U.S. natural gas prices fell on Thursday after the EIA reported a larger-than-expected inventory build coupled with forecasts for milder weather and less demand next week. Natural gas futures were down 4.6% to trade at $4.05/MMBtu at 11.00 am ET, reversing the multi-year high of $4.35/MMBtu they reached on March 10. U.S. utilities added 9 billion cubic feet of gas to storage for the week ending March 14, way higher than the forecast of 3 billion cubic feet. This marked the first inventory increase since November 2024, cutting the storage deficit.…

U.S. natural gas prices fell on Thursday after the EIA reported a larger-than-expected inventory build coupled with forecasts for milder weather and less demand next week. Natural gas futures were down 4.6% to trade at $4.05/MMBtu at 11.00 am ET, reversing the multi-year high of $4.35/MMBtu they reached on March 10. U.S. utilities added 9 billion cubic feet of gas to storage for the week ending March 14, way higher than the forecast of 3 billion cubic feet. This marked the first inventory increase since November 2024, cutting the storage deficit.…

U.S. natural gas prices fell on Thursday after the EIA reported a larger-than-expected inventory build coupled with forecasts for milder weather and less demand next week. Natural gas futures were down 4.6% to trade at $4.05/MMBtu at 11.00 am ET, reversing the multi-year high of $4.35/MMBtu they reached on March 10. U.S. utilities added 9 billion cubic feet of gas to storage for the week ending March 14, way higher than the forecast of 3 billion cubic feet. This marked the first inventory increase since November 2024, cutting the storage deficit.…

U.S. natural gas prices fell on Thursday after the EIA reported a larger-than-expected inventory build coupled with forecasts for milder weather and less demand next week. Natural gas futures were down 4.6% to trade at $4.05/MMBtu at 11.00 am ET, reversing the multi-year high of $4.35/MMBtu they reached on March 10. U.S. utilities added 9 billion cubic feet of gas to storage for the week ending March 14, way higher than the forecast of 3 billion cubic feet. This marked the first inventory increase since November 2024, cutting the storage deficit.…

Ofgem has announced plans to fast-track around £4bn of investment into expanding the UK’s electricity transmission network as it looks to decarbonise the grid by 2030. The Advanced Procurement Mechanism (APM) will enable signed-off projects to “break ground as soon as planning approval is granted,” the energy regulator said in a statement on Thursday. It is the latest move by officials to free up the UK’s planning system. The target is to produce 95 per cent of electricity from low-carbon sources by the end of the…

Taiwan’s state-held oil and gas company CPC Corporation on Thursday signed a letter of intent to invest in the Alaska LNG export project and buy LNG from it, as part of a move to bolster its gas supply and energy security. The preliminary deal was signed between CPC and the state-run firm Alaska Gasline Development Corporation (AGDC) in the presence of Alaska Governor Mike Dunleavy, the Taiwanese Ministry of Economic Affairs said in a statement. Officials from Alaska are currently touring several countries in Asia, including Japan and South…

Taiwan’s state-held oil and gas company CPC Corporation on Thursday signed a letter of intent to invest in the Alaska LNG export project and buy LNG from it, as part of a move to bolster its gas supply and energy security. The preliminary deal was signed between CPC and the state-run firm Alaska Gasline Development Corporation (AGDC) in the presence of Alaska Governor Mike Dunleavy, the Taiwanese Ministry of Economic Affairs said in a statement. Officials from Alaska are currently touring several countries in Asia, including Japan and South…

Taiwan’s state-held oil and gas company CPC Corporation on Thursday signed a letter of intent to invest in the Alaska LNG export project and buy LNG from it, as part of a move to bolster its gas supply and energy security. The preliminary deal was signed between CPC and the state-run firm Alaska Gasline Development Corporation (AGDC) in the presence of Alaska Governor Mike Dunleavy, the Taiwanese Ministry of Economic Affairs said in a statement. Officials from Alaska are currently touring several countries in Asia, including Japan and South…

Last November, Nigeria’s oil production hit the highest in 2024, at 1.7 million barrels daily. The country’s government has a stated ambition to boost that considerably, by some 1 million barrels daily within two years. But there is a problem it needs to solve first: pipeline sabotage. Earlier this week, an explosion rocked the Trans-Niger Pipeline, one of the main conduits for crude pumped in the Niger Delta, which carries it to the Bonny export terminal. The explosion sparked a massive fire at a section of the pipeline and the flow…

Despite the Trump Administration’s plans to roll back many environmental laws and regulations, U.S. LNG exporters and project developers will continue to monitor, report, and try to reduce their methane emissions to meet the standards of their exports markets. U.S. LNG exporters to Europe and Asia are unlikely to see any effect on operations from the plans of the U.S. Environmental Protection Agency (EPA) to reverse climate regulations, Fred Hutchison, president of industry group LNG Allies, has told Reuters. Last week, the EPA initiated…

Turkey will get a three-month extension of the U.S. sanctions waiver allowing it to pay for Russian natural gas imports via a U.S.-sanctioned Russian bank, a Turkish official with direct knowledge of the situation told Bloomberg on Thursday. Turkey, which imports about half of its gas from Russia, obtained the first such U.S. waiver in December, after the United States sanctioned Russian Gazprombank at the end of November. Before November 21, the U.S. Treasury had refrained from imposing sanctions on Gazprombank, which has been used by Russia’s…

Hedging is a popular trading strategy frequently used by oil and gas producers, airlines and other heavy consumers of energy commodities to protect themselves against market fluctuations. During times of falling crude prices, oil producers normally use a short hedge to lock in oil prices if they believe prices are likely to go even lower in the future. With oil and gas prices hitting multi-year highs after Russia invaded Ukraine, producers that typically lock up prices preferred to hedge only lightly, or not at all, to avoid leaving money on the…

U.S. President Donald Trump wrote to Iran's Supreme Leader Ayatollah Ali Khamenei last Wednesday (12 March) stating he wants to negotiate a new version of the Joint Comprehensive Plan of Action (JCPOA) although he added that he is keeping his country’s military options open. In an earlier interview (7 March) on television, Trump laid out his intentions even more plainly: “There are two ways Iran can be handled: militarily, or you make a deal.” It was of course Donald Trump in his first presidential term who oversaw the U.S.’s…

Exxon is planning to boost its oil production regardless of where international oil prices are heading. This comes from a senior company executive who spoke to Semafor this week. It also likely reflects the sentiment across the supermajor segment of the energy industry. After all, that’s what the consolidation drive was all about. Exxon announced its plan to take over one of the biggest operators in the shale patch, Pioneer Natural Resources, in late 2023. The value of the deal was calculated at $59.5 billion. At the time, Exxon said the…

As the number of depleted and abandoned oil wells in the West Texas Permian Basin continues to grow in the long shadow of the United States shale revolution, associated environmental and public health hazards are ballooning in tandem. “From sinkholes to blowouts to persistent leaks, more than a century of oil drilling in the region has left a daunting array of environmental hazards,” the Texas Tribune wrote in a collaborative report with InsideClimate News earlier this week. This is not a new issue in the United States. Back in December…

An independent research body says that geothermal energy could almost single-handedly solve the AI energy demand boom. A new report from the Rhodium Group says that “geothermal could economically meet up to 64% of expected demand growth by the early 2030s” as long as their baseline assumptions hold true. Advanced geothermal technology is still in its most nascent stages of development, but could be a gamechanger for baseload clean energy production if it can become commercially viable at scale. “To grow as a national solution,…

Via Metal Miner The Stainless Monthly Metals Index (MMI) remained sideways, supported by modest increases among most of its components. The index rose by a modest 0.56% from February to March. Meanwhile, nickel prices continued their uptrend. Outokumpu Reduces Stainless Steel Discounts Outokumpu closed out February announcing reductions to a number of stainless steel discounts. Beginning March 1, a range of materials, including several 200, 300 and 400 series cold and hot rolled products, saw their prices increase. Notably, North American Stainless…

Nigeria’s Dangote Petroleum Refinery has suspended sales of petroleum in the country after it stopped receiving naira-denominated crude cargoes from the state-owned Nigerian National Petroleum Company (NNPC). In a statement on Wednesday, Dangote Petroleum Refinery said it has temporarily halted the sale of petroleum products in naira. .’’..to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars. To date, our sales of petroleum products in naira have…

Nigeria’s Dangote Petroleum Refinery has suspended sales of petroleum in the country after it stopped receiving naira-denominated crude cargoes from the state-owned Nigerian National Petroleum Company (NNPC). In a statement on Wednesday, Dangote Petroleum Refinery said it has temporarily halted the sale of petroleum products in naira. .’’..to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars. To date, our sales of petroleum products in naira have…

The price of Russia's oil blend in rubles so far in March is clocking in 24% below the level targeted in the federal budget for 2025 due to a stronger ruble and weaker global oil prices. The rouble has strengthened in the current year amid hopes of a settlement to the conflict in Ukraine. The ruble has appreciated in value from a multi-year low of 113.75 rubles per $1 in December 2024 to $83.92 rubles currently. A ceasefire to the Russia-Ukraine war could be bearish for oil prices if Trump pushes for the removal of sanctions on the Russian energy…