Front-month gas futures for November delivery declined by 8.9 cents, or 2.8%, to $3.147 per million British thermal units (mmBtu). In Europe, gas prices at the Title Transfer Facility (TTF) benchmark in the Netherlands fell around 10% to $15 per mmBtu as rising LNG output eased supply concerns.

According to data from SUPPLY AND DEMAND LSEG, average natgas output in the Lower 48 U.S. states hit a daily average of 103.4 billion cubic feet (bcfd) so far in October, exceeding the previous record high of 103.1 bcfd in July.

The post Natural Gas Prices Down Amid Output Surge, Mild Weather appeared first on theprimarymarket.com.

The British October contract declined by 2.10 pence to 87.00 pence per therm on Friday morning, while the Dutch October contract was down 0.22 euros to 35.03 euros per megawatt hour.

Nordic power exchange Nord Pool announced on Friday that the start date for the Troll gas facility will be delayed to September 18. Despite this setback, Norwegian exports are up by 15 million cubic meters per day. In Australia, both plants LNG exports continued on Friday despite ongoing strikes, thereby sustaining supply levels.

The post European Gas Prices Down Amid Maintenance Extension appeared first on theprimarymarket.com.

“Chevron chartered a special flight this morning to Barrow Island to evacuate 50 blue and white collar contract crew off the Gorgon Project,” union coalition Offshore Alliance announced on social media on Saturday.

The strikes could have a major impact on the LNG market, with Chevron’s affected plants supplying approximately 5% of global LNG shipments. Currently, Australia is the world’s biggest LNG exporter, mostly serving the Asian market.

Although wage disputes at Chevron’s Gorgon and Wheatstone operations have driven British and European gas prices upwards, traders expect Australian supply halts to intensify competition from other sources.

The post Chevron Withdraws Contract Crew From LNG Plant Amid Strike appeared first on theprimarymarket.com.

Partial strikes began at the Gorgon and Wheatstone facilities, which accounted for 7% of the world’s LNG supply last year. Friday’s strike action appeared to be low-level actions aimed at creating inefficiencies in Chevron’s production chain, Saul Kavonic, an energy analyst at Credit Suisse Group AG observed.

Offshore Alliance took to Facebook to criticize Chevron, claiming that the company’s “bargaining performance has been the most inept effort of any employer the union has dealt with in the past five years and our members have had enough.”

The post Gas Prices Rise as Chevron Plant Strikes Get Underway appeared first on theprimarymarket.com.

Dutch gas prices for September delivery fell 1.58 euros lower to 36.58 euros per megawatt-hour (MWh), while the day-ahead contract increased by 1.20 euros to 37.30 euros/MWh according to Refinitiv Eikon data. Day ahead British gas prices were 4 pence to 93 pence per therm, while its September contract climbed 8.15 p to 93 p/therm. British markets were closed on Monday due to a holiday.

“European markets were open for trading yesterday and have reflected on the (Australian) news, whilst UK markets were closed and are likely to adjust today to catch up,” consultancy Auxilione claimed in a research note, speaking of the rise in price of British gas, which contrasted the trend experienced by continental Europe.

The post European Gas Prices Mixed Ahead Of Potential Action At Australian Plants appeared first on theprimarymarket.com.

“It has very much been a week of two halves,” Samuel Good, head of LNG pricing at commodity pricing agency Argus observed. During the first half of the week, LNG prices surged as worries rose about supply disruptions arising from potential strikes. Prices suddenly plunged following the in-principle deal struck between the unions and Woodside Energy.

Price fluctuations have been largely limited by high gas storage volumes in Europe and northern Asia throughout the second quarter compared to levels seen earlier in the year.

The post Asian LNG Falls After Australian Strike Averted appeared first on theprimarymarket.com.

Gas prices have remained volatile throughout August, with traders awaiting the final result of negotiations on Wednesday night between unions representing workers at Woodside Energy Group Ltd’s North West Shelf LNG operations and their employers. Details of the settlement are expected to be released on Thursday according to Offshore Alliance, a group representing two major unions.

While workers at two other Australian plants voted in favor of industrial action, ING Groep NV is optimistic that an agreement could be reached between the parties. “All indications at the moment look promising that strike action at the North West Shelf will be avoided,” the group stated in a note on Thursday,

The post European Gas Prices Freefall as Australian Strike Winds Down appeared first on theprimarymarket.com.

Power usage in Texas was on track to hit an 11th all-time high this summer on Monday with usage expected to rise to 85,605 megawatts (MW) throughout the day, the state’s grid operator, the Electric Reliability Council of Texas (ERCOT), reported. This is largely due to air conditioning usage across homes and businesses. On August 10, ERCOT recorded an all-time high of 85,435 MW.

Last year, natural gas-powered plants accounted for 49% of the State of Texas’ power, with the remaining electricity supply coming from wind (22%), coal (16%), nuclear (8%), and solar (4%) energy. Front-month gas futures for September on the New York Mercantile Exchange rose by 6.8 cents or 2.7%.

The post Natgas Futures Rise Amid Heatwave appeared first on theprimarymarket.com.

Both oil and gas majors missed analysts’ earnings forecasts, reporting headline profits for the second quarter of around $5 billion each. This is a year-on-year decline of 56% for Shell and 49% for TotalEnergies. Despite this decline, Shell’s results were in line with its 2021 performance, while TotalEnergies exceeded its profit that year.

Shell Chief Executive Wael Sawan insisted that the British company exhibited a “strong operational performance despite a lower commodity price environment”. TotalEnergies Chief Patrick Pouyanne also spoke of the fall in oil and gas prices affecting his company’s profits.

Liquified natural gas (LNG) prices plummeted from around $33 per million British thermal units (mmBtu) a year ago to $11.75 mmBtu. Benchmark Brent crude prices averaged around $80 per barrel during the second quarter of 2023 compared to $110 the previous year.

The post Shell and TotalEnergies Profits Fall Oil, Gas Prices Weaken appeared first on theprimarymarket.com.

Power generated by gas countrywide rose by 43% over the past week. This came as wind power generation slumped to just 5%, thereby forcing an uptick in power generation through gas in order to keep up with electricity demands.

Front-month gas futures for July delivery on the New York Mercantile Exchange declined by 1.9%, or 4.3 cents, to $2.202 per million British thermal units (mmBtu). A growing interest in the energy industry as well as the downward trend in prices has sparked investor interest, with interest in NYMEX gas futures rising to 1.389 million contracts on Monday; the most since September 2021.

According to Refinitiv data, U.S. gas demand is forecast to fall from 95.4 bcfd this week to 94.1 bcfd next week. This comes after U.S. exports to Mexico increased to an average of 7.5 bcfd so far in June, compared to 5.9 bcfd in May.

The post Natural Gas Futures Down as LNG Exports Dwindle appeared first on theprimarymarket.com.

Front-month gas futures for November delivery declined by 8.9 cents, or 2.8%, to $3.147 per million British thermal units (mmBtu). In Europe, gas prices at the Title Transfer Facility (TTF) benchmark in the Netherlands fell around 10% to $15 per mmBtu as rising LNG output eased supply concerns.

According to data from SUPPLY AND DEMAND LSEG, average natgas output in the Lower 48 U.S. states hit a daily average of 103.4 billion cubic feet (bcfd) so far in October, exceeding the previous record high of 103.1 bcfd in July.

The post Natural Gas Prices Down Amid Output Surge, Mild Weather appeared first on theprimarymarket.com.

The British October contract declined by 2.10 pence to 87.00 pence per therm on Friday morning, while the Dutch October contract was down 0.22 euros to 35.03 euros per megawatt hour.

Nordic power exchange Nord Pool announced on Friday that the start date for the Troll gas facility will be delayed to September 18. Despite this setback, Norwegian exports are up by 15 million cubic meters per day. In Australia, both plants LNG exports continued on Friday despite ongoing strikes, thereby sustaining supply levels.

The post European Gas Prices Down Amid Maintenance Extension appeared first on theprimarymarket.com.

“Chevron chartered a special flight this morning to Barrow Island to evacuate 50 blue and white collar contract crew off the Gorgon Project,” union coalition Offshore Alliance announced on social media on Saturday.

The strikes could have a major impact on the LNG market, with Chevron’s affected plants supplying approximately 5% of global LNG shipments. Currently, Australia is the world’s biggest LNG exporter, mostly serving the Asian market.

Although wage disputes at Chevron’s Gorgon and Wheatstone operations have driven British and European gas prices upwards, traders expect Australian supply halts to intensify competition from other sources.

The post Chevron Withdraws Contract Crew From LNG Plant Amid Strike appeared first on theprimarymarket.com.

Partial strikes began at the Gorgon and Wheatstone facilities, which accounted for 7% of the world’s LNG supply last year. Friday’s strike action appeared to be low-level actions aimed at creating inefficiencies in Chevron’s production chain, Saul Kavonic, an energy analyst at Credit Suisse Group AG observed.

Offshore Alliance took to Facebook to criticize Chevron, claiming that the company’s “bargaining performance has been the most inept effort of any employer the union has dealt with in the past five years and our members have had enough.”

The post Gas Prices Rise as Chevron Plant Strikes Get Underway appeared first on theprimarymarket.com.

Dutch gas prices for September delivery fell 1.58 euros lower to 36.58 euros per megawatt-hour (MWh), while the day-ahead contract increased by 1.20 euros to 37.30 euros/MWh according to Refinitiv Eikon data. Day ahead British gas prices were 4 pence to 93 pence per therm, while its September contract climbed 8.15 p to 93 p/therm. British markets were closed on Monday due to a holiday.

“European markets were open for trading yesterday and have reflected on the (Australian) news, whilst UK markets were closed and are likely to adjust today to catch up,” consultancy Auxilione claimed in a research note, speaking of the rise in price of British gas, which contrasted the trend experienced by continental Europe.

The post European Gas Prices Mixed Ahead Of Potential Action At Australian Plants appeared first on theprimarymarket.com.

“It has very much been a week of two halves,” Samuel Good, head of LNG pricing at commodity pricing agency Argus observed. During the first half of the week, LNG prices surged as worries rose about supply disruptions arising from potential strikes. Prices suddenly plunged following the in-principle deal struck between the unions and Woodside Energy.

Price fluctuations have been largely limited by high gas storage volumes in Europe and northern Asia throughout the second quarter compared to levels seen earlier in the year.

The post Asian LNG Falls After Australian Strike Averted appeared first on theprimarymarket.com.

Gas prices have remained volatile throughout August, with traders awaiting the final result of negotiations on Wednesday night between unions representing workers at Woodside Energy Group Ltd’s North West Shelf LNG operations and their employers. Details of the settlement are expected to be released on Thursday according to Offshore Alliance, a group representing two major unions.

While workers at two other Australian plants voted in favor of industrial action, ING Groep NV is optimistic that an agreement could be reached between the parties. “All indications at the moment look promising that strike action at the North West Shelf will be avoided,” the group stated in a note on Thursday,

The post European Gas Prices Freefall as Australian Strike Winds Down appeared first on theprimarymarket.com.

Power usage in Texas was on track to hit an 11th all-time high this summer on Monday with usage expected to rise to 85,605 megawatts (MW) throughout the day, the state’s grid operator, the Electric Reliability Council of Texas (ERCOT), reported. This is largely due to air conditioning usage across homes and businesses. On August 10, ERCOT recorded an all-time high of 85,435 MW.

Last year, natural gas-powered plants accounted for 49% of the State of Texas’ power, with the remaining electricity supply coming from wind (22%), coal (16%), nuclear (8%), and solar (4%) energy. Front-month gas futures for September on the New York Mercantile Exchange rose by 6.8 cents or 2.7%.

The post Natgas Futures Rise Amid Heatwave appeared first on theprimarymarket.com.

Both oil and gas majors missed analysts’ earnings forecasts, reporting headline profits for the second quarter of around $5 billion each. This is a year-on-year decline of 56% for Shell and 49% for TotalEnergies. Despite this decline, Shell’s results were in line with its 2021 performance, while TotalEnergies exceeded its profit that year.

Shell Chief Executive Wael Sawan insisted that the British company exhibited a “strong operational performance despite a lower commodity price environment”. TotalEnergies Chief Patrick Pouyanne also spoke of the fall in oil and gas prices affecting his company’s profits.

Liquified natural gas (LNG) prices plummeted from around $33 per million British thermal units (mmBtu) a year ago to $11.75 mmBtu. Benchmark Brent crude prices averaged around $80 per barrel during the second quarter of 2023 compared to $110 the previous year.

The post Shell and TotalEnergies Profits Fall Oil, Gas Prices Weaken appeared first on theprimarymarket.com.

Power generated by gas countrywide rose by 43% over the past week. This came as wind power generation slumped to just 5%, thereby forcing an uptick in power generation through gas in order to keep up with electricity demands.

Front-month gas futures for July delivery on the New York Mercantile Exchange declined by 1.9%, or 4.3 cents, to $2.202 per million British thermal units (mmBtu). A growing interest in the energy industry as well as the downward trend in prices has sparked investor interest, with interest in NYMEX gas futures rising to 1.389 million contracts on Monday; the most since September 2021.

According to Refinitiv data, U.S. gas demand is forecast to fall from 95.4 bcfd this week to 94.1 bcfd next week. This comes after U.S. exports to Mexico increased to an average of 7.5 bcfd so far in June, compared to 5.9 bcfd in May.

The post Natural Gas Futures Down as LNG Exports Dwindle appeared first on theprimarymarket.com.