U.S. natural gas futures has fallen to almost 10% to a six-week low on Thursday (17th September 2020) as a bigger-than-expected storage build last week kept stockpiles on track to reach record highs by the end of October.
The information came from the U.S. Energy Information Administration (EIA) which announced that “utilities injected 89 billion cubic feet (bcf) of gas into storage in the week ended Sept. 11”, Reuters report.
According to Reuters, the reported injection level “is higher than the 79-bcf build analysts forecast in a Reuters poll and compares with an increase of 82 bcf during the same week last year and a five-year (2015-19) average build of 77 bcf”, P&GJ reports.
Speculators have in recent weeks claimed that the net long position to the “highest in almost three years despite expectations record stockpiles would make price spikes and gas shortages unlikely this winter”, P&GJ reports.
Black Bear Transmission has recently declared it has completed the previously announced bolt-on acquisition of a portfolio of Natural Gas Transmission assets from a subsidiary of the Third Coast Midstream, J&PG.
The current transaction is Black Bear’s second bolt-on acquisition. They had previously acquired the Ozark system from Enbridge in April 2020.
The portfolio of NGT Assets comprise six intrastate natural gas pipelines stretching nearly 1,400 miles in Alabama, Louisiana and Mississippi. The system has total capacity of more than 800 MMcf per day and benefits from significant interconnectivity to major long-haul pipelines, providing gas supply to utilities and other key end-users.
Matt Rowland, President and Chief Executive Officer of Third Coast Midstream expressed the delight of the Third Coast Midstream at completing the transaction.
The combined effect of climate policies and efforts at boost renewable energy consumption and the impact of the COVID-19 is predicted to lead to a historic shrinking of fossil fuel demand, British Petroleum(BP) says in a forecast.
BP's 2020 benchmark Energy Outlook depicts the Chief Executive, Bernard Looney's, new strategy to "reinvent" the 111-year old oil and gas company by shifting renewables and power.
The BP prediction only expects incomplete recovery from the current pandemic over the next few years even as restrictions are being lifted all over the world.
The prediction includes there scenarios wit varying levels of assumptions of government policies aimed at meeting the 2015 Paris climate agreement to limit global warming to "well below" 2 degrees Celsius from pre-industrial levels.
The Government of Argentina is making effort for the construction of a multibillion-dollar gas pipeline from its Vaca Muerta shale gas reserves to Brazil, and is looking for ways to finance the project, a source at the Argentine embassy told Reuters.
Conversations regarding the progressing on the project have been on between Argentina's new envoy in Brasilia, Daniel Scioli, Brazilian President Jair Bolsonaro and his Mines and Energy Minister Bento Albuquerque.
The project, they say is at the exploration stage and government is looking to go ahead with it.
The pipeline Argentina is proposing will run “1,430 kilometers (888 miles) from the Neuquen province shale gas reserves to the border with Brazil at Uruguaiana and another 600 kilometers (373 miles) from there to the city of Porto Alegre, connecting to Southern Brazil's gas distribution network.”
The estimated costs are $3.7 billion for Argentina and another $1.2 billion for Brazil.
Black Bear Transmission has recently declared it has completed the previously announced bolt-on acquisition of a portfolio of Natural Gas Transmission assets from a subsidiary of the Third Coast Midstream, J&PG.
The current transaction is Black Bear’s second bolt-on acquisition. They had previously acquired the Ozark system from Enbridge in April 2020.
The portfolio of NGT Assets comprise six intrastate natural gas pipelines stretching nearly 1,400 miles in Alabama, Louisiana and Mississippi. The system has total capacity of more than 800 MMcf per day and benefits from significant interconnectivity to major long-haul pipelines, providing gas supply to utilities and other key end-users.
Matt Rowland, President and Chief Executive Officer of Third Coast Midstream expressed the delight of the Third Coast Midstream at completing the transaction.
There are currently no fewer than 78 companies bidding for the rehabilitation of critical downstream pipelines, associated depots and terminal infrastructure of the Nigerian National Petroleum Corporation (NNPC) through the Finance, Build, Operate and Transfer (BOT) model.
Group Managing Director of the NNPC, Mallam Mele Kyari, stated that the exercise was in fulfilment of NNPC’s commitment to transparency and accountability as an Extractive Industries Transparency Initiative (EITI) partner company and also as directed by President Muhammadu Buhari that all its operations must be guided by integrity.