The EIA has released its natural gas inventory report,...
The EIA has released its natural gas inventory report, showing a net increase of 16 Bcf as of July 21, 2023.
Working gas in storage was 2,987 Bcf as of Friday, July 21, 2023, according to EIA estimates. This represents a net increase of 16 Bcf from the previous week. Stocks were 573 Bcf higher than last year at this time and 345 Bcf above the five-year average of 2,642 Bcf.
At 2,987 Bcf, total working gas is within the five-year historical range
EQT Corp. Near Closing of $5.2B Tug Hill Acquisition
EQT Corp.’s nearly yearlong slog to close its ...
EQT Corp.’s nearly yearlong slog to close its acquisition of Tug Hill Inc. — a deal sidetracked by regulatory scrutiny — appears to be headed to closing this summer, CEO Toby Rice said during EQT’s July 26 earnings call.
The deal, which EQT announced in September and had expected to close before the end of 2022, looks likely to win approval from the Federal Trade Commission (FTC) by August, Rice said. During the call, EQT also said it had signed a nonbinding agreement to provide natural gas to an LNG facility in Louisiana.
Shell Plc has initiated a $3 billion share buyback program that...
Shell Plc has initiated a $3 billion share buyback program that is expected to last for three months, the company said in a July 27 news release.
The program is intended to reduce the company’s issued share capital, and as a result, shares repurchased as part of the buyback program will be canceled. The program is expected to be completed before the company’s third quarter financial results announcement, which is scheduled for Nov. 2, the release said.
Energy stocks opened higher, tracking broader index futures that are up nearly 1%, driven by strong earnings and the nearing the end of the Fed tightening period. Earnings continue to pour in across the sector, which has been fairly positive as operators continue to prioritize shareholder return measures while managing lower year-over-year realizations. The SPDR 500 Energy ETF is set to test 3-month highs in today’s session, while the Dow is aiming to close higher for a 14th consecutive day today, which last occurred in 1897.
Oil climbed by 1% on Thursday, recouping losses from the previous session, supported by supply tightness owing to OPEC+ production cuts and renewed optimism on the outlook for Chinese demand and global growth. Crude has posted four consecutive weekly gains on an expected tightening of supply because of output cuts by OPEC and its allies, known collectively as OPEC+, as well as some involuntary outages.
Natural gas futures are lower by 1% ahead of weekly inventory data.
Fracking activity will reach a nadir later this year before...
Fracking activity will reach a nadir later this year before making a comeback in 2024, but equipment shortages could keep US oil production growth in check, predicted oilfield servicer Nextier Oilfield Solutions. As a response to potential near-term demand weakness, the company is prepared to idle up to three fracking fleets by the end of the third quarter.
