South Korea’s Hyundai Steel Launches First LNG Powered Ship in Eco-Friendly Plan

South Korea’s No. 2 steelmaker Hyundai Steel Co. in it’s carbon reduction plan is replacing its fleet of raw material carriers with eco-friendly ships. On Wednesday its first liquefied natural gas (LNG) powered ship, “HL Oceanic,” made its maiden voyage. HL Oceanic was built by Hyundai Samho Heavy Industries in Mokpo, South Jeolla Province. The LNG-powered ship is based exclusively on domestic technology, from ship design to construction, the localization level up to 97 percent of the ship price. The … Continue reading “South Korea’s Hyundai Steel Launches First LNG Powered Ship in Eco-Friendly Plan”

Into The Vortex – EIA Reports First Withdrawal of Season in Natural Gas Storage

Natural gas storage had it’s first withdrawal of the season. Last week EIA reported a draw of -21Bcf of working gas in storage. U.S. LNG exports of LNG continue to grow with weather pressures continuing globally EIA’s Weekly Gas Storage Report. Report Date: 11/10/2021 Via TradersCommunity.com Release Time: Thursday 11/18/2021 10:30 a.m. ET Market Expectations Actual  -21 Bcf Prior +26 Bcf Consensus Forecast -21  Bcf Cons. Range: -31 to -12 Bcf Last Year: -11 Bcf 5 Year Average: -44 Bcf  … Continue reading “Into The Vortex – EIA Reports First Withdrawal of Season in Natural Gas Storage”

US Energy Producers Facing $5 to 10 Billion in Hedging Losses Due To Soaring Natural Gas Prices

The soaring natural gas prices have led to massive hedging losses a report by consultancy Rystad Energy shows at current prices of Henry Hub. The significant rise in hedged volume since the second quarter of 2021 was primarily driven by operators including Southwestern $SWN, Chesapeake $CHK, Range Resources $RRC and Comstock Resources $CRK. The Rystad analysis focus is on a peer group of shale-gas-focused producers that accounts for 35% of unconventional gas production and about 53% of shale gas production … Continue reading “US Energy Producers Facing $5 to 10 Billion in Hedging Losses Due To Soaring Natural Gas Prices”

Into The Vortex – EIA Reports Build of 83 Bcf in Natural Gas Storage

Natural gas futures has fallen sharply since retesting $5.80 to $4.80 ahead of  EIA reporting a build of +26Bcf of working gas in storage. U.S. LNG exports of LNG continue to grow with weather pressures continuing globally EIA’s Weekly Gas Storage Report. Report Date: 11/10/2021 Via TradersCommunity.com Release Time: Thursday 11/18/2021 10:30 a.m. ET Market Expectations Actual  +26  Bcf Prior +7 Bcf Consensus Forecast +22 Bcf Cons. Range: +07 to +15 Bcf Last Year: +36 Bcf 5 Year Average: +53 Bcf  … Continue reading “Into The Vortex – EIA Reports Build of 83 Bcf in Natural Gas Storage”

Exxon Puts Texas Barnett Shale Gas Properties Up For Sale

Exxon Mobil on Monday put it’s Barnett Shale holdings that include 2,700 wells across about 182,000 acres in North Texas up for sale. The producing properties are valued at between $400 million and $500 million, according a person familiar with the matter Reuters said. Barnett Shale was the site the first horizontally drilled shale wells. Exxon is in a position to take advantage of skyrocketing natural gas properties across the world. U.S. gas prices are up 75% year to date, … Continue reading “Exxon Puts Texas Barnett Shale Gas Properties Up For Sale”

UK Gas Prices Jump 10% After Germany Suspends Nord Stream 2 Certification

Natural gas futures surged in Europe after Germany’s energy regulator temporarily suspended certification of the Nord Stream 2 pipeline. The move followed the Swiss-based project creating a German subsidiary to own and operate the German section of the pipeline. The Bundesnetzagentur said Nord Stream 2, which was set to begin operations this year, failed to organize an operator recognized under German law, sending gas prices higher. “The subsidiary itself must meet the requirements of the Energy Industry Act for an … Continue reading “UK Gas Prices Jump 10% After Germany Suspends Nord Stream 2 Certification”

Europe Energy Crisis Years in the Making With Reactionary Environmental policy

What comes to mind with the current European energy crisis is the unexpected consequences of decision making without thought of possible headwinds. The current crisis has been borne out of what could best be described as ignorant energy and environmental policies. Putting the cart before the horse the issue with populist kneejerk policy.

Energy Prices Pressure US Consumer Inflation Rate To Over 2 Year High

US March CPI +2.6% annual inflation rate, slightly higher than expected +2.5%, up from 1.7% in February but the highest reading since August of 2018 with main upward pressure coming from energy +13.2% vs 3.7% in February including gasoline +22.5% vs 1.6% prior.

Into The Vortex – EIA Reports Draw of -98 Bcf in Natural Gas Inventories

The EIA reported a far less than expected draw of -98 Bcf in gas storage last week following extreme cold weather which warmed up faster than many expected leaving production largely unaffected. Henry Hub natural gas futures have been slowly falling since the artic storm peak. The focus is on the coronavirus effect on reopening, LNG and Mexican exports and the extreme winter outlook for the US.