Business & Markets

Gas Storage Ups and Downs

Coming off a year that was anything but typical, it’s no surprise that gas storage – a key indicator of natural gas prices and an important market in the U.S. energy picture – has been impacted by the pandemic, but even more so, by demand growth, cancellation of major pipeline projects and the push for electrification and green energy.

US LNG Exports: Uneven Pathway from Oilfields to Terminals

Analysts believe a second wave of global LNG demand is coming in the mid-part of this decade, despite 2020's severe downturn in global energy markets.

Canadian Natural Resources Beats Profit Estimates

Canadian Natural Resources Ltd, Canada's biggest oil producer, beat analysts' estimates for fourth-quarter profit and forecast much stronger cash flow this year, as crude prices staged a steady recovery from pandemic-driven lows.

CERAWEEK: Pipelines Needed for U.S. Natural Gas Export Demand Growth

Moving natural gas from the states where it is produced to places where it can be consumed or exported will become increasingly challenging, requiring infrastructure including pipelines.

Argentina's Vaca Muerta Growth Depends on LNG to Asia

Argentina needs to plan and build more liquefied natural gas (LNG) capacity to accelerate the development of its largest shale play, Vaca Muerta, the CEO of Pan American Energy said.

U.S. Natural Gas Production Decreased by 1% in 2020

U.S. natural gas production — as measured by gross withdrawals — averaged 111.2 billion cubic feet per day (Bcf/d) in 2020, down 0.9 billion Bcf/d from 2019.

CERAWEEK: Natural Gas Can Help Solve Climate Change, Industry Reminds Policymakers

The energy industry wants policy makers to remember that natural gas can and should be part of the solution in solving climate change, executives said at a conference.

Energy Firms Bet on Hydrogen Boom, but Payday Far Away

Governments and energy companies are placing large bets on clean hydrogen playing a leading role in efforts to lower greenhouse gas emissions, but its future uses and costs are highly uncertain.

Australia’s Western Gas, APA Group Studying Potential Gas Pipeline

Western Gas and APA Group are undertaking a development and marketing study to deliver Equus gas to Australian customers and markets via a potential 130-mile (210 km) offshore pipeline and a transcontinental pipeline, the companies announced.

Oil Optimism Unwinding Market's Mad Dash for Storage

When the world economy slammed on the brakes last year, there was a rush to store a wave of unwanted crude and products, but rising prices and optimism about demand is spurring a swift unwinding of storage contracts.

Lithuania to Poland LNG Pipeline to Come Online Next Year

Lithuanian state-controlled energy company Ignitis Group will start supplying liquefied natural gas (LNG) to Poland next year when a new pipeline between the two countries comes online, its CEO said on Monday.

Europe's Unusually Low Gas Stocks Set to Underpin Prices

European gas storage levels are lower than usual for the time of year and will need to be topped up significantly in the coming months, providing support to wholesale gas prices.

Nigeria's Seplat Cutting Costs, Keeping Acquisitions on the Radar

Nigerian oil and gas company Seplat aims to cut costs and is looking out for acquisitions even after the crash in crude prices eroded its 2020 revenue.

Asian LNG Prices Fall on Lower Heating Demand

Asian liquefied natural gas (LNG) prices fell this week, with less demand for heating in the region and expectations that exports out of the United States will normalize after the Texas storm.

Cold Weather Leads to Near-Record Withdrawals from Underground Natural Gas Storage

Significant demand for natural gas in mid-February led to the second-largest reported withdrawal of natural gas from storage in the United States, according to the EIA's Weekly Natural Gas Storage Report.

Canada's Alberta Sees Budget Deficit Narrowing as Oil Prices Recover

The Canadian oil-producing province of Alberta estimated its 2021/22 budget deficit will shrink to C$18.2 billion ($14.5 billion), as its economy starts to recover from the damage caused by the coronavirus pandemic.

Max Midstream Launches Open Season on Seahawk Pipeline

Seahawk Pipeline, a subsidiary of Max Midstream, is developing a crude oil pipeline in the Eagle Ford area from its Edna Terminal to the Seahawk Terminal in the Port of Calhoun, Texas, and wants to gauge shipper interest, the company announced.

Qatar Pledges $60 million to Pipeline from Israel to Gaza

Qatar coming on board publicly gives another boost to the project, which has a 2023 target date for completion.

APA Launches Australia's First Hydrogen-Ready Transmission Pipeline Project

Australia’s APA Group announced a landmark hydrogen pilot project to enable the proposed conversion of 43-kilometers (26.7 miles) of Parmelia Gas Pipeline in Western Australia into Australia’s first 100 percent hydrogen-ready transmission pipeline.

Russia’s Gazprom Says LNG, Natural Gas Shouldn't Compete in Export Markets

Russia should ensure its natural gas and LNG supplies do not compete in international markets, Gazprom said, amid signs a local LNG rival is becoming increasingly important in the European market traditionally dominated by Gazprom.

Uganda Expects Work on Oil Pipeline with Total to Soon Start

Uganda said the construction of a $3.5 billion oil pipeline with France's Total due to run through neighboring Tanzania was expected to begin shortly.

EIA: U.S. Crude Output Falls 10%, Refinery Runs Drop to 2008 Low

U.S. crude oil production dropped by more than 1 million barrels per day last week during Texas's deep freeze, equaling the largest weekly fall ever, and refining runs tumbled to levels not seen since 2008.

U.S. Trade Groups Urge Biden to Cap Natural Gas Prices After Texas Freeze

Trade groups representing U.S. public power and natural gas companies urged President Joe Biden to declare a gas emergency for last week's extreme weather and authorize the secretary of energy to cap the price of gas.

An Alberta Petrochemical Complex is at the Heart of Brookfield's Inter Pipeline Bid

Inter Pipeline Ltd's ambitious petrochemical plant was meant to unlock new markets, instead it has left the Canadian company battling cost overruns and vulnerable to a hostile C$7.08 billion ($5.64 billion) takeover from Brookfield Infrastructure Partners.

Traders Supply Mexico With Emergency LNG After Power Crisis

Mexico's state-run power company resorted to LNG imports as natural gas supplies from the southern United States, especially neighboring Texas, were hit by frozen pipelines and rocketing prices caused by a cold snap.

Kinder Morgan and Brookfield Sell Minority Interest in Natural Gas Pipeline Company of America

Kinder Morgan and Brookfield Infrastructure Partners agreed to sell a 25% minority interest in Natural Gas Pipeline Company of America to a fund controlled by ArcLight Capital Partners for $830 million.

Brookfield Launches Hostile Bid to Buy Canada's Inter Pipeline

Brookfield Infrastructure Partners said on Monday it formally launched its hostile bid to buy Inter Pipeline Ltd, weeks after the Canadian oil and gas transportation company rejected its unsolicited offer as inadequate.

Oil Producers Eye Long Road to Recovery as Texas Thaws

Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said.

Spain’s Reganosa to Operate Sardinia’s First LNG Terminal

Spain’s Reganosa won a contract to operate and maintain the first liquefied natural gas (LNG) terminal on the Italian island of Sardinia, the company announced.

Australian Gas Networks Looking to Include Hydrogen in Infrastructure

Australia's natural gas pipeline owners are working to future proof their A$75 billion ($59 billion) in assets amid a global push towards clean energy, running tests to blend hydrogen with gas and produce green methane to replace the fossil fuel.