|Day's Range||2.832 - 2.832|
Exxon Mobil Corp has signed a framework agreement on a 15-year liquefied natural gas (LNG) supply deal with Zhejiang Provincial Energy Group, a senior executive said on Thursday, marking Zhejiang Energy's first long-term supply deal. Peter Clarke, president of Exxon Mobil gas and power marketing, was speaking at the International Petroleum and Natural Gas Enterprise conference at Zhoushan, near Shanghai. Exxon Mobil is stepping up its efforts to meet soaring LNG demand, coupling multi-billion dollar production projects around the world with its first mainland storage and distribution outlet.
Crude oil markets got hammered during the trading session on Wednesday, reaching down towards major support. As I record this, it looks as if the buyers are starting to come back though, so it will be interesting to see whether we can bounce or not.
Natural gas markets continued to grind during the trading session on Wednesday, as we continue to struggle with these high levels. The market has recently been very bullish, but the last several days have been more about digestion than anything else.
The British pound fell on Wednesday, extending down to the 1.31 level, an area that should be supportive based upon the gap at the open of the weekend of course previous action.
The British pound pulled back during the trading session on Wednesday, reentering the gap that had formed at the beginning of the week. It does look as if the buyers are trying to come back though, and I think that the ¥146.50 level should of course be interesting as well.
Exxon Mobil Corp is looking to sign a long-term liquefied natural gas supply deal with Zhejiang Provincial Energy Group, a senior executive said on Thursday, which would be Zhejiang Energy's first long-term ...
HOUSTON/SINGAPORE (Reuters) - In the middle of a Sino-U.S. trade war, the world's largest publicly traded oil and gas company is turning toward Beijing for business at a time when most of Corporate America is looking elsewhere to avoid the threat of tariffs. Exxon Mobil Corp is placing big bets on China's soaring liquefied natural gas (LNG) demand, coupling multi-billion dollar production projects around the world with its first mainland storage and distribution outlet. Its gas strategy is moving on two tracks: expanding output of the super-cooled gas in places such as Papua New Guinea and Mozambique, and creating demand for those supplies in China by opening Exxon's first import and storage hub, according to an Exxon manager and people briefed on the company's plans.
Oil majors in Europe and the U.S. appear to hold very different views when it comes to the future of oil and the speed of the next energy revolution
The natural gas rig count was at 193 last week—four more than the previous week. However, the natural gas rig count has fallen ~88% from its record level of 1,606 in 2008.
Poland's dominant gas firm PGNiG has finalised the terms of a deal to buy liquefied natural gas (LNG) from U.S. company Venture Global LNG, part of a move to cut reliance on Russian supply, the company said on Wednesday. PGNiG struck an agreement with Venture Global in June to acquire 2 million tonnes of LNG a year for 20 years, equivalent to 2.7 billion cubic metres of natural gas after regasification. It has now signed contracts with two Venture Global subsidiaries running from 2022 and 2023 respectively, under which it will buy the LNG under the Free on Board (FoB) formula, meaning the seller pays for loading and the buyer pays other costs to destination.
On October 16, the natural gas futures for November closed at a premium of ~$0.42 to the November 2019 futures. On October 9, the futures spread was at a premium of $0.46. On October 9–16, natural gas November futures fell 0.8%.
Italian firm Eni SpA’s discovery of the giant offshore Zohr gas field in 2015 reignited waning investor interest in Egypt’s oil and gas industry, the country’s biggest single source of foreign direct investment. Under the new system, companies would bear the cost of exploration and production in return for a share of the output, and they would be free to sell to whomever they wish, said the officials, who asked not to be identified because the discussions are private. The oil ministry didn’t immediately respond to requests for comment.
Unless the forecasts call for extreme cold temperatures or an extended cold spell, the $3.409 top will be hard to exceed at this time. If you recall, this top was put in last week during the height of the hurricane scare. At the same time, unless we see a large jump in production or injections, the bottom at $3.202 is likely to remain intact over the near-term.
India's H-Energy on Wednesday said it expected to delay the start-up of a liquefied natural gas (LNG) terminal in the west of the country until the first quarter of next year. The terminal had been slated to start full commercial operations by the final quarter of 2018, but that was likely to be pushed back after heavy monsoon rains affected the laying of a pipeline, said Rahul Tiwari, senior LNG trader at the company. The 60-km (37-mile) pipeline connects the 4 million metric tonnes per annum (mmtpa) terminal at the port of Jaigarh to the national gas grid at Dabhol.
Prices of Asia's liquefied natural gas are set to go up on the back of surging oil prices and tightening supplies, analysts say.
Silver markets continue to show signs of strength on Tuesday, reaching towards the $14.90 level before running into resistance. Silver markets will continue to trade based upon the US dollar, so make sure you are paying attention to how it is doing.
Natural gas markets fell again on Tuesday, as we continue to go back and forth at these elevated levels. The $3.30 level has been resistance more than once, so we pulled back to the $3.20 level.
The US dollar rallied during the day on Tuesday, reaching towards the recent consolidation area. The pair of course is very sensitive to stock markets overall and the risk appetite in general, so I think that we should pay attention to the S&P 500 as a result.
The British pound took off to the upside during the Tuesday session against the Japanese yen as more of a “risk on” flavor came back into the marketplace. However, as the Americans have stepped on board, it looks as if we may be a little overstretched as we are running into some recent selling pressure around the ¥148 level.
With tensions between the United States and Saudi Arabia continuing to escalate, the global economy is becoming increasingly vulnerable
Natural gas prices where lower after attempting to break out on Tuesday. Colder than normal weather is expected to cover most of the east coast for the next 6-10 days, and then the weather is expected to moderate but remain cold over the 8-14-day period. The hurricane season is now coming to a close. Stronger than expected industrial production could help buoy natural gas demand. Momentum is neutral as the MACD (moving average convergence divergence) histogram prints in the black with a flat trajectory which reflects consolidation.
Gold prices attempted to move higher on Tuesday but were unable to pierce through resistance levels. Prices were unable to make a new high for October and continues to form a bull flag pattern. Gold prices were unable to make a fresh higher and continue to generate a bull flag pattern which is a pause that refreshes higher.