Week 60: Natural Gas Report

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Week 60: Natural Gas Report



 

The second largest reports of natural gas removal from storage in the US, according to the US Energy Information Administration's (EIA) Weekly Natural Gas Storage Report, led to significant requests for natural gas in the mid February (WNGSR).

In the week-end of February 19, inventories dropped by 338 billion cubic feet (Bcf) almost three times their average withdrawal in mid-February. In the South Central region, including Texas, a record quantity of natural gas, 156 Bcf was withdrawn this week.

Increased demand for space heating resulted from colder than normal temperatures in a large part of the Lower 48 countries, especially Texas. tions.

 

Reuters reported that U.S. public energy and natural gas trade groups urged President Joe Biden to declare a gas emergency for extreme weather last week and to allow the Energy Secretary to lower gas prices.

The APPA and the APGA said a recent cold weather in Midwestern Texas had boosted demand for electricity, with the freezing of gas supplies and gas pipelines restricting the power generation.

APPA, APGA and the U.S. Department of Energy officers did not immediately have a comment as to whether or not the administration could or would change gas prices retroactively.

 

The landing cost of Premium Motor Spirit (petrol) imported into Nigeria has risen to N186.33 per litre as a result of increasing oil prices. According to the Economic Confidential, the landing cost of PMS increased to about N180 per litre on February 5 from N158.53 per litre on January 7.

The price of crude oil accounts for a significant portion of the final cost of gasoline, and the Federal Government's deregulation of the price of gasoline last year means that the product's pump price will represent fluctuations in the international oil market.

 

Reuters reported Oil prices dropped on Friday as the dollar strengthened, although forecasts suggested that crude supplies would increase as prices increased above pre-pandemic levels.

WTI crude futures in the United States dropped $2.03, or 3.2 percent, to settle at $61.50 per barrel.

Brent crude futures for April, which expired on Friday, dropped 75 cents, or 1.1 percent, to settle at $66.13 a barrel during the session. The May contract, which is the most actively traded, fell $1.69 to $64.42. As U.S. government bond yields remained near one-year highs, the dollar increased, making oil priced in greenbacks more costly for holders of other currencies.

 

Reuters reported Oil prices dropped on Friday as the dollar strengthened, although forecasts suggested that crude supplies would increase as prices increased above pre-pandemic levels.

WTI crude futures in the United States dropped $2.03, or 3.2 percent, to settle at $61.50 per barrel.

Brent crude futures for April, which expired on Friday, dropped 75 cents, or 1.1 percent, to settle at $66.13 a barrel during the session. The May contract, which is the most actively traded, fell $1.69 to $64.42. As U.S. government bond yields remained near one-year highs, the dollar increased, making oil priced in greenbacks more costly for holders of other currencies.

 

 

Qatar pledged $60 million on Thursday to construct a natural gas pipeline from Israel to the Gaza Strip, putting an end to the Gaza economy's crippling energy crisis.

On supply disruptions in the United States and optimism about demand recovery on the back of COVID-19 vaccination programs, Brent rose 4.8 percent and WTI rose 3.8 percent on the week, and both were about 20 percent higher in the month.

Investors are hoping that the Organization of Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, will reintroduce further supply to the market at their meeting next week.

 

Since a final agreement to create a new ownership arrangement for the Damietta LNG plant is expected to be finalized on March 15, it appears that the plant will be making daily scheduled shipments beginning next month.

The plant was restarted only a few months ago, after operator Eni signed an agreement with the government and Naturgy of Spain. Naturgy will leave Union Fenosa Gas (UFG), a 50/50 joint venture with Eni that owns 80% of the plant. The first shipment, carrying 60k tonnes of LNG on a carrier flying the Marshall Islands flag, left earlier this week for Bangladesh.

 

The government of Bangladesh has undertaken a costly gas infrastructure project with two aims: improving gas production and expanding the capacity of the gas pipeline. Any basic mathematics can explain the impetus behind expenditure of 453 million dollars. Exploration and production supply of natural gas did not keep pace with growth in demand.

The National Government set up the Bangladesh Petroleum Exploration (BAPEX) and Production Business in 1989. At Bhola, which is the heart of the Shabazazpur Gas Field, in October 2017 the company discovered gas. The company found in Comilla District in March 2020 the Srikail Gas Field.

 

Dr Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), stated that the corporation's Research and Development Department would be incorporated as a limited liability company soon in order to maintain its current operating guidelines.

According to Baru, the unit will establish a dual career path to grow internationally renowned research and improve technology through partnerships and collaborations as part of the strategy.

Simbi Wabote, the NCDMB's Executive Secretary, noted that Nigeria's research and development problems had resulted in massive capital flight as major oil firms conducted their research in their own countries.

 

 

 

 

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