EIA Reports Lower Natural Gas Withdrawal Than Expected
The Energy Information Administration (EIA) on Thursday reported a 47 Bcf withdrawal...
The Energy Information Administration (EIA) on Thursday reported a 47 Bcf withdrawal from U.S. natural gas storage facilities during the week ending March 24. The pull came in on the lighter side of pre-report expectations. Still, it was tighter than the five-year average 17 Bcf withdrawal.
“Compared to degree days and normal seasonality, this week’s reported withdrawal is the loosest we have seen since Feb. 9,” Wood Mackenzie analyst Eric McGuire said in a note to clients Friday. “Despite having 4.5 total degree days more than the week ending March 9, the withdrawal came in 11 Bcf smaller than that corresponding week.”
The latest print was 4.2 Bcf/d looser than the five-year average, versus 2.6 Bcf/d loose on average over the previous four weeks, McGuire said.
Natural-gas futures have lost half their value in the first quarter
Most commodities have declined in the first three months of the year, with concerns over the banking...
Most commodities have declined in the first three months of the year, with concerns over the banking crisis and a potential economic recession hitting the energy sector.
Natural gas was among those posting the largest losses, with U.S. prices for the commodity losing around half their value in the first quarter, and touching their lowest level in more than two years earlier this month.
As of March 30, the S&P GSCI, a benchmark for investments in the commodity markets, eyed a decline of more than 7% for the first quarter.
U.S. steel and iron-ore futures, meanwhile, bucked the trend to trade higher, in part due to higher demand in the wake of the reopening of China's economy.
California will require half of all heavy trucks sold in the state to be electric by 2035, in an aggressive push to clean up the worst polluters.
The regulation will apply to garbage trucks, tractor-trailers, cement mixers, and other heavy vehicles....
The regulation will apply to garbage trucks, tractor-trailers, cement mixers, and other heavy vehicles. It comes on the heels of a rule passed last year requiring all new passenger vehicles sold in the state to be electric by 2035.
The US and Japan are home to some of the world's best geothermal resources, yet the technology has been...
The US and Japan are home to some of the world's best geothermal resources, yet the technology has been slow to take off and Kenya's experience scaling the energy source could be a lesson for other nations. Kenya sourced nearly 50% of its power from geothermal in 2021 -- more than any other country -- and had to overcome environmental and Indigenous concerns to get there. Geothermal is also finding success in Indonesia and Iceland.
Venture Global LNG faces startup delays at Calcasieu Pass
Venture Global LNG has declared force majeure on some customers and informed long-term buyers of delays...
Venture Global LNG has declared force majeure on some customers and informed long-term buyers of delays to the commercial start-up of the Calcasieu Pass export terminal, citing ongoing repair work at a power generation unit and periodic reliability issues, per a letter sent to the Federal Energy Regulatory Commission. "Although these circumstances do not raise any safety concerns, the units will require extensive repairs and replacements before the power island can function reliably and as designed," the company explained.
