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WEEKLY NATURAL GAS REVIEW


Despite the impact of the corona Virus, Reuter reports that "U.S. natural gas futures on Friday jumped to their highest since December after rising by the most in a week since 2009, as LNG exports increased and forecasts called for hot weather through late August."

Experts suggest that the bad days of natural gas might be well behind at the moment. More precisely, records show that demand for front-month gas futures increased by 7.3 cents, or 3.4%, to $2.238 per MMbtu, their highest close since Dec. 26, wheile the contract was up 24%, its biggest weekly gain since September 2009.

SHELL Australia has received the approval of the national oil and gas regulator to commence the development of its massive Crux field offshore Western Australia, though the company earlier flagged a delay to the development thanks to pandemic and oil price concerns.

According to the Energy News Bulletin, "the development will consist of five subsea production wells tapping into the northern Browse Basin, which will then be tied back to an unmanned platform.

This platform will then connect via a 165km long export pipeline to the Prelude facility where it will also be operated remotely.

Shell is the operator of the Crux development with an 82% interest alongside its joint venture partners Seven Group Holdings Energy (15%) and Osaka Gas (3%)."

 

Ukraine's state energy company,Naftogaz, has insisted it would consider buying natural gas from Russia until Moscow offered it competitive prices and conditions.

Ukraine had suspended buying gas from Russian after diplomatics relations broke-down following Russia's annexing of the peninsula of Crimea in 2014. Ukraine now buys its gas from Europe since November 2015.

 

Close to six months after the coronavirus caused a slowing down of economic activities in the US., analysts say U.S. liquefied natural gas (LNG) exports are on track to rise in August. Based on data from Refinitiv and comments from analysts, the rise in exports is raising U.S. gas export prices by over 15% to a three-month high.

The trend of falling prices of natural gas has been around for some time. Starting from the coming into operation of a number of gas processing facilities around the world in 2019, making high supplies available to the market alongside the warm winter that was recorded in Europe in which made sevral utilities to keep high volumes of gas storgae.

Currently, natural gas "stockpiles in the United States and Europe are now expected to reach all-time highs at the end of the summer injection season." Reuters reports.

 

 

 

Equitrans has announced it would commence the use of the Mountain Valley Natural Gas Pipeline (MVP) by second quarter of 2021. The US$5.4 billion project has been under construction for some years.

The MVP is said to be a critical project when it comes to ensuring a "reliable, affordable, and clean-burning natural gas in the mid-Atlantic and southeastern United State" , according to Equitrans Midstream President and Chief Operating Officer Diana Charletta.

The project was initially slated to be completed by the end of 2018. However, a series of legal battles dragged on causing financial loses as well as delays on the part of Equitrans .


P&GJ reports that Elwood Power/ANR Horsepower's Replacement Project that will involve the replacement, upgrade and modernization of a number of facilities stretching through its ANR Pipeline Company (ANR) natural gas transmission system.

The project will enable ANR to provide up to 125,000 Dth/d of firm transportation service to an existing power plant. The pipeline will run from Appalachian basin to the Midwest and Southwest with connections to the Gulf of Mexico.

Part of the work that will be done include includes compression and ancillary upgrades as well as other modifications along ANR’s existing infrastructure.The facility is expected to be put to use from the second quarter of 2022.


P&GJ announced that National Fuel Gas Company has recently concluded the process of purchasing integrated upstream and midstream assets in Pennsylvania previously belonging to SWEPI LP, a subsidiary of Royal Dutch Shell. I

The acquisition involves a cash transaction of approximately $504 million, after customary purchase price adjustments. National Fuel Gas Company hopes that the new acquisition will significantly enhance its earnings per share from the fiscal year 2021. This improved position is expected to led by a "significant acquired flowing production and related gathering throughput, further unit cost reductions, and its strong hedge position." P&GJ reports


 

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