down 31 rigs…
YPF, the Argentine oil company, is focusing on Vaca Muerta and a production boost by 2025.
The CEO of Argentina's state-owned oil company YPF, Horacio Martin, said that the firm expects shale production to rise by 30 to 40 percent next year. Marin said that YPF, during a conference call to discuss its financial results, will concentrate its capital investments in its main shale resources, specifically the massive Vaca Muerta Formation.
California will vote on stricter regulations for low-carbon fuels policy
California regulators are voting on Friday whether to tighten up a policy that aims to boost low-carbon fuels in order to reduce greenhouse gas emissions and achieve the state's ambitious goals for climate change. California's Low Carbon Fuel Standard, which has been around since 2011, is being changed to require a greater reduction in carbon intensity in transportation fuels.
Gas and Carbon Forward Contracts are on the Rise
The European power contracts for the year ahead were released on Friday. They reflect higher carbon permits as well as gas contracts. LSEG data show that the German 2025 baseload price rose by 1.7%, to 91.14 euros per megawatt-hour (MWh), at 1111 GMT. It had previously reached a high of 91.25 euro/MWh for two weeks. The equivalent French position increased 3.2% to 77.15 Euro/MWh.
Gas prices in Europe rise on cold weather forecast
Dutch and British wholesales prices increased on Friday morning. They reached their highest level in over a week due to the expected cooler and less windy conditions in Europe. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub gained 0.85 euro to 42.45 Euro per Megawatt Hour (MWh), which is $13.41/mmbtu by 0949 GMT. This is the highest level of the contract since October 29.
Halliburton misses quarterly profit estimates on North America drilling demand weakness
Halliburton missed analysts' expectations for the third quarter profit on Thursday as a slowdown of drilling activity in North America affected demand for its oilfield equipment and services. Since the decline in oil prices and low natural gas prices in 2020, producers have been keeping a close eye on their production in North America.
EUROPE GAS - Prices rise due to colder weather and wind; attention on Trump
Dutch and British wholesale gas prices increased on Thursday morning due to colder weather and low winds, but uncertainty remains over the impact of the U.S. Donald Trump presidency on the global market. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub increased by 0.28 euros to 41.00 Euro per megawatt hour (12.92/mmbtu) or 12.92 euros per megawatt (MWh) at 0941 GMT.
Gas prices in Europe are rising on a weak wind ahead of the US election
The Dutch and British wholesale prices of gas rose slightly Tuesday morning due to a weak wind and in anticipation of what should be a close U.S. Presidential election. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub at 0942 GMT was 0.37 euros higher, at 40.85 Euro per megawatt hour or around $13/mmBtu. The British day-ahead contracts rose 1.15 pence, to 102.50 pence/therm.
