Into The Vortex – Natural Gas Outlook for the Week Ahead

U.S. Benchmark Henry Hub March futures contract settled at $1.60 per million British thermal units, down nearly 7.5% Friday to post a weekly loss of 0.4%. The move gave back gains from natural gas producer production cuts. This follows weekly falls of 12.9%, 15% and 10.59% the prior weeks. European and British natural gas futures also fell more last week as mild winter weather continues and European stockpiles hold up. Dutch TTF futures closed around €22.93 per megawatt-hour after hitting … Continue reading “Into The Vortex – Natural Gas Outlook for the Week Ahead”

EIA Reports U.S. Natural Gas Stocks Fell 60Bcf Last Week

EIA reported natural gas storage in the U.S. last week came in less expected at -60Bcf in storage with consensus a draw of -65Bcf. For perspective in the same week last year stocks were -75Bcf, with a five-year (2017-2021) average -168Bcf. The global natural gas price selloff got some this week reprieve after hitting the lowest level since June 2020 last week. Catalysts included paper covering and the Chesapeake announcing production cuts and Freeport Train one began to flow again. … Continue reading “EIA Reports U.S. Natural Gas Stocks Fell 60Bcf Last Week”

Natural Gas Price Hits 2020 Low After EIA Reports Smaller -49Bcf Draw

Natural gas prices continued to sell off after a smaller than expected storage draw. EIA reported natural gas storage in the U.S. last week came in less expected at -49Bcf in storage with consensus a draw of -68Bcf. For perspective in the same week last year stocks were -117Bcf, with a five-year (2017-2021) average -149Bcf. Henry Hub futures were down another 15% from falling 10.59% last week, after falling 4.4% the prior week. Headwinds include Weather forecasts, LNG exports, Freeport … Continue reading “Natural Gas Price Hits 2020 Low After EIA Reports Smaller -49Bcf Draw”

Into the Vortex – EIA Reports U.S. Natural Gas Stocks Fell 75Bcf Last Week

EIA reported natural gas storage in the U.S. last week a near expected -75Bcf in storage last week with the consensus was for a draw of -76Bcf. For perspective in the same week last year stocks were -208Bcf, with a five-year (2017-2021) average -193Bcf. Natural gas prices continue their fall, HH prompt sans $2.00. They fell again last week, Henry Hub futures for March delivery settled at $2.08 mbtu, up 1.4% on Friday but settled 4.4% lower for the week. … Continue reading “Into the Vortex – EIA Reports U.S. Natural Gas Stocks Fell 75Bcf Last Week”

Chevron Revenue Increases from PDC Energy, Raises Dividend 8%

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported stronger-than-expected third quarter earnings. CVX posted total adjusted earnings of $2.3 billion, or $3.45 a share beating analysts looking for a profit of $3.19 a share. Chevron announced record annual production, enabled by the acquisition of Colorado producer PDC Energy and raised the quarterly dividend by 8% to $1.63 a share bringing the company’s dividend yield to 4.3%, ahead of Exxon’s 3.7%. Chevron spent a record $26 billion on … Continue reading “Chevron Revenue Increases from PDC Energy, Raises Dividend 8%”

Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023

Energy giant ExxonMobil, the largest U.S. oil company, reported a better-than-expected $36 billion profit for 2023 boosted by fuels trading and higher oil and gas production. For the fourth quarter XOM EPS beat by $0.28 but missed on revenue expectations. Exxon Chief Executive Darren Woods said the industry “saw energy prices and refining margins start to normalize in 2023.” Earnings across the energy space have been rebalancing by the slump in global natural gas and crude prices since last year’s … Continue reading “Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023”

Into the Vortex – U.S. Natural Gas Storage Draws -197 Bcf as Great Freeze Warms Up

EIA reported natural gas storage in the U.S. last week a less than expected -197Bcf in storage last week with the consensus was for a draw of -203Bcf. For perspective in the same week last year stocks were -141Bcf, with a five-year (2017-2021) average -185Bcf. The drastically cold temperatures & production freeze-offs have improved to where production is back to where i was mostly before the extreme cold. Natural Gas futures prices hover above lows with warmer temperature forecasts, US … Continue reading “Into the Vortex – U.S. Natural Gas Storage Draws -197 Bcf as Great Freeze Warms Up”

Into the Vortex – EIA Reports Third Biggest Natural Gas Storage Withdrawal Ever

EIA reported natural gas storage in the U.S. last week drew more than expected -326Bcf in storage last week with the consensus was for a draw of -320Bcf. For perspective in the same week last year stocks were -86Bcf, with a five-year (2017-2021) average -148Bcf. The drastically cold temperatures & production freeze-offs led to the third biggest natural gas storage withdrawal after -359Bcf in 2018 and -338Bcf in 2021. Natural Gas futures prices bounced off lows with lower production from … Continue reading “Into the Vortex – EIA Reports Third Biggest Natural Gas Storage Withdrawal Ever”

Oil Field Services Giant SLB Reports International Revenue Jumped 18% in Q4

The world’s largest oil fields service company SLB (formerly known as Schlumberger) reported better than expected fourth quarter earnings before the market opened Friday. For the full year, revenue rose 18% year over year, while adjusted earnings jumped 37%. SLB also raised its quarterly dividend 10% to 27.5 cents from 25 cents. SLB reported adjusted earnings of 86 cents a share for the quarter, beating Wall Street’s call for 84 cents, according to FactSet. Revenue of $8.99 billion was above … Continue reading “Oil Field Services Giant SLB Reports International Revenue Jumped 18% in Q4”

Into the Vortex – U.S. Natural Gas Storage Draws -154 Bcf Ahead of Great Freeze

EIA reported natural gas storage in the U.S. last week drew less than expected -154Bcf in storage last week with the consensus was for a draw of -163Bcf. NYMEX futures fell 4.5% lower after the data dropped. For perspective in the same week last year stocks were -68Bcf, with a five-year (2017-2021) average -126Bcf. The drastically cold temperatures & production freeze-offs are seen leading to a top 3 natural gas storage withdrawal for Jan 13-19. We have seen projections for … Continue reading “Into the Vortex – U.S. Natural Gas Storage Draws -154 Bcf Ahead of Great Freeze”