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Natural gas price prediction

Natural Gas Price Prediction – Prices Whipsaw as Hurricane Season Commences

Natural gas price prediction whipsawed first moving higher and then reversing course closing down 1.7% on the trading session.

Natural gas prices whipsawed moving lower after hitting a fresh 5-week high. Support is seen near a trend line break out experienced at the tail end of last week near 2.34. Resistance on natural gas prices is seen near the July highs at 2.47.

Medium-term momentum remains positive. The MACD (moving average convergence divergence) histogram prints in black with an upward-sloping trajectory. This points to higher prices. Short-term momentum is neural as the fast-stochastic reverses after hitting a reading above the overbought trigger level of 80.

Net Injections Rise

Net injections into storage totaled 98 Bcf for the week ending June 21. Comparing it with the five-year average net injections of 70 Bcf and last year’s net injections of 71 Bcf during the same week. Expectations were for a larger build. Working gas stocks totaled 2,301 Bcf, which is 171 Bcf lower than the five-year average and 236 Bcf more than last year at this time. Natural gas analysts, estimates of the weekly net change from working natural gas stocks ranged from net injections of 95 Bcf to 111 Bcf, with a median estimate of 100 Bcf.

The average rate of net injections into storage is 39% higher than the five-year average so far in the refill season. If the rate of injections into storage matched the five-year average of 9.2 Bcf per day for the remainder of the refill season, total inventories would be 3,521 Bcf on October 31, which is 171 Bcf lower than the five-year average of 3,692 Bcf for that time of year.

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Source: FXempire.com

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People should accept gas price hike: PM

Gas Price Hike Have to be Accepted

“If you truly want economic development, it’ll [gas price hike] have to be accepted,” The Prime Minister Sheikh Hasina said.

Bangladesh has achieved 8.1 percent GDP growth, said Sheikh Hasina adding. “It was possible as we paid enough attention to energy, and we’ve been able to boost power generation, too. But, we’re to import gas, and the import cost of LNG is huge. Energy is most important for economic development.”

India Had Wanted to Take Gas from Myanmar

In 2004-2005, India had wanted to take gas from Myanmar installing pipeline through Bangladesh, but Khaleda Zia government didn’t allow it.

Sheikh Hasina gas price hike

Had she (Sheikh Hasina) been in the power at that time, she would have allowed the pipeline ensuring Bangladesh’s share from the gas, Hasina said.

During her five-day official visit to China, Prime Minister Sheikh Hasina engaged in several productive discussions and meetings with Chinese officials. One of the key topics of conversation was Bangladesh’s energy sector and the country’s current dependence on liquefied natural gas (LNG) imports. In a meeting with her Chinese counterparts, Prime Minister Hasina highlighted the missed opportunity for Bangladesh to utilize its natural resources for economic development, which could have potentially reduced the need for LNG imports.

The Country Would Not Be in its Current Position

Prime Minister Hasina expressed her belief. That if Bangladesh had effectively harnessed its own share of resources and invested in economic development. The country would not be in its current position of relying heavily on LNG imports. She emphasized the importance of strategic planning and utilizing available resources. To drive economic growth and reduce dependency on external sources. By adopting a proactive approach towards resource management and investment. Bangladesh could have potentially diversified its energy sources and established a more sustainable and self-sufficient energy sector.

Returning home from her visit to China. Prime Minister Hasina’s remarks shed light on the significant role. That effective resource utilization and economic development play in a country’s energy security. Her statements highlight the missed opportunity. For Bangladesh in not fully capitalizing on its own natural resources, and the subsequent consequences of relying on LNG imports. This serves as a valuable lesson for policymakers, urging them to prioritize comprehensive resource management strategies and long-term economic development plans to ensure energy self-sufficiency and reduce dependence on external sources in the future.

 

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Source: TheDailyStar.net

 

 

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Drilling Down Ranking

Drilling Down Ranking: Top 10 Drillers So Far This Year

Exxon Mobil has unseated EOG Resources as the top driller in the Lone Star State. Let’s check out the current drilling down ranking.

During the first six months of the year, Exxon Mobil’s shale arm, XTO Energy, has filed for 352 drilling permits with the Railroad Commission, which oversees the state’s oil and gas industry. EOG, which was last year’s top driller, has filed for 282 permits halfway through the year.

Some 86 percent of Exxon Mobil’s drilling permits this year were for projects in the Permian Basin of West Texas, followed by the Eagle Ford Shale of South Texas and the Haynesville Shale of East Texas.

Same 687 companies have filed for 6,275 drilling permits through June compared with the 766 companies that filed for 6,991 permits during the same period last year.

Some 86 percent of Exxon Mobil’s drilling permits this year were for projects in the Permian Basin of West Texas, followed by the Eagle Ford Shale of South Texas and the Haynesville Shale of East Texas.

Looking statewide, drilling permits are down by 10.3 percent in the first six months of the year, compared with the same period in 2018. Oil prices, at about $59 a barrel, are down about 20 percent from a year ago, when crude was trading around $74 a barrel. Exploration and production company budgets tightened following the sharp price drop at the end of last year, when oil plunged from about $76 a barrel to less than $45 per barrel.

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Source: HoustonChronicle.com

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U.S. surpasses 12 million barrels a day, EIA reports

12 Million Barrels

WASHINGTON – U.S. oil production surpassed 12 million barrels a day in April, further extending the nation’s record output during the fracking boom, the U.S. EIA reported Monday.

“The U.S. onshore crude oil production increase is driven mainly by developing low permeability (tight) formations using horizontal drilling and hydraulic fracturing. EIA estimates that crude oil production from tight formations in April 2019 reached 7.4 million b/d, or 61% of the U.S. total,” the report read.

Texas alone produced almost 5 million barrels a day in April, up more than 25 percent from the beginning of 2018. And much of that growth has come in the Permian Basin, an aged oil field revived by new drilling technology.

A Remarkable Month-Over-Month Growth Rate

Despite facing pipeline capacity constraints, the Permian region managed to sustain a remarkable month-over-month growth rate averaging nearly 100,000 barrels per day throughout the majority of 2018. This impressive growth can be assign to a combination of factors, including industry efficiencies in pipeline utilization and the implementation of alternative transportation methods such as increased trucking and rail transport within the region. These strategies have enabled crude oil production in the Permian to not only continue its upward trajectory but also to meet the increasing demand for energy resources in the market.

The continued growth of the Permian region’s crude oil production is a testament to the resilience and innovation of the industry players operating in this area. Despite the challenges posed by limited pipeline capacity, stakeholders have demonstrated their ability to adapt and find alternative solutions to ensure the smooth flow of resources. By leveraging technologies and optimizing logistics, the Permian has been able to maximize its production capabilities and contribute significantly to the overall energy output of the United States. This sustained growth not only benefits the regional economy but also plays a crucial role in meeting the global demand for energy resources in an efficient and sustainable manner.

 

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Source: HoustonChronicle.com

 

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Utica Shale well activity as of June 29

UTICA SHALE WELL ACTIVITY AS OF JUNE 29

DRILLED: 240 (234 as of last week)

DRILLING: 173 (174)

PERMITTED: 481 (483)

PRODUCING: 2,223 (2,222)

TOTAL: 3,117 (3,113)

 

 

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Source: CantonRep.com

U.S. crude to trickle onto new Gulf Coast lines as connections, storage opens: sources

The United States exported a record 3.8 million bpd of crude in late June after Congress lifted a 40-year export ban in late 2015. Soaring Permian crude output last year exceeded available pipeline space, creating a West Texas glut that knocked regional prices to the lowest levels in four years and helped spur a pipeline construction boom.

The start-up of three new pipelines by year-end from the Permian Basin was expected to bring about 2 million new barrels per day to export terminals around Corpus Christi.

 

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Source: The Mighty 790 KFGO

 

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U.S. Accounts For 98% Of All Global Oil Production Growth

US Accounts

For 2018, the Review reported that the world or US Accounts set a new oil consumption record of 99.8 million BPD, which is the ninth straight year global oil demand has increased.

US Accounts

The United States remains the world’s top oil consumer, averaging 20.5 million BPD in 2018. China was second at 13.5 million BPD, although this would be far below the U.S. in per capita consumption. India was third at 5.2 million BPD. Both China and India have averaged oil consumption growth of at least 5% per year over the past decade.

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Source: oilprice.com

 

 

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OPEC and Russia Seek to Support the Price of Oil

Seek to Support

OPEC and Russia Seek to Support the Price of Oil. Oil ministers meeting this coming week are expected to continue an agreement to reduce production.

OPEC’s main producers find themselves in a predicament: They must reduce their own output to sustain prices at levels they consider acceptable but the higher prices encourage more production by the United States and other countries.

Significant Attention

The upcoming meeting of officials representing approximately half of the world’s oil output has garnered significant attention from global markets. With such a significant portion of oil production represented in one gathering, market players are eagerly awaiting the outcomes and decisions that will emerge from this crucial meeting.

The meeting, which will bring together key officials from major oil-producing countries, has the potential to significantly impact the global oil market. With discussions likely to revolve around production levels, supply and demand dynamics, and potential price adjustments, market participants are keen to gain insights into the future direction of oil prices. This gathering of influential figures in the oil industry provides a unique opportunity for stakeholders to assess the potential implications on their investments and portfolios, as well as to make informed decisions based on the outcomes of these discussions. The decisions made during this meeting hold the potential to shape the trajectory of the global oil market, making it a crucial event for investors and analysts alike.

 

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Source: The New York Times

 

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IS OIL ON ITS WAY BACK UP TO $100 PER BARREL?

Is oil price really going up? By early April, global crude-oil benchmark ICE Brent Crude Futures had closed over $70 per barrel for the first time since November 2018, having already surged by some 30 percent since the beginning of the year. Just a few weeks later, it rallied to $75 per barrel to hit a near six-month high, before modestly retreating. The gains notched up this year have now raised much speculation over whether crude can sustain its rally and hit $100 per barrel in the near future. If so, it would be the first time since 2014 that it reached this milestone.

Production cuts by OPEC+, which includes 10 non-OPEC countries—most notably Russia, Mexico and Kazakhstan—in addition to the organisation’s 14 member countries, are aiming to prevent excess supply in the global market following the dramatic drop in crude prices late last year. As such, the alliance has agreed to slash output by 1.2 million barrels per day (bpd) during the first six months of 2019, before meeting again in June to decide whether to extend the agreement. The plan has been mostly successful to date, with OPEC supply falling by more than 1.5 million bpd this year, which, in turn, has helped drive prices higher. Saudi Arabia has been chiefly responsible for the cuts, having reduced output by a further 324,000 bpd in March.

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Source: International Banker

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Shale gas impact fees raise $252 million, breaking record!

Shale Gas Impact Fees, Yielded its Highest Payout

Shale Gas Impact Fees on natural gas wells yielded its highest payout to date this year, in 2018, the annual fee imposed on wells harnessing the abundant natural gas reserves in the Marcellus and Utica shales of the state yielded an impressive sum of $243 million. This significant revenue was further augmented by an additional $8.9 million in back fees, which were collected from companies that had previously refrained from making payments while awaiting court rulings on the exemption status of low-producing “stripper” wells. The successful collection of these fees not only represents a substantial financial gain for the state but also signifies a resolution to a long-standing legal dispute.

The revenue generated from these fees serves as a testament to the economic potential of the state’s gas-rich shale formations. The Marcellus and Utica shales have emerged as vital energy sources, attracting considerable investment and driving economic growth in the region. By imposing the annual fee, the state is able to leverage the extraction of natural resources for the benefit of its citizens, funding vital infrastructure projects, environmental protection measures, and other public services.

Underscores the State’s Commitment

Furthermore, the recovery of back fees from companies that withheld payments underscores the state’s commitment to fair and equitable enforcement of regulations. The legal deliberations surrounding the exemption status of low-producing “stripper” wells were complex and required careful consideration. By patiently awaiting the court’s decision and subsequently collecting the unpaid fees, the state demonstrates its dedication to upholding the rule of law and ensuring that all operators adhere to their financial obligations.

Overall, the successful collection of the annual fee and back fees signifies the state’s ability to effectively manage its natural resources and enforce industry regulations. It is a testament to the positive impact that the energy sector can have on the state’s economy, while also highlighting the importance of fair and consistent enforcement of policies. With these funds, the state can continue to invest in projects that promote sustainable development, foster innovation, and support the well-being of its residents.

 

 

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Source: Pittsburgh Post-Gazette

 

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