Into The Vortex – EIA Reported Natural Gas Storage Added 89Bcf

EIA reported a near expected build of 89Bcf of working gas in storage which lifted Natural gas futures higher. Europe is moving aggressively to wean itself off Russian natural gas supplies with U.S. exports of liquefied natural gas expected to remain strong for some time. With the global energy crisis LNG exports continue to grow LNG feed gas volumes over 12Bcf hang near record levels despite maintenance projects. However, futures saw a sharp burst of profit taking Friday and the … Continue reading “Into The Vortex – EIA Reported Natural Gas Storage Added 89Bcf”

Into The Vortex – EIA Reported Natural Gas Storage Grew 76Bcf

EIA reported a near expected build of 76 Bcf of working gas in storage saw Natural gas futures shrugged off the news and surge to near a 14-year high. Europe is moving aggressively to wean itself off Russian natural gas supplies with U.S. exports of liquefied natural gas expected to remain strong for some time. With the global energy crisis LNG exports continue to grow LNG feed gas volumes over 12 Bcf hang near record levels despite maintenance projects. However, … Continue reading “Into The Vortex – EIA Reported Natural Gas Storage Grew 76Bcf”

Into The Vortex – EIA Reports Natural Gas Storage Builds 77Bcf as Futures Scream Higher

EIA reported a higher-than-expected build of 77 Bcf of working gas in storage saw Natural gas futures shrugged off the news and surge to near a 14-year high. Europe is moving aggressively to wean itself off Russian natural gas supplies with U.S. exports of liquefied natural gas expected to remain strong for some time. With the global energy crisis LNG exports continue to grow LNG feed gas volumes over 12 Bcf hang near record levels despite maintenance projects. However, futures … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Builds 77Bcf as Futures Scream Higher”

Chevron Earnings Surge as CVX Plans to Raise Permian Production 15% to Grow Domestic Supply

Chevron, the second-largest U.S. oil company after Exxon, on Friday said it made $6.3 billion in quarterly profit, up from about $1.4 billion in the same period last year and slightly below analyst expectations. Chevron Chief Executive Mike Wirth said, “Chevron is doing its part to grow domestic supply,” and aims to raise output in the Permian 15% from 2021 levels this year. “Chevron is doing its part to grow domestic supply,” Fellow oil major Exxon reported Friday also Chevron … Continue reading “Chevron Earnings Surge as CVX Plans to Raise Permian Production 15% to Grow Domestic Supply”

ExxonMobil Earnings Miss Lofty Expectations on Weather and Timing Impacts, Takes Charges of $3.4 billion on Russian Exit.

Oil giant ExxonMobil reported first quarter earnings Friday that missed lofty expectations on a quarter where oil and natural gas prices hit long term highs. The quarter included charges of $3.4 billion, or 79 cents a share, from $XOM’s exit of Russia. Exxon boosted its stock repurchase program to up to $30 billion through 2023. Chevron also reported today. ExxonMobil Inc. (NYSE: $XOM) Reported Earnings Before Open Friday  $2.07 Missed $2.23 EPS and $90.50B Beat $82.8 billion revenue forecast Conference … Continue reading “ExxonMobil Earnings Miss Lofty Expectations on Weather and Timing Impacts, Takes Charges of $3.4 billion on Russian Exit.”

Into The Vortex – EIA Reports Natural Gas Storage Grew +40Bcf

With the global energy crisis LNG exports continue to grow LNG feed gas volumes over 12 Bcf hang near record levels despite maintenance projects. Natural gas prices continue to chop near the midpoint of the recent range after reversing sharply after touching a high not seen since November 2008 of $8.065, back to $6.5 in the benchmark Henry Hub contract and then to $7.20. EIA reported a lower than expected lower-than-expected build of 40 Bcf of working gas in storage. … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Grew +40Bcf”

Schlumberger Well Construction and Reservoir Performance Lead Earnings With Higher Oil and Gas Price Rises

The world’s largest oil fields service company Schlumberger reported better than expected earnings Friday. Higher demand for its services and equipment, as producers capitalize on a rebound in crude and natural gas prices. Growth was driven by its core divisions: Well Construction and Reservoir Performance. SLB also announced a 40% increase in its quarterly cash dividend, from $0.125 per share to $0.175 per share. Schlumberger Ltd NYSE: SLB Reported Before Open Friday $0.39 EPS Beat $0.36 EPS AND $5.8 Bil Missed $5.9 Billion as Forecast in … Continue reading “Schlumberger Well Construction and Reservoir Performance Lead Earnings With Higher Oil and Gas Price Rises”

Into The Vortex – EIA Reports Natural Gas Storage Grew Larger Than Expected 53Bcf

Natural gas prices have been correcting around $6.8 Btu after spiking to over $8.0 Btu in the benchmark Henry Hub contract, prices not seen since November 2008. EIA reported a larger than expected lower-than-expected build of 53 Bcf of working gas in storage. With the global energy crisis LNG exports continue to grow but we balance supply shortages with deliverability. A tightening backdrop in the natural gas market, unrelenting export demand highlighted by Germany’s dependance on Russian supplies and its … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Grew Larger Than Expected 53Bcf”

Texan LNG Import Terminal Builder Excelerate Energy Launches IPO as Natural Gas Prices Soar

Natural gas prices are soaring with LNG demand seeing the US overtake Australia and QATAR as the largest exporter of natural gas. In this backdrop Woodlands Texas based Excelerate Energy Inc who build liquified natural gas import terminals went public and raised $384 million at a $2.5 billion market cap million with its initial public offering under the symbol EE. The stock closed up 17%. The SEC certified the LNG company’s registration on April 8 and shares began trading on … Continue reading “Texan LNG Import Terminal Builder Excelerate Energy Launches IPO as Natural Gas Prices Soar”

Into The Vortex – EIA Reports Working Natural Gas in Storage Increased 15 Bcf

Natural gas prices have risen over $7 Btu in the benchmark Henry Hub contract, prices not seen since November 2008. The premium of futures for June over May rose to a record high for a third day in a row. A tightening backdrop in the natural gas market, unrelenting export demand highlighted by Germany’s dependance on Russian supplies and its impact on domestic supplies futures continue to be elevated. Last week EIA reported a lower-than-expected build of 15 Bcf of … Continue reading “Into The Vortex – EIA Reports Working Natural Gas in Storage Increased 15 Bcf”