economics

U.S. natural gas prices fall to 3-year low on rising output, ample storage

U.S. natural gas futures fell about 2% on Wednesday to a three-year low after breaking through the key $2 per MMBtu level of technical support with ample amounts of fuel in storage, rising output and less gas flowing to LNG export plants.

Bangladesh likely to sign another long-term LNG deal, buy more spot cargoes

Bangladesh will likely sign its fifth long-term LNG contract in "a couple of years" and will increase its spot cargo purchases this year.

Russia's INK may boost LPG exports by 20%-30% in 2024, focus on China

Russia's Irkutsk Oil Company will likely increase its exports of LPG by 20%-30% this year, focusing on sales to China, according to traders and industry sources, as the company recovers production.

Tellurian fights to keep its Driftwood LNG project alive

The proposed sale of LNG developer Tellurian's natural gas production assets represents a move to stay afloat amid dwindling survival options.

API launches Standards Subscription Service

The American Petroleum Institute is pleased to announce the latest addition to the API Webstore -  the new Standards Subscription Service which offers Webstore customers unlimited, 24/7 access to API’s comprehensive suite of safety standards and technical documents for use across their organization.

Woodside, Santos scrap talks on $52-B merger

Australia's Woodside Energy and Santos said they had ended talks to create a possible $52-B global oil and gas giant, and Santos flagged it would look for other ways to bolster its value.

U.S. natural gas consumption established a new daily record in January 2024

On January 16, 2024, a record high of 141.5 Bcf of natural gas was consumed in the U.S. Lower 48 states, exceeding the previous record set on December 23, 2022, according to estimates from S&P Global Commodity Insights.

U.S. says allies 'reassured' LNG pause does not affect current exports

U.S. allies concerned about steady supplies of LNG are reassured when they understand President Joe Biden's pause on LNG export approvals does not affect currently permitted shipments.

Adani Total says Dhamra LNG terminal operating at 55% utilization rate

Adani Total Pvt Ltd's Dhamra terminal has received 15 commercial LNG cargoes since commissioning in May 2023 and is operating at a utilization rate of 55%.

Mitsubishi sees Russia's Sakhalin LNG as key energy source for Japan

Mitsubishi Corp CEO Katsuya Nakanishi said Russia's Sakhalin 2 LNG project remains a key source for Japan's energy supply, as Japanese companies maintain their Russian exposure.

Tellurian explores sale of upstream business to finance Driftwood LNG

Tellurian is exploring the sale of its Haynesville upstream business as it looks to raise capital for its Driftwood LNG project.

Germany outlines $17-B plan to subsidize gas-to-hydrogen shift

Germany's government has agreed plans to subsidize gas power plants that can switch to hydrogen with a price tag of $17 B in subsidies as part of efforts to supplement intermittent renewable energy and speed up the transition to low carbon generation.

NextChem and Engie collaborate on advanced biomethane technology

Maire announced that NextChem, through its subsidiary NextChem Tech, and ENGIE agreed to cooperate on the development and commercialization of an advanced biomethane technology to produce synthetic methane from dry biomass waste.

Moldova's separatist Transdniestria region says it needs more gas

Moldova's pro-Russian separatist region of Transdniestria has said it needs more Russian natural gas to operate its industry as supply and cost emerge as election issues in the former Soviet republic.

Shell agrees to develop Nigeria gas field for Dangote fertilizer

Shell Plc has made a final investment decision to build a gas supply facility in Nigeria to feed a fertilizer plant owned by Africa's richest man, Aliko Dangote.

Russia raises LNG exports by 11% y/y in January

Russia increased exports of LNG in January by 11% from the same month a year ago to 3 MMt, of which 1.77 MMt were shipped to Europe.

Asia LNG imports are robust, but record supply keeps spot prices muted

The spot price of LNG is continuing to meander at low levels amid ample supply from major exporters and signs that winter demand is easing in the top-importing regions of Asia and Europe.

U.S. natural gas edges up from 9-month low, but still down 24% for week

U.S. natural gas futures edged up about 1% on Friday as forecasts for seasonally cold weather later this month helped prices bounce after they closed the prior session at a nine-month low.

Asia spot LNG prices remain below $10/MMBtu for third week

Asian spot LNG prices have seen a slight uptick this week but remain below $10 per MMBtu for the third week running as weak demand continues to steer prices.

European and Asian companies affected by U.S. pause on LNG export permits

U.S. President Joe Biden's administration announced a pause on pending and future permits to export LNG to non-Free Trade Agreement countries until the Department of Energy finishes a new review of climate impacts.

U.S. LNG export pause leaves EU, industry at odds over energy security

Europe will have enough gas supply for the next 10 years and thereafter despite a move by the U.S. administration to pause approvals on new LNG plants, EU energy officials and analysts said, dismissing industry's warnings.

Mitsui records $93 MM more in provisions for sanctioned Arctic LNG 2 project

Japan's Mitsui & Co said it had recorded $93 MM as additional provisions on its investment in Russia's Arctic LNG 2 project sanctioned by the United States, but lifted its full-year profit forecast.

ERIKS North America honors founding legacy with rebrand to LGG Industrial

ERIKS North America, a provider of fluid handling, sealing, and material conveyance solutions, is rebranding to LGG Industrial.

Poland's Gaz-System chooses Mitsui O.S.K. Lines for FSRU

Polish pipeline operator Gaz-System has chosen Japan's Mitsui O.S.K. Lines to supply a floating storage and regasification unit.

Former Sempra Energy chief behind efforts to salvage Driftwood LNG project

U.S. LNG developer Tellurian chose a Lazard Inc. investment banker to right its struggling Driftwood LNG export project, the company's chairman told investors this week.

U.S. House of Representatives to vote on reversing Biden's LNG exports pause

The U.S. House of Representatives will vote next month on a measure to overturn the Biden administration's moratorium on approvals of new liquefied natural gas exports.

Phillips 66 shuts section of Oklahoma panhandle (U.S.) gas pipeline after fire

Phillips 66 said it has shut a section of a natural gas pipeline it operates in the Oklahoma Panhandle after a fire and rupture that occurred.

U.S. LNG export permit pause may affect Japan's fuel security

Japan's top power generator JERA expects the temporary suspension of U.S. LNG export permits may affect Japan's fuel security, and even the world's, if the issue persists.

Jenbacher engines to power Poland’s largest gas-fueled power plant, replacing coal power

INNIO Group announced that five Jenbacher J920 FleXtra engines will power a 50 MWe combined heat and power project in Bydgoszcz, Poland, for PGE Energia Ciepła S.A.

Japan worried U.S. pause of LNG export approvals may delay new projects

Japan, the world's second-biggest buyer of LNG, is concerned that a temporary suspension of U.S. export permits may delay the launch of new LNG facilities in the United States.